What happens if oil producers give trump the same answer they gave Biden?

[berg80]

Biden urges oil companies to boost supply, slams high profit margins as ‘not acceptable’ in new letter​

WashingtonCNN —
President Joe Biden is calling on major oil refinery companies to take “immediate actions” to ramp up supply, telling them in a new letter that “historically high” profit margins are unacceptable at a time when Americans continue to see soaring prices at the gas pump.

The letter is part of Biden’s effort to shift blame for soaring gas prices, which have become a major political problem, though the reality remains that there is not much he can do about it.
https://www.cnn.com/2022/06/15/politics/biden-china-tariffs-economy/index.html
“At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” the President writes in a letter dated Tuesday that was sent to seven companies. “There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing. But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
“In addition my administration is prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied,” he writes. “I am prepared to use all tools at my disposal, as appropriate, to address barriers to providing Americans affordable, secure energy supply.”

Biden writes that he’s directed Energy Secretary Jennifer Granholm to hold an emergency meeting on the issue as well as engage with the National Petroleum Council. Ahead of the meeting, Biden asks the companies to provide Granholm with “an explanation of any reduction in your refining capacity since 2020 and any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months – including transportation measures to get refined product to market.”

https://www.cnn.com/2022/06/15/politics/joe-biden-oil-companies/index.html

The Real Reason Big Oil Won’t Save the U.S. from High Gas Prices​

As gas prices spike for American drivers, fossil fuel boosters have slammed President Joe Biden for policies they say constrain U.S. energy production. “We have the reserves here and this is preventable,” Rep. Garret Graves of Louisiana, the ranking Republican on the House Select Committee on Climate Crisis, told reporters in Washington Tuesday. “No leasing or energy production—that’s not an energy policy.”

But to understand why the industry really isn’t ramping up production, it helps to hear what its leaders are telling each other off camera. In Houston this week, where oil and gas executives are gathered for the industry’s most influential annual conference, CERAWeek by S&P Global, industry insiders are having a very different conversation than the one broadcast on cable TV. The primary thing holding back more production isn’t government policies, they say. It’s money.

The Real Reason Big Oil Won't Save Us From High Gas Prices

The Real Reason Big Oil Won't Save Us From High Gas Prices

time.com

Gas prices are high. Oil CEOs reveal why they're not drilling more​

The U.S. oil industry doesn't appear to be in any rush to come to the rescue of Americans struggling with high gas prices. Oil company CEOs say Wall Street is to blame.

Fifty-nine percent of oil executives said investor pressure to maintain capital discipline is the primary reason publicly traded oil producers are restraining growth, according to a Federal Reserve Bank of Dallas survey released Wednesday.
Today, oil companies are under enormous pressure from Wall Street to return cash to shareholders through dividends and buybacks, instead of investing in badly needed supply.

"Discipline continues to dominate the industry," an executive from an oilfield services firm told the Dallas Fed in the survey. "Shareholders and lenders continue to demand a return on capital, and until it becomes unavoidably obvious that high energy prices will sustain, there will be no exploration spending."

Gas prices are high. Oil CEOs reveal why they're not drilling more

If U.S. oil companies and OPEC fail to ramp up output, analysts have warned that energy prices will likely stay painfully high.

www.kmbc.com

More oil supply could stop massive price spikes. But US producers won’t fill that gap​

More oil supply could stop massive price spikes. But US producers won't fill that gap

Oil prices are soaring to seven-year highs, but don't expect US oil producers to ramp up supply.

www.cnn.com

Kinda drills a hole (get it?) in the "Biden's policies caused a spike in oil prices" narrative. Record oil production under Biden also being problematic for said narrative. But heck, it comes as no surprise the sitting prez takes the blame for all the country's ills. Especially with so many willfully choosing to be misinformed.

 

[martybegan]

Biden urges oil companies to boost supply, slams high profit margins as ‘not acceptable’ in new letter​

WashingtonCNN —
President Joe Biden is calling on major oil refinery companies to take “immediate actions” to ramp up supply, telling them in a new letter that “historically high” profit margins are unacceptable at a time when Americans continue to see soaring prices at the gas pump.

