US hit record oil production of 13.1M - Thanks Biden!

Yup thats it. Interesting your choice of timing when you turn to humor. Lots of deflection and projection going on. Sure you aren’t a psych major ? Anyway. These aren’t my words, I was merely sourcing an cnbc article to show the inaccuracies of your previous post. But you keep on being you man.

 

I went the other direction and bought a Rivian. Had trouble fitting all my camping and ski stuff in my last car though.

 

Biden and the Democrats have done an incredibly poor job of messaging. Trump as well as the other Republican presidential candidates and in fact most Republican politicians have been promoting the false narrative that Administration's policies and legislation intended to promote the transition to renewables and EVs have resulted in a decline in the production of petroleum despite actual data to the contrary and that such policies are responsible for the increase in the price of gas at the pump since 2020 when Trump was in office (while ignoring the fact that the price of gasoline is significantly lower that its peak price in 2022).

 

"We're drilling, baby, drilling!", doesn't play well with the base.

 

It is one of the problems of having an 81 year old that you have to manage and limit public appearances because they make him seem old and frail. You can’t effectively communicate your message.

 

He really struggled yesterday. I have no idea how he can go another 5 years. It doesn't seem possible. Trump either. Can a fella get a <65 yr old president again please?

 

Crude is trading below $80/barrel, so why the hell is gas still above $3/gallon??

 

Price gouging? Windfall profits become expected profits.

 

refinery capacity?

Guyana, Venezuela, Brazil all helping to combat that OPEC cartel. Hopefully Biden is smart enough to significantly increase the buy capacity for the resereves at $70 per barrel to let KSA know they can't just flood the market to drive out competition again. Doubt they could agree with Russia to do so anyway.

downside, it's getting warmer, and wierder..

 

Brazil adding 400k plus per year and Guyana going from 100k to 1M pretty quick. Guyana is going to ramp up fast and can produce cheaper than the US shale can.

Joe needs to start filling the SPR at $70 and keep buyign as much as he can while it falls and they need to spec us grade oil if at all possble. guess that reservoirs already half filled with sour can be filled with sweet.
The US isn't the only one eating into OPEC's market share — Brazil and Guyana are hitting record oil production volumes (yahoo.com)

The Organization of Petroleum Exporting Countries and its allies have lost market share in 2023 in large part because of a US production boom, but Brazil and Guyana are also seeing banner years for crude output. The International Energy Agency said Thursday that OPEC+ has seen its share of the oil market shrink to 51%, the lowest since 2016.

That comes as Brazil has seen its output jump 400,000 barrels a day to 3.6 million this year, according to Kpler data shared with Business Insider and depicted below.
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The Organization of Petroleum Exporting Countries and its allies have lost market share in 2023 in large part because of a US production boom, but Brazil and Guyana are also seeing banner years for crude output.

The International Energy Agency said Thursday that OPEC+ has seen its share of the oil market shrink to 51%, the lowest since 2016. That comes as Brazil has seen its output jump 400,000 barrels a day to 3.6 million this year, according to Kpler data shared with Business Insider and depicted below.



More OPEC cuts, a US production boom, and a market share war: Here's what oil markets are anticipating in 2024 (msn.com)

Saudi Arabia could end up flushing the oil market with supply in a bid to send oil prices crashing. That swing could force US producers to pull back and surrender some market share.

"You've got to attack the guy that's making the marginal decision to drill or not — and that guy is Mr. Permian Basin," energy expert Paul Sankey told Business Insider in a recent interview.

 

This would be good news for any incumbent.

Gas prices will fall in 2024 and Americans will spend $32 billion less on fuel, GasBuddy predicts | CNN Business

 

So outside of the green new deal and its dramatic effect on increasing oil production, what other policies has Biden put forward to deserve the praise of the increased oil production?

 

not sure it is due to Biden but the single biggest threat to the industry is demand side collapse due to recession. the feds handling of the interest rates to cool inflation without killing the economy has apparently staved off recession that would have cratered demand and hurt the domestic production market. getting the EU to cut off russian gas supplies is likely biggest thing that happened to help increase exports but those were increasing already as more lng facilities to allow export came on line.

 

How about Biden approving more drilling permits than Trump, something conservatives used as a rally cry saying Biden was going to destroy the US oil market?

 

His own words were to end drilling on federal lands in three years.
He might have approved few more also because he had to, to get Manchan's support on the inflation reduction act. Or possibly that the BLM streamlined the permit process and has reduced the days from nearly 200 to under 100 days.

 

You asked what else he did. Are you saying you don’t like the answer?