re: Oil Just Hit a 7yr High

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Can you find me any country that has improved their oil price situation?

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Its like these people dont realize that there are other grades of crude produced in other parts of the world that are also hitting 7 year highs right now

Global benchmark Brent climbs to more than 7-year high on Middle East tensions

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Brent crude futures rose 85 cents, or 1%, to $87.33 a barrel by 0525 GMT, after earlier hitting a peak of $87.55, their highest since Oct. 29, 2014.
U.S. West Texas Intermediate (WTI) crude futures jumped $1.13, or 1.4%, from Friday’s settlement to a more than two-month high of $84.95 a barrel.

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In Louisiana we used to think this was good for the state. Increased oil prices meant the patch would open up and the economy would improve.

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I do not think its any president's fault, is my entire point

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US oil production has yet to recover from Trumps lockdowns

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I do not think its any president's fault, is my entire point

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US oil production has yet to recover from Trumps lockdowns

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That'll leave a mark.

I’m in the bottom picture. Can you find me?

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Let's hear your take on how WTI would be $50/bbl right now if Trump had been re-elected

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I never made that claim, either on price or on President.

YOUR statement was that Biden has nothing to do with oil prices etc. etc.

So I'll just start with this little bit of "substance" for ya:

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Since taking office, Biden has shown nothing but hostility towards clean and reliable American oil and gas and the jobs the industry creates. One of his first actions as president was to issue a moratorium on new oil and gas leases on federal lands.

This comes as the United States spent the previous four years embracing the American oil and gas industry to historic success. By 2020, America transformed itself from a net energy importer to a net energy exporter. Energy independence benefits our national security, creates thousands of good-paying jobs, and supplies Americans with reliable energy.

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In an attempt to put a bandaid on the financial hurt that American families are feeling right now, the Biden administration is pleading with OPEC, the Middle Eastern oil cartel, to ramp up oil production. Rather than putting America first, Biden is wreaking havoc on domestic energy production and then asking foreign nations to pick up the slack.

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LINK

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Meanwhile, this “environmental justice” movement is now going after even the smaller independent energy companies. It is not enough that some of the biggest names in oil and gas, such as British Petroleum (BP) and Chevron, have reduced their carbon footprints. Radicals such as those at The New Republic claim that “apocalypse” is descending upon us. The magazine is now calling for outright nationalization of the oil industry in order to “steward a managed decline in the public interest, ensuring abandoned rigs and reserves aren’t auctioned off to private-sector vultures eager to pump them for all they’re worth with scant oversight.”

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The New Republic has been complaining, for example, that BP transferred ownership of some of its oil and gas resources to energy company Hilcorp. Hilcorp intends to keep the Alaskan wells running, a much-needed boon to a state that lost over 3,000 oil and gas jobs during the pandemic.

These complaints are absurd, since only a firm interested in developing oil and gas would buy up oil and gas fields and assets. Who else would? If the Left wants these fields to stop producing and go dry in order to save the planet, perhaps the Environmental Defense Fund or Greenpeace should gather contributions from their millionaire members, purchase the fields, and take them out of commission.

What the greens seem to be seeking is an immediate shutoff of American oil and gas production. This is one of the dumbest ideas in modern times. Some 98 percent of American cars are fueled by combustible engines. It will take at least 30 years for the United States to reach even 50 to 60 percent electric vehicles, meaning that American motorists will have heavy demand for oil and gas unless the environmentalists plan on blowing up our cars. Perhaps I shouldn’t give them any ideas.

What about energy for our homes, our stores, our factories, our airlines, and our steel and auto industries? Today about 75 percent of our energy comes from fossil fuels and less than 10 percent comes from wind and solar. Does anyone believe we can go from 80 percent to zero instantaneously?

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We will be using oil and gas in America for at least the next 30 years. The only question is whether we get it from Texas, Oklahoma, and North Dakota — or Saudi Arabia, Iran, Russia, and OPEC nations

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LINK /

And one more just in case I lack enough substance for your intricate knowledge of oil and gas markets:

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On November 23, 2021, as the price for West Texas Intermediate (WTI) crude hit $78.50 per barrel, U.S. President Joe Biden issued an order to the U.S. Department of Energy (DOE) to release 50 million barrels of oil from America’s Strategic Petroleum Reserve (SPR).

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markets immediately responded to the Biden order by running oil prices up, not down, because they understood that the amount of oil involved was just a nominal gesture, a drop in a vast ocean of a 100 million barrel-per-day market. The oil price did start to drop the day after Thanksgiving, but that was due to the outbreak of the Omicron variant and fears of its potential to destroy oil demand, not related to Biden’s release.

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After all, Biden was already a veteran in the Senate as he watched then-Presidents Gerald Ford and Jimmy Carter flail about during the 1970s, outlawing crude oil exports, implementing various regimes aimed at price controls, passing a Fuel Use Act that forced the building of hundreds of new heavy-polluting coal-fired power plants across the country because they were sure we were running out of natural gas. On and on the brain-dead interventionist energy policy choices went. No bad idea seemed too awful for consideration, and it all culminated in 1980 with the passage by a Senate in which Biden held a seat of the Windfall Profit Tax, the single most brain-dead policy choice of them all.


Despite all of his long history with utterly-failed energy policies - most of which he supported, of course - Biden thought it a great idea in November to trudge down that road to inevitable failure one more time.

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LINK