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Oil price chart: Dec 18 to today..
Posted on 2/19/21 at 9:54 am
Posted on 2/19/21 at 9:54 am
I couldn’t get a snapshot of one from right before the election, but on 11/2, the price of oil was at $37 per barrel and it has risen $24 per barrel since. Normally, oil and gas prices are lowest in the winter months. The speculation after the election has come to fruition with Biden’s EOs to date.
My pre-election expectation (if Biden had won) was that oil would rise to $75 by the Summer of 2022 due to the administration’s polices toward Oil & Gas (or fossil fuels in general).
shite.. We may hit that this Summer and stay over that number for the next 4 years.
This post was edited on 2/19/21 at 9:56 am
16
Posted on 2/19/21 at 9:56 am to LSUAlum2001
So we will pay more for gas but jobs won't pick up here. Lovely.
Posted on 2/19/21 at 9:57 am to jcaz
Expansion won’t occur but projects in the industry to squeeze more profit from the existing refineries will increase.
Posted on 2/19/21 at 10:12 am to jcaz
quote:
So we will pay more for gas but jobs won't pick up here. Lovely.
we will pay more for imported oil to meet our needs when only last year we were a net exporter.....
opec/china/russia say thank you....
Posted on 2/19/21 at 10:14 am to LSUAlum2001
I'm not getting my hopes up for new projects...
Posted on 2/19/21 at 10:35 am to LSUAlum2001
The price of oil is set by international supply and demand. It does not care who is President of the United States. Prior to March 2021, oil reach a couple of lows with Obama and rose during Trump's presidency. Not giving credit to Obama nor blaming Trump. Just saying it doesn't care who is President.
LINK to see the cost of oil and gas by year.
There is a misconception that we were oil independent. We actually imported 2.482B barrels in 2019. But that is about 30% lower than the peak in 2005. LINK to see oil imports by year.
LINK to see the cost of oil and gas by year.
There is a misconception that we were oil independent. We actually imported 2.482B barrels in 2019. But that is about 30% lower than the peak in 2005. LINK to see oil imports by year.
This post was edited on 2/19/21 at 10:41 am
Posted on 2/19/21 at 10:41 am to LSUAlum2001
Here is chart - anyone looking at the squigglies down below the price owe me $100,000. just message me to pay
This post was edited on 2/19/21 at 10:47 am
Posted on 2/19/21 at 10:43 am to LSUAlum2001
quote:
squeeze more profit from the existing
I.e. lay people off
Posted on 2/19/21 at 10:48 am to LSUAlum2001
the incompetence of the democrats is mind blowing
1 end energy dependence
2 raise taxes
3 end jobs
4 iran and china apologists and enablers
but mentally ill men can play womens soccer and reparations yay rejoice!!
1 end energy dependence
2 raise taxes
3 end jobs
4 iran and china apologists and enablers
but mentally ill men can play womens soccer and reparations yay rejoice!!
Posted on 2/19/21 at 10:51 am to JJJimmyJimJames
Anyone posting that the president does not have an effect on the economy is naive at best and ignorant at worst. Oil prices / gas prices are certainly affected by economic policy.
There is no current justification for the rapid rise in prices. Period. And it will continue to rise...
There is no current justification for the rapid rise in prices. Period. And it will continue to rise...
Posted on 2/19/21 at 10:52 am to COAUTiger
Oh man, you’re throwing facts out there. People on this board will not like that. Prepare to be cursed at since people want to continue to live in their own fears and spread their fears to others.
Posted on 2/19/21 at 10:54 am to COAUTiger
quote:
The price of oil is set by international supply and demand. It does not care who is President of the United States. Prior to March 2021, oil reach a couple of lows with Obama and rose during Trump's presidency. Not giving credit to Obama nor blaming Trump. Just saying it doesn't care who is President.
You are correct. The human body holding the office doesn't matter. However, when the person in office bans pipelines, fracking, oil drilling, then you are incorrect, and it does matter who is in office.
This post was edited on 2/19/21 at 10:55 am
Posted on 2/19/21 at 10:55 am to dafif
And yet I presented facts.
The President can effect the cost to produce oil in the US. Not the price of oil on the international market.
If you blame Biden, you need to blame Trump as well. I do not but you cannot lay blame to one party when you are trying to create that narrative.
The President can effect the cost to produce oil in the US. Not the price of oil on the international market.
If you blame Biden, you need to blame Trump as well. I do not but you cannot lay blame to one party when you are trying to create that narrative.
Posted on 2/19/21 at 10:56 am to ForeverGator
quote:
Oh man, you’re throwing facts out there. People on this board will not like that. Prepare to be cursed at
Oh man, you're not contributing anything here, other than bitching about other posters, because you have little knowledge on the subject. You are then complaining about others insulting a poster, while simultaneously insulting those posters.
