Oil Executives Testify in Congress on High Gas Prices

[bendog]

The decisions to continue extracting oil or gas from an existing well, or to drill new wells is NOT a governmental decision - thank God - but rather a decision made by independent investors based on their predictions about profits.

I don't see any doubt that the Biden admin actions from Jan 21-Fall21 were to make it less profitable.

But most never thought Putin would really invade.

I'd think owners of wells would be doing quite nicely on today's oil/gas prices.

 

[Harpy Eagle]

But you claim supply is higher now.

Supply of US oil is up, but it is sold on the same market as all other oil in the world

Demand has outpaced supply....thus the prices are up.

It is a big world out there, lots of people using oil.

 

[BS Filter]

Supply of US oil is up, but it is sold on the same market as all other oil in the world

Demand has outpaced supply....thus the prices are up.

It is a big world out there, lots of people using oil.

Okay.

 

[struth]

Yet oddly enough the US imported 39% more oil from Russia in 2019 than in 2018.

Hardly sounds energy independent

but far less then we did when Obama and his more flexible policies were in place

 

[Harpy Eagle]

but far less then we did when Obama and his more flexible policies were in place

not really.

Here are the Obama and Trump years imports from Russia in thousands of barrels.

U.S. Imports from Russia of Crude Oil and Petroleum Products (Thousand Barrels)

www.eia.gov

 

[healthmyths]

Prove that Russia owns US energy independence...

Country	Crude Oil Production (thousands barrels per day)	2022 Population
United States	12108	334,805,269
Russia	10835	145,805,947
Saudi Arabia	9580	35,844,909
Iraq	4620	42,164,965

Oil Production by Country 2022 - World Population Review​

Thanks for the link! Your substantiation is noted. Thank you!
Now within that same article..
In 2018, the United States surpassed Russia and Saudi Arabia to become the world’s largest crude oil producer, despite the fact that several countries have larger total oil reserves. The main producers of oil in the United States are Texas, federally owned offshore facilities, New Mexico, and North Dakota. Alaska, Colorado, Wyoming, and California are also major contributors. In addition to being the world's leading producer of oil, the U.S. is also the world's largest consumer of oil. In light of this, the U.S. imports additional oil from several additional oil-producing countries.

Now from the above article you substantiated....

Top 10 Countries with the Highest Oil Production (barrels per day)​

1. United States - 11,567,000
2. Russia - 10,503,000
3. Saudi Arabia - 10,225,000
4. Canada - 4,656,000
5. Iraq - 4,260,000
6. China - 3,969,000
7. United Arab Emirates - 2,954,000
8. Brazil - 2,852,000
9. Kuwait - 2,610,000
10. Iran - 2,546,000

Seems to be some conflict between the 2 tables.

 

[Ame®icano]

Prove that Russia owns US energy independence...

Country	Crude Oil Production (thousands barrels per day)	2022 Population
United States	12108	334,805,269
Russia	10835	145,805,947
Saudi Arabia	9580	35,844,909
Iraq	4620	42,164,965

Oil Production by Country 2022 - World Population Review​

From four countries you listed, only one is net importer of oil.

 

[healthmyths]

but far less then we did when Obama and his more flexible policies were in place

Also this chart from the Bureau of Land management...
Note Obama had 7 years of declining leases...
Trump had 3 years of increasing and primarily due to covid a decline in 2020.
Also it takes according to the following:
So how long does it take to get a Federal land oil exploration lease into production?
The timeline from lease to production can vary from four to 10 years depending on water depth at the lease location, the drilling depth needed to reach the target reservoir, the distance from shore and from infrastructure, the geological characteristics of the reservoir and complexity of production facilities design.

An Offshore Timeline | Coastal Review

In general, it can can take anywhere from seven to 10 years from purchase of the lease to the first production for an offshore well in areas that have existing infrastructure.

coastalreview.org

 

[bendog]

not really.

Here are the Obama and Trump years imports from Russia in thousands of barrels.

U.S. Imports from Russia of Crude Oil and Petroleum Products (Thousand Barrels)

www.eia.gov

View attachment 627416

I realize struth can go down rabbit holes, but it's not disputed that US refiners purchase oil outside of ETC fields simply to get a "mix" in their refinery crude oil supply. So regardless of whether the US was a net supplier or exporter, we always import some oil, be it Russian or other. Most likely Russian since it's the bigger supplier, unless we embargoed it.

 

[healthmyths]

I realize struth can go down rabbit holes, but it's not disputed that US refiners purchase oil outside of ETC fields simply to get a "mix" in their refinery crude oil supply. So regardless of whether the US was a net supplier or exporter, we always import some oil, be it Russian or other. Most likely Russian since it's the bigger supplier, unless we embargoed it.

Russia is the "bigger supplier"?
Hmmm...

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

www.eia.gov

According to EIA Russia is not "bigger" but 3rd behind Canada and Mexico.

 

[struth]

not really.

Here are the Obama and Trump years imports from Russia in thousands of barrels.

U.S. Imports from Russia of Crude Oil and Petroleum Products (Thousand Barrels)

www.eia.gov

View attachment 627416

what do you mean not really? 223K v 142K is a big difference...nearly 100K more

 

[Harpy Eagle]

what do you mean not really? 223K v 142K is a big difference...nearly 100K more

The 223 was Obama's first year in office, why not compare it to his last couple years in office?

Under Obama it came down consistently, under Trump it went up consistently....why is that?

 

[basquebromance]

 

[struth]

The 223 was Obama's first year in office, why not compare it to his last couple years in office?

Under Obama it came down consistently, under Trump it went up consistently....why is that?

well actually his second year…but let’s compare it to the next year when it was 227?

 

[Harpy Eagle]

well actually his second year…but let’s compare it to the next year when it was 227?

Seems it would be better to compare it to the years closest to when Trump started so that we are comparing like times in the economy.

 

[struth]

Seems it would be better to compare it to the years closest to when Trump started so that we are comparing like times in the economy.

compare their second years in office

 

[Harpy Eagle]

compare their second years in office

those are 8 years apart. That is sort of silly.

Why not compare their 3rd years in office when their polices have had a chance to actually have an impact.

Or compare how much the Russian imports grew or shrunk during their terms.

 

[struth]

those are 8 years apart. That is sort of silly.

Why not compare their 3rd years in office when their polices have had a chance to actually have an impact.

Or compare how much the Russian imports grew or shrunk during their terms.

I will say that obama was smart enough to oppose Putin's pipeline. Granted he was much more flexible in his reset on other issues, but he was smart enough to realize the damage it would do.

Sadly, Xiden just let Putin bend him over the desk

 

[ThisIsMe]

Gotta be honest, I never understood why oil prices are set globally. If we produce our own oil, why can't we set the price? As long as it stays inside the u.s., I don't understand why it's subject to the global price. We should be able to sell our own oil at whatever price we want.

 

[healthmyths]

The 223 was Obama's first year in office, why not compare it to his last couple years in office?

Under Obama it came down consistently, under Trump it went up consistently....why is that?

One reason is fewer Federal land oil exploration leases signed by Obama.
Note under Obama 7 of 8 years were fewer leases than the year before.
Under Trump each year there were more leases except 2020 ...Covid influence.
Remember Biden banned in just 7 days from taking office, the exploration on land that produces 24% of our nation's oil/gas!

https://crsreports.congress.gov/product/pdf/R/R42432