Biden's Energy Policy delivers record high exports of gas (LNG)

biden didn't flood the market with money that drove inflation. the majority of that liquidity was released under Trump but I honestly doubt he had much to do with that either. people want to blame or credit potus when their true effect is usually marginal at best

 

650k bpd refinery opens in Africa. will help to decrease crack spreads as refinery capacity is starting to add some buffer vs refined product demand. should be good for Nigerian economy and africa overall but also impact world market prices. privately owned by wealthiest nigerian

Africa’s biggest oil refinery begins production (msn.com)

Africa’s biggest oil refinery has begun production in Nigeria, the company has said, ending a yearslong wait for a plant that analysts said Monday could boost refining capacity in a region heavily reliant on imported petroleum products.

The $19 billion facility, which has a capacity to produce 650,000 barrels per day, has started to produce diesel and aviation fuel, the Dangote Petroleum Refinery company reported Saturday. As Nigeria’s first privately owned oil refinery, the project “is a game-changer for our country,” it added.

 

Just had our LP tanks filled. I own my own tanks so I can shop around and get the lowest prices. In April 2023 we paid 1.99 per gallon. The delivery yesterday 1/15/2024 had the discounted price of 2.609 per gallon.
Yep, all this LP gas expansion has prices going down

 

exports has the prices going up, the price of supporting European markets who had to lose access to Russian gas to support Ukranian freedom. exports are also helping with total trade deficit, making lease holders wealthy, and creating jobs here in the US.

 

Sort of how the Saudi/Russia price war led to low gas prices under Trump? You mean they don't give you a magic wand on Inauguration Day?

 

The only low prices under Trump I remember is during the pandemic when no one was driving anywhere and oil prices plummeted.

 

Same thing. Massive surpluses of cheap oil. If anything, COVID led to the new - lower production/higher price - model from OPEC. And, of course, Ukraine created a supply nightmare. Some people are going to be disappointed (or not, they ARE morons) when they realize their grand leader doesn't possess a magic inflation-reduction wand.

2020 Russia–Saudi Arabia oil price war - Wikipedia

 

The ironic part is Trump was terrible for the American oil industry last term and would be if he was elected POTUS.

 

this is where the credit is due. efficiency gains by drillers. refracking or redrilling/fracking of the older wells in the best geology will be the next profit center. those wells had low recovery rates and positioning was less than ideal, but they sit along well established gathering pipelines and in some of the best geology.

Biden, by effectively putting an order in at $70 per barrel for the SPR has effectively set a floor to keep shale alive should KSA flood the market to gain capital share. He really needs to up the order though. 2m here and 3M there isn't much wrt the SPR shortages

The U.S. is breaking oil-production records with fewer drilling rigs. Here’s how. (msn.com)


Oil E&P companies are also using “artificial intelligence and machine learning for optimization of exploration,” Carter said. Adoption of these technologies is likely to continue to “expand and mature as more use cases are discovered and optimized themselves.”

In a way, oil E&Ps are “becoming technology companies,” said Carter.

Imre Kugler, director of upstream research at S&P Global Commodity Insights, meanwhile, said that in roughly the last year and a half, the U.S. has had a 10% increase in the rate of penetration — the amount of feet drilled per day. That means a rig today drills 10% more than it did just 2 years ago, he said. That’s where a lot of “efficiency gains” have been made.
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Unconventional oil production, which includes oil extracted from shale, likely breaks even at $60 to $65 a barrel, so prices around $80 would leave “a lot of breathing room,” said Kugler. That’s a “testament” to the overall resources available in the U.S., he said. “There’s still a lot of high quality, high break-even oil” that remains in U.S. unconventional oil drilling.