Bye Bye Oil Price

[Fort Fun Indiana]

Because the value of the dollar went a LOT further back then and it didn't cost near as much.

Wages lagging behind prices.

Yes, that is indeed a problem. And then you look at our huge wealth gap, and look at the tax rates on the people holding all the money vs the 70s.

That's why your new car costs nearly a year's salary now instead of 2 or 3 months. If you're the average American.

And our obviously idiotic tax policy is the main cause of our national debt.

So let's all agree that Reaganomics has been a harmful failure.

 

[Mac-7]

Any fiscal conservative. Chip Roy, Thomas Massie, Justin Amash, Mike Lee. Even Ron DeSantis. Although I'll admit, DeSantis's congressional record sucked RINO balls. But his executive record is way more right of center than Trumps.
I'm not looking for perfection on most issues. But when it comes to borrow & spending Fed. Res. money, it better be damn close to FC (fiscal conservatism), or it's a no go.
The border issue, abortion and all those other issue's, don't mean a damn thing when groceries go from $200 per month to $275. Or a new plain jane vehicle is $40,000. And American companies are forced to outsource just to stay in business.
Look at what the USD value has done to fast food. They're now building restaurants what have almost no employee's in them. Why? It's not because their employee's cost too much. It's because the value of the USD is so over inflated, that no one is going to work for poverty wages. And because so many manufacturing jobs have been outsourced, those employees in FF are not predominantly teen agers anymore. They're middle aged people.

If wages had kept up with inflation, those FF workers would be making 80% higher wages. Something like $30 per hour.

If the big spending politicians, like Trump, Obama and W (all the way back to Reagan) had been more conservative, and the fed kept the USD value in check (as they were supposed to), $10hr would still be a decent wage. FF workers would still be making $5hr. American manufacturers could afford to keep their jobs here. And open up many more.
Ford, Chrysler and GM could afford to have their water pumps, alternators and other things made here in the USA, instead of Mexico.

If you are a never trumper you forgot to add joe biden to the list

Because thats what the choice will probably be- trump or biden

 

[YoursTruly]

If you are a never trumper you forgot to add joe biden to the list

Because thats what the choice will probably be- trump or biden

And once again, I'll choose neither. Both are too left of center for me.

 

[KissMy]

What a crock of shit. Biden has strangled our businesses while begging the Arabs for oil. He is sucking our reserve dry at a time when we could actually go to war.

Obama / Biden filled the SPR to record levels. Trump depleted the Strategic Oil Reserves by 57 million barrels for no other reason than to bankrupt US oil drillers killing US oil production for years. Why didn't Trump replace the oil when the price was negative????

 

[Mac-7]

And once again, I'll choose neither. Both are too left of center for me.

You will choose neither but get joe biden

 

[The Irish Ram]

So Biden opening up 80 million acres in the GOM to alleviate the shortage in the strategic reserve that you're mad about pisses you off why?

Just the opposite. The mental midget did something right for a change. Pisses me off he hamstrung them in the first place.

 

[westwall]

FFS, Ryan was Trumps puppet on a string, dude. As much as Ryan was a RINO, there came a point that even he couldn't keep up with all the spending Trump was wanting.
His healthcare plan was Obamacare on steroids. His Platinum Plan was socialism on steroids. He begged for more and more money for the NDAA and MASSIVE handouts to the MIC.

This is why you Trump supporters don't understand why & how Trump is a RINO. Because non of you nitwits even know what a RINO really is.

RINO vs CINO​

The fuck he was. Ryan is your typical deep state piece of shit. He interfered with Trump at every opportunity.

Go peddle your bullshit elsewhere, youngster.

I WATCHED that crap happen in real time.

 

[westwall]

You will choose neither but get joe biden

This dude is a Chinese stooge. Just ignore it.

 

[The Irish Ram]

Obama / Biden filled the SPR to record levels. Trump depleted the Strategic Oil Reserves for no reason other than to bankrupt US oil drillers killing US oil production for years. Why didn't Trump replace the oil when the price was negative????

