Why Biden Is Letting Oil Prices Soar

[Devils_Advocate]

22 billion sounds like heavy investment to me. Canada invites Chinese investment in oil sands: minister

I provided great detail who owns what, so learn and in oil 22 billion isn’t that much, well to small minded people like you…

 

[Billiejeens]

Shutting down the Keystone pipeline, as one of his very first actions after illegally gaining office,
is not "ramping up oil production". Not by a long shot.

You need to document your claim, by the way.

His inherent claim is that he is an idiot.

That is well documented.

 

[Harpy Eagle]

Which Countries Owns the Canadian Oil Sands

www.creditcardnerd.ca

Koch Brothers Are The Largest Land Owners Of Canada’s Tar Sands

archive.thinkprogress.org

Who buys Canada's tar sands oil? - ruggedthuglife.com

FAQ: Who buys Canada's tar sands oil? Our answer is… Read the article and find out!

cubetoronto.com

Chinese companies commit to Alberta oilsands despite setbacks | Globalnews.ca

While some European and U.S. companies cut their exposure to the Canadian oilsands, China's Big Three oil giants -- CNOOC, PetroChina and Sinopec -- seem content to let their bets ride even if the results haven't been spectacular.

globalnews.ca

The Beijing-based company paid $1.9 billion in 2009 for 60 per cent interests in the proposed MacKay River and Dover oilsands projects being developed by Athabasca Oil Sands Corp.

...

CNOOC produced about 71,000 bpd from the oilsands in 2018, little changed from 66,800 bpd in 2014, shortly after it spent $15.1 billion to buy Calgary’s Nexen Energy and its diverse portfolio of domestic and international assets.

“Our oilsands assets are an important part of our North American portfolio and we remain committed to our Canadian operations,” CNOOC spokesman Kyle Glennie wrote in a brief email.

 

[g5000]

Because interest rates were low, Dufus. Nobody will pay Brandon’s rates.

You are an idiot. Interest rates are as low now as they were in 2008.

 

[g5000]

No, you are off by 25% AND in the wrong direction! Crude oil production dropped by over 3 million barrels per day from December 2020 to January 2021 and is still 1 million barrels lower than Trump's last month in office. If you are going to be deceitful, at least be clever enough to delete information that disproves your assertions.

Let's talk about deceitful. You dipshits are parroting a lie. Biden has approved more drilling leases than Trump did.

US drilling approvals increase despite Biden climate pledge

BILLINGS, Mont. (AP) — Approvals for companies to drill for oil and gas on U.S. public lands are on pace this year to reach their highest level since George W.

apnews.com

Approvals for companies to drill for oil and gas on U.S. public lands are on pace this year to reach their highest level since George W. Bush was president, underscoring President Joe Biden’s reluctance to more forcefully curb petroleum production in the face of industry and Republican resistance.

The Interior Department approved about 2,500 permits to drill on public and tribal lands in the first six months of the year, according to an Associated Press analysis of government data. That includes more than 2,100 drilling approvals since Biden took office January 20.


Biden has approved more drilling on public lands than even Trump did!

U.S. to hold historic oil and gas lease sale days after COP26​

​

The Biden administration today will offer leases to oil and gas companies on more than 80 million acres in the Gulf of Mexico — an area larger than New Mexico — days after a United Nations climate summit that aimed to phase out fossil fuel production worldwide.

• Lease Sale 257, which was originally planned by the Trump administration, will be the largest offshore oil and gas lease sale in U.S. history.

[snip]

“This administration went to Scotland and told the world that America’s climate leadership is back, and now it’s about to hand over 80 million acres of public waters in the Gulf of Mexico to fossil fuel companies,” House Natural Resources Committee Chairman Raúl Grijalva (D-Ariz.) said in a statement.

 

[surada]

Long term, it seems unwise to me for anyone to put a lot of money in US petrol refining. The Bakken ... that I understand.

Who would refine US oil?

 

[Devils_Advocate]

Who would refine US oil?

Send south of the border where the environmental laws are less, labor is cheaper and they can sell it back to the U.S. for a wider profit…

 

[g5000]

Everything Trump did.
Want details too so I can make you look even less informed?

Oh, you want Biden to crash the economy?

