Biden Got Us Into This Oil Price Mess

[bripat9643]

On April 2, 2020 Trump threatened the Saudis saying he would withhold weapons if Saudi Arabia didn't cut production.

According to anonymous sources.

 

[Weatherman2020]

Rockefeller family - Wikipedia

en.wikipedia.org

J. Paul Getty - Wikipedia

en.wikipedia.org

No shit, Sherlock.

 

[surada]

According to anonymous sources.

Hahaha.. No, stupid.

Oil Nations, Prodded by Trump, Reach Deal to Slash Production (Published 2020)

The deal will reduce output by 9.7 million barrels a day. While significant, the cut falls far short of what is needed to bring oil production in line with demand.

www.nytimes.com

 

[Weatherman2020]

Hahaha.. No, stupid.

Oil Nations, Prodded by Trump, Reach Deal to Slash Production (Published 2020)

The deal will reduce output by 9.7 million barrels a day. While significant, the cut falls far short of what is needed to bring oil production in line with demand.

www.nytimes.com

Shitforbrains thinks Trumps been President for the past two years.

 

[Flopper]

Well here's my question for those "Economists" then, Flopper!

When you're faced with shortage of product paired with strong consumer demand...why would ANYONE pursue a fiscal policy that pumped Trillions of dollars in Government spending into the same economy? Freshmen Econ students know that's a recipe for inflation!

In 2021, the government spent $6.8 trillion,
The government expects to spend $6.011 trillion in 2022, a reduction of 800 billion. More than 65% of that pays for mandated benefits such as Social Security, Medicare, and Medicaid.

 

[surada]

Shitforbrains thinks Trumps been President for the past two years.

Nope. The oil business is recovering. Trump claims he's president the past two years.

Oil Nations, Prodded by Trump, Reach Deal to Slash Production (Published 2020)

The deal will reduce output by 9.7 million barrels a day. While significant, the cut falls far short of what is needed to bring oil production in line with demand.

www.nytimes.com

 

[bripat9643]

Hahaha.. No, stupid.

Oil Nations, Prodded by Trump, Reach Deal to Slash Production (Published 2020)

The deal will reduce output by 9.7 million barrels a day. While significant, the cut falls far short of what is needed to bring oil production in line with demand.

www.nytimes.com

Hahahaha! Yes, moron.

 

[Flopper]

The federal government does not control production nor the price of oil. Production is controlled by thousands private producers and a dozen or so large multinationals. The Price of oil is determined by international supply and demand. When looking at drilling new wells, oil companies don't look at the current price of oil today but rather what they think it is likely to be in 1 to 3 years from now because that's how long it takes to bring new production on line. Currently with recession likely in US and a number of other countries, rising interest rates, and a million barrels a day of Russia oil coming online eventually, this does not look like a great time to invest in a lot of new drilling beyond replacement wells.

Oil prices will come down as economic growth slows and demand shrinks in the US and other countries.

 

[Oldestyle]

In 2021, the government spent $6.8 trillion,
The government expects to spend $6.011 trillion in 2022, a reduction of 800 billion. More than 65% of that pays for mandated benefits such as Social Security, Medicare, and Medicaid.

With all respect, Flopper...we were spending that 6.8 trillion because of Covid. To claim that you're a "cost cutter" because you spent 800 billion less than what was spent during a worldwide pandemic doesn't mean you're not spending WAY too much! Joe Biden's answer to everything is to throw more money at it and that ISN'T sound fiscal policy in the midst of rampant inflation!

 

[Flopper]

With all respect, Flopper...we were spending that 6.8 trillion because of Covid. To claim that you're a "cost cutter" because you spent 800 billion less than what was spent during a worldwide pandemic doesn't mean you're not spending WAY too much! Joe Biden's answer to everything is to throw more money at it and that ISN'T sound fiscal policy in the midst of rampant inflation!

Historically, economists have largely agreed that the link between government spending and inflation remains weak. One study by the St. Louis Federal Reserve found that government spending has little to no impact on inflation.

Most people, particular conservatives believe it is wrong for goverment expenditures to exceed revenue. Since very bad things happen to families whose expenditure exceed their revenue, then the same must hold true for the federal government. However, there is little resemblance between personal finances and government finances. In the case of government finances, the government can use its power to impose taxes, increase the money supply, and borrow without limit. Thus the idea that if goverment overspends, their must be immediate consequences is without merit.

Does Government Spending Cause Inflation?

Historically, economists have largely agreed that the link between government spending and inflation remains weak.

www.forbes.com

 

[Oldestyle]

Historically, economists have largely agreed that the link between government spending and inflation remains weak. One study by the St. Louis Federal Reserve found that government spending has little to no impact on inflation.

