Can the justice system even charge the Crown Prince there? Sure, they threw the people who did it under the bus. Do you really think the Crown Prince had nothing to do with it? We have leveled sanctions on Chinese officials, had it declared a Crime Against Humanity, have restricted entry to the US to those with direct connections to the policy, and have detained shipments suspected of containing goods likely produced by slave labor. Also, Joe Biden said mean words about that issue as well, which is apparently a big deal. Okay, so we have to not say mean things about the Saudi government when it does things like murder people that live in the US for the great crime of not bowing to a monarchy that regularly engages in pretty horrific human rights violations? It also has absolutely nothing to do with the price of oil, which is what we are discussing here. So how much of the global oil supply was generally from new US offshore drilling or drilling on federal lands? Was it even a rounding error?
We literally had the 9th highest crude oil production month in history in September - the months of October and November should be even higher based on historical patterns, yet you think the US has an unfriendly policy toward oil? And you discount the war in Ukraine despite Russia being the third largest crude oil producer in the world? Your refinery arguments are off base too as they have nothing to do with crude oil price or capacity, we haven’t built a new major refinery in 40 years just increasing capacity at existing locations (they’ve been closing down and even Trump couldn’t save one in the NE), refining capacity has recovered to close to pre-pandemic levels, and it ignores that refineries are exceedingly expensive to maintain so there was capacity in parts of refineries shut down when the utilization rate fell into the 70-80% range. As the US utilization rate has increased so has the refining capacity come back online. That’s generally how market forces work.
Man... awhile back we had the "where will gas prices be" thread and I said I thought we would be around $2.80 soon. I feel like such a moron now since I just paid $2.36! I'll admit it... I was wrong. Joe has done an even better job than I could have imagined. 4 more years! 4 more years!!!!
South of Raleigh... but honestly it is a fluke price. Not sure what is with this one particular gas station by it is nearly 50 cents cheaper than everything else around me. And the funny thing is they had always been one of the higher priced in the area.
The national average according to AAA is $3.14. FL is basically right at $3, but I see plenty of stations around me in the $2.70’s and $2.80’s.
See one post above this.. Raleigh NC, but a fluke price. Prices are in the $2.90s most places around me.
I often see long lines at Costoso to save 10 cents a gallon. Maybe a 20-gallon fill so 10 minutes + in line to save $2. Hard pass. same people going to starbucks for $8 coffee..smdh
Mexico, overwhelming blessed with oil and gas but too incompetent, corrupt to take advantage of it. Burned over $300M worth of nat gas and condensate rather than develop infrastructure to capture it. Has failed to deploy over $2B in funding to expand fields and infrastructure while helping to heat up the atmosphere. Put a company like Equinor (Norway), Total, or Exxon in charge of those fields and production would skyrocket and the local economy would prosper from all the jobs created. Exclusive-Mexico's Pemex destroyed resources worth $342 million from two top fields (msn.com) MEXICO CITY (Reuters) - Mexican state oil company Pemex illegally burnt off hydrocarbon resources worth more than $342 million in the three years up to August 2022 at two of its most important new fields, internal documents from the country's oil regulator showed. The three documents, produced by the regulator and dated August 2022, detail how Pemex destroyed resources worth $275 million from the Ixachi field in three years and $67 million from the Quesqui field in two years. ................... In Ixachi, the destruction was particularly dramatic because production started a year earlier. There, the documents show Pemex burnt off some 62.9 billion cubic feet of gas and 310,000 barrels of condensate. That is the equivalent of 31% of the total amount of gas produced from the field, and 1.3% of total condensate, according to Reuters calculations. ................... The documents also show that 77.6% of the investment into the field Pemex had pledged in its development plan - totaling $2.9 billion - were not made.
Biden admin issues final Environmental Impact Statement on Willow oil project in Alaska. Supports drilling at 3 of 5 drilling sites, deferred on one, denied 1. Trump interior originally approved all 5, judge ruled that review was insufficient. Estimated to generate 8 - 17B for federal, state, local communities. 50% of U.S. backs smaller version of ConocoPhillips Alaska oil project | Reuters President Joe Biden's administration said on Wednesday it would support a scaled-back version of ConocoPhillips' (COP.N) planned $6 billion Willow oil and gas drilling project in Alaska but has not yet made a final decision on the contentious proposal. The Willow project area holds an estimated 600 million barrels of oil, or more than the amount currently held in the U.S. Strategic Petroleum Reserve, the country's emergency supply. The project is important to Alaska's elected officials, who are hoping it will help offset oil production declines in a state whose economy relies heavily on the drilling industry. The U.S. Bureau of Land Management (BLM) published the project's final environmental review, selecting a "preferred alternative" that would include three drill sites and less surface infrastructure than originally proposed. ConocoPhillips had initially wanted to build up to five drill sites, dozens of miles (km) of roads, seven bridges and pipelines. According to BLM's analysis, the design it endorsed would reduce the project's impact on habitats for species like polar bears and yellow-billed loons. Alaska officials and ConocoPhillips backed that option in letters submitted to the agency in recent months.
OPEC to cut production. Apparently $75 oil isn't enough to sustain their bad habits and they want $100 oil regardless of the demand destruction due to inflation pushing rates higher. Biden screwed the pooch by not filling the SPR while oil has been under $80. Perhaps KSA wants the US in a recession to help a pub win the potus?? can someone explain why the DOW had such a good day with the thought of higher energy prices? Oil prices notch biggest gain in nearly a year after OPEC's surprise output cut (cnbc.com) Oil prices notched their biggest gain in nearly a year after OPEC+ announced it was slashing output by 1.16 million barrels per day. Brent crude futures settled higher by 6.31%, at $84.93 a barrel. The commodity had its best daily performance since March 21, 2022, when it gained 7.12%. West Texas Intermediate crude settled higher by 6.28%, at $80.42 a barrel. It was the biggest daily gain for WTI since April 12, 2022, when it rose 6.69%. .......................... “OPEC+‘s plan for a further production cut may push oil prices toward the $100 mark again, considering China’s reopening and Russia’s output cuts as a retaliation move against western sanctions,” CMC Markets’ analyst Tina Teng told CNBC. Teng noted, however, that the cut could also reverse the decline in inflation, which would “complicate central banks’ rate decisions.”
chevron is up on the OPEC+ cut. Healthcare was up due to reimbursement data better than expected. Manufacturing down on demand concerns. Tech flat. Airlines and transportation all down.
I don’t think the old economic models of oil apply. We produce and export as much oil as we import. Higher oil prices both hurt and help the economy.
