Biden's energy secretary laughs and cedes all control to OPEC when asked about oil prices

[Moonglow]

You left out what else he said. That he repeatedly offered proposals to make America more energy independent, and the Democrat run congress refused to even discuss it.
You also see he wanted to temporarily suspend federal gas taxes, also turned down by the Democrat ran congress.
You should actually read what you link

I still remember 2008 and what he said and yet people still roared with disapproval which still doesn't stop oil from increasing in price when there is a pandemic and production stops and people are laid off and refineries shut down.

 

[Slade3200]

The concept of supply and demand is fairly straightforward. As demand increases (or supply decreases) the price should go up. As demand decreases (or supply increases) the price should go down. Sounds simple?


Not quite. The price of oil as we know it is actually set in the oil futures market.5 An oil futures contract is a binding agreement that gives one the right to purchase oil by the barrel at a predefined price on a predefined date in the future. Under a futures contract, both the buyer and the seller are obligated to fulfill their side of the transaction on the specified date.

What Determines Oil Prices?

Understand the economic factors and other market forces that impact oil prices.

www.investopedia.com

 

[DudleySmith]

Just think If ol'Trumpybear didn't give up our energy independence during the Pandemic we could be the one affecting global oil prices.....

Look at the rig count drop, down to just 250 in Aug of his last year.

U.S. Crude Oil and Natural Gas Rotary Rigs in Operation (Number of Elements)

Deliberately glutted market, trying to drive putin out of the western European markets and make his pipelineas financial white elephants; Merkel saved Putin, along with France and Switzerland.. Rig count is now at 542+ from 310 Last october.

 

[iamwhatiseem]

I still remember 2008 and what he said and yet people still roared with disapproval which still doesn't stop oil from increasing in price when there is a pandemic and production stops and people are laid off and refineries shut down.

Oh that is funny.
OPEC refused to increase production despite the entire world wanting them to.
They have done this probably 20 times in the past 20 years whenever something happens economically.
It's what they do. It's why they exist.
We could have controlled our own energy destiny starting nearly 40 years ago. But...tell me again... who keeps stopping that from happening?

 

[BlindBoo]

Energy independence is a joke. We're still importing 7 million bpd.

Not according to the Trumphumpers who want to blame Biden for the drop in US production when it happened in the spring and summer of Trumpys final year in office. It's been increasing under Joe.

Energy independence is a shell game with our exports of Natural gas and refined products matching or exceeding the amount of oil we import.

 

[Concerned American]

Energy independence is a joke. We're still importing 7 million bpd.

Nice pretty graph--when is the time frame moron.
The fact of the matter is that the US imported 7.86 MM bpd in 2020. They also EXPORTED 8.5 MM bpd. That is called energy independence--when you export more than you import.
In 2020, the United States exported about 8.50 MMb/d of petroleum to about 174 countries and 4 U.S. territories. Crude oil exports of about 3.21 MMb/d accounted for 38% of total U.S. gross petroleum exports in 2020. The resulting total net petroleum imports (imports minus exports) were about -0.63 MMb/d in 2020, which means that the United States was a net petroleum exporter of 0.63 MMb/d in 2020.

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

Just STFU

 

[iamwhatiseem]

Nice pretty graph--when is the time frame moron.
The fact of the matter is that the US imported 7.86 MM bpd in 2020. They also EXPORTED 8.5 MM bpd. That is called energy independence--when you export more than you import.
In 2020, the United States exported about 8.50 MMb/d of petroleum to about 174 countries and 4 U.S. territories. Crude oil exports of about 3.21 MMb/d accounted for 38% of total U.S. gross petroleum exports in 2020. The resulting total net petroleum imports (imports minus exports) were about -0.63 MMb/d in 2020, which means that the United States was a net petroleum exporter of 0.63 MMb/d in 2020.

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

Just STFU

He'll be calling you a racist any minute now

 

[CowboyTed]

OPEC+ agrees to crude oil production increases, but Brent crude oil prices remain high - U.S. Energy Information Administration (EIA)

www.eia.gov

This is from back in July. The Saudis were actually the main lobbyists, not Biden; he's too stupid for anybody to take seriously, especially oil cartel leaders.

OPEC take no US President seriously... They are a cartel...

They thought Trump was a joke just like other world leaders... Biden is more serious but they aren't taking the food out of their own mouths..

 

[marvin martian]

OPEC take no US President seriously... They are a cartel...

They thought Trump was a joke just like other world leaders... Biden is more serious but they aren't taking the food out of their own mouths..

Biden is more serious? Is that why gas prices are double what they were under Trump?

