re: Oil price chart: Dec 18 to today..

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Just what we have to import is still way higher than what we export.

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No it isn't, it's 3%. Additionally, for the last 3 months of 2019, we were a net exporter.

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Oh please. On this board, it's almost always oil related and I never place blame on a President. I am actually trying to explain why it isn't on a President for International oil prices. I am just trying to present facts to people to try to educate them for spreading inaccuracies.

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Again, your half truths make your intentions obvious to anyone willing to pay attention.

If you want to go with this insult, you admit you yourself are just as guilty. Take it up with the EIA if you don't like my info.

ETA: And it's also you again using a half truth to tell renarrative you want. You want to focus on only crude only in an attempt to downplay the trends we saw over the last several years.

Saudi Arabia is expected to increase production and put a ceiling on prices for the short term. This will be the last winter storm and Wells can be serviced easier snd put back on production meaning more supply is on its way.

And yes presidents can impact pricing on oil/gas. We frack oil and gas, with all the regulations coming down, there will be less fracking, therefore less oil and gas on the world market, and given the fact we are the largest energy producer in the world, our reduction in production will cause oil and gas prices to rise.

Mostly correct Trinadad. The President has an impact on the cost for US oil to pump. And when US oil starts flowing, it definitely increases the supply. But US oil production costs more in general and needs a certain price level to use other oil supplies like fracking which costs more to pump. OPEC+ takes this into consideration when they are setting quotas and trying to fix the price. They have a very good idea how much oil the US will produce based on the price. We caught them by surprise a few years ago when we managed to produce a lot more than they had anticipated, but they account for that now. While oil is the life blood of our economy, it's everything to those countries. They know what they are doing. When the US was really pumping, OPEC+ decided to increase quotas to really reduce the price of oil and make it less economical for the US to produce. This caused massive layoffs a few years ago and the US oil industry has had a hard time recovering.

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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.

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It's likely much more due to demand returning more in earnest. Money printing helps too.

Agree with your overall assessment. But given the current state of things in the world, Where is this demand coming from? Or is this a fuction of depressed supply coupled with a modest increase of demand?

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Well, at least lumber prices will come back down as construction screeches to a halt under Obiden.

2x4 and plywood have gone through the roof over the last 4 years.

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Thanks, Trump. Wait, unless you are saying supply and demand matter?

China and SE Asia are close to normal now and US is using more than most of 2020 (but not nearly at the levels of 2019). To be honest, I don't know. It could be a case where we are returning the price OPEC+ wanted before their spat in March 2020 that lead to a HUGE glut of oil on the market.

Let me see if I can chase that down.

Obama's low gas prices / oil prices were actually bad on US oil. In many US fields, it cost more to produce oil that what the price at that time so those fields dramatically reduce supply or shut things down altogether.

When those situations happen, it makes banks afraid to lend money to US oil knowing oil price is based on OPEC+ decisions. Part of the reason why Russia opposed OPEC+ quotas in March was they wanted more supply on the market to break US oil backs again. While it may seem like a temporary hurt on US oil, it has long ramifications like bank lending and stock prices. OPEC+ is not fond of doing this very often because it hurts their profits from oil. And their national budgets are primarily around oil profits. I read an article that said Saudi's would prefer $80 for their national budget but at that price, US oil could start roaring again.

For people in the know about LNG, why hasn't that become more of an alternative to gas? Is it because it's still a fossil fuel and doesn't get the support EV's do?

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But we did export a hellava lot more under Trump than any other president.

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Yeah but presidents don’t matter, right?