Wow. not one bit of that is true. Let's ask the government, you trust so much, what the truth is:

WASHINGTON, D.C. – At the direction of the President of the United States, Donald J. Trump, the Department of Energy (DOE) will fill the Strategic Petroleum Reserve (SPR) to its maximum capacity by purchasing 77 million barrels of American-made crude oil. Today, DOE announced a solicitation for the purchase of an initial 30 million barrels to begin filling the SPR. Solicitations for additional purchases will follow.

“DOE is moving quickly to support U.S. oil producers facing potentially catastrophic losses from the impacts of COVID-19 and the intentional disruption to world oil markets by foreign actors,” said U.S. Energy Secretary Dan Brouillette.

At whose direction did the DOE fill the tanks? Who? Obama? Biden? What planet do you live on? Do you not know that Biden is draining our reserve?

 

[westwall]

Wow. not one bit of that is true. Let's ask the government you trust so much what the truth is:

WASHINGTON, D.C. – At the direction of the President of the United States, Donald J. Trump, the Department of Energy (DOE) will fill the Strategic Petroleum Reserve (SPR) to its maximum capacity by purchasing 77 million barrels of American-made crude oil. Today, DOE announced a solicitation for the purchase of an initial 30 million barrels to begin filling the SPR. Solicitations for additional purchases will follow.

“DOE is moving quickly to support U.S. oil producers facing potentially catastrophic losses from the impacts of COVID-19 and the intentional disruption to world oil markets by foreign actors,” said U.S. Energy Secretary Dan Brouillette.

At whose direction did the DOE fill the tanks? Who? Obama? Biden? What planet do you live on? Do you not know that Biden is using our reserve?

The troll knows, it just doesn't care.

 

[YoursTruly]

The fuck he was. Ryan is your typical deep state piece of shit. He interfered with Trump at every opportunity.

Go peddle your bullshit elsewhere, youngster.

I WATCHED that crap happen in real time.

LMAO... You forget how hard Ryan pushed for Trumps version of Obamacare.

 

[KissMy]

Just the opposite. The mental midget did something right for a change. Pisses me off he hamstrung them in the first place.

Trump is the one who made hundreds of US drillers go bust destroying US oil production. Biden had them standing up them oil drilling rigs back up ASAP.

 

[westwall]

LMAO... You forget how hard Ryan pushed for Trumps version of Obamacare.

No, he didn't. If he had it would have passed. Everyone with a brain knows that the deals are made in closed rooms.

 

[Fort Fun Indiana]

Wow. not one bit of that is true. Let's ask the government you trust so much what the truth is:

WASHINGTON, D.C. – At the direction of the President of the United States, Donald J. Trump, the Department of Energy (DOE) will fill the Strategic Petroleum Reserve (SPR) to its maximum capacity by purchasing 77 million barrels of American-made crude oil. Today, DOE announced a solicitation for the purchase of an initial 30 million barrels to begin filling the SPR. Solicitations for additional purchases will follow.

“DOE is moving quickly to support U.S. oil producers facing potentially catastrophic losses from the impacts of COVID-19 and the intentional disruption to world oil markets by foreign actors,” said U.S. Energy Secretary Dan Brouillette.

At whose direction did the DOE fill the tanks? Who? Obama? Biden? What planet do you live on? Do you not know that Biden is using our reserve?

I am trying to figure out what point you are trying to make about the reserve.

Filling it raises process, emptying it lowers prices. The Trump administration globally lobbied for higher oil prices for his entire term.

He asked foreigners to cut production. He gluttonized the reserves. All for this purpose.

Which you support out of selfishness, I propose.

 

[KissMy]

Wow. not one bit of that is true. Let's ask the government you trust so much what the truth is:

WASHINGTON, D.C. – At the direction of the President of the United States, Donald J. Trump, the Department of Energy (DOE) will fill the Strategic Petroleum Reserve (SPR) to its maximum capacity by purchasing 77 million barrels of American-made crude oil. Today, DOE announced a solicitation for the purchase of an initial 30 million barrels to begin filling the SPR. Solicitations for additional purchases will follow.

“DOE is moving quickly to support U.S. oil producers facing potentially catastrophic losses from the impacts of COVID-19 and the intentional disruption to world oil markets by foreign actors,” said U.S. Energy Secretary Dan Brouillette.

