An Inconvenient Truth

[JoeC]

 

[JGalt]

View attachment 767795

"Don't underestimate Joe's ability to fuck things up." - Barack Obama

Crude oil - 2023 Data - 1983-2022 Historical - 2024 Forecast - Price - Quote - Chart

 

[DudleySmith]

It dropped below $70 the other day. Big Oil sets its own prices, based on what it thinks they can get away with without public outrage sending mobs of angry villagers swarming over their castle walls.

 

[Ray From Cleveland]

It dropped below $70 the other day. Big Oil sets its own prices, based on what it thinks they can get away with without public outrage sending mobs of angry villagers swarming over their castle walls.

No, it really doesn't work that way. All energy prices are set in the commodities markets. That is generally guided by supply and demand.

 

[DudleySmith]

No, it really doesn't work that way. All energy prices are set in the commodities markets. That is generally guided by supply and demand.

No, they're set by a handful of companies, who collude to put prices where ever they are all comfortable with, whether nationally owned like the Saudis or semi-privates like Exxon and BP. When they cut prices, it's to keep market shares out of the hands of outsider, then they raise prices again after the competition is routed. That's why they're called oligarchies.

 

[Ray From Cleveland]

No, they're set by a handful of companies, who collude to put prices where ever they are all comfortable with, whether nationally owned like the Saudis or semi-privates like Exxon and BP. When they cut prices, it's to keep market shares out of the hands of outsider, then they raise prices again after the competition is routed. That's why they're called oligarchies.

It doesn't work that way. Trust me, I spent several years trading commodities.

Energy is not a domestic market, it's a worldwide market. All energy is sold on the worldwide market.

Example: after Dementia opened up our strategic reserves, articles were written that he sold our oil to China. Partly true. Our oil was sold like it always was, again, the worldwide market. China just happened to be one of the many countries that bought our oil. Biden had no control over that.

The idea was to put more oil into the market place helping to lower our prices. If American oil companies controlled prices, we would have been paying $10.00 a gallon for the last 20 years and nobody could do a thing about it.

 

[JoeC]

No, they're set by a handful of companies, who collude to put prices where ever they are all comfortable with, whether nationally owned like the Saudis or semi-privates like Exxon and BP. When they cut prices, it's to keep market shares out of the hands of outsider, then they raise prices again after the competition is routed. That's why they're called oligarchies.

If that was so, why were prices so low under Trump? I bet the Russians are behind it Is that why Slo Joe blew up the Nordstream Pipeline?

 

[ColonelAngus]

But Trump said the word PUSSY.

END OF THREAD.

 

[DudleySmith]

It doesn't work that way. Trust me, I spent several years trading commodities.

Energy is not a domestic market, it's a worldwide market. All energy is sold on the worldwide market.

Example: after Dementia opened up our strategic reserves, articles were written that he sold our oil to China. Partly true. Our oil was sold like it always was, again, the worldwide market. China just happened to be one of the many countries that bought our oil. Biden had no control over that.

The idea was to put more oil into the market place helping to lower our prices. If American oil companies controlled prices, we would have been paying $10.00 a gallon for the last 20 years and nobody could do a thing about it.

lol rubbish. It's dominated by a handful of large producers. They lower and raise prices at will. Presidents control none of it.

 

[DudleySmith]

If that was so, why were prices so low under Trump? I bet the Russians are behind it Is that why Slo Joe blew up the Nordstream Pipeline?

The companies over-drilled gas wells, and wanted to steal market share from Russia. You have any more idiotic gibberish you want to wow your treehouse buddies with? They had to honor drilling contracts by law, and swamped their own storage facilities. Natural gas should have been free, but it never was even in a glut, dumbass. They flared off trillions of cubic feet.They deliberately kept it off the market.

 

[g5000]

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The price of oil today is not $109, idiot.

If you are going to copy and paste things you are told to parrot, make sure they are current, mm-kay?

 

[DudleySmith]

Example: after Dementia opened up our strategic reserves, articles were written that he sold our oil to China. Partly true. Our oil was sold like it always was, again, the worldwide market.

A fiction used to gouge domestic customers. The largest producer country paying the same for a barrel countries with no production do is just stupid hair brained idiocy, especially when they're plundering our strategic reserves.

What is the price of LNG now that they shut Russia out of major markets? lol.

 

[g5000]

If that was so, why were prices so low under Trump? I bet the Russians are behind it Is that why Slo Joe blew up the Nordstream Pipeline?

