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re: The real issue nobody wants to discuss…
Posted on 6/19/22 at 2:02 pm to 197603apf
Posted on 6/19/22 at 2:02 pm to 197603apf
quote:
Biden shutting down 11 refineries in his first year. Shell Convent being 1 of them.
Please tell me how the US president forced a British company to shut down a plant before he was even elected.
Posted on 6/20/22 at 9:10 am to notiger1997
quote:
quote:
Biden shutting down 11 refineries in his first year.
I hate Biden as much as anyone, but this simply not true
+1.
Refineries have been shutting down as investors and companies see a push towards an "energy transition". Some of this was already in the long-term planning prior to 2020, and COVID shutdowns accelerated it. Coming out of COVID, there were all sorts of statements and articles from "experts" and insiders about how COVID was changing the landscape and showed people didn't need to travel so much for work and demand would stay down.
Guess what...they were all WRONG.
Now you can say statements by candidate Biden and statements by his administration made folks weary about the future of gasoline refineries, but even prior to Biden becoming President these discussions were being had within the industry, and companies like BP wanted to follow the EU goals of less and less investment in "dirty jobs".
Joe Biden did not shut down refineries, though you could say his election year statements and all the buzz about the push towards this energy transition may have accelerated some of the final decisions.
Posted on 6/20/22 at 9:26 am to FinleyStreet
quote:
Source?
They are just making shite up---Biden "shutting" down a plant in Convent (the plant closed in 2020; Biden took office in 2021. This kinda reminded me of ppl blaming Obama for the '08 crash but he didn't take office until '09) has nothing to do with gas being $10 a gallon in Europe.
High Gas and inflation is happening globally---but of course, we think the world revolves around America and that the US president controls everything.
This post was edited on 6/20/22 at 9:31 am
Posted on 6/20/22 at 9:35 am to Suntiger
quote:
Please tell me how the US president forced a British company to shut down a plant before he was even elected.
Yep, it shut down in 2020.
The OP is a prime example of what's wrong with the internet.
It's a claim with zero source data that gets a bunch of upvotes because it appeals to conservative voters who make up the majority of this site.
I don't think there are too many folks here that think Biden is a good president, but please don't turn Money Talk into Political Talk.
Posted on 6/20/22 at 9:38 am to FinleyStreet
quote:
The OP is a prime example of what's wrong with the internet.
It's a claim with zero source data that gets a bunch of upvotes because it appeals to conservative voters who make up the majority of this site.
The PoliBoard is overall less informed posts and "analysis" than it was even during Obama's tenure, and very few posters here liked him or his policies either.
Posted on 6/20/22 at 10:35 am to FinleyStreet
quote:Here’s a better example of the rationale behind the OP, that Biden’s rhetoric, as well as his actual energy policy, is primarily responsible for the decline in refinery capacity:
The OP is a prime example of what's wrong with the internet.
It's a claim with zero source data that gets a bunch of upvotes because it appeals to conservative voters who make up the majority of this site.
quote:
Capital cost for improvements and new construction have to be recovered over decades of time and the service life of equipment like that is typically 30, 40 or more years. If you tell me there will be no demand for the product in 10 years you have quadrupled the capital cost recovery required each and every year from now until then and that in turn means the price will wildly escalate and nobody may buy. There is no reason for a private concern to take that risk and you cannot compel them to do so.
Karl Denninger - The Market Ticker
Posted on 6/20/22 at 6:21 pm to 197603apf
quote:
Gas prices are a direct reflection of Biden shutting down 11 refineries in his first year. Shell Convent being 1 of them.
Shell Convent shut down in late 2020. You can blame Biden for a lot of things, but let's at least be honest.
Posted on 6/20/22 at 8:24 pm to 197603apf
Discuss as refining capacity is key FS river in crack spread that is inflating wholesale and retail fuel prices in U.S. Recommend though you start with accurate facts.
Shell Convent was not shut down by Biden.
Shell reduced its refining assets by a large factor around the world over the past 5+ years as part of a shift in Corp strategy.
Certainly is impacting said crack spread but uncle Joe is not culprit specific to Convent.
Shell Convent was not shut down by Biden.
Shell reduced its refining assets by a large factor around the world over the past 5+ years as part of a shift in Corp strategy.
Certainly is impacting said crack spread but uncle Joe is not culprit specific to Convent.
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