Oil Price Plunging. Thanks Biden!

[AntonToo]

I gave you a thumbs down and did not comment because your errors should be obvious to anyone with half a brain.

I don't normally waste my time replying to such simple comments.

Since you may not have one, I will reply to your questions with half my brain tied behind my back...

>How much oil did those leases produce in 2021? How much oil was Keystone XL transporting?

The context of what we were "discussing" was this statement by bripat9643, which I fully support...

>Biden is driving up oil prices. It's deliberate policy.

I thought your question was dumb. It doesn't matter how much oil was being transported by those means. The Keystone XL Pipeline was not finished yet. It was obviously not transporting any oil yet. Similarly for the leases. Once a lease is approved, it takes some time to put the infrastructure in place to actually produce oil.

It's too bad that you did not notice how logically flawed your question was, and you even tried to call me out for it, instead of pondering for a moment why I gave you a thumbs down, and figuring it out for yourself.

Trump obviously had very pro-fossil fuel/American energy production policies, and bripat9643 was correct in stating that Biden is deliberately driving up oil prices. If you drive up the price of a commodity, its use naturally decreases.

Well if you drive up the price of oil, what happens? Other sources of energy are used more. This include electric propulsion for vehicles, and guess who benefits?

China.

china buys up lithium at DuckDuckGo

DuckDuckGo. Privacy, Simplified.

duckduckgo.com

There ya go, buddy.

Dumbass, how the hell does a pipe that doesn't transfer a single drop of oil untill 2024 can possibly reduce oil prices in 2021??

How the hell does a lease exploration lower the price years before it results in any oil on the market?

It doesn't dummy. We are not talking about some potential down-the-line effects, we are talking about oil price effects in specific timeframe of 2021-now.

And then you accuse of someone not having a brain while you can't even figure out these basic cause and effects? Unbelievable.

 

[Meathead]

WTI crude futures erased early gains to fall towards $66 a barrel on Friday, after rising as much as 2% to above $68 tracking a sentiment of risk-off that took hold in markets. Early, a more bullish oil market was sustained by OPEC+ remarks, saying that are ready to quickly adjust output plans if demand suffered from measures to contain the Omicron variant. In the previous session, OPEC+ surprised markets when it stuck to plans to add 400,000 bpd supply in January, seen by analysts as a move meant to appease Washington. US deputy energy secretary David Turk previously said President Biden’s administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially. Meanwhile, the producers have since calmed markets, saying they would meet again before their next scheduled meeting on Jan. 4, if needed, to review supply additions in light of virus-related developments. WTI crude is on track for its sixth weekly decline.​

Crude Oil - Price - Chart - Historical Data - News

Crude Oil increased 9.50 USD/BBL or 13.26% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on June of 2024.

tradingeconomics.com

Oil settles down $10/bbl in largest daily drop since April 2020


Go Joe Brandon!

This thread aged as well as a crack whore I see.

 

[elektra]

Dumbass, how the hell does a pipe that doesn't transfer a single drop of oil untill 2024 can possibly reduce oil prices in 2021??

How the hell does a lease exploration lower the price years before it results in any oil on the market?

It doesn't dummy. We are not talking about some potential down-the-line effects, we are talking about oil price effects in specific timeframe of 2021-now.

And then you accuse of someone not having a brain while you can't even figure out these basic cause and effects? Unbelievable.

How, it demonstrates to the market that the policies of the largest consumer will hinder growth and tighten the market.

The market does react to policy.

 

[Baron Von Murderpaws]

I still have yet to come across ANY DementiacRat that can explain WHY prices skyrocket when a Dem is in the White House.

HOW is it, that under Trump, food prices, gas prices, and even taxes were the lowest since the 1980's/90's.......but Obozo almost starved, suffocated, and destroyed an entire nation with jacked up prices that were so high, homelessness was at an all time high because nobody could afford anything?

And the very MONTH after Brainless Babbling Biden was in office, THE SAME THING STARTED UP AGAIN, just like under Obozo??!!!!

 

[AntonToo]

How, it demonstrates to the market that the policies of the largest consumer will hinder growth and tighten the market.

The market does react to policy.

Cool story but that's not how oil futures trading works.

It's mostly short term contracts where bottom line rules.

 

[AntonToo]

I still have yet to come across ANY DementiacRat that can explain WHY prices skyrocket when a Dem is in the White House.

HOW is it, that under Trump, food prices, gas prices, and even taxes were the lowest since the 1980's/90's.......but Obozo almost starved, suffocated, and destroyed an entire nation with jacked up prices that were so high, homelessness was at an all time high because nobody could afford anything?

