Should US oil cpompanies who sell their oil outside of the US lose their subsidies?

[Ray From Cleveland]

It doesn't matter what the percent of markup is when the total profit is so incredibly huge. $23 billion dollars net profit just for one of the oil companies is too much political and economic power for the good of democracy. That combined with the strategic dependence upon one energy type leaves a nation extremely vulnerable. What is difficult to understand here?

Yes but it's been like that for generations and we did just fine with some stumbling blocks along the way like back in the 70's. But if you examine the price of energy, it's gone up the least compared to just about any other product we bought over the last 30 years or more. Nobody complaining during the Trump years when at the end of his term, gasoline was around $2.00 a gallon depending on where you were at. Hell I'd fill up my Camry for around $25.00 and could drive for 300 miles without a problem.

 

[Ray From Cleveland]

US oil is always a dollar more than OPEC. We aren't as strict on environmental regulations as Saudi Arabia.

As I said earlier, it all depends on the leadership at the time.

Here Are 81 Biden Actions That Drove Gas Prices to Historic Highs

townhall.com

 

[surada]

As I said earlier, it all depends on the leadership at the time.

Here Are 81 Biden Actions That Drove Gas Prices to Historic Highs

townhall.com

It's been the same for many decades.

 

[bripat9643]

Sorry. I grew up in Ghawar and my father was head of oil operations.

My father was an oil company executive. I'm not impressed with your credentials

https://www.dmr.nd.gov/ndgs/documents/newsletter/2008Winter/pdfs/Horizontal.pdf​

The second generation of horizontal drilling is a result of the attainable horizontal displacement, particularly for medium- and long-radius wells, growing significantly. As operators and the drilling and service contractors have devised, tested, and refined their procedures, and as improved equipment has been designed and implemented, routinely achievable horizontal displacements rapidly climbed from 400 to over 8,000 feet​

​

How does it feel to be proven stupid?

 

[surada]

My father was an oil company executive. I'm not impressed with your credentials

https://www.dmr.nd.gov/ndgs/documents/newsletter/2008Winter/pdfs/Horizontal.pdf​

The second generation of horizontal drilling is a result of the attainable horizontal displacement, particularly for medium- and long-radius wells, growing significantly. As operators and the drilling and service contractors have devised, tested, and refined their procedures, and as improved equipment has been designed and implemented, routinely achievable horizontal displacements rapidly climbed from 400 to over 8,000 feet​

​

How does it feel to be proven stupid?

Cool. So was mine. Were you all with ARAMCO or Exxon?

 

[Nostra]

Anyone been able to find any actual subsidies yet?

 

[healthmyths]

modern fracking and directional drilling in Arabi

Why don't you do a little research before

Lol . They've had modern fracking and directional drilling in Arabia for over 60 years.

Why don't you do a little research and you'll see you are wrong!!!
In 1986, Oman’s national oil company drilled three horizontal wells into a problematic reservoir, with disappointing results. But from 1990, a much more ambitious and successful program was begun. By the end of 1994, Petroleum Development Oman had drilled more than 200 horizontal wells.

In the early 1990s, more than 50 horizontal wells were also drilled in Abu Dhabi, and Saudi Arabia also embraced the technique for its depleted Watra oil field in the Neutral Zone shared with Kuwait, according to Schlumberger.

The real shale revolution: Kemp

By now everyone knows the shale revolution was made possible by the combination of horizontal drilling and hydraulic fracturing.

www.reuters.com

Or maybe you need some arithmetic tutoring? 2022- 1994 = 28 years NOT over 60 years!

 

[healthmyths]

Yes it is refined in the Midwest. They pay $29 a barrel for it. I have explained it 50 times on this board.

You may have explained exactly "50 times" in your mind, and your explanations were YOU OWN...not from an expert which obviously YOU AREN"T! Where is your substantiation? It is so easy to prove your statements IF you show where experts say it not YOU!

 

[DudleySmith]

The Market disagrees with you.