Lord, you people are so ******* stupid.

 

[CowboyTed]

lol actually the Saudis are calling for their partners to increase production, not decrease it. People are really confused about this whole cartel thing and the insider battles going on; they actually thing there is a 'free market' or something, when the only 'market' is that one between these guys and their fellow price fixers.

Saudi's have been on the side of restricting...

UAE want to produce more...

The Tug Of War Over Saudi Production Policy

People are urging Saudi Arabia to cease oil investment, but also to increase production. The history of such advice is appalling.

www.forbes.com

 

[surada]

Nice pretty graph--when is the time frame moron.
The fact of the matter is that the US imported 7.86 MM bpd in 2020. They also EXPORTED 8.5 MM bpd. That is called energy independence--when you export more than you import.
In 2020, the United States exported about 8.50 MMb/d of petroleum to about 174 countries and 4 U.S. territories. Crude oil exports of about 3.21 MMb/d accounted for 38% of total U.S. gross petroleum exports in 2020. The resulting total net petroleum imports (imports minus exports) were about -0.63 MMb/d in 2020, which means that the United States was a net petroleum exporter of 0.63 MMb/d in 2020.

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

Just STFU

The margins for oil have been the same for decades.. We export 2.5 million bpd and import 7 million. 2020 was way off worldwide vecause of covid... No demand.

 

[Clipper]

Biden is good at one thing..................surrounding himself with complete buffoons.

If Trump runs again & wins maybe he can head over to S.A. & play asslicker to Saudi princes like he did a few years ago.

Does he still have his curtsy act down?

 

[surada]

OPEC take no US President seriously... They are a cartel...

They thought Trump was a joke just like other world leaders... Biden is more serious but they aren't taking the food out of their own mouths..

Before OPEC we had the Texas Railroad Commission that decided how much oil we could produce and how much we could import.

And yes, pretty much all world leaders thought Trump was a pompous buffoon.

 

[CowboyTed]

Biden is more serious? Is that why gas prices are double what they were under Trump?

Lord, you people are so ******* stupid.

'You cannot order 2 million barrels like ordering a coffee': Trump criticized for asking Saudi Arabia to raise oil output

President Donald Trump’s call for Saudi Arabia to abruptly increase oil production should be dismissed as political “noise,” one strategist told CNBC Monday.

www.cnbc.com

Saudi's don't give a ****...

But demand has risen heavily... Do ye know anything about the global Oil market?

Biden is actually really scaring them when he is investing in EV... That is there big scare, they know EV could destory thee economy in a decade...

 

[marvin martian]

Before OPEC we had the Texas Railroad Commission that decided how much oil we could produce and how much we could import.

And yes, pretty much all world leaders thought Trump was a pompous buffoon.

None of this explains why gas is now double the price it was under Trump.

 

[Nostra]

Nostra, you're really ignorant about the oil business.

So you are claiming supply and demand have no influence on oil prices.

Got it.

 

[Clipper]

OPEC+ agrees to crude oil production increases, but Brent crude oil prices remain high - U.S. Energy Information Administration (EIA)

www.eia.gov

This is from back in July. The Saudis were actually the main lobbyists, not Biden; he's too stupid for anybody to take seriously, especially oil cartel leaders.

When Trump went to S.A. a few years ago it's a good thing Melania remembered to pack a pair of kneepads for the orange blob to put on when he met up with his business patners in the Royal Palace.

When Dotard was on his knees I'll bet those pads really came in handy.

 

[surada]

So you are claiming supply and demand have no influence on oil prices.

Got it.

of course they do... and if the ppb is too low, US production dries up first because our lift costs are so high.

 

[Concerned American]

The margins for oil have been the same for decades.. We export 2.5 million bpd and import 7 million. 2020 was way off worldwide vecause of covid... No demand.

You are a stupid ****. I just presented a concise article from the US Energy Information Admin--a government agency, that clearly shows the US is a net EXPORTER of energy. Imports--7.86 MM bpd, Exports--8.5 MM bpd, 8.5-7.86= 0.64 (THAT IS A NET EXPORTER, aka ENERGY INDEPENDENT) chttps://www.eia.gov/tools/faqs/faq.php?id=727&t=6 You have provided NOTHING other than an uninformed opinion. So, again, STFU.

 

[surada]

When Trump went to S.A. a few years ago it's a good thing Melania remembered to pack a pair of kneepads for the orange blob to put on when he met up with his business patners in the Royal Palace.

The SAG aren't business partners with Trump. Heaven forbid. They just knew he would be flattered by pomp and circumstance.