As Bank Fears Spread, Oil Craters

[g5000]

I'm 52, I just Googled highest gas prices and that's what it gave me.

Your google is broken.

 

[g5000]

Take that chart back to 2008.

The highest record before Biden was under Bush, not Obama.

I've already shown this more than once.

 

[B. Kidd]

You are too ignorant to bother with any more.

Inflation is because of demand shock in consumer goods after the pandemic. Trump's stimulus spending, the Fed's 10+ years of ZIRP, and the $16 trillion of debt by Obama and Trump are the drivers of inflation.

Only a true idiot thinks the causes of inflation were instantaneously caused when Biden was sworn in.

You're the F'in idiot. Joetard's war on oil from day 1 when he killed the pipeline and it's ripple effects laid the foundation for runaway inflation!!

You're a total Jack-Off!!!

 

[struth]

You are too ignorant to bother with any more.

Inflation is because of demand shock in consumer goods after the pandemic. Trump's stimulus spending, the Fed's 10+ years of ZIRP, and the $16 trillion of debt by Obama and Trump are the drivers of inflation.

Only a true idiot thinks the causes of inflation were instantaneously caused when Biden was sworn in.

inflation is because of xiden’s war on the working class….it’s been years since the pandemic ended…inflation is still massively high. That excuse fails on its face

 

[Markle]

Inflation began rising before Biden took office.

And that's because inflation has nothing to do with Biden. None of you have ever explained how it does. You are just blind parroting rubes speaking from ignorance.

As you can see below, as a result in the spike of spending and consumerism, the number of shipping containers and the number of container ships at our California ports surged tremendously to record highs. This overwhelmed the system.

Consumer expenditures rose to an all time high after the pandemic. The pseudocon propagandists would have been praising Trump for this if he were in office, because this is tremendously good news for our economy.

As you know and are playing the resident Troll, inflation and all energy prices skyrocketed the day after President Biden was elected. That's not speculation, that's verifiable FACT.

 

[struth]

Yes, he set a record with China. But overall, his oil exports are down. That's as plain as the nose on your face.

China and India can't make up for the EU and US losses.

It's very simple to understand.

As for driving up the cost, Putin is going to cut production going forward because oil is getting perilously close to $60 which is the breaking point for his economy.

yeah they can amd have with record purchasing

 

[struth]

As you know and are playing the resident Troll, inflation and all energy prices skyrocketed the day after President Biden was elected. That's not speculation, that's verifiable FACT.

the market responding to the demafasict agenda

 

[YoursTruly]

I wonder if they will drop as low as Trump's COVID caused them to drop?

I hope so. It's hilarious, people complaining about cheap gas. Like that's a bad thing.

 

[g5000]

You're the F'in idiot. Joetard's war on oil from day 1 when he killed the pipeline and it's ripple effects laid the foundation for runaway inflation!!

You're a total Jack-Off!!!

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:

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:

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​

Having dropped to the lowest in more than a decade for 2021, Saudi crude exports are

 

[B. Kidd]

Meanwhile, in Venezuela:

​

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.

3 card Monty is your game.

 

[g5000]

So...yeah. BIDENZ WAHR ON AHL is a hoax. Biden did his level best to increase production.

Unfortunately, the shale oil companies were deliberately slow-walking their production to maximize profits. And Venezuela and Saudi Arabia were producing LESS THAN THEY WERE DURING THE PANDEMIC DOWNTURN!


None of this matters to the BDS crowd. They have been told what to bleev and what to parrot and will not be shaken from their gaslighted non-factual delusions.

There is absolutely nothing anyone can do about that.

 

[BS Filter]

Only retards blame an administration which has nothing to do with the causes of the crisis.

Seriously. That's ignorant retard illogic.

But as usual, it will be the current administration's job to dig us out of the ditch we find ourselves in yet again.

By the way, Swiss bank Credit Suisse has just received a bailout from the ECB.

Credit Suisse shares soar after central bank offers lifeline

Credit Suisse shares surged after the Swiss central bank agreed to loan the bank up to 50 billion francs ($54 billion) to bolster confidence in the country’s second-biggest lender following the collapse of two U.S. banks.

apnews.com

Only retards would impeach a President for absolutely nothing.

 

[Markle]

Take that chart back to 2008.

The highest record before Biden was under Bush, not Obama.

I've already shown this more than once.

Why?

I proved you lied. My job is done.

You seem to go out of your way to make a fool of yourself. Why did you do that? I have no clue. Do you?

 

[multivita-man]

Oil prices crater as inventories build, fears ripple through global markets

Oil prices have fallen sharply in recent days amid growing inventories and broad stresses following the failure of multiple U.S. banks.

finance.yahoo.com

As fears over the banking system weigh on markets worldwide, the price of oil has come under significant pressure in recent days with WTI crude oil, the U.S. benchmark, falling below $67 on Wednesday, its lowest price since November 2021.



In just 10 days, oil fell from $80.46 to $67. Today, WTI Crude is $66.59.

Since oil and gas are half the Russian economy, they need oil to remain above $60 to stay solvent.

Speaking of Russia, Putin is going begging to get someone to take his oil.

Russia’s Oil Trade Is Starting to Show Signs of Clogging Up

Across the world, there are increasing signs that the smooth flow of Russian petroleum is starting to get snarled.

www.bloomberg.com

Ships filled with refined fuels are floating off the coasts of Europe, Africa and Latin America, potentially ratcheting up waiting fees. Some vessels hauling the OPEC+ producer’s crude oil are bouncing between ports without discharging, while others are unloading and being stashed at unusual locations.

It all points to a network of logistics that is struggling to keep pace with servicing a country that exports over 7 million barrels a day of crude oil and products. A vast swath of that trade has shifted from Europe to new and less-familiar customers, often thousands of miles further away.

“There has already been a mismatch in what is leaving Russian ports and what is imported by buyers of Russian oil,” said Giovanni Staunovo, commodity analyst at UBS Group AG. “This is translating in higher volumes of oil on water, and considering a limited number of tankers available to transport oil, if those tankers are not unloaded, it will translate in lower exports and production at some point.”


Putin thought he had the world over an oil barrel. He made a catastrophic error in judgement.

The banks will be fine in the end. It might take a few weeks for markets to get it, but central banks have told us what they're going to do.

Unfortunately, inflation is going to be with us for the foreseeable future. Goodbye 2% FFR target. We're going back to 1974-75 and/or 1981-82.

 

[Markle]

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.​

Then why were we energy independent with Trump as President but we are not today with gas and energy prices far above those during Trump's administration?

A timeline of Biden's actions on oil and gas reveal where his priorities are

The Biden administration's actions are speaking louder than words when it comes to domestic oil production.

www.foxbusiness.com

 

[Nostra]

What are your plans for celebrating Trump's arrest? I've stocked up on popcorn, and martini fixins.

Give us the date of your party Dragonlady

 

[jknowgood]

Your google is broken.

Okay, my bad.