You have no idea what 'the Market' has to do with it. Hardly any of that crap is processed into fuel in the U.S., and nobody at any of the Koch Bros. propaganda mills or Twon SQuall or CeeepyRepublic is ever going to tell you that. The simple fact is the big companies' shareholders want a big payday, and they aren't going to drill when windfall profits are so huge without drilling. That is what 'The Market' agrees with, not Biden. And, banks like high commodity prices and they aren;t loaning squat to indie drillers, so they're on board with manipulating the markets, you have some delusion or other about them being 'free n stuff'. They aren't, and never have been.

 

[DudleySmith]

out of curiosity, is there any factual support to show that not allowing oil from wells in the US to be sold to be refined outside the US EVER reduced the cost of gas or diesel?

Does WW II count? IT was the 'free markets' in the giant East Texas field the caused oil companies to ask for Federal regulations, including H.L. Hunt; the Feds subsidized the Big Inch and the Little Inch pipelines to the refineries in the Northeast, and propped up the price per bl as well, so the industry wouldn't go bankrupt. That ended 10 cents per bl oil and cheap gasoline, and made a lot of oil men rich. So yes, they get subsidies, court protections, and tax bennies no one else gets, and then whine when they have to pay soething back, like all 'free marketeers' do.

 

[CowboyTed]

Anyone been able to find any actual subsidies yet?

Shown to you a couple of days ago...

You must have memory problems...

 

[healthmyths]

You have no idea what 'the Market' has to do with it. Hardly any of that crap is processed into fuel in the U.S., and nobody at any of the Koch Bros. propaganda mills or Twon SQuall or CeeepyRepublic is ever going to tell you that. The simple fact is the big companies' shareholders want a big payday, and they aren't going to drill when windfall profits are so huge without drilling. That is what 'The Market' agrees with, not Biden. And, banks like high commodity prices and they aren;t loaning squat to indie drillers, so they're on board with manipulating the markets, you have some delusion or other about them being 'free n stuff'. They aren't, and never have been.

Who the hell are you? What are your credentials to spout with NO background, no links. NO PROOF!
Just one of your points shows how ignorant you really are!
You wrote .."And, banks like high commodity prices and they aren;t loaning squat to indie drillers, so they're on board with manipulating the markets...
If any bank under FDIC especially rules would be in the annual audits is shown to be invested in "markets" and NOT
doing what their charter dictates, make loans... there are so many grounds to file law suits against those banks.
1) Discrimination... poor indie drillers being discriminated.
2) Although these regulations don't forbid banks from investing in stock, they do limit how much banks can invest. The purpose of these regulations is to ensure that banks don't risk -- and lose -- too much in the stock market, which could hurt their ability to remain in business and repay depositors.

Can Banks Invest Money in Stock?

Most investors keep some money safely deposited in a bank, and they use other money to make investments. However, even the money you deposit into your bank account might end up going toward stock. Even if your bank invests in stock, you don't directly take on any of the risk associated with that...

finance.zacks.com

FACTS... so if #1 & #2 are valid your statement regarding banks investing in commodity prices is very RISKY!

 

[LeftofLeft]

You have no idea what 'the Market' has to do with it. Hardly any of that crap is processed into fuel in the U.S., and nobody at any of the Koch Bros. propaganda mills or Twon SQuall or CeeepyRepublic is ever going to tell you that. The simple fact is the big companies' shareholders want a big payday, and they aren't going to drill when windfall profits are so huge without drilling. That is what 'The Market' agrees with, not Biden. And, banks like high commodity prices and they aren;t loaning squat to indie drillers, so they're on board with manipulating the markets, you have some delusion or other about them being 'free n stuff'. They aren't, and never have been.

Everything you just said aligns with the premise on Government putting more restrictions on domestic oil companies. Go look through your rant about Market manipulation and accusing me about delusions of a free Market. My premise is that The Market responds to policies that are not friendly to US oil companies that impact the price rising. nothing in that statement do I purport whether the Markets are free nor do you see any defense or justification for behavior or response from oil companies.

 

[there4eyeM]

All these oil corporation apologists falling over each other to outdo attempts at supporting this industry! Hope they give you a discount or something.

 

[LeftofLeft]

All these oil corporation apologists falling over each other to outdo attempts at supporting this industry! Hope they give you a discount or something.

This has nothing to do with apologizing or fawning over domestic oil corporations. It has everything to do with the Government overstepping with egregious and unnecessary restrictions that negatively impact US Consumers which are higher prices and increased risk due to more dependence on foreign oil.

