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Started By
Message
re: The US is now the world’s largest oil producer...
Posted on 8/14/24 at 8:52 pm to Green Chili Tiger
Posted on 8/14/24 at 8:52 pm to Green Chili Tiger
We can drill even more. Take off the handcuffs
This post was edited on 8/14/24 at 9:02 pm
0
Posted on 8/14/24 at 9:07 pm to oldskule
Posted on 8/14/24 at 9:09 pm to Tantal
quote:
They were promised that we'd go all electric
That electricity has to come from somewhere...
Posted on 8/14/24 at 9:11 pm to Green Chili Tiger
They WTH is the price of oil so damn high!
Posted on 8/14/24 at 9:31 pm to GumboPot
quote:
Not necessarily.
So greenchilitard is excited for big oil to make record profits while they screw us
How shocking
Posted on 8/14/24 at 9:31 pm to Penrod
Nimrod,
the Dems don’t have anything to “do with it flowing”
the industry would have been even bigger and arrived faster if those assholes didn’t play so many games with the leases and land closings etc…:
O&G is too big for them to destroy, but they have slowed down progress at every turn they could.
The have NOTHING TO DO WITH THESE #’s
the Dems don’t have anything to “do with it flowing”
the industry would have been even bigger and arrived faster if those assholes didn’t play so many games with the leases and land closings etc…:
O&G is too big for them to destroy, but they have slowed down progress at every turn they could.
The have NOTHING TO DO WITH THESE #’s
Posted on 8/14/24 at 9:36 pm to Smeg
quote:
That electricity has to come from somewhere...
You mean like the shell game that California plays saying they have no emissions from power plants because they buy their electricity from Nevada and Arizona?
Posted on 8/14/24 at 9:40 pm to Green Chili Tiger
Posted on 8/14/24 at 10:25 pm to Westbank111
yeah many do not understand the leasing, permitting, drilling and production timelines.
Posted on 8/15/24 at 5:28 am to Green Chili Tiger
Now? I think we’ve been the largest for a while. Did it first time in 2018.
Posted on 8/15/24 at 5:30 am to themunch
quote:
Biden likes to sell low(production) and buy back high(import)
What was the price of oil when did the massive SPR sale trying to bring down oil prices?
Posted on 8/15/24 at 5:34 am to TigerAxeOK
quote:
Now, why would we be exporting so much oil that is ours, and importing as much as we're exporting of the exact same product for a greater cost? It's the equivalent of asking your neighbor to mow your quarter-acre lawn for $50 and then agreeing to mow his quarter-acre lawn for $100.
Because:
1- Companies own the oil that is produced in the U.S., not the government, save for the measly bit that’s left in the SPR.
2- Someone else can better explain this, but put simply our refineries here in the U.S. prefer the heavier crudes, rather than the light stuff produced in the big oil plays of Permian and DJ.
Posted on 8/15/24 at 5:37 am to SDVTiger
quote:
So greenchilitard is excited for big oil to make record profits while they screw us
You should join Maxine Waters in advocating for the Fed government to take over the US oil & gas industry.
Posted on 8/15/24 at 5:47 am to Bunk Moreland
quote:
I thought Biden was bad for energy production?
Look at the production rate prior to the lockdown. We’re just Joe back to those rates. Had he not reimposed regulatory hell on oil producers on his first day in office, that growth would have been much higher. When Trump takes the shackles off in January, those will be rookie numbers within 6 months.
Posted on 8/15/24 at 6:03 am to SDVTiger
quote:
Does this mean gas prices are going to go down?
No. Our bottleneck is refinement capacity (into gasoline). We've never gotten back to pre-COVID levels.
Posted on 8/15/24 at 6:05 am to Penrod
quote:
I’ve been telling people on this board, for years, that the dems talk big and make grand gestures, but they keep the oil flowing, too.
Has Biden ever gone on record that he wanted a fracking ban? I don’t remember any kind of “big talk” like that. When two-thirds of all the gas/oil we get is from fracking you’d have to be a level of stupid never seen to suggest something like that. That is an economy collapsing suggestion.
This post was edited on 8/15/24 at 8:07 pm
Posted on 8/15/24 at 6:06 am to Penrod
quote:
And only a suicidal President would intentionally limit supply, drive up prices, and suffer the ire of the voters.
quote:
“Under my plan … electricity rates would necessarily skyrocket.”
- Barack Obama, 2008
Posted on 8/15/24 at 6:12 am to Green Chili Tiger
Article from nerdwallet a couple days ago. nerdwallet
The average price of regular gas in the U.S. is $3.444 per gallon, according to AAA. Previous average prices:
Week ago: $3.462
Month ago: $3.528
Year ago: $3.848
Gas prices are determined by a complex set of factors that are at work long before the gas gets to your local station. According to the U.S. Department of Energy, those factors include:
The cost of raw crude oil, which fluctuates based on international supply and demand.
The cost to refine crude oil into gasoline, which rises during warmer months.
Taxes, which vary state-to-state.
