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re: The reality about the price of oil - Facts
Posted on 7/16/26 at 6:49 pm to Skippy1013
Posted on 7/16/26 at 6:49 pm to Skippy1013
quote:
Our future as a country is worth paying a little more and this situation with Iran will pay off long term for all of us, no more bully in he Middle East, f
At this time last year, were you thinking 'Trump's doing a great job, but I wish he'd bomb Iran. Iran is a bully!"
1
Posted on 7/16/26 at 6:53 pm to Violent Hip Swivel
quote:
were you thinking
I was thinking that under the Bush Administration.
Posted on 7/16/26 at 7:10 pm to Skippy1013
If the US is a net exporter of oil, are higher crude prices not better for the country?
Participating in ME geo-political tension that drives up the price of the product that we export…
One key offset to this is inevitable US consumer inflation from said crude feedstock.
So, which is it? Revenue from net exporter of crude or consumer inflation from crude price. We win when?
Participating in ME geo-political tension that drives up the price of the product that we export…
One key offset to this is inevitable US consumer inflation from said crude feedstock.
So, which is it? Revenue from net exporter of crude or consumer inflation from crude price. We win when?
Posted on 7/16/26 at 7:14 pm to Skippy1013
Oil is so fricken manipulated. I’ve been on earth 60 years and I’ve been associated with it on the peripheral for most of all of my jobs/careers. It goes up, it goes down. Wars no wars. It’s abundant then scares. frick it all. It’s all to create fear in consumer confidence. Bet on oil every day of the week. It’s never going away!
Posted on 7/16/26 at 8:05 pm to Oilfieldbiology
quote:
Let Israel fight its own wars.
We go there for oil. I don't know why people don't understand this.
You want cheap gas? We will never leave the middle east. We protect Israel because we and the brits put those frickers there and they are our allies in the major oil region.
Posted on 7/16/26 at 8:12 pm to Skippy1013
The price is artificially high because of radical Islam Iran. Outside of that, oil, inflation, and interest rates are down.
Let's end Iran and get back to winning.
Let's end Iran and get back to winning.
Posted on 7/16/26 at 8:39 pm to SECCaptain
quote:
If it weren’t subsidized by the Middle East, the real price would easily be >$1000/bbl. There really is no substitute for oil in modern society, it’s borderline priceless
This is economic illiteracy. The middle east isn’t subsidizing oil. In fact, the cartel OPEC was designed to keep prices high.And why in the world would you think that, but for artificial price fixing, oil would be priceless? It is produced at an average cost of about $40 per barrell. What would make it priceless?
Posted on 7/16/26 at 8:45 pm to Big Scrub TX
quote:
trillions
quote:
Link?
He got that number from the panicans
This post was edited on 7/16/26 at 8:47 pm
Posted on 7/16/26 at 9:23 pm to Penrod
If OPEC actually tried to cut supply below demand, there would be swift invasions and coups by NATO
Posted on 7/17/26 at 1:25 am to Skippy1013
I already gave an economics lesson on oil prices here a few weeks ago. And I don’t even have to use AI or Lougle.
Posted on 7/17/26 at 3:24 am to Skippy1013
The whole Iran effort is a waste, but also, perhaps necessary. We've knocked them back, but they will rebuild and restore the ability to mass produce conventional ballistic missiles and drones and they will use them again. This is probably a forever campaign. There are millions of dumbasses still there, so the throwback leadership isnt going anywhere, even if we continue killing them.
My belief on why this whole thing started is that Israeli intelligence had been watching the buildup of weapons in Iran for years. I think they got pretty spooked by the number of ballistic missiles in the arsenal, and rightfully so. They were able to get Trump in over this to rid the threat. Had Iran launched 3000-5000 missiles and 5000-6000 dumbass drones at Israel in a quick window, Israel would have been half demolished. Maybe more than half demolished because their air defenses would have been overwhelmed, like they were at times with the much smaller barrage they actually endured.
The nuclear threat was a part of this but what they know (IA) and what civilians think could be two different things.
My belief on why this whole thing started is that Israeli intelligence had been watching the buildup of weapons in Iran for years. I think they got pretty spooked by the number of ballistic missiles in the arsenal, and rightfully so. They were able to get Trump in over this to rid the threat. Had Iran launched 3000-5000 missiles and 5000-6000 dumbass drones at Israel in a quick window, Israel would have been half demolished. Maybe more than half demolished because their air defenses would have been overwhelmed, like they were at times with the much smaller barrage they actually endured.