And so far, you're idiotic statement holds false. Projection much?
This post was edited on 2/19/21 at 10:57 am
Posted on 2/19/21 at 10:59 am to COAUTiger
quote:
The President can effect the cost to produce oil in the US. Not the price of oil on the international market.
When purchasing one's oil to supplement our own production, is it cheaper or more expensive to rely on foreign oil?
quote:
I do not but you cannot lay blame to one party when you are trying to create that narrative.
Actually, the 2 office holders, Trump and Biden, have complete opposite ideals in terms of energy. As you noted, under Trump, imports decreased, domestic LNG and oil production increased. So far, what direction is Biden steering domestic oil production and imports of foreign energy?
Posted on 2/19/21 at 10:59 am to COAUTiger
quote:
The price of oil is set by international supply and demand. It does not care who is President of the United States. Prior to March 2021, oil reach a couple of lows with Obama and rose during Trump's presidency. Not giving credit to Obama nor blaming Trump. Just saying it doesn't care who is President.
LINK to see the cost of oil and gas by year.
There is a misconception that we were oil independent. We actually imported 2.482B barrels in 2019. But that is about 30% lower than the peak in 2005. LINK to see oil imports by year.
I see you not mentioning our exports during Trump's term, so let me add some stuff for you:
quote:
In 2019, petroleum net imports averaged about 0.6 MMb/d, the equivalent of 3% of total U.S. petroleum consumption. This was down from the record share of 60% in 2005 and the lowest percentage since 1957.
We were extremely close in 2019 to exporting just as much as we import, but hey don't let facts get in the way of defending Biden.
Posted on 2/19/21 at 11:00 am to BugAC
He affects the price to pump US oil. But US oil producers need oil at higher prices, typically $55-$65 barrel, for it to be somewhat healthy. So they cannot reach $55 and just flood the market. You increase supply but demand remained the same and thus would dip the price of oil down again.
OPEC+ control the price of oil and thus gasoline, regardless of the person in the Presidency.
OPEC+ control the price of oil and thus gasoline, regardless of the person in the Presidency.
Posted on 2/19/21 at 11:02 am to BugAC
Limitations on the oil industry isn’t necessarily a bad thing. There isn’t a flat out ban. The surplus that’s been going on is not the right way to do business and it doesn’t serve anyone any good. If anything, the surplus will destroy the industry. Spreading it out instead of letting it be a free for all is better.
Now, the pipeline thing is stupid, but that’s a different matter. That was shut down merely for optics and to help out warren buffet.
Now, the pipeline thing is stupid, but that’s a different matter. That was shut down merely for optics and to help out warren buffet.
Posted on 2/19/21 at 11:02 am to LNCHBOX
I defended no one. I just said oil price doesn't depend on the President.
I am all for US oil. I have a lot of friends that are/were in the industry. I am just giving facts so people don't go spouting off on things that are incorrect.
I am all for US oil. I have a lot of friends that are/were in the industry. I am just giving facts so people don't go spouting off on things that are incorrect.
This post was edited on 2/19/21 at 11:15 am
Posted on 2/19/21 at 11:04 am to LNCHBOX
No, we were not close. But we did export a hellava lot more under Trump than any other president.
US oil exports
BugAC - to answer your question, theoretically yes as long as the International price of oil is close to the cost to produce oil in the US. If OPEC+ oil is $40/ppb but US oil is $55, you would buy more OPEC+ oil.
There is no current justification for the rapid rise in prices. Period. - Yes, there is. OPEC+ got into an internal conflict in March of last year when Russia would not agree to the quotas. Saudi's said OK, we will FLOOD the market and drive down oil to the point it costs you to produce. Russia fell back in line. While it costs the Saudi's $10ppb to pump, they along with most OPEC+ country rely VERY heavily on oil to fund their governments. This means they want the price to rise very quickly to try to re-coop the budget shortfalls from the OPEC+ internal battles.
US oil exports
BugAC - to answer your question, theoretically yes as long as the International price of oil is close to the cost to produce oil in the US. If OPEC+ oil is $40/ppb but US oil is $55, you would buy more OPEC+ oil.
There is no current justification for the rapid rise in prices. Period. - Yes, there is. OPEC+ got into an internal conflict in March of last year when Russia would not agree to the quotas. Saudi's said OK, we will FLOOD the market and drive down oil to the point it costs you to produce. Russia fell back in line. While it costs the Saudi's $10ppb to pump, they along with most OPEC+ country rely VERY heavily on oil to fund their governments. This means they want the price to rise very quickly to try to re-coop the budget shortfalls from the OPEC+ internal battles.
This post was edited on 2/19/21 at 11:22 am
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