Biden asks Opec to produce more oil !

[The Sage of Main Street]

If we can transition from oil to water, air, sun, or wind WITHOUT COMPROMISING the US Economy, I’m all for it.

Nobody Is Allowed to Publish This or Even to Believe It

Don't meet the backward-thinking GreenHead mass murderers halfway; reject the very foundations of their primitive and mindless nature-worship superstition. If we ever go alt-energy because it becomes cheap. there will be pandemic after pandemic after pandemic, just the way it was throughout history before the invention of the internal-combustion engine.

 

[progressive hunter]

 

[gipper]

A Phony Will Sell Readers Baloney

Pretentious but nevertheless wrong grammar is a clue to the inferiority of jurinalists. Your CNN scribbler used "whomever" to sound educated, but an independently educated person knows that the intelligent and well-informed choice is that "whoever" must be used because it is the subject of "is (in the White House)." That has precedence over the fact that it is the object of "on."

What?

 

[The Sage of Main Street]

The Big Guy's gotta get his 10%!

Biden has been in bed with the middle east oil producers for decades.

Follow the Money or You'll Be Led by the Nose

The OPECkers finance the Greens. Big Oil created OPEC so they could piggyback on the price-gouging outrageous profit margins and make us blame foreigners for it.

 

[The Sage of Main Street]

Shove your read a book. How many commodity contracts have you traded? Bet not one. So don't tell somebody that spent several years in the commodities market to read a book.

The Sultan of Soybeans

You must know Richard Dennis then. When I was a pre-teen, he was a friend of mine. The only indication I saw hinting at his adult success at the Chicago Board was that he invented his own type of rotisserie baseball board game. Too bad for me that he played the hand he was dealt and I listened to the propaganda about education being the way out of the working class.

 

[Ray From Cleveland]

Somebody "who spent several years" in the commodities market didn't learn how oil was priced.

Crude oil prices are determined by global supply and demand. Economic growth is one of the biggest factors affecting petroleum product—and therefore crude oil—demand. Growing economies increase demand for energy in general and especially for transporting goods and materials from producers to consumers.Feb 11, 2021

Well WTF do you think happens when the worlds largest exporter of energy has anti-energy leaders and takes action on energy reduction????? Of course it's going to have an impact on the world market as well as domestic. Why do you think this buffoon is now begging OPEC to save his ass? Because he wants them to replace what we no longer produce.

 

[Bobob]

Well WTF do you think happens when the worlds largest exporter of energy has anti-energy leaders and takes action on energy reduction????? Of course it's going to have an impact on the world market as well as domestic. Why do you think this buffoon is now begging OPEC to save his ass? Because he wants them to replace what we no longer produce.

Well of course, dumb dumb. Why else would President Biden do such a thing? Duh
The world markets were impacted BEFORE Biden made the request.

 

[BluesLegend]

Now you know Dems are full of shit. They won't let Americans produce oil and earn a living but beg OPEC to produce the oil for us, pathetic. Why did Biden kill thousands of jobs in the oil industry?

 

[Ray From Cleveland]

Well of course, dumb dumb. Why else would President Biden do such a thing? Duh
The world markets were impacted BEFORE Biden made the request.

Yes they were, impacted by his policies. That's the point.

 

[Bobob]

Yes they were, impacted by his policies. That's the point.

No they were not impacted by his policies because he just issued the request on Wednesday.

 

[Ray From Cleveland]

No they were not impacted by his policies because he just issued the request on Wednesday.

Only because his approval ratings are going down. Other than that, he could care less if we were all paying $7.00 a gallon. Yes, gasoline prices were impacted by his policies, or are you trying to tell me it was all a coincidence?

 

[Bobob]

Only because his approval ratings are going down. Other than that, he could care less if we were all paying $7.00 a gallon. Yes, gasoline prices were impacted by his policies, or are you trying to tell me it was all a coincidence?

Really? Thanks for sharing your expertise on the President's motives.

