The U.S. Is Pumping Oil Faster Than Ever

[Nostra]

He released about a QUARTER of the reserves.

Hardly “draining”

So you LIKE paying more for gas?

How much did that lower gas prices, and for how long?

Bring links.

 

[g5000]

Where are they pumping it all to?

1. Canada.
2. China.
3. Russia.

Wherever they can make the most profit.

That is how free enterprise works, dontcha know.

 

[Nostra]

Read. The. OP.

Ok. ZERO it is.
Thanks, Simp.

 

[g5000]

They can produce out the wazoo but it won't yet help gasoline prices. Shareholders of oil companies have been demanding high returns to make up for their crappy return on investment of 2010s and 2020. They're now raking it in. Simply capitalism at work, investors not getting adequate returns will put their money elsewhere. Imagine where these oil companies would be without investors.

Exactly right.

Over at Chevon, life was good when oil was $100 a barrel:

​

Chevron raises buybacks and says exposure to Russia is limited​

Major oil companies are responding to a jump in profits this year from higher oil and gas prices by giving back more cash to shareholders, many of whom have been frustrated by years of low returns.

So far, most shale operators have signaled that they plan to put capital returns above output growth, even as U.S. oil prices crossed $100 per barrel earlier this week.

 

[ThisIsMe]

There’s part of your problem.

We didn’t deplete half. More like a quarter.

We still have plenty for emergencies

Supply used to be 600 million bbls, it’s now at 348 million bbls, that’s close to half

Weekly U.S. Ending Stocks of Crude Oil in SPR (Thousand Barrels)

I think Biden announced selling of spr in November is 2021, right? You can see the level drop from that point down to its current level, which is almost half.

 

[Lesh]

Supply used to be 600 million bbls, it’s now at 348 million bbls, that’s close to half

Weekly U.S. Ending Stocks of Crude Oil in SPR (Thousand Barrels)

I think Biden announced selling of spr in November is 2021, right? You can see the level drop from that point down to its current level, which is almost half.

At it’s height there was 724 million barrels.

Biden released 50 m, 30 m, and 180m

That’s 260 of 724. You do the math

 

[ThisIsMe]

False assumption. 30 countries joined the US in releasing oil reserves.

U.S. and 30 Countries Commit to Release 60 Million Barrels of Oil From Strategic Reserves to Stabilize Global Energy Markets

Today, U.S. Secretary of Energy Jennifer M. Granholm released this statement following an emergency meeting of the International Energy Agency (IEA) member countries in response to Russia’s invasion of Ukraine.

www.energy.gov

The US, and 30 other countries agreed to release a collective 60 millions bbl of oil, of which the US committed HALF, 30 million bbls of the proposed 60 million, which means those other 29 countries only had to release about 1 million bbls.

However, the US has actually sold almost 300 million bbls from our reserve…..

 

[Lesh]

At it’s height there was 724 million barrels.

Biden released 50 m, 30 m, and 180m

That’s 260 of 724. You do the math

Looks like 1/3. Still plenty left and the Saudi’s screwed us by jacking up the price to compensate

 

[ThisIsMe]

At it’s height there was 724 million barrels.

Biden released 50 m, 30 m, and 180m

That’s 260 of 724. You do the math

Who cares what it was “at its height”. It was 638 million bbls when Biden took office, and it was at 609 million in November of 2021 when Biden started announcing sales of it, it’s currently at 348 million. That’s a 43% reduction.

 

[AzogtheDefiler]

3.3 percent.

Japan Inflation Rate

Inflation Rate in Japan increased to 2.80 percent in May from 2.50 percent in April of 2024. This page provides the latest reported value for - Japan Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey...

tradingeconomics.com

Russia's inflation is 4.3 percent. Their interest rate is over 12 percent.

The EU's inflation rate is 5.5 percent.

The UK's inflation rate is 6.8 percent.

Since Biden became president, Jan 2021 our aggregate inflation is 17%.

What it means is that what cost $100 when Biden took over now costs $117.

 

[Lesh]

Who cares what it was “at its height”. It was 638 million bbls when Biden took office, and it was at 609 million in November of 2021 when Biden started announcing sales of it, it’s currently at 348 million. That’s a 43% reduction.

Wait… you mean Trump was releasing oil from the reserves?

 

[g5000]

The US, and 30 other countries agreed to release a collective 60 millions bbl of oil, of which the US committed HALF, 30 million bbls of the proposed 60 million, which means those other 29 countries only had to release about 1 million bbls.

However, the IS has actually sold almost 300 million bbls from our reserve…..

Those other countries are much smaller than ours.

 

[g5000]

Wait… you mean Trump was releasing oil from the reserves?

There were less oil reserves when Trump left office than when he took office. But those sales were mandated by law.

FY 2020 Mandated Sales

FY 2019 SPR Modernization Sale

FY 2019 Mandated Sales

FY 2018 SPR Modernization Sale

FY 2018 Mandated Sales

FY 2017 Mandated Sales

FY 2017 SPR Modernization Sale

 

[Nostra]

Exactly right.

Over at Chevon, life was good when oil was $100 a barrel:

​

Chevron raises buybacks and says exposure to Russia is limited​

Major oil companies are responding to a jump in profits this year from higher oil and gas prices by giving back more cash to shareholders, many of whom have been frustrated by years of low returns.

So far, most shale operators have signaled that they plan to put capital returns above output growth, even as U.S. oil prices crossed $100 per barrel earlier this week.

Aren’t all the Evil Big Oil companies makes yuuuuuge profits now under Tater?

And here he promised to end EVIL BIG OIL.

 

[ThisIsMe]

And I am again amused how so-called free enterprise conservatives have no clue how energy markets work.

What do you want? The US government to go all commie on you and ban exports of oil?

Also, see post 283. We are totally energy independent. The most in 70 years.

No, the US can sell oil if they desire, just produce enough of our own so that we don’t have to import, or at least not import as much, and when opec decides to cut production, we can just increase our own production to offset. Unless there is some kind of law that says we can’t use our own oil to keep prices low in our country….

 

[Nostra]

At it’s height there was 724 million barrels.

Biden released 50 m, 30 m, and 180m

That’s 260 of 724. You do the math

Drained us to a 40 year low.

LET’S GO BRANDON!

 

[Nostra]

Looks like 1/3. Still plenty left and the Saudi’s screwed us by jacking up the price to compensate

I remember when Dimwingers like Schumer were bragging about blocking Trump from topping off our reserves at $20 something dollars a barrel.

Now Tater has to do it at four times that price, and you clowns clap and cheer.

 

[Lesh]

Who cares what it was “at its height”. It was 638 million bbls when Biden took office, and it was at 609 million in November of 2021 when Biden started announcing sales of it, it’s currently at 348 million. That’s a 43% reduction.

Biden released 260 m barrels

There was at one point 724m

There is what… 348m now

Where did the rest go and why are you only concerned about the oil Biden released?

 

[ThisIsMe]

Wait… you mean Trump was releasing oil from the reserves?

Yep, trump released a total of 60 million bbls..

 

[marvin martian]

Exactly right.

Over at Chevon, life was good when oil was $100 a barrel:

​

Chevron raises buybacks and says exposure to Russia is limited​

Major oil companies are responding to a jump in profits this year from higher oil and gas prices by giving back more cash to shareholders, many of whom have been frustrated by years of low returns.

So far, most shale operators have signaled that they plan to put capital returns above output growth, even as U.S. oil prices crossed $100 per barrel earlier this week.

Haha! Remember when DemoKKKrats lied about oil causing "global warming"? Fuck that, now it's "drill, baby, drill!"

I LOVE it!