Here’s a look at what’s having the biggest impact on gas prices right now:
Oil prices: The cost of oil typically represents more than half of the cost of a gallon of gasoline, according to data from the U.S. Energy Information Administration (EIA). So, a major reason gas prices are so high is that oil prices are still higher, on average, than they were before the pandemic and Russia’s invasion of Ukraine. That’s based on the price of West Texas Intermediate crude, which is used as the benchmark for oil prices in North America.
Summer-blend gas: In the spring, gas refineries switch from winter-blend to summer-blend gasoline, which is more expensive to make. Summer-blend gasoline is formulated to limit emissions during the warmer months when gas can evaporate more easily.
Seasonal demand: Gas prices tend to rise during the warmer months of the year because of increased demand. However, demand hasn’t taken off so far this summer as it was expected to, which likely has contributed to milder price changes. “Gasoline demand has trailed 2023 for most of this year,” AAA spokesperson Andrew Gross says in a June 13 news release, “and analysts believe economic uncertainty may suppress demand this summer.”
Keep in mind that gas prices at the pump rarely reflect that day’s market conditions. Instead, they represent costs incurred weeks, even months before. That lag makes prices slower to rise and fall than news headlines might suggest. And while spot shortages, refinery production shortages or blending issues can drive up gas prices locally, big, nationwide swings in gas prices are almost always due to the price of crude oil.
From Dept of Energy
U.S. crude oil exports established a record in 2023, averaging 4.1 million barrels per day (b/d), 13% (482,000 b/d) more than the previous annual record set in 2022. Except for 2021, U.S. crude oil exports have increased every year since 2015, when the U.S. ban on most crude oil exports was lifted.
According to a GAO report, when the ban on exporting oil was lifted, crude oil prices here rose, gas prices were not affected because of continued import of refined products, so profitability for refineries dropped. Thus: If the ban was back in place, oil prices would go down, refined product cost of production would go down and would be driven down further in order to compete with import prices but could be done while still preserving profitability.
If the sanctions on Russia were lifted, prices would come down due to that as well.
The average price of regular gas in the U.S. is $3.444 per gallon, according to AAA. Previous average prices:
Week ago: $3.462
Month ago: $3.528
Year ago: $3.848
Gas prices are determined by a complex set of factors that are at work long before the gas gets to your local station. According to the U.S. Department of Energy, those factors include:
The cost of raw crude oil, which fluctuates based on international supply and demand.
The cost to refine crude oil into gasoline, which rises during warmer months.
Taxes, which vary state-to-state.
Here’s a look at what’s having the biggest impact on gas prices right now:
Oil prices: The cost of oil typically represents more than half of the cost of a gallon of gasoline, according to data from the U.S. Energy Information Administration (EIA). So, a major reason gas prices are so high is that oil prices are still higher, on average, than they were before the pandemic and Russia’s invasion of Ukraine. That’s based on the price of West Texas Intermediate crude, which is used as the benchmark for oil prices in North America.
Summer-blend gas: In the spring, gas refineries switch from winter-blend to summer-blend gasoline, which is more expensive to make. Summer-blend gasoline is formulated to limit emissions during the warmer months when gas can evaporate more easily.
Seasonal demand: Gas prices tend to rise during the warmer months of the year because of increased demand. However, demand hasn’t taken off so far this summer as it was expected to, which likely has contributed to milder price changes. “Gasoline demand has trailed 2023 for most of this year,” AAA spokesperson Andrew Gross says in a June 13 news release, “and analysts believe economic uncertainty may suppress demand this summer.”
Keep in mind that gas prices at the pump rarely reflect that day’s market conditions. Instead, they represent costs incurred weeks, even months before. That lag makes prices slower to rise and fall than news headlines might suggest. And while spot shortages, refinery production shortages or blending issues can drive up gas prices locally, big, nationwide swings in gas prices are almost always due to the price of crude oil.
From Dept of Energy
U.S. crude oil exports established a record in 2023, averaging 4.1 million barrels per day (b/d), 13% (482,000 b/d) more than the previous annual record set in 2022. Except for 2021, U.S. crude oil exports have increased every year since 2015, when the U.S. ban on most crude oil exports was lifted.
According to a GAO report, when the ban on exporting oil was lifted, crude oil prices here rose, gas prices were not affected because of continued import of refined products, so profitability for refineries dropped. Thus: If the ban was back in place, oil prices would go down, refined product cost of production would go down and would be driven down further in order to compete with import prices but could be done while still preserving profitability.
If the sanctions on Russia were lifted, prices would come down due to that as well.
Posted on 8/15/24 at 6:13 am to Sofaking2
quote:
Has Biden ever gone on record that he wanted a fracking ban? I don’t remember any kind of “big talk” like that.
Indeed he has
quote:
One of Joe Biden’s boldest campaign pledges was to ban “new oil and gas permitting on public lands and waters,” part of a sweeping agenda aimed at curbing greenhouse gases that are warming the planet and threatening life on Earth.
Posted on 8/15/24 at 7:15 am to ragincajun03
quote:
You should join Maxine Waters in advocating for the Fed government to take over the US oil & gas industry
That makes sense
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