 

[bendog]

Does WW II count? IT was the 'free markets' in the giant East Texas field the caused oil companies to ask for Federal regulations, including H.L. Hunt; the Feds subsidized the Big Inch and the Little Inch pipelines to the refineries in the Northeast, and propped up the price per bl as well, so the industry wouldn't go bankrupt. That ended 10 cents per bl oil and cheap gasoline, and made a lot of oil men rich. So yes, they get subsidies, court protections, and tax bennies no one else gets, and then whine when they have to pay soething back, like all 'free marketeers' do.

I don't see what WWII has to do with today's prices. But yes, even today, governmental tax regulations help out those digging wells.

but my question was just, specifically, is there any factual reason to think that requiring domestic oil producers not sell oil overseas increases our consumer costs for gasoline and diesel? I don't really see how, but I'm happy to be wrong. The price a distiller pays for crude theoretically makes a difference, but I'm not sure distillers just don't pay a global price (and the producer might actually make some extra profit with less transportation costs). But we're talking a few dollars a barrel. And refiners have to meet regulations and pay taxes. And then there's the gas tax we pay at the pump.

 

[DudleySmith]

I don't see what WWII has to do with today's prices. But yes, even today, governmental tax regulations help out those digging wells.

but my question was just, specifically, is there any factual reason to think that requiring domestic oil producers not sell oil overseas increases our consumer costs for gasoline and diesel? I don't really see how, but I'm happy to be wrong. The price a distiller pays for crude theoretically makes a difference, but I'm not sure distillers just don't pay a global price (and the producer might actually make some extra profit with less transportation costs). But we're talking a few dollars a barrel. And refiners have to meet regulations and pay taxes. And then there's the gas tax we pay at the pump.

Because the majority of refineries are operated by vertically integrated companies, and as such they don't have to pretend they're paying the same prices per bl as Brent crude is selling to, say, Poland. They don;t have near the same cost basis.

And, the Canadian sludge makes up less than 3%-5% if Gulf Coast refinery inputs, and they their yields of fuel like diesel and gasoline are very poor, yet we keep hearing about that stupid pipeline extension that doesn't add squat to production and how it has doubled prices n stuff; these morons don't have a clue, they're just parroting Biden bashing like they're told to. They don't know squat about it, and they obviously don't even know who writes up all those options they see quoted on the commodity exchanges either.

 

[DudleySmith]

Shown to you a couple of days ago...

You must have memory problems...

They like to pretend they weren'r handed their asses on this exact same points several time in previous threads. It only goes to show why it's pointless to provide links when these parrots obviously never read them the last 20 times they've been posted.

 

[surada]

Why don't you do a little research before

Why don't you do a little research and you'll see you are wrong!!!
In 1986, Oman’s national oil company drilled three horizontal wells into a problematic reservoir, with disappointing results. But from 1990, a much more ambitious and successful program was begun. By the end of 1994, Petroleum Development Oman had drilled more than 200 horizontal wells.

In the early 1990s, more than 50 horizontal wells were also drilled in Abu Dhabi, and Saudi Arabia also embraced the technique for its depleted Watra oil field in the Neutral Zone shared with Kuwait, according to Schlumberger.

The real shale revolution: Kemp

By now everyone knows the shale revolution was made possible by the combination of horizontal drilling and hydraulic fracturing.

www.reuters.com

Or maybe you need some arithmetic tutoring? 2022- 1994 = 28 years NOT over 60 years!

Oman is not in Saudi Arabia. ARAMCO was horizontal drilling in 1961.

 

[BlindBoo]

So in other words Trump didn't follow through because of what was happening on the ground,

Mostly the Generals told him it was our responsibility to the Afghan Army because in the Skedaddle Accords he personally approved, the withdrawal date was May 1st. Obviously Trump had no problem stabbing our allies like the Kurds in the back, no surprise he was so callous about the Afghans, but the General weren't. That's why he only left the minimal number of troops the Generals said they needed to support the Afghan Army in their fight against the Taliban. Not because the Taliban didn't meet hardly any of the conditions. Trump let the Taliban slide and continued to withdraw troops well beyond what the Accords called for.