Biden goes begging to OPEC even though the USA has a 300 year supply! Why?

[Rambunctious]

yep it does. I just really do not care that much about this forum. you all are a form of entertainment, nothing else

OMG... the kid that just can't stay away says he doesn't care about USMB.....

 

[Harpy Eagle]

We?... Who's we?.....

Sorry, I should have said Trump went to them to get them to cut production.

 

[DarthTrader]

Biden goes begging to OPEC even though the USA has a 300 year supply! Why?​

Because US oil producers have refused to use the land available to add rigs to increase production in order to appease their stockholders desire for capital returns in favor of capital investment.

That's not how oil drilling works...AT ALL...

 

[Harpy Eagle]

OMG... the kid that just can't stay away says he doesn't care about USMB.....

I agree, it is a sick addiction. This place is my version of Jersey Shores of the New Housewives. I know it is not good for me, but you all are so damn entertaining with the shit you post on here.

 

[bendog]

Math is HARD!

 

[Stormy Daniels]

You do realize that State and Federal taxes on gas are added to the price of gas?
The United States federal excise tax on gasoline is 18.4 cents per gallon and 24.4 cents per gallon for diesel fuel.

Fuel taxes in the United States - Wikipedia

en.wikipedia.org

And state taxes the highest at 57.6 cents added in Pennsylvania to lowest Alaska 8.95 cents.
Another factor...
When there are significant concerns about the potential for a disruption at a time when spare capacity and inventories are not seen as sufficient to substantially offset the associated loss in supply, prices may be above the level that might be expected if only current demand and supply were considered, as forward-looking behavior adds a "risk premium."

U.S. Energy Information Administration - EIA - Independent Statistics and Analysis

www.eia.gov

Such as this:
Joe Biden: “We Are Going To Get Rid of Fossil Fuels”
Biden’s hostility to energy industry workers is nothing new, either.
In December he suggested if coal miners lose their job due to his policies they should learn to code.
Biden has also said “we should put them in jail” when talking about fossil fuel executives.

Joe Biden: "We Are Going To Get Rid of Fossil Fuels" - Americans for Tax Reform

Joe Biden said during a rally this week that he wants to “get rid of fossil fuels.” Biden said: “We are going to get rid of fossil fuels.” Referring to protestors who interrupted the event, Biden said: “That’s okay, these guys are okay, they want to do the same thing that I want to do, […]

www.atr.org

Really a sensitive fellow regarding how "global Markets" react to those comments. I know if I worked in that
industry, I'd milk the prices for as much as I could NOW knowing that I'm in an industry that the President of the USA says people like me should be put in jail! Pretty obvious!




View attachment 653064

None of that has anything to do with the price of oil.

 

[BluesLegend]

The Climate Change Cultists believe that OPEC oil doesn't produce C02

Because it's not really about climate change. It's about oil companies profiting from fossil fuels instead of government profiting from fossil fuels. That's what drives the left insane.

 

[healthmyths]

yep it does. I just really do not care that much about this forum. you all are a form of entertainment, nothing else

Of course you don't care that's very very obvious. Consequently anything you say means
NOTHING! NADA! ZERO!
How funny and totally appropriate!

 

[healthmyths]

Biden goes begging to OPEC even though the USA has a 300 year supply! Why?​

Because US oil producers have refused to use the land available to add rigs to increase production in order to appease their stockholders desire for capital returns in favor of capital investment.

OK... and do you blame them when Biden says they should go to jail or fossil fuels are going to gone?
Joe Biden: “We Are Going To Get Rid of Fossil Fuels”
Biden’s hostility to energy industry workers is nothing new, either.
In December he suggested if coal miners lose their job due to his policies they should learn to code.
Biden has also said “we should put them in jail” when talking about fossil fuel executives.

Joe Biden: "We Are Going To Get Rid of Fossil Fuels" - Americans for Tax Reform

Joe Biden said during a rally this week that he wants to “get rid of fossil fuels.” Biden said: “We are going to get rid of fossil fuels.” Referring to protestors who interrupted the event, Biden said: “That’s okay, these guys are okay, they want to do the same thing that I want to do, […]

www.atr.org

Really a sensitive fellow regarding how "global Markets" react to those comments.
I know if I worked in that industry, I'd milk the prices for as much as I could NOW knowing
that I'm in an industry that the President of the USA says people like me should be put in jail! Pretty obvious!

 

[g5000]

Proof? Who are you? Are you an oil extraction professional?
Now a few minutes Google search shows the OPPOSITE of your personal unsubstantiated comment!
"There are indications that the initially high marginal cost of shale oil production has been declining substantially, as the shale oil industry has gained experience, but there are no reliable industry-level estimates of marginal cost."

How has shale oil affected the global oil price?

The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. Incorporated as a not-for-profit foundation in 1971, and...

www.weforum.org

It is a simple fact that if oil prices drop too low, shale oil drilling becomes unprofitable.

Behind the US Shale Oil Boom and Bust

U.S. shale oil increased supply and lowered oil prices. As shale drillers become more efficient, they've proven they're in it for the long haul.

www.thebalance.com

The sudden jump in oil production created an oversupply that sent prices plummeting. Prices for West Texas Crude fell from $106/barrel in June 2014 to $32/barrel in January 2016. That's almost as low as the bottom during the Great Recession. The price was $30.28 on December 23, 2008.

Shale oil producers kept drilling. They became better at cutting costs the more they drilled. Their bankers kept rolling over their debt as long as interest rates remained low. Many producers had previously sold their oil at higher prices on the futures market. That hedged their income. To maintain market share, OPEC also kept pumping oil. Normally, it would cut production as oil prices fell.

