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And replace them with what? A government controlled system?
lol.
There is less supply, and increasing demand, thus resulting in higher prices.
There is uncertainty in production areas, coupled with less safe production, i.e. US production, thus resulting in higher futures prices.
You are the only one trying to make this about shortages, when everyone else is talking about the cost per barrel. It just shows you don't have an actual point to make, and are now flailing.
There is less supply, and increasing demand, thus resulting in higher prices.
There is uncertainty in production areas, coupled with less safe production, i.e. US production, thus resulting in higher futures prices.
You are the only one trying to make this about shortages, when everyone else is talking about the cost per barrel. It just shows you don't have an actual point to make, and are now flailing.
Biden is a dumb ass, that is it.
Nigeria’s Oil Production Dips by 56.5m Barrels in Six Months
Nigeria’s crude oil production dipped by a cumulative 56.559 million barrels in the first six months of 2021 compared with the quantity pumped during the same period last year, documents from…www.arise.tv
THIS is why gas prices are going up
For decades oil was traded by producers and end users. Those seeking to finance their retirement could not buy into oil futures. Those seeking a quick profit could not.
For decades oil was relatively stable. Even when there was blips they were minor compared to today.
If you wish to buy oil, you should be required to actually take physical control of that oil. (again)
When was speculation banned in the markets?
Speculation also helps mitigate markets when actual suppliers and users are at different points of future estimates of consumption.
The cardinal rule of the oil business is that the oil business hates a warzone. Dubya forgot that when he invaded Iraq.How about you actually respond instead of using copypasta?
Yep. Remember when Matthew Simmons regurgitated the old peak oil lie? He made a lot of money.Now this is an older article but the facts remain the same.
Excessive energy speculation today is at its highest levels ever, and even Goldman Sachs now admits that at least $27 of the price of crude oil is a result from reckless speculation rather than market fundamentals of supply and demand. Many experts interviewed by ThinkProgress argue that the figure is far higher, and out of control speculation has doubled the current price of crude oil.
A good bit of the history is in this article. '
How Koch Became An Oil Speculation Powerhouse
Yep. Remember when Matthew Simmons regurgitated the old peak oil lie? He made a lot of money.
Nigeria’s Oil Production Dips by 56.5m Barrels in Six Months
Nigeria’s crude oil production dipped by a cumulative 56.559 million barrels in the first six months of 2021 compared with the quantity pumped during the same period last year, documents from…
THIS is why gas prices are going up
American producers are refusing to produce more also. We must make sure all of them pay a heavy price when the pendulum swings back the other way.
We’ll start by cutting off all weapons sales to Saudi Arabia, and start selling them to their enemy Iran, in trade for max oil price imports. We will then end all domestic oil exports, slashing domestic producers profits in half, and lifting Venezuelan sanctions, allowing them to sell those lost export profits.
Then we end 100% of subsidies to all domestic producers, and give 100% of those subsidies to alternative energy start ups, and electric vehicle manufacturers, hastening the demise of oil company needs by decades.
Let’s see what their attitudes are then.
The oil business hates a warzone. Wise up. US producers have a shortage of oil workers, truckers and sand for the Permian basin shale producers. Big oil is leaving Russia and leaving behind more than 25 billion dollars. The whole market is very unstable.American producers are refusing to produce more also. We must make sure all of them pay a heavy price when the pendulum swings back the other way.
We’ll start by cutting off all weapons sales to Saudi Arabia, and start selling them to their enemy Iran, in trade for max oil price imports. We will then end all domestic oil exports, slashing domestic producers profits in half, and lifting Venezuelan sanctions, allowing them to sell those lost export profits.
Then we end 100% of subsidies to all domestic producers, and give 100% of those subsidies to alternative energy start ups, and electric vehicle manufacturers, hastening the demise of oil company needs by decades.
Let’s see what their attitudes are then.
The oil business hates a warzone. Wise up. US producers have a shortage of oil workers, truckers and sand for the Permian basin shale producers. Big oil is leaving Russia and leaving behind more than 25 billion dollars. The whole market is very unstable.
Storing crude oil above ground is the the dumbest thing possible. It drives up the ppb.Why should they produce more when there are no shortages? It's not their fault prices are what they are. Sure they could create a glut but that does not benefit them.
OPEC was pumping, pumping, pumping when oil went to near $150 before. We had tankers just sitting idle full of oil. OPEC nailed the issue. Irrational exuberance.
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Storing crude oil above ground is the the dumbest thing possible. It drives up the ppb.
Remember, the Iraqi oil business was in tatters when dubya invaded.. and stayed bad for 7 years. When it was time to bid on concessions the majors didn't show up.War takes a massive amount of oil to carry out. There are no shortages.
You can not reasonably argue that based upon the wild swings we have seen.
https://www.ftc.gov/sites/default/f...gy-independence-and-security/535819-00038.pdf
Oil speculation is rampant, even as gas prices fall - Dec. 1, 2008
I'll have to do a history lesson for you I guess. People should know this stuff.