The nuclear threat was a part of this but what they know (IA) and what civilians think could be two different things.
This post was edited on 7/17/26 at 3:29 am
Posted on 7/17/26 at 5:23 am to Cajun Cricket
quote:
they should focus on the % of that which goes to state and federal taxes.
Fed tax has been 18.4 cents/gal which hasn’t changed since 1993.
Posted on 7/17/26 at 6:13 am to Skippy1013
No new wars!
Posted on 7/17/26 at 6:23 am to kywildcatfanone
quote:
Stores and restaurants are full of people.
your metric for people struggling is for there to be no one in stores or restaurants? the total collapse of the economy?
Posted on 7/17/26 at 6:27 am to Skippy1013
quote:
I’m so sick of the moaning and groaning about gas prices and the price of a barrel of oil. Our future as a country is worth paying a little more and this situation with Iran will pay off long term for all of us, no more bully in the Middle East, freedom of shipping, no nuclear weapons for Iran, and their terror proxies are destroyed.
I used AI and determined that the average price per barrel of oil over the past 10 years and it’s $64.73. The prices per barrel during the 4 year Biden administration was $71.26.
I then asked what the prices per barrel of oil should be using the average of the past 10 years and adjusting the price per barrel for inflation. The result is $78.15.
The prices per barrel of oil today, 7/16/26, is $79.54.
folks, bend over now and pay up or your kid's kid's kid will be speaking Iranian!
Posted on 7/17/26 at 6:32 am to W2NOMO
quote:
Oil is so fricken manipulated. I’ve been on earth 60 years and I’ve been associated with it on the peripheral for most of all of my jobs/careers. It goes up, it goes down. Wars no wars. It’s abundant then scares. frick it all. It’s all to create fear in consumer confidence. Bet on oil every day of the week. It’s never going away!
early 2010s = shale revolution
has not been scarce since in the USA
Oil is a commodity produced ALL OVER THE WORLD. There are many factors at play that determine the GLOBAL price of crude oil, specifically oscillations in supply and demand which results in oil seeming 'abundant then scarce'
This post was edited on 7/17/26 at 6:54 am
Posted on 7/17/26 at 6:34 am to Penrod
quote:
In fact, the cartel OPEC was designed to keep prices high.
they did the opposite November 2014 when they decided to flood the market with crude oil to put US shale producers out of business and gain market share
quote:
VIENNA (Reuters) - Saudi Arabia blocked calls on Thursday from poorer members of the OPEC oil exporter group for production cuts to arrest a slide in global prices, sending benchmark crude plunging to a fresh four-year low.
Brent oil fell more than $6 to $71.25 a barrel after OPEC ministers meeting in Vienna left the group's output ceiling unchanged despite huge global oversupply, marking a major shift away from its long-standing policy of defending prices.
Saudis block OPEC output cut, sending oil price plunging
This post was edited on 7/17/26 at 6:36 am
Posted on 7/17/26 at 7:54 am to TheWalrus
quote:
When the president you voted for is in charge, high gas prices are a minor inconvenience. When it’s someone you didn’t vote for, it’s a national disaster.
This!
The mental gymnastics it takes for these people to take to social media is at a high level.
Posted on 7/17/26 at 8:43 am to hubertcumberdale
quote:
In fact, the cartel OPEC was designed to keep prices high.
they did the opposite November 2014 when they decided to flood the market with crude oil to put US shale producers out of business and gain market share
That’s a specific tactic to drive prices up by eliminating competition. BTW, that was a near existential business event for me.
I assume the link and quote is from a recent meeting? The Saudis, and UAE, Kuwait, etc, are engaging in some temporary gamesmanship to support the US in the Iran war. But this should not be taken as a change in their long term policy of supporting higher prices. Just like the 2014 glut, this is a temporary variance in an otherwise consistent policy of maintaining high oil revenues.
Posted on 7/17/26 at 8:50 am to Dire Wolf
quote:
quote:
The prices per barrel during the 4 year Biden administration was $71.26.
quote:
Right in the sweet per landman, good work Biden
Tommy Norris said "$78 is about perfect", so frick you, Biden.
This post was edited on 7/17/26 at 8:56 am
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