CDZ How Did Gas Prices Never Fall Below $2 In most Areas Of The Country After Oil Fell To Negative Prices In 2020?

[surada]

And that effort dropped prices below $2 until an equilibrium was met and the price stayed consistently lower than the Obama pre-fracking squeeze-down.
Fracking saved our economy in spite of Obama. Further restriction-lifting by trump created an energy independence. Any impact opec and Russia had by opening spigots was short lived and mostly superficial.
Obama’s — Biden’s — latest squeeze-down has driven prices back up and given opec a leverage it hadn’t had since pre-trump.

The reason US oil production doubled during Obama's 8 years was becuse the ppb was high. The oil business is capitalistic. They need a profit.

 

[surada]

Xiden immediately cutting 32 million barrels a day out of the flow certainly helped to push prices up.

LOLOL.. The US uses 20 million bpd ..Where did Biden cut these fictitious 32 million bpd?

 

[Fort Fun Indiana]

That’s right. Cut off supply lines (like pipelines) and you have price increases.

That depends. Complete the keystone xl pipeline, and gas prices in the Midwest would increase. Midwesterners enjoy discounts due to the glut of oil at the current terminus. Pipe that oil to the Gulf, where it is more easily sold/shipped to the highest global bidder, and that discount evaporates.

 

[Oddball]

LOLOL.. The US uses 20 million bpd ..Where did Biden cut these fictitious 32 million bpd?

How much is used is irrelevant.

You seem to forget that Murica was a net exporter of oil for the first time in decades.

 

[surada]

That depends. Complete the keystone xl pipeline, and gas prices in the Midwest would increase. Midwesterners enjoy discounts due to the glut of oil at the current terminus. Pipe that oil to the Gulf, where it is more easily sold/shipped to the highest global bidder, and that discount evaporates.

Canadian tar sands sell for about $27 a barrel.


This is an excellent explanation.. Forget the environmental issues.

Keystone XL is a tar sands pipeline to export oil out of the United States

One of the most important facts that is missing in the national debate surrounding the proposed Keystone XL tar sands pipeline is this – Keystone