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re: $4.20 You are killing us Biden
Posted on 5/13/22 at 7:54 am to fatboydave
Posted on 5/13/22 at 7:54 am to fatboydave
I'm not sure I'd agree with this.
The economic literature on this suggests oil is a global commodity. The US is a large oil producer but supply has increased significantly since pandemic lows. US oil production hasn't decreased enough to significantly affect global supply.
Oil prices are up significantly across the globe. I don't think Biden is that responsible for oil prices increasing - it seems to be much more of a global problem.
US EIA
Looking at US oil production versus worldwide oil production, the decline in oil production seems to be from OPEC countries, not the US.
I can't understand why Biden would be responsible for OPEC production declining. In short, the decline seems to have come from OPEC countries and this decline has not yet been 'recovered'.
As a result, demand has surged while production has declined. This has resulted in oil prices rising - to blame Biden would not be a fully comprehensive analysis.
The economic literature on this suggests oil is a global commodity. The US is a large oil producer but supply has increased significantly since pandemic lows. US oil production hasn't decreased enough to significantly affect global supply.
Oil prices are up significantly across the globe. I don't think Biden is that responsible for oil prices increasing - it seems to be much more of a global problem.
US EIA
Looking at US oil production versus worldwide oil production, the decline in oil production seems to be from OPEC countries, not the US.
I can't understand why Biden would be responsible for OPEC production declining. In short, the decline seems to have come from OPEC countries and this decline has not yet been 'recovered'.
As a result, demand has surged while production has declined. This has resulted in oil prices rising - to blame Biden would not be a fully comprehensive analysis.
This post was edited on 5/13/22 at 7:57 am
1
Posted on 5/13/22 at 7:54 am to fatboydave
When has was high under Bush we were told the president had nothing to do with the price of oil.
When the economy crashed under Bush we were told the president had nothing to do with that.
When the Economy recovered under Obama the president had nothing to do with that.
When gas prices were so cheap in 2014 that people were bitching about losing jobs. The president was to blame.
When gas got high again in 2017 it wasn't the presidents fault. But when they dropped the next year it was him we thanked.
Gas prices are set on a global oil price. This with memories and brains can see the spin..
When the economy crashed under Bush we were told the president had nothing to do with that.
When the Economy recovered under Obama the president had nothing to do with that.
When gas prices were so cheap in 2014 that people were bitching about losing jobs. The president was to blame.
When gas got high again in 2017 it wasn't the presidents fault. But when they dropped the next year it was him we thanked.
Gas prices are set on a global oil price. This with memories and brains can see the spin..
Posted on 5/13/22 at 7:55 am to sgallo3
quote:
You dont think it's both? Shell recorded their highest Q1 profit in history. Why would they invest in more drilling when the market as is maximizes profit?
bruh.
Posted on 5/13/22 at 7:55 am to sgallo3
quote:
Romans 13:1-2
Let every person be subject to the governing authorities. For there is no authority except from God, and those that exist have been instituted by God. Therefore whoever resists the authorities resists what God has appointed, and those who resist will incur judgment
This is a misrepresented interpretation. The KJB has a more accurate translation which refers to "governing authorities" as clergy, i.e. Pope, Cardinal, Bishop etc...
But if you want to be obtuse and support the potato-in-chief (AKA - Puppet-in-Chief), you will be judged harshly and found to be foolish.
Posted on 5/13/22 at 7:56 am to RogerTheShrubber
quote:
That's because you don't understand economics either. Their profit margins are extremely low.
Multiple posts on this page suggest a lack of understanding of economics and the oil and gas industry.
This most recent move to cancel federal lease sales is the most troubling thing I have seen lately. If they will do it in the midst of the current situation, they really reveal their hand, IMO.
If I recall correctly, you live in Alaska, don't you? How do folks in your neck of the woods feel about that Roger? I suspect there is some real consternation amongst some and probably elation in others.