At whose direction did the DOE fill the tanks? Who? Obama? Biden? What planet do you live on? Do you not know that Biden is using our reserve?

According to data from the Energy Information Administration (EIA), Obama filled the SPR to record 727 million barrels in 2010. When Trump took office in January 2017, the SPR contained 695 million barrels. When he left office four years later, the SPR contained 638 million barrels. So, the level of the SPR actually declined 57 million barrels while President Trump was in office. Why didn't Trump replace the 89 million barrels back to Obama's all time record during covid to support drillers when the price was negative????

eia.gov

Stocks of SPR Crude Oil

07/07/2023

346,758,000

10/27/2023

351,274,000

Biden has added 4,516,000 barrels of oil to the SPR since 07/07/2023

 

[The Irish Ram]

emptying it lowers prices

Which is why Biden is draining our reserve. To keep prices down until after the election. Trump kept domestic prices low and pushed for higher global prices.
Government regulations are shutting our refineries down. Refining our own oil kept the prices lower for us. Once the elections are over, and our reserve is gone, we'll be paying the same price as Europe does. OPEC will decide our energy fate.

 

[KissMy]

Which is why Biden is draining our reserve. To keep prices down until after the election. Trump kept domestic prices low and pushed for higher global prices.
Government regulations are shutting our refineries down. Refining our own oil kept the prices lower for us. Once the elections are over, and our reserve is gone, we'll be paying the same price as Europe does. OPEC will decide our energy fate.

eia.gov

Stocks of SPR Crude Oil

07/07/2023

346,758,000

10/27/2023

351,274,000

Biden has added 4,516,000 barrels of oil to the SPR since 07/07/2023

 

[The Irish Ram]

eia.gov

Stocks of SPR Crude Oil

07/07/2023

346,758,000

10/27/2023

351,274,000

Biden has added 4,516,000 barrels of oil to the SPR since 07/07/2023

At what price?
Trump: filled at $27.00 a gal.
Biden: refilling at $73.00 a gal.

So much for the buy low, sell high crowd. Biden has done just the opposite. Suckers...

A total of 10 companies responded to the Request for Proposal submitting 30 proposals. This purchase has been fully subscribed, and the contracts were awarded to five companies. These 3 million barrels are being purchased for an average price of about $73 per barrel

 

[Fort Fun Indiana]

Which is why Biden is draining our reserve.

Actually, Biden is filling the reserve. This is the point where you should give pause to everything you are saying and wonder aloud to yourself if someone has been trying to fool you.

US seeks to buy 6 million barrels for oil reserve by January

President Joe Biden's administration hopes to buy 6 million barrels of crude oil for delivery to the Strategic Petroleum Reserve in December and January, as it continues its plan to replenish the emergency stockpile, the U.S. Department of Energy said on Thursday.

www.reuters.com

 

[YoursTruly]

Trump is the one who made hundreds of US drillers go bust destroying US oil production. Biden had them standing up them oil drilling rigs back up ASAP.

I rarely take up for Trump. But I'm going to on this one. But this also goes for Biden too.
The president doesn't dictate how many rigs are in operation. This is solely on the decision of the oil companies.
How may rigs are up and running have almost nothing to do with how much oil is being produced.

It's cheaper to import oil from places like Saudi, than to find and produce oil in the USA. Even with the billions the US oil companies get in government subsidies. This is why we import so much oil. It's not because we don't have the man power or the time. West Texas crude is good. But it still cost too much to refine it. Much more than middle east oil.


And another thing is that the amount of drilling rigs in operation during Trumps last year in office was in part due to covid. The demand was low, so there was no need to drill more wells. Plus Russia and Saudi were in an oil price war that made it way less expensive to import than to produce our own.

But KissMy , It was Trump who struct that deal for US, MX and Saudi to reduce oil production in April of 2020. So essentially, it was Trump that was in part responsible for the oil bust cycle starting when it did. By June of 2020, listed on on your graph, US oil companies were reporting record lay offs.

Biden has been much better for oil company profits than Trump was.

Me personally, I think the US government needs to stop taking credit for what the oil companies do, because in reality, they don't have the final say in how they conduct their business, or how much oil they produce.