The letter is part of Biden’s effort to shift blame for soaring gas prices, which have become a major political problem, though the reality remains that there is not much he can do about it.
https://www.cnn.com/2022/06/15/politics/biden-china-tariffs-economy/index.html
“At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” the President writes in a letter dated Tuesday that was sent to seven companies. “There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing. But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
“In addition my administration is prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied,” he writes. “I am prepared to use all tools at my disposal, as appropriate, to address barriers to providing Americans affordable, secure energy supply.”

Biden writes that he’s directed Energy Secretary Jennifer Granholm to hold an emergency meeting on the issue as well as engage with the National Petroleum Council. Ahead of the meeting, Biden asks the companies to provide Granholm with “an explanation of any reduction in your refining capacity since 2020 and any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months – including transportation measures to get refined product to market.”

https://www.cnn.com/2022/06/15/politics/joe-biden-oil-companies/index.html

The Real Reason Big Oil Won’t Save the U.S. from High Gas Prices​

As gas prices spike for American drivers, fossil fuel boosters have slammed President Joe Biden for policies they say constrain U.S. energy production. “We have the reserves here and this is preventable,” Rep. Garret Graves of Louisiana, the ranking Republican on the House Select Committee on Climate Crisis, told reporters in Washington Tuesday. “No leasing or energy production—that’s not an energy policy.”

But to understand why the industry really isn’t ramping up production, it helps to hear what its leaders are telling each other off camera. In Houston this week, where oil and gas executives are gathered for the industry’s most influential annual conference, CERAWeek by S&P Global, industry insiders are having a very different conversation than the one broadcast on cable TV. The primary thing holding back more production isn’t government policies, they say. It’s money.

The Real Reason Big Oil Won't Save Us From High Gas Prices

The Real Reason Big Oil Won't Save Us From High Gas Prices

time.com

Gas prices are high. Oil CEOs reveal why they're not drilling more​

The U.S. oil industry doesn't appear to be in any rush to come to the rescue of Americans struggling with high gas prices. Oil company CEOs say Wall Street is to blame.

Fifty-nine percent of oil executives said investor pressure to maintain capital discipline is the primary reason publicly traded oil producers are restraining growth, according to a Federal Reserve Bank of Dallas survey released Wednesday.
Today, oil companies are under enormous pressure from Wall Street to return cash to shareholders through dividends and buybacks, instead of investing in badly needed supply.

"Discipline continues to dominate the industry," an executive from an oilfield services firm told the Dallas Fed in the survey. "Shareholders and lenders continue to demand a return on capital, and until it becomes unavoidably obvious that high energy prices will sustain, there will be no exploration spending."

Gas prices are high. Oil CEOs reveal why they're not drilling more

If U.S. oil companies and OPEC fail to ramp up output, analysts have warned that energy prices will likely stay painfully high.

www.kmbc.com

More oil supply could stop massive price spikes. But US producers won’t fill that gap​

More oil supply could stop massive price spikes. But US producers won't fill that gap

Oil prices are soaring to seven-year highs, but don't expect US oil producers to ramp up supply.

www.cnn.com

Kinda drills a hole (get it?) in the "Biden's policies caused a spike in oil prices" narrative. Record oil production under Biden also being problematic for said narrative. But heck, it comes as no surprise the sitting prez takes the blame for all the country's ills. Especially with so many willfully choosing to be misinformed.

Trump will loosen up permitting and sales of US oil leases, as well as streamlining said permitting.

 

[g5000]

Trump will loosen up permitting and sales of US oil leases, as well as streamlining said permitting.

Biden approved more leases than Trump.

And the US is producing the most oil in history.

 

[martybegan]

Biden approved more leases than Trump.

And the US is producing the most oil in history.

And he had an administration that is dedicated to ending fossil fuel use. There are more ways to hinder oil and gas development than through leases.

 

[berg80]

Biden approved more leases than Trump.

And the US is producing the most oil in history.

Now just wait a minute. Is it fair to introduce facts in to a discussion with trumples?

 

[g5000]

Biden urges oil companies to boost supply, slams high profit margins as ‘not acceptable’ in new letter​

This is a sign of Biden's dementia.

It is important to note the exact wording of that headline, specifically "profit margins".

First, I will point out that refinery profit margins are actually very low right now compared to a year ago.

Significantly lower. So I have no idea what the fuck Biden is talking about.

Now for the nitty gritty details which you are free to skip.