Posted on 5/13/22 at 7:56 am to Napoleon
quote:
When has was high under Bush we were told the president had nothing to do with the price of oil.
When the economy crashed under Bush we were told the president had nothing to do with that.
When the Economy recovered under Obama the president had nothing to do with that.
When gas prices were so cheap in 2014 that people were bitching about losing jobs. The president was to blame.
When gas got high again in 2017 it wasn't the presidents fault. But when they dropped the next year it was him we thanked.
Gas prices are set on a global oil price. This with memories and brains can see the spin..
The fricking fairy tales you lefties believe
Who is this "we" you refer to? Certainly not the MSM.
Posted on 5/13/22 at 7:56 am to fatboydave
He doesn't pay for his own gas. No democrat does.
Posted on 5/13/22 at 7:57 am to fatboydave
frick all the prog filth who voted for this....
Posted on 5/13/22 at 7:57 am to TexasTiger89
quote:
Add to that the stock market is tanking. Another thing lefties will tell you the President can’t help.
Just wait for the food shortages. I think i read somewhere that 8 major food processing plants have mysteriously caught fire.
Posted on 5/13/22 at 7:57 am to Klark Kent
quote:
bruh
Shell probably understands OPEC won't keep their production down forever. They are just gonna sit and enjoy the boom rather than get burned like they did when opec flooded the market last time
Posted on 5/13/22 at 7:58 am to sgallo3
quote:
Well their profits went from $3 billion Q1 last year to over $9 billion this year. So your position is they sold 3x more oil and the margin remained the same?
Oil is 3x where it was in 2019. If their margins stayed the same, I’d expect their profits on that to triple.
Posted on 5/13/22 at 7:59 am to Napoleon
quote:
When the Economy recovered under Obama the president had nothing to do with that.
When was this?
Posted on 5/13/22 at 8:00 am to Napoleon
quote:
When the Economy recovered under Obama the president had nothing to do with that.
Hey, if you want to claim Obama's "recovery" as a win for you, go ahead. It was the slowest recovery out of a recession in the history of the country. So much so, that it got Donald Trump elected President.
Me and the other MAGA types will take the Trump economy over the Obama economy any day of the week.
Posted on 5/13/22 at 8:01 am to Oilfieldbiology
quote:
When was this?
The really fun part, is when you ask him what specific Obama era policies led to this so-called "recovery".
Posted on 5/13/22 at 8:01 am to Oilfieldbiology
quote:
Oil is 3x where it was in 2019. If their margins stayed the same, I’d expect their profits on that to triple.
Unless costs and price increased by the same amount their margins didnt stay the same
Are you talking about production margins or price margin?
This post was edited on 5/13/22 at 8:02 am
Posted on 5/13/22 at 8:01 am to fatboydave
It’s corporate greed!!!!!!!!!!! Not potat… I mean Biden’s fault.
This has absolutely nothing to do with printing money we don’t have and canceling as many leases for oil as possible.
This has absolutely nothing to do with printing money we don’t have and canceling as many leases for oil as possible.
Posted on 5/13/22 at 8:02 am to upgrayedd
quote:
Shut up and blindly hand over $40 billion to Ukraine, racist!
Rand Paul has Twitter resurfacing that old clip of McCain calling him a Putin supporter. John McCain couldn't kill US Soldiers fast enough to feed his MIC bank account.
Posted on 5/13/22 at 8:02 am to BugAC
This is how Democrats get the poor to pay their fair share of the taxes.
Posted on 5/13/22 at 8:03 am to Oilfieldbiology
not to mention all the big O&G companies have sold off low profit assets and done everything they can to become leaner in the last 3-4 years.
Posted on 5/13/22 at 8:04 am to fatboydave
What's really going to piss you off is that a down turn in oil production is likely due to lack of material, and the cost of the material they can find.
A down turn, at $100/barrel. Who would have thought.
A down turn, at $100/barrel. Who would have thought.
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