bendog
Diamond Member
Because they seek to make partisan talking points.Do you really think that RP and Kaz have any concept of what drives oil prices and production or any interest in rationally discussing that? I mean, seriously.Before Donald Trump took office, the record for oil production in one month was 308 million barrels in 1970 under Richard Nixon. Then Nixon created the EPA, we became too dependent on Middle Eastern oil, and Jimmy Carter refused to smash OPEC.
Things changed after the 2016 election. Donald Trump fought constantly to help our struggling fossil fuels industry. Production peaked at about 397 million barrels per month before the totally unnecessary economic shutdown. We became a net exporter of oil and were able to leave the Middle East. On a side note, Donald Trump also revitalized nuclear energy in America. Fossil fuels, nuclear, and hydroelectric are the future of energy in America.
Now oil production is still below 300 million barrels per month and Joe Biden shut down the Keystone XL pipeline. This is why oil prices are high and we are getting sucked back into conflicts in the Middle East. The Democrats are creating another energy crisis and are getting us stuck in never-ending wars in the Middle East.
OPEC kept oil price and supply relatively steady for decades.
The Keystone pipeline is an export pipeline.. There is NO benefit to the American consumer.
During the Obama administration production and rig counts surged to their highest levels in over 40 years. Obama didn't do that or take credit for it.. It happened because the ppb was high.
Oil production is low because there is a glut of oil on the market and there was NO demand worldwide in 2020.
You don't know anything about the Carter years or OPEC or why there was an oil embargo or why the Suez Canal was closed for so many years or why oil companies ha to scramble to build supertankers an infrastructure for docking.
You don't know anything about the oil business either or why the US domestic producers can't compete below $60 a barrel.
You don't know anything about the original oil cartel , the Texas Railroad Commission or why we import so much oil from Canada and Mexico.
You're not alone... Neither does Trump, the bragging moron.
Further, 10 million bpd is not 300 million bpd.
Interactive historical chart showing the monthly level of U.S. crude oil production back to 1983 from the US Energy Information Adminstration (EIA). Values shown are in thousands of barrels produced per day. The current level of U.S. crude oil production as of February 2021 is 10,000.00 thousand barrels per day.
U.S. Crude Oil Production - Historical Chart | MacroTrends
www.macrotrends.net/2562/us-crude-oil-production-historical-chart
www.macrotrends.net/2562/us-crude-oil-production-historical-chart
I know they don't know jack shit so why do they sound off and make such fools of themselves.
btw, I think cancelling Keystone was counterproductive, but Biden has to give something to the progressives who voted for him. We'd probably be better off just not using any Canadian tar sands anyway.
But as you noted the Saudi production cuts are something to watch. And probably US demand will rebound faster than the link I put up, but the link also predicted US production would surpass 2019 levels too. But carmakers will increase mileage without politicians, so that's a positive.