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Message
re: Gas Prices This Morning
Posted on 3/18/21 at 12:08 pm to hogcard1964
Posted on 3/18/21 at 12:08 pm to hogcard1964
Offshore oil leasing just got canceled possibly for up to 2 years
1
Posted on 3/18/21 at 12:32 pm to Nosevens
quote:
Offshore oil leasing just got canceled possibly for up to 2 years
Posted on 3/18/21 at 12:44 pm to TD422
Just to clear a few things up about Keystone. Biden shut down construction of the Keystone XL pipeline. There is a Keystone (no XL) pipeline which is operational. The Keystone transports Canadian oil sands oil. Since it is Canadian oil, it would not make the US more self-sufficient since it is technically an imported oil.
Even with the lower capacity of the regular Keystone pipeline, the Canadian oil companies still transports their oil into the US via other means like rail.
Oil prices have been on a decline the past week. Hopefully that trend will continue. It's down almost 6% today. Also keep in mind oil prices are set on the international market. So increase in demand doesn't mean just the US but in other countries like China.
Even with the lower capacity of the regular Keystone pipeline, the Canadian oil companies still transports their oil into the US via other means like rail.
Oil prices have been on a decline the past week. Hopefully that trend will continue. It's down almost 6% today. Also keep in mind oil prices are set on the international market. So increase in demand doesn't mean just the US but in other countries like China.
This post was edited on 3/18/21 at 12:51 pm
Posted on 3/18/21 at 1:00 pm to COAUTiger
quote:
The Keystone transports Canadian oil sands oil. Since it is Canadian oil, it would not make the US more self-sufficient since it is technically an imported oil.
But it was cheaper for Americans to buy because of a reduced shipping cost. I know it is a global market but the US is by far the largest consumer, and effects the price the most.
quote:
the Canadian oil companies still transports their oil into the US via other means like rail.
They say rail is the still the cheapest ways to ship goods, but that is for within the US. The cheapest way to ship oil and natural gas internationally is a pipeline
quote:
Oil prices have been on a decline the past week. Hopefully that trend will continue. It's down almost 6% today. Also keep in mind oil prices are set on the international market. So increase in demand doesn't mean just the US but in other countries like China.
This is true about demand, but it is also true that price is determined by supply and demand. If the supply is cut (which is what Biden's policies will do) and the demand rises then the price will go up. Well, demand is rising and Biden's policies will hurt supply. So it will trend up, it is inevitable.
This post was edited on 3/18/21 at 1:04 pm
Posted on 3/18/21 at 1:11 pm to viceman
It may be cheaper. I was clearing up the stoppage of the Keystone XL doesn't have an effect right now and it's not make the US more self-sufficient.
The rail comment was a pre-emptive response to the XL would transport more oil and thus not as much is reaching our refineries.
Trend up - Maybe. Right now, I don't think Biden has cut current supply but has cut future supply. Many US oil companies have already secured their leases on government land last year before Biden and for the most part, are not looking to expand but to shore up their current projects to be more profitable. The banks and stock market have punished the oil industry over the past few years and expect greater financial responsibility from their investments.
The rail comment was a pre-emptive response to the XL would transport more oil and thus not as much is reaching our refineries.
Trend up - Maybe. Right now, I don't think Biden has cut current supply but has cut future supply. Many US oil companies have already secured their leases on government land last year before Biden and for the most part, are not looking to expand but to shore up their current projects to be more profitable. The banks and stock market have punished the oil industry over the past few years and expect greater financial responsibility from their investments.
This post was edited on 3/18/21 at 1:14 pm
Posted on 3/18/21 at 1:25 pm to habanos
quote:
We are all going to be on mopeds by the end of summer.
Not me. Ill fricking walk.
Posted on 3/18/21 at 1:43 pm to COAUTiger
quote:
It may be cheaper. I was clearing up the stoppage of the Keystone XL doesn't have an effect right now and it's not make the US more self-sufficient.
Yes, I understood that. Increased demand is why the price is higher. When this happened under Trump, he would offset it with increased supply by making some calls to his buddies such as the Saudis, for example. Not sure if Biden has that kind of clout. But the one thing I am sure of. When Biden's policies goes into full effect, more limited offshore drilling and reduced fracking, the price will go up.
Posted on 3/18/21 at 1:53 pm to viceman
Personally, I am not sure any US President really has any pull with Saudis/OPEC+. Those countries have oil money funded governments with their own agendas, and most of the members dislike the US (but want the US dollar). I know many will say the Saudis depend on our military, but the Saudis know that is a two edged sword. Pull military and we may allow a non-ally to take influence (like Iran). But that is just my opinion. There could be many unseen factors as well.
Posted on 3/18/21 at 2:33 pm to COAUTiger
quote:
I am not sure any US President really has any pull with Saudis/OPEC+.
Trump did.
Posted on 3/18/21 at 2:49 pm to hogcard1964
Energy prices go high / people die.
Can't eat if you can't afford the increase in basic food items. Increased food cost triggered by exploding fuel cost. The food chain just passes the increase in cost down to the consumers. Consumers are already hit hard by the pandemic.
Joe Biden could care less. He's a career politician. He sucked off the generosity of the taxpayers for 47+ years. Never had to make payroll, or as a small businessman, not pay himself in order to keep his employees employed. You'd think people would see this hypocrisy.
Elections have consequences.
Can't eat if you can't afford the increase in basic food items. Increased food cost triggered by exploding fuel cost. The food chain just passes the increase in cost down to the consumers. Consumers are already hit hard by the pandemic.
Joe Biden could care less. He's a career politician. He sucked off the generosity of the taxpayers for 47+ years. Never had to make payroll, or as a small businessman, not pay himself in order to keep his employees employed. You'd think people would see this hypocrisy.
Elections have consequences.
This post was edited on 3/18/21 at 2:53 pm
Posted on 3/18/21 at 2:57 pm to viceman
The only time I am aware of Trump "influencing" the Saudi's was during the spat between Saudis and Russia. Trump asked the Saudis to cut production/resume quotas to raise oil prices (not a bad thing at that time since the super low oil prices were crushing US oil). It was actually a deal Russia and Saudi Arabia were both wanting, but Trump allowed them to save face.
Was there another time? Genuinely curious.
Was there another time? Genuinely curious.
This post was edited on 3/18/21 at 2:59 pm
Posted on 3/18/21 at 9:14 pm to hogcard1964
Dont worry bout it baw itll be out of the $3 range soon enough
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