Oil Headed to $65 a Barrel. Dec 2024.
- Thread starter Winco
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- #62
Prices nearly always drop a little in the Fall, as refiners move to producing lower grade winter gasoline relative to summer grades. People drive less in fall and winter than they do in summer as well.
www.statista.com
Congratulations on just now noticing what has been going on for 100 years.
U.S. monthly gasoline consumption 2024 | Statista
As of September 2024, the U.S. consumed around nine million barrels of gasoline every day. Consumption is highest in the summer months.
www.statista.com
Congratulations on just now noticing what has been going on for 100 years.
- Sep 9, 2022
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Biden wants citizens to believe he fucked the pooch by promising his crowds he will stamp out oil as a fuel. But he does not bother admitting the courts and not him is why we kept drilling. He wants it both ways.
- Sep 9, 2022
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Fantastic my good Doug. We are on the same page as White 6.
- Nov 10, 2019
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- #66
It didn't, really. Perceptions are more important in politic and stock trading than in the oil industry. You can say anything you like, running for office, but he really didn't do jacksh!t that affected production, unless you count the biggest oil leese sail in 15 years or clearing the legal hurdles that plagued Trump administration on getting the Willow Project approve and that huge natural gas project in southern Alaska, whether the Native Americans or the environmentalists liked it or not. So, not what a president says, but what a president does. Fracking certainly wasn't shut down. We've been fracking more than ever before.
Think of how we saw the prices jump and when they jumped. Remember, that all countries were producing like hell, the world market had a glut. Oil was significantly cheaper, so much so as to affect small producers in that feast/famine industry. Then Covid hit and not just us but all countries. With the shutdowns, oil industry included, demand dropped here and on world market. When you went back to work at the factory, and the rest of the world went back, they just turned the machines back on, and if they had the supplies, could ramp back up quickly and pretty much did, though logistic sucked for 6 months, still people in general were going back to work, but the oil producers, refiners etc. were in no hurry and the glut over 3 months or so, wiped out. But, oil production having dropped, and that industry not even coming back on line to match, crude rose sharply and trickled down to consumers. Tennessee followed presidential recommendations and started going back to work after Easter, as much of the country and indeed the world was trying to, by early summer, but not the oil industry. Hmmmm. Our own industry lagging far behind, the general industry, and creating RECORD BREAKING PROFITS on short supply, with lower production costs, but sudden high demand. Hmmmm. I had heard big oil was a friend of Trump's. Apparently not. I submit, if big oil was a friend of Trump and politics mattered a damn to that industry, they could have gone back into production and been to pre-Covid production levels by mid-summer. But it just didn't happen. Heck, it could have quite likely saved the 2020 election for Trump, the friend of big oil. But, nope. Did get good and cranked until into December, after the election, and then just continued to grow, but while Biden (the supposed enemy of big oil) was in office. The other producing countries saw the opportunity for higher profit on lower product, simple business management 101, plus they could fk with Biden (several bit producing countries not liking us or Biden, as no matter how much we increased our production, they could keep their output low to sustain the lower inventory level worldwide and enjoy said benefits of higher profit on lower production. Sweet deal if in control to affect world supply levels.
Hey! Wait a minute! Doesn't this sound just like a microcosm of Supply Side Economics, if you have control of the resource, it entitles you to whatever profits attainable, applied to the international world market, as there isn't a domestic market place, and the end users can benefit if they can from trickle down? Hmmm. And though, we are well above pre-covid production level, they still have not brought their back, even to pre-Covid production, that the price at the pump still significantly higher around the world. Hey! From a business standpoint, sure beats the heck out of trying to produce the most and competing to see who can sell the most and lower profit margin, doesn't it. I loved Economics. Back in the day, in college, faculty had a meeting to see if I was cheating somehow and infecting the whole department across multiple classes, day and night, after my notes went into syndication and all classes grade averages sharply curved upward and people passing my notes around.
- Sep 9, 2022
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I believe Trump will work to ensure we have at least one major refinery built so oil firms can't use as an excuse they are short of producing enough fuel for the United States.
He will put back for companies to lease tracts shut off by Biden.
- Nov 10, 2019
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- #69
Hmmm. I didn't donate to either party, and haven't really since the Ronald Reagan days. though I might have donated minorly at some event to Daddy Bush.
Winco
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- Nov 1, 2019
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- #70
WTF???? ^^^^^
What does this ^^^ even mean.
1). More drilling under biden than trump.....true or false?
2). I WILL ALWAYS SUPPORT Oil. 100%. I understand the Drilling, but you believe biden decreased OIL production........ answer this question.
3). Answer the question in part 2).
- Sep 9, 2022
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I cut your discussion to this to focus both of us on what you said.
I agree that candidates love to bullshit us all. I feel they are backed into this corner by events from their pasts. We all believe what we see with our own eyes.
My eyes saw this. We saw oil prices climb very fast when Biden promised to shut down the oil industry. Blaming this on climate of all issues. Biden can't expect credit when the credit comes from court orders to him. Thanks to the courts we now pay $4 per gallon in areas when we would have paid maybe up to $10 per gallon had Biden got his way. I thank the courts to be frank. Where does Alaska oil end up at? It should ensure CA has cheap gasoline. But check their prices today. Best Gas Prices & Local Gas Stations in San Francisco, CA
While the election of Trump can be the reason prices now fell, I must study the prices there over the past 3 months to be positive.
Fracking is the sensible way to make proper use of all oil wells. It will recover at a marginal cost oil the previously was out of reach to the oil firms.
- Sep 9, 2022
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I was smothered with Republicans begging for my money. I donated to several of them. I think I might have donated a small amount to Trump. But I do not like his habit of bragging as were it serious. I voted for Reagan two times. I did not donate a penny to him.
- Sep 9, 2022
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The courts forced Biden to back the hell off his promise to eliminate oil companies.
Thank god for the courts. Sure now we can talk about more drilling. But that is not what Biden intended for us.
- Banned
- #75
The independents increased drilling, not Biden. They were also hamstrung in drilling thanks to the manufacturers cutting back on making oil field drilling equipment due to the big giants cutting drilling in order to hand out max dividends, also common knowledge for a couple of years, making finding enough rigs almost impossible.
- Sep 9, 2022
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Listen, do you think our domestic oil firms gave us more fuel or not? I read you talking up that Biden got more production. But he does not own oil stocks. I doubt he would dare buy any of them.
Doug, I read your words. When you talk back to me using that tone, it won't turn out as you hoped it will.
Explain your claim we owe it to OPEC!
- Banned
- #78
All you saw was big oil reducing drilling in order to hand out big dividends for a couple of years and stop plowing capital into drilling.
Oil companies do what they want, when they want.
Winco
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- #79
Oh Robert, let me speak to you in a softer tone. I apologize.
Your claim is that ........ dear Lord.....I'm not really sure what your claim is, just that it is bidens fault.
Let's talk OPEC+
Can you talk OPEC+, or does it scare you?
- Sep 9, 2022
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Why do you complain then you pull that stunt? Discuss issues. Do not discuss what I will do or won't do. Doug, you got off the rail very fast.
We must have at a minimum one major new oil refinery. Population growth demands it. We would see drastic cuts if they erected more than one major refinery.
Look at the prices paid in Saudi Arabia and even lower in Kuwait? Those turkeys would love to sell us cheap oil.
My hunch is big oil figured that Trump would be president again and now prices are lower.
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