Biden Expected To Ban Russian Oil

[Aldo Raine]

No. Banks got crazy in 2010 and started throwing money by the truckload to operators. Production jumped exponentially to where there were around 1800 rigs drilling in the US. Of course the price dropped and many small to mid size companies lost it because they were stupid and were taking showers in hundred dollar bills while oil was at 110 a barrel. Oil is 132 a barrel with 519 rigs in the US currently drilling. Production is increasing but nowhere near the rate from 12 years ago.

It will as it becomes more profitable to pump the oil out of the ground here than in foreign countries!!!! You know Capitalism
MAGA

 

[BlackSand]

BP isn't multinational? Who knew? Royal Dutch Shell? Really?
MAGA

.

In a lot of cases, you have to understand that the lease is held by different entities at every stage.
Exploration, Drilling, Conversion and Production.
Once in Production, the lease can still change hands several times.

Larger Corporations eventually buy blocks of leases so that they can better provide management and services.

Exxon, Chevron, Shell or BP didn't drill the wells here.
The leases have changed hands 7 times in the last 10 years.
They have never been owned by a large multi-national Corporation.

They aren't now ... And are owned by an LLC in Wichita Falls ...

.​

 

[g5000]

Get ready for the economic collapse.

Any economic collapse will be global. It will have little to do with oil.

When Russia defaulted on its debts in 1998, Long Term Capital Management imploded. This created a systemic risk which could have collapsed the entire world economy.

The unintended consequences of Russia's economy collapsing and not being able to pay their debts could lead to another global systemic risk. We just don't know what kind of derivatives are out there tied to existing bank loans to Russia.

If there is a calamity, we are going to discover our banks are no longer too big to fail. They are too big to save.

 

[g5000]

I am sure you already know this but about 14,000,000 acres are available for drilling but yet less than 1/2 of those are being drilled on in this country!!!!
MAGA

The oil companies are deliberately slow walking their increase in production. Profits come first.

But, yeah. Let's blame Biden!

 

[EvilCat Breath]

I think cutting Russian oil is a good idea. But he should do away with his EO'S on drilling on federal land and start the Keystone pipeline again. Without that, the only people that will suffer are us. I'm sure China will buy the oil from Russia we were buying.

We will buy Iranian oil. They will be selling Russian oil.

 

[g5000]

And no new domestic drilling.

Who told you that horseshit? Put down that cup of piss you're drinking.

 

[blackhawk]

So we will ban oil from Russia and possibly ask Saudi Arabia, Venezuela and Iran to produce more so we can get oil from three bad regimes instead of the one.

 

[g5000]

The oil is there DUMBASS, but the oil companies have thus far chose NOT to drill there!!!!!! DUMBASS
MAGA

This is exactly right.

Chevron raises buybacks and says exposure to Russia is limited​

U.S. oil and gas producer Chevron Corp on Tuesday outlined a plan to raise buybacks and expand oil production through 2026, adding to long-term supply amid a tight market.

www.reuters.com

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.

 

[Aldo Raine]

.

In a lot of cases, you have to understand that the lease is held by different entities at every stage.
Exploration, Drilling, Conversion and Production.
Once in Production, the lease can still change hands several times.

Larger Corporations eventually buy blocks of leases so that they can better provide management and services.

Exxon, Chevron, Shell or BP didn't drill the wells here.
The leases have changed hands 7 times in the last 10 years.
They have never been owned by a large multi-national Corporation.

They aren't now ... And are owned by an LLC in Wichita Falls ...

.​

Certainly, but those huge multinationals are heavily invested in those oil fields. They have the majority of the funding or back the notes. So ya they are vested.
MAGA

 

[g5000]

Exactly. If the margins were there it would've been drilled.

The margins are in NOT drilling.

See post 48.

 

[Aldo Raine]

The oil companies are deliberately slow walking their increase in production. Profits come first.

But, yeah. Let's blame Biden!

Capitalism?
MAGA

 

[g5000]

Why did Biden buy Russian oil in the first place and green light Putin's incursion in the first place?

Is he going to "drill, baby drill" here at home or suck Iranian dick for oil?

See post 39. Biden is more "drill, baby, drill" than Trump was.

As for why countries buy Russian oil, don't you understand how supply and demand works?

 

[BlackSand]

Certainly, but those huge multinationals are heavily invested in those oil fields.

.

No they aren't ... The large Corporation are only invested in the Production that comes out of those fields.
Those corporations don't own anything until it is out of the ground and sold to them ... Nitwit.

Edit:
And it doesn't matter whether or not you disagree.
They account for everything in the paperwork they are required to send to the people who own the mineral rights.

Including the box of doughnuts they provided for HR's Sexual Harassment Meeting ...
Every nut and bolt they buy for the rig is included in the itemized list they send the owners every other month.

.​

 

[Aldo Raine]

This is exactly right.

Chevron raises buybacks and says exposure to Russia is limited​

U.S. oil and gas producer Chevron Corp on Tuesday outlined a plan to raise buybacks and expand oil production through 2026, adding to long-term supply amid a tight market.

www.reuters.com

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.

And folks, there it is Capitalism!!!!!
MAGA

 

[LordBrownTrout]

The margins are in NOT drilling.

See post 48.

See post 40. That happened. I saw if first hand, drilling, developmental, production, etc.

 

[LordBrownTrout]

And folks, there it is Capitalism!!!!!
MAGA

Oil and natural gas companies aren't charity organizations. For a second I thought you could have a short conversation but looks like you got back to your hacking liberal partisan talking points.

 

[LordBrownTrout]

See post 39. Biden is more "drill, baby, drill" than Trump was.

As for why countries buy Russian oil, don't you understand how supply and demand works?

That's funny, but he's really not for drilling. But hey, under obama and biden these barrel prices are awesome.

 

[BlackSand]

Oil and natural gas companies aren't charity organizations. For a second I thought you could have a short conversation but looks like you got back to your hacking liberal partisan talking points.

.

I think people get confused when they try to apply off-shore drilling rules to owned property and mineral rights.
The oil and natural gas are owned by the property owner with mineral rights.

The people who drill the holes and provide the Production are not necessarily huge multi-national Corporations.
They are just businesses, that have their own concerns and ledgers.

Even when they bring in bigger operations like Haliburton or Schlumberger ...
they are still contract labor/equipment and don't own the leases.

.​

 

[LordBrownTrout]

.

I think people get confused when they try to apply off-shore drilling rules to owned property and mineral rights.
The oil and natural gas are owned by the property owner with mineral rights.

The people who drill the holes and provide the Production are not necessarily huge multi-national Corporations.
They are just businesses, that have their own concerns and ledgers.

.​

Yep. The operators pay the landowner x amount for the lease while they drill and negotiate with the landowners on a percentage of the oil or natural gas. You have companies that provide the dd's, mwd's, rigs, diagnostic (schlumberger, weatherford) ie sonic scanners, core samples, porosities of the rock, api's. They all operate as service companies to the oil or natural gas company.

 

[Aldo Raine]

Oil and natural gas companies aren't charity organizations. For a second I thought you could have a short conversation but looks like you got back to your hacking liberal partisan talking points.

Exactly, they are not charities. They are Capitalists, thus why they are pumping oil out of the ground in foreign countries!!!!!
MAGA