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re: Oil prices could rise as Saudi Arabia announces cuts of 500,000 barrels daily
Posted on 4/2/23 at 6:05 pm to fightin tigers
Posted on 4/2/23 at 6:05 pm to fightin tigers
not necessarily, more do to cheap money available from the lending markets
natural gas and pipeline construction exploded under obama and trump, the refinery capacity has shrunk however over the last ten years due to a reluctance to spend money on old assets and unfavorable envirnmental policies. gas plant construction boomed from 2016-2020 but has basically stopped
the single biggest change policy wise was Biden froze lease sales on federal lands and waters on day one, this caused a transition to focus on state and private lands for new wells
the biggest domestic market change was investment money dried up due to new risk factors and ESG policies
natural gas and pipeline construction exploded under obama and trump, the refinery capacity has shrunk however over the last ten years due to a reluctance to spend money on old assets and unfavorable envirnmental policies. gas plant construction boomed from 2016-2020 but has basically stopped
the single biggest change policy wise was Biden froze lease sales on federal lands and waters on day one, this caused a transition to focus on state and private lands for new wells
the biggest domestic market change was investment money dried up due to new risk factors and ESG policies
This post was edited on 4/2/23 at 6:07 pm
Posted on 4/2/23 at 6:11 pm to lostinbr
quote:
1. The Biden administration is not a friend of the O&G industry.
2. The energy independence argument is silly, especially if you’re trying to compare energy independence today to the Trump administration. Energy independence (or lack thereof) affects US market share, but it doesn’t insulate us from global price swings.
1. very true
2. we would never be a net zero oil importer for political reasons alone, unless there was a world war or something catastrophic that caused us to cut off from the global crude market
Posted on 4/2/23 at 7:05 pm to supatigah
quote:
we would never be a net zero oil importer for political reasons alone, unless there was a world war or something catastrophic that caused us to cut off from the global crude market
I don’t necessarily agree with that assessment, we’re pretty damn close to 0 net crude oil imports already.
But it doesn’t really matter, at least not for the average American consumer. There’s no switch that flips as soon as you become a net exporter, to protect you from OPEC decisions.
What matters from that perspective is simply how much market share OPEC maintains. While increasing US production does cut into it, a 700,000 bpd swing (from net imports to net exports) doesn’t suddenly invalidate their market share, like some folks seem to believe.
The only way that happens is if we ban exports entirely, which would (somewhat ironically) guarantee that we remain a net importer anyway. So even that is a moot point.
Posted on 4/2/23 at 7:31 pm to RLDSC FAN
quote:
@amuse
@amuse
·
55s
·
SHOCK: Biden’s refusal to hold peace talks and insistence that his proxy war continue indefinitely has forced another ally to choose Russia over the U.S. Japan is breaking with the U.S. and will begin buying Russian oil at prices above the cap.
Posted on 4/2/23 at 8:07 pm to lostinbr
Others have stated this in the past but just want to state again.
The US lacks heavies and has too much lights. Our assets were made to run mediums and to a lesser extent heavies. And many sites are working to actively deconstrain their overheads and light trains. We structurally need imports to fill out our crude units economically to compete on global stage (export clean products). We need west cans, Venezuelan, Maya, and straight runs from global topping sites. That won’t change regardless of the overall net number.
Our exports are structural because of this domestic refinery constraint. We can’t process all our lights so we export to Asia, etc
The US lacks heavies and has too much lights. Our assets were made to run mediums and to a lesser extent heavies. And many sites are working to actively deconstrain their overheads and light trains. We structurally need imports to fill out our crude units economically to compete on global stage (export clean products). We need west cans, Venezuelan, Maya, and straight runs from global topping sites. That won’t change regardless of the overall net number.
Our exports are structural because of this domestic refinery constraint. We can’t process all our lights so we export to Asia, etc
This post was edited on 4/2/23 at 8:34 pm
Posted on 4/2/23 at 8:37 pm to TulaneUVA
One could argue that the heavy oil capacity in the US is a feature, not a bug - it allows us to take opportunity crudes at a discount for refining while exporting the light sweet stuff.
That being said, I do think we need more distillation capacity in the US. This is where I think the regulatory argument probably makes the most sense.
That being said, I do think we need more distillation capacity in the US. This is where I think the regulatory argument probably makes the most sense.
This post was edited on 4/2/23 at 8:38 pm
Posted on 4/2/23 at 8:39 pm to redstick13
quote:
When was that?
Is your memory really that short? I was paying less than $2 when we had a real president. It’s still a vivid and recent memory to me.
Posted on 4/2/23 at 8:51 pm to Double Oh
We’re not likely to ever not trade oil with the Middle East or other partner that we want to maintain trading relations
Why would we ?
Why would we ?
Posted on 5/9/23 at 3:55 pm to RLDSC FAN
Oil prices down $7 since this announcement last month.
OPEC meets again next month.
OPEC meets again next month.
Posted on 5/9/23 at 4:20 pm to RLDSC FAN
No problem. Pedo Joe will release more oil from the SPR. You know the oil that is supposed to be used for emergencies. Gas prices are not emergencies
Posted on 5/9/23 at 5:05 pm to RLDSC FAN
Jumped 55 cents in my area today. So stupid
Posted on 5/9/23 at 6:06 pm to Miketheseventh
quote:
Miketheseventh
Such a great contribution.
Posted on 5/9/23 at 6:23 pm to CatsGoneWild
quote:
Jumped 55 cents in my area today. So stupid
I'm at $3.09. That's a big jump. What state are you in?
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