Big Oil Making a Fortune

[meaner gene]

You are failing at trying to claim high energy prices in England are somehow due to global issues.

If energy prices are up higher in the USA, and up even more in Enlgand, what do the two have in common?

 

[surada]

Lesh. We were totally oil independent before you fucked the whole thing up...C'mon maaannnnn

We were energy independent for a month or so.

 

[Delldude]

That wasn't about domestic supply.

U.S. oil firms slashed production in 2020 as the coronavirus pandemic destroyed demand and supply has not yet recovered to pre-Covid levels. In 2019, the U.S. produced 12.29 million barrels of crude oil per day, according to the U.S. Energy Information Administration.

That figure was 11.28 million in 2020 and is estimated to be 11.18 million in 2021 and 11.85 million in 2022.

United States Crude Oil Production

Crude Oil Production in the United States decreased to 12533 BBL/D/1K in January from 13315 BBL/D/1K in December of 2023. This page provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term...

tradingeconomics.com

And there are reasons production here has been slow on the uptake.

 

[initforme]

I'm all for more drilling and more refining, and ensuring NOT ONE drop of that extra oil leaves our shores. We should not be CAPTIVE to any company.

 

[Delldude]

If energy prices are up higher in the USA, and up even more in Enlgand, what do the two have in common?

An ocean separating them?

 

[1srelluc]

Exxon Mobil and Chevron report big jump in profits because of higher oil and gas prices. (Published 2022)

Despite pleas from the Biden administration for more supply, both companies said their global production fell in the first three months of the year.

www.nytimes.com

Exxon reported doubling quarterly earnings from a year earlier, even after a write-down of $3.4 billion from abandoning its operations in Russia.

Largely because of soaring oil prices, which rose in the quarter to well over $100 a barrel from $76, the company made $5.5 billion in the first three months of the year — an increase of more than $6 billion from the same quarter in 2021. The company made an $8.9 billion profit in the last three months of 2021.

And you thought the price of gas was high because of lower prodution?

It's higher PROFITS

Meh, should have bought more stock last year. Ha Ha!

exxon stock gains - Search

Look at last April. You had to be one dumb MFer not to invest.

 

[struth]

That wasn't about domestic supply.

U.S. oil firms slashed production in 2020 as the coronavirus pandemic destroyed demand and supply has not yet recovered to pre-Covid levels. In 2019, the U.S. produced 12.29 million barrels of crude oil per day, according to the U.S. Energy Information Administration.

That figure was 11.28 million in 2020 and is estimated to be 11.18 million in 2021 and 11.85 million in 2022.

United States Crude Oil Production

Crude Oil Production in the United States decreased to 12533 BBL/D/1K in January from 13315 BBL/D/1K in December of 2023. This page provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term...

tradingeconomics.com

so yeah we had less supply

nobody is disagreeing…and that impacts cost

What about the margins?

 

[meaner gene]

We were energy independent for a month or so.

Surprise! The U.S. Is Still Energy Independent

The Energy Information Administration recently posted December export numbers that showed the U.S remained energy independent in 2021.

www.forbes.com

Surprise! The U.S. Is Still Energy Independent
Robert Rapier
Mar 8, 2022,01:45pm EST

As I explained, a correct accounting would be to add up all of our energy production (oil, natural gas, coal, renewables) and then subtract our net energy consumption. The U.S. is a net exporter of coal and natural gas, so it really comes down to the petroleum balance.

For the first four months of 2020, net exports averaged one million BPD. But then by May we had to start importing again. In May and June the U.S. imported (net) three quarters of a million BPD. In the second half of the year, net imports once again became net exports. For the full year of 2020, the U.S. became a net exporter for the first time in modern history.

What wasn’t clear was whether the U.S. would be a net exporter for the entire year of 2021. But the Energy Information Administration (EIA) recently posted the numbers for December, and we now have an answer. Net exports grew each month from September through December to push the final average for the year to a net export number of 162,000 BPD.

Bottom line is that "energy independence" under Trump (2020) continued under Biden in 2021

 

[johngaltshrugged]

We are still a net exporter of oil and gas you dope.

So I guess you'll be thanking the Trump policies that did that.
Don't worry, Joe will make us a net importer before long, if he doesn't completely kill the economy first

 

[meaner gene]

I'm all for more drilling and more refining, and ensuring NOT ONE drop of that extra oil leaves our shores. We should not be CAPTIVE to any company.

Are you a communist. You want the government to control the means of production?

 

[Fort Fun Indiana]

Lesh. We were totally oil independent before you fucked the whole thing up...C'mon maaannnnn

No, we weren't

 

[Fort Fun Indiana]

Are you a communist. You want the government to control the means of production?

That's precisely what he just suggested. In fact, he basically suggesting nationalized the oil industry.

 

[Fort Fun Indiana]

So I guess you'll be thanking the Trump policies that did that.
Don't worry, Joe will make us a net importer before long, if he doesn't completely kill the economy first

Cult fantasy

 

[Hang on Sloopy]

No, we weren't

You are a widget maker. A slave to a boss. a nobody. A nothing. A low waged share cropper pushing an alarm clock button for life

 

[elektra]

All this complaining and accusing and everyone leaves out the largest culprit.

The U.S. Government.

The Federal Government makes more in taxes off the Big Oil Corporations, than those same corporations make in profit.

Of all the complaints and accusations, not one nails the Federal Government?

And, besides all the tax revenue the U.S. Government steals from every gallon of oil, there are all those rules and regulations and restrictions on drilling.

So, what is the Democrat's response to these profits??? MORE TAX

That is right, the government is going to add more taxes to the price of oil!

So, blame big oil all you want, but it is the government, stupid.

 

[Fort Fun Indiana]

You are a widget maker. A slave to a boss. a nobody. A nothing. A low waged share cropper pushing an alarm clock button for life

Cry it all out, crybaby.

 

[Fort Fun Indiana]

All this complaining and accusing and everyone leaves out the largest culprit.

The U.S. Government.

The Federal Government makes more in taxes off the Big Oil Corporations, than those same corporations make in profit.

Of all the complaints and accusations, not one nails the Federal Government?

And, besides all the tax revenue the U.S. Government steals from every gallon of oil, there are all those rules and regulations and restrictions on drilling.

So, what is the Democrat's response to these profits??? MORE TAX

That is right, the government is going to add more taxes to the price of oil!

So, blame big oil all you want, but it is the government, stupid.

None of that made one lick of sense.

 

[elektra]

None of that made one lick of sense.

well, I am sorry I dont make posts for the mentally challenged

 

[Delldude]

Are you a communist. You want the government to control the means of production?

They're about to control what we perceive as information.....why not?

 

[meaner gene]

They're about to control what we perceive as information.....why not?

The government can't control information. Because everybody with a gradeschool vocabulary is a manufacturer of information.