If I am a widget builder and my operating costs are $1.00 each, and I sell them at a 10 percent markup for $1.10, then I have a 10 percent profit margin.

If I sell a thousand widgets, I make a $100 profit.

Now let's say my operating costs go up to $1.50. To maintain my 10 percent profit margin, I have to sell my widgets for $1.65.

Now if I sell a thousand widgets, I make a $150 profit!

Without changing my profit margin one bit.

This is what happens in the oil business. When the cost of a barrel of oil goes up, the oil companies make "record profits", which really pisses off liberals.

Yet we don't hear any sympathy from liberals when profits or profit margins shrink and the oil companies have to lay off workers.


So anyway, apparently no one has told Biden that the profit margins of oil refineries has plummeted.

Global refiners face profit slump as new plants come online​

​

 

[g5000]

And he had an administration that is dedicated to ending fossil fuel use. There are more ways to hinder oil and gas development than through leases.

I say again:


United States produces more crude oil than any country, ever

Remember how Trump crowed and crowed about how much oil was being produced on his watch?

What do you think he'd be doing right now with the most oil ever?

Yeah. He'd be humping himself in public. And you'd be humping him, too.

Why aren't you celebrating?

Hmmmmm...

 

[martybegan]

I say again:


United States produces more crude oil than any country, ever

Remember how Trump crowed and crowed about how much oil was being produced on his watch?

What do you think he'd be doing right now with the most oil ever?

Yeah. He'd be humping himself in public. And you'd be humping him, too.

Why aren't you celebrating?

Hmmmmm...

We could be producing much more with a fossil fuel supportive federal executive.

 

[g5000]

We could be producing much more with a fossil fuel supportive federal executive.

Does that mean Trump is not fossil fuel supportive?

After all, we had much less oil being produced on his watch.

It is literally impossible for you to give Biden credit, isn't it. It would cause you physical pain requiring a visit to the ER.

 

[ColonelAngus]

These few remaining cult fucks are replacing the post count for the NUMEROUS USMB lefties that disappeared after Nov 5th, like Magnus.

 

[martybegan]

Does that mean Trump is not fossil fuel supportive?

After all, we had much less oil being produced on his watch.

It is literally impossible for you to give Biden credit, isn't it. It would cause you physical pain requiring a visit to the ER.

"much less"

We also had a demand drop due to COVID.

 

[initforme]

We could be producing much more with a fossil fuel supportive federal executive.

And not allow it shipped off our shores. And also all those record profits should result in much higher wages for those near the bottom of big oil workers and zero for the top.

 

[Doc7505]

Now just wait a minute. Is it fair to introduce facts in to a discussion with trumples?

~~~~~~
What facts...? No links...

 

[berg80]

First, I will point out that refinery profit margins are actually very low right now compared to a year ago.

Significantly lower. So I have no idea what the fuck Biden is talking about.

Does this help? Updated 11:38 AM EDT, Wed June 15, 2022

 

[berg80]

~~~~~~
What facts...? No links...

I count 4.

 

[Zincwarrior]

We could be producing much more with a fossil fuel supportive federal executive.

Not at current WTI.

 

[Tumblin Tumbleweed]

We could be producing much more with a fossil fuel supportive federal executive.

Actually, we couldn't. But you go on sulking about the orange bag O' shit's electoral win, weirdo.

 

[JGalt]

Biden approved more leases than Trump.

And the US is producing the most oil in history.

That's a myth, and Biden had nothing to do with American oil production, besides stifling it. But the oil companies managed to produce more in spite of Biden's energy policies. Just as the fracking boom produced more oil and gas in spite of Obama's energy policies.

Why Biden's Oil Drilling Permits Surge Is Not What It Seems

Drilling Down On The Federal Leasing Facts

Administration’s Half-Truths Muddle the Message on American Energy


BTW, why has Biden replenished the Strategic Petroleum reserves, after selling off a large portion of, some even going to the CHICOMs?

 

[martybegan]

Actually, we couldn't. But you go on sulking about the orange bag O' shit's electoral win, weirdo.

Well lets find out.

How does it feel to have most of your generation abandon you, poseur?

 

[jc456]

Trump will loosen up permitting and sales of US oil leases, as well as streamlining said permitting.

BTW, I saw last night they are sitting there waiting for day one to go on a full out blitz once those leases are released.