The simple explanation is that you have no fucking clue what you are talking about.

You see what you believe, not the other way around.

We've had big drop in inflation during Clinton years. Under Bush was higher than under Obama, and Obama's about same as under Trump (Before recessions at the end of both Republican presidencies)

Post shut-down supply chain disruptions and resulting inflation was well predicted, and no, none of that analysis hinged on D or R being in n the WH

 

[Harpy Eagle]

Except of course when under Trump we became an energy exporter.

And of course, you are right if you state, Democrats will never allow the USA to be energy independent.

Being an energy exporter does not make one energy independent. The two are not even close to being the same thing

 

[elektra]

Cool story but that's not how oil futures trading works.

It's mostly short term contracts where bottom line rules.

Actually, it is a big part of if the price goes up or down.

The bottom line is where the prices will go tomorrow and why.

Simply stating short term/bottom line explains nothing.

 

[elektra]

Being an energy exporter does not make one energy independent. The two are not even close to being the same thing

Sure, but in our case, having every drop of oil we needed, and on top of that being able to export oil, certainly made us energy independent.

 

[Harpy Eagle]

Sure, but in our case, having every drop of oil we needed, and on top of that being able to export oil, certainly made us energy independent.

You go wrong in two areas.

First "we" do not have any oil, the oil that is taken out of the ground in our country does not belong to us or to the US, it belongs to the multinational companies that extract it and it is sold on the same market place as all other oil.

2nd, not all oil is the same, we will always have to import oil as the oil we produce here is good for somethings, but not so good for other things.

 

[elektra]

You go wrong in two areas.

First "we" do not have any oil, the oil that is taken out of the ground in our country does not belong to us or to the US, it belongs to the multinational companies that extract it and it is sold on the same market place as all other oil.

2nd, not all oil is the same, we will always have to import oil as the oil we produce here is good for somethings, but not so good for other things.

We have oil in the ground that does belong to us, it us only through rules laws regulations policy that any corporation is allowed to take that oil. Further, most people are invested in the markets so it is more than reasonable to say, we have oil.

And, no we won't have to always import. Only if we have the same tired old politicians. We can produce all we need here if politicians get out of our way.

 

[surada]

We have oil in the ground that does belong to us, it us only through rules laws regulations policy that any corporation is allowed to take that oil. Further, most people are invested in the markets so it is more than reasonable to say, we have oil.

And, no we won't have to always import. Only if we have the same tired old politicians. We can produce all we need here if politicians get out of our way.

The oil business in the US is not nationalized. We don't own any oil.

 

[Harpy Eagle]

And, no we won't have to always import. Only if we have the same tired old politicians. We can produce all we need here if politicians get out of our way.

Do yourself a favor and do some reading on the different classifications of crude oil and their uses. Not all oil is the same and not all of it is good for the same thing

 

[surada]

Do yourself a favor and do some reading on the different classifications of crude oil and their uses. Not all oil is the same and not all of it is good for the same thing

Too many Americans think that its citizens own the oil in the ground. They don't. It's owned by private landowners... And they don't realize that we have always imported oil... Just not as much since the Obama years.

 

[AntonToo]

Actually, it is a big part of if the price goes up or down.

The bottom line is where the prices will go tomorrow and why.

Simply stating short term/bottom line explains nothing.

Tommorow? Of course, but not 4-5 years out in oil futures trading. It is dominated by short term contracts.

 

[Concerned American]

Being an energy exporter does not make one energy independent. The two are not even close to being the same thing

Only to morons like you.

 

[Concerned American]

Too many Americans think that its citizens own the oil in the ground. They don't. It's owned by private landowners... And they don't realize that we have always imported oil... Just not as much since the Obama years.

Yeah, and you think that importing from across the oceans comes free. Transport costs moron. Domestically produced energy costs less therefore lower energy costs. SMH.

 

[surada]

Op

Yeah, and you think that importing from across the oceans comes free. Transport costs moron. Domestically produced energy costs less therefore lower energy costs. SMH.

OPEC oil is always a dollar cheaper and of course their lift costs are half as much as ours.

 

[Concerned American]

Op
OPEC oil is always a dollar cheaper and of course their lift costs are half as much as ours.

Blah, blah, blah--Obama gas prices $3.54, Trump prices $2.09, Vegetable gas prices $3.45. Follow the money and quit trying to dream up excuses. It ain't rocket science.

 

[surada]

Blah, blah, blah--Obama gas prices $3.54, Trump prices $2.09, Vegetable gas prices $3.45. Follow the money and quit trying to dream up excuses. It ain't rocket science.

US production doubled under Obama.