If 25% of a commodity is removed, will the consumers' cost go up?

[Ray From Cleveland]

Rubbish. It was under Trump that new drilling tanked to all time lows. The rest of your post isn't even good fiction.

U.S. Crude Oil and Natural Gas Rotary Rigs in Operation (Number of Elements)

In fact, drilling never made it back to a little over half pre-Obama levels under Trump.

Rotary rigs go straight down. We replaced rotary rigs with fracking which drills down and sideways.

 

[JohnDB]

What people don't understand is that fuel is not a domestic market but an international one. OPEC and Russia know quite well we have an anti-energy President in charge now. They are in the drivers seat. That's why the President of a country who led the world in fuel exportation is now begging OPEC to produce more, and they are just shaking their heads no.

They would never get away with that if Trump was in charge. Trump would have asked OPEC to increase production, and if they refused, Trump would have increased US production and they knew it. OPEC was our bitch when Trump was in charge, and now the US is their bitch with Dementia at the wheel.

Crude oil is not a consistent product around the world. When you look at the price chart it becomes obvious that certain crude oil is more desired than others...all of it has a use and products they make. But not all are valued the same.

Now that the leases have skyrocketed our natural gas production and NGL production has severely been curtailed the oil may have tanked Friday but Natural gas skyrocketed...

Because a major portion of the world supply has been removed from consideration until the price for the leases has been revisited and adjusted to more reasonable levels. Especially the Gulf of Mexico prices.

The power brokers are going to do something soon... gonna just have to see what happens.

 

[JohnDB]

BTW...at a minimum about half of the Arabicas coffee beans have been removed from the marketplace and coffee is about twice as expensive as normal.
(Brazil had a drought and freezing temperatures that destroyed the coffee trees)

 

[bripat9643]

Google it yourself, Jeenyus, Don't know how to find it, do you? It doesn't get reported at the troll farms you get your talking points from, obviously.

It's not my job to fig up the evidence that supprts your idiocies.

 

[Blues Man]

It doesn't really work that way. To do that we would have to remove ourselves from the commodities market, and that would be the stupidest thing we could do.

When we depend so much on a limited resource it's stupid to sell it to others.

 

[Ray From Cleveland]

When we depend so much on a limited resource it's stupid to sell it to others.

We also buy it from others especially now with an anti-energy President in charge. The commodities market was created to stabilize prices. Without it you may be paying $5.00 for a can of sweet corn during droughts or floods. So we have to take the good with the bad. Everybody was delighted with fuel prices during the Trump administration. He didn't do it alone, it was the market that helped keep prices down.