Most people, particular conservatives believe it is wrong for goverment expenditures to exceed revenue. Since very bad things happen to families whose expenditure exceed their revenue, then the same must hold true for the federal government. However, there is little resemblance between personal finances and government finances. In the case of government finances, the government can use its power to impose taxes, increase the money supply, and borrow without limit. Thus the idea that if goverment overspends, their must be immediate consequences is without merit.

Does Government Spending Cause Inflation?

Historically, economists have largely agreed that the link between government spending and inflation remains weak.

www.forbes.com

That may be the dumbest post on this site today, Flopper! What economists think the "link" between Government spending and inflation is "weak"? Name the idiots...I dare you!

 

[surada]

The federal government does not control production nor the price of oil. Production is controlled by thousands private producers and a dozen or so large multinationals. The Price of oil is determined by international supply and demand. When looking at drilling new wells, oil companies don't look at the current price of oil today but rather what they think it is likely to be in 1 to 3 years from now because that's how long it takes to bring new production on line. Currently with recession likely in US and a number of other countries, rising interest rates, and a million barrels a day of Russia oil coming online eventually, this does not look like a great time to invest in a lot of new drilling beyond replacement wells.

Oil prices will come down as economic growth slows and demand shrinks in the US and other countries.

We may also see a million barrels a day of Iranian oil.

 

[Oldestyle]

We may also see a million barrels a day of Iranian oil.

And what is Joe Biden going to have to give the Iranians to make that happen, Surada?

 

[Winco]

Shut down oil production in the U.S.

When did that happen?

 

[Oldestyle]

It's pathetic what this Administration has to do to get oil! They go hat in hand begging countries with some of the worst human rights records on the planet because their own anti oil and natural gas polices have our own producers not producing!

 

[Oldestyle]

When did that happen?

It started on day one of the Biden Administration! Get your head out of your ass, Winco!

 

[Flopper]

With all respect, Flopper...we were spending that 6.8 trillion because of Covid. To claim that you're a "cost cutter" because you spent 800 billion less than what was spent during a worldwide pandemic doesn't mean you're not spending WAY too much! Joe Biden's answer to everything is to throw more money at it and that ISN'T sound fiscal policy in the midst of rampant inflation!

I am not making any such claim just that expenditures were down 800 billion in 2022. Expenditures are projected to be 5.79 trillion in 2023, slightly lower than 2022. From 2023, expenditures are expected to rise to 7.05 trillion with the deficit increasing from 1.2 trillion to 1.35 trillion.

Federal budget receipts and outlays U.S. 2028 | Statista

In 2022, the total receipts of the United States government added up to approximately 4.9 trillion U.S.

www.statista.com

 

[Winco]

Shut down oil production in the U.S.

When did that happen?

It started on day one of the Biden Administration! Get your head out of your ass, Winco!

Then explain how the numbers in the chart are incorrect.
Because 12,000 > 10,500

 

[bripat9643]

Historically, economists have largely agreed that the link between government spending and inflation remains weak. One study by the St. Louis Federal Reserve found that government spending has little to no impact on inflation.

The government found that government spending has little to no impact on inflation?

What a hoot. And like a servile toady you believed it?

Most people, particular conservatives believe it is wrong for goverment expenditures to exceed revenue.

Not only wrong, but stupid.

Since very bad things happen to families whose expenditure exceed their revenue, then the same must hold true for the federal government.

Nothing bad happens to the government. Bad things happen to anyone who uses the government's funny money.

However, there is little resemblance between personal finances and government finances.

True, because people can't print money. If they could, there would be no difference.

In the case of government finances, the government can use its power to impose taxes, increase the money supply, and borrow without limit.

In other words, it can commit legal theft. Only the truly servile would find this arrangement acceptable.

Thus the idea that if goverment overspends, their must be immediate consequences is without merit.

The consequences aren't immediate, but they are inevitable.

 

[Oldestyle]

I am not making any such claim just that expenditures were down 800 billion in 2022. Expenditures are projected to be 5.79 trillion in 2023, slightly lower than 2022. From 2023, expenditures are expected to rise to 7.05 trillion with the deficit increasing from 1.2 trillion to 1.35 trillion.

Federal budget receipts and outlays U.S. 2028 | Statista

In 2022, the total receipts of the United States government added up to approximately 4.9 trillion U.S.

www.statista.com

My point is that almost spending as much as we spent during a pandemic that had us going into debt at a rate equal to what the US was doing during WWII, when the pandemic is OVER, is like a President continuing to spend like we're at war after peace has been declared and declaring you're fixing things!