That's how Trump lowered gas prices, idiot.

 

[surada]

Send south of the border where the environmental laws are less, labor is cheaper and they can sell it back to the U.S. for a wider profit…

So you would put US refineries out of business.

 

[Devils_Advocate]

So you would put US refineries out of business.

No, Oil companies would and you asked a question and not what I would do but who would do the refining…

 

[Meathead]

They're owned by the Chinese. Didn't you know that?

Even if you provided a link from a non-ding bat source, why would higher employment and lower gas prices in North America be a bad thing?

 

[TheGreatSatan]

"Biden's legacy, if he succeeds, will be a decrease in the standard of living for most Americans"

That's a big fat BINGO!

They want to break us. The entirety of the two "COVID" years has been only about breaking Americans. The number of people here in this forum who have simply caved and bought the bullshit hook, line and sinker is evidence.

Until you realize Democrats are America's enemy, nothing they do will make sense. If the US economy was doing good for example, this would anger the democrat base.

 

[bendog]

Who would refine US oil?

Where our oil comes from - U.S. Energy Information Administration (EIA)

Where crude oil is produced, the top 5 oil producing states, the types of oil producers, and the top 5 crude oil producing countries.

www.eia.gov

Gasoline Fuel Terminal Locations And Their Oil Refineries

Gasoline fuel terminal location maps and map locations of the 140 United States oil refineries.

modernsurvivalblog.com

The largest three refineries in the United States…

• Port Arthur Texas
• Baytown Texas
• Garyville Louisiana

They have a combined total crude oil processing capacity of 1,682,750 barrels per day.

 

[surada]

Even if you provided a link from a non-ding bat source, why would higher employment and lower gas prices in North America be a bad thing?

Who said they are a bad thing?

 

[BlindBoo]

Annual production was about 13 million bbl in 2019. It's about 11 million bbl today

No need to guess. It was 2020 when we hit 13 and it dropped to 9.7 by Aug of 2020. We're back up to 11.6

Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day)

 

[surada]

Where our oil comes from - U.S. Energy Information Administration (EIA)

Where crude oil is produced, the top 5 oil producing states, the types of oil producers, and the top 5 crude oil producing countries.

www.eia.gov

Gasoline Fuel Terminal Locations And Their Oil Refineries

Gasoline fuel terminal location maps and map locations of the 140 United States oil refineries.

modernsurvivalblog.com

The largest three refineries in the United States…

• Port Arthur Texas
• Baytown Texas
• Garyville Louisiana

They have a combined total crude oil processing capacity of 1,682,750 barrels per day.

Good information.

 

[g5000]

U.S. Energy Information Administration - EIA - Independent Statistics and Analysis

www.eia.gov

You can see in that link that during Trump's term, US monthly oil production peaked in December 2019 at 400,219,000 barrels.

That was just before the Covid pandemic.

The decline in production continued for over a year. It dropped for the rest of Trump's term and into the first month of Biden's term where it bottomed out at 273,646,000 barrels in February 2021.

As you can see in post 185, upon taking office, Biden increased leases for drilling to the highest level since Dubya. Higher than Obama or Trump.

Since then, US monthly oil production has increased to 352,597,000 barrels for November, which is the latest figure available.

That is a 28 percent increase in production from the low.

 

[BlindBoo]

And the supply of petrol or auto gas is limited by the capacity of US refineries. And we haven't been building a lot.

When Was The Last Refinery Built In The USA?

At the beginning of last year, there were a total of 143 operable refineries in the U.S., with the “newest” one located in Douglas, Wyoming, constructed in 2007. However, the newest refinery with atmo

www.jm.com

I can see the reason for the refinery in the Bakken. Wyo .... not so much. They tend to build govt projects in that state.

They didn't build new ones but upgraded the old ones and increase refining capacity.

 

[Meathead]

Who said they are a bad thing?

You did. I don't suffer fools gladly. Toodles.

 

[BlindBoo]

The decline in production continued for the rest of Trump's term and into the first month of Biden's term where it bottomed out at 273,646,000 barrels in February 2021.

I think it bottomed out in Aug of 2020. If you recall the dip in Feb 2021 was related to the big Texas Freeze.

Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day)