That situation could not continue for long. Banks used oil reserves as collateral. As oil prices fell, so did the value of the collateral. As a result, many drillers became "upside-down." The same thing happened to many homeowners during the subprime mortgage crisis. As a result, drillers didn't add rigs as fast as they previously did.

In December 2015, the Fed began raising interest rates. Lenders became less willing to roll over debt. As a result, many shale companies desperately pumped enough oil to make their monthly debt payments. They did this no matter how low prices got, even sacrificing profitability. Smaller companies, such as Sandridge Energy Inc., Energy XXI, and Halcón Resources, used 40 percent of revenue in 2015 to make monthly payments.

Eventually, low prices caught up with the industry. Many stopped drilling. In October 2015, about half were sitting idle. Dozens filed for bankruptcy, and 55,000 workers were laid off. On January 20, 2016, oil prices fell to a 13-year low of $26.55/b. But the EIA accurately predicted that oil prices would rise again in time.

 

[g5000]

The United States has the largest known deposits of oil shale in the world, according to the Bureau of Land Management and holds an estimated 2.175 trillion barrels (345.8 km3) of potentially recoverable oil.

Oil reserves in the United States - Wikipedia

en.wikipedia.org

In 2021, the United States consumed an average of about 19.78 million barrels of petroleum per day, or a total of about 7.22 billion barrels of petroleum. This was an increase in consumption of about 1.6 million barrels per day over consumption in 2020.Mar 9, 2022

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

2,175,000,000,000 barrels of oil in known oil in USA divided by 19,780,000 barrels per day would be a total of
19,780,000 barrels per day or
109,848 years or

300 years!

Those 2.175 trillion barrels are POTENTIAL.

Take a look at this link, genius, and see if you can figure out why we need to import oil: United States Crude Oil Production - May 2022 Data - 1950-2021 Historical.

 

[Harpy Eagle]

Of course you don't care that's very very obvious. Consequently anything you say means
NOTHING! NADA! ZERO!
How funny and totally appropriate!

This coming from the typo Nazi!

 

[healthmyths]

This coming from the typo Nazi!

Prove it which I'm 100% confident YOU won't because you are a typical lazy intellectually challenged person!
Please show me all my typo errors!

 

[Harpy Eagle]

Prove it which I'm 100% confident YOU won't because you are a typical lazy intellectually challenged person!
Please show me all my typo errors!

I did not say you had typos dumb fuck, I said you were the "typo nazi" meaning you spend your time pointing them out instead of discussing the topic

It is just a different version of this....https://www.dictionary.com/e/pop-culture/grammar-nazi/#:~:text=A%20grammar%20nazi%20is%20a,errors%20in%20speech%20or%20writing.

 

[Care4all]

Poopeypants is purposely not allowing production here in the US...that shortens the supply and the oil companies, knowing his plan is to eliminate oil altogether, raise their prices. Duuuuuh!

Hogwash!

 

[Care4all]

Have you ever lived in a severe recession? Those in the 1970's not privileged with the better jobs found out about that. Culminated with the Federal Reserve raising the prime rate to double digits. We need that now if inflation does not lower. But the economy will be affected. They are hoping for a moderate recession. Hopefully a quick one. But we are now back in the cradle of the globalists and the swampers.

I was a kid, living at home....my parents always hid any struggles they may have been having from my sister and me.....we were poor as shit, but my sister and I never knew it, until later in adulthood!!

My first home loan in the 80's was 13.5%!!!!!!

 

[Care4all]

Easy one....

To destroy America.
Far too many still believe that an American politician couldn't possibly want to really do that.

Uh...yeah, they really do.

Why?

 

[Biff_Poindexter]

The United States has the largest known deposits of oil shale in the world, according to the Bureau of Land Management and holds an estimated 2.175 trillion barrels (345.8 km3) of potentially recoverable oil.

Oil reserves in the United States - Wikipedia

en.wikipedia.org

In 2021, the United States consumed an average of about 19.78 million barrels of petroleum per day, or a total of about 7.22 billion barrels of petroleum. This was an increase in consumption of about 1.6 million barrels per day over consumption in 2020.Mar 9, 2022

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

2,175,000,000,000 barrels of oil in known oil in USA divided by 19,780,000 barrels per day would be a total of
19,780,000 barrels per day or
109,848 years or

300 years!

It's fun to see so-called "free market" conservatives display how little they know or give a fuck about those free markets they love so much......


Oil produced in the US is for global consumption....not just domestic....


But if you are saying you want government to step in and nationalize our oil production -- please do....sounds a bit socialist, but go on....

 

[Biff_Poindexter]

Joe said he would end fossil fuels but big oil is making record profits.

Is Joe a failure?

Except, he didn't say he would end fossil fuels...

And only a moron would believe someone could end fossil fuels in a 4 to 8 yr term...


Truth of the matter is....this is a case of Republican fearmongering and outright lying; running up against reality -- and making you look stupid....again...


Hard to claim "Biden's policies" are destroying US oil companies while admitting those same companies are making record profits...but yall wil make that claim anyway...because yall are morons

 

[surada]

This must being embarrassing for you after you and your fellow cultists spread all that "peak oil" hysteria a few years ago.

LOL

The old Peak Oil scam was promoted by Matthew Simmons. He was a republican.

On the Death of Matthew Simmons - Falls Church News-Press Online

Last week Matt Simmons, who was America's preeminent proponent of the idea that world oil production was about to peak, died at the age of 67. Simmons was unique among those talking and writing about peak oil in that he came from the very heart of American capitalism, a self-made investment...

www.fcnp.com