It's getting old having to prove you tards' "Biden's war on oil" bullshit wrong over and over.

US oil production increased by 30 percent in Biden's first year. It only increased by 20 percent in Trump's first year. And they both started from the same level. So tell me why Trump hates America!



Next:

New Data: Biden’s First Year Drilling Permitting Stomps Trump’s By 34%​

New federal data shows the Biden administration approved 3,557 permits for oil and gas drilling on public lands in its first year, far outpacing the Trump administration’s first-year total of 2,658.

Nearly 2,000 of the drilling permits were approved on public lands administered by the Bureau of Land Management’s New Mexico office, followed by 843 in Wyoming, 285 in Montana and North Dakota, and 191 in Utah. In California, the Biden administration approved 187 permits — more than twice the 71 drilling permits Trump approved in that state in his first year.



More fun:

U.S. Energy Independence Has Grown​

Using the definition of exports minus imports, 2021 was our highest level of energy independence in history.​

 

[g5000]

Meanwhile, 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.

 

[g5000]

Meanwhile, in Venezuela, they produced less oil in 2021 than they did during the pandemic!

Venezuela's 2021 crude output shows no growth from last year​

Average year crude production slightly below 2020 Production from JVs account for 60% of total production Iranian condensates boost output for third straight month Venezuelan state owned PDVSA and its

www.spglobal.com

Venezuelan state-owned PDVSA and its foreign joint venture partners recorded average crude oil production of 560,000 b/d in 2021, according to an internal report reviewed by S&P Global Platts.

The average year was slightly below 2020 when production averaged 570,000 b/d and the 2019 record when production was 1.01 million b/d, according to the OPEC Annual Statistical Bulletin. Also, the 2021 results were far from the target of PDVSA's recovery plan.

 

[g5000]

Meanwhile, in Saudi Arabia:

Saudi crude oil exports fell in 2021 even as OPEC+ ease output caps​

RIYADH: Saudi Arabia shipped less crude in 2021 from a year ago, even as the Kingdom is allowed to produce more oil under its agreemnt with OPEC+ countries. Saudi crude oil exports averaged 6.22 million barrels per day, which is 6.6 percent less than in 2020, data posted by the Joint...

www.arabnews.com

Saudi Crude Oil Exports Sink To 11-Year Low For 2021; Now For The Rebound​

 

[g5000]

And that, boys and girls, is why oil spiked last year.

 

[Ray From Cleveland]

A fiction used to gouge domestic customers. The largest producer country paying the same for a barrel countries with no production do is just stupid hair brained idiocy, especially when they're plundering our strategic reserves.

I never agreed with using our reserves because as we both know it puts us in a dangerous situation just to try and tame a mid term election. Especially with a demented moron starting trouble with now two nuclear armed countries.

But that's the way oil is bought and sold and always has been. Believe it or not, the commodities market was created to stabilize prices. It may not work in our favor all the time, but the damage would be much worse if not in the market.

 

[DudleySmith]

It's getting old having to prove you tards' "Biden's war on oil" bullshit wrong over and over.

US oil production increased by 30 percent in Biden's first year. It only increased by 20 percent in Trump's first year. And they both started from the same level. So tell me why Trump hates America!



Next:

​

New Data: Biden’s First Year Drilling Permitting Stomps Trump’s By 34%​

New federal data shows the Biden administration approved 3,557 permits for oil and gas drilling on public lands in its first year, far outpacing the Trump administration’s first-year total of 2,658.

Nearly 2,000 of the drilling permits were approved on public lands administered by the Bureau of Land Management’s New Mexico office, followed by 843 in Wyoming, 285 in Montana and North Dakota, and 191 in Utah. In California, the Biden administration approved 187 permits — more than twice the 71 drilling permits Trump approved in that state in his first year.



More fun:

​

U.S. Energy Independence Has Grown​

Using the definition of exports minus imports, 2021 was our highest level of energy independence in history.​

I've posted most of that before, They don't give a shit about facts any more than Democrats do, it's about Party, is all. These are the same shills who think 'the Keystone pipeline was shut down and drove up gas prices n stuff'. lol

 

[hadit]

It dropped below $70 the other day. Big Oil sets its own prices, based on what it thinks they can get away with without public outrage sending mobs of angry villagers swarming over their castle walls.

Actually they don't. The market sets the price. Do you think farmers set the price for their products?