 

[Obiwan]

after Biden limited US oil production making the US no longer energy independent he actually asks OPEC to produce more oil ! wow ! just wow ! so much for the lefts climate change bull to limit fossil fuel use ! ‘Pathetic and embarrassing’: Biden asks OPEC to up oil output while limiting U.S. energy production

The crackhead must be needing another "make-believe" job....

 

[Jim H - VA USA]

The $1.2T "infrastructure" bill also includes a draw down of the US strategic petroleum reserve (SPR).

For anyone not familiar with the SPR, the US stores up to 714 million barrels of crude in salt caverns near the gulf of Mexico. This is supposed to be an emergency supply, for use in time of national crisis, such as an oil embargo from OPEC.

It's like an emergency preparedness kit, for use after a disaster strikes, intended to prevent severe harm to the US (like the gas shortages in the 1970s.)

The SPR alone can supply up to 25% of total US oil supply for over 90 days in time of crisis.

Strategic Petroleum Reserve

Strategic Petroleum Reserve

www.energy.gov

The infrastructure bill authorizes a draw down of about 82 million barrels. Biden wants to use it supposedly to help pay for the infrastructure bill, but more likely to help keep the price of gasoline from further escalating an hurting his poll numbers.

U.S. infrastructure deal includes $6 billion sale from oil reserve -document

The infrastructure deal struck by a group of bipartisan senators and President Joe Biden on Thursday includes partial funding by a proposed $6 billion sale from the U.S. emergency oil reserve, according to a document circulated by Republican lawmakers.

www.reuters.com

What the heck are we doing?

 

[Leviticus]

Most of the oil produced in the u.s. is exported and not used by anyone in the United States. Obama actually tried to change this, by Banning us oil companies from exporting more than a certain percentage of their oil in requiring them to sell a certain percentage of their oil domestically, or lose all of their subsidies and tax benefits, But the Republicans opposed it

 

[Ken Mac]

We still have all the oil we need. Biden is trying to drive down prices. Prices are no longer based upon things like supply and demand but rather the whims of the markets.

Explain "the whims of the markets". And I don't mean make a word salad. Please explain EXACTLY what that is all about.

What does "We still have al the oil we need". The US? The world? If the "US" then why do we not have energy independence anymore.

 

[pknopp]

Explain "the whims of the markets". And I don't mean make a word salad. Please explain EXACTLY what that is all about.

What does "We still have al the oil we need". The US? The world? If the "US" then why do we not have energy independence anymore.

I gave an earlier example. When oil went to $150 a barrel it wasn't because of supply and demand.

We had tankers sitting full because there was nowhere for them to offload

 

[366h34d]

Somebody "who spent several years" in the commodities market didn't learn how oil was priced.

Crude oil prices are determined by global supply and demand. Economic growth is one of the biggest factors affecting petroleum product—and therefore crude oil—demand. Growing economies increase demand for energy in general and especially for transporting goods and materials from producers to consumers.Feb 11, 2021

Oil prices and outlook - U.S. Energy Information Administration ...​

https://www.eia.gov › oil-and-petroleum-products › prices..

You are not wrong, however, you are not right as well. Supply and demand are only playing a little role in oil price. The other part is the US dollar value and political stuff. Biden shuts down US own oil supply and he also kills US dollar value with all the spendings. In the end, I have no idea what is wrong with him and his advisers.

 

[Ray From Cleveland]

Most of the oil produced in the u.s. is exported and not used by anyone in the United States. Obama actually tried to change this, by Banning us oil companies from exporting more than a certain percentage of their oil in requiring them to sell a certain percentage of their oil domestically, or lose all of their subsidies and tax benefits, But the Republicans opposed it

Republicans had nothing to do with it. If you are in the commodities market, they make the rules and you cant' F with them. Everybody has to play by the same rules.

 

[bripat9643]

There are no shortages so why should anyone produce more?

"Shortage" is a political term. It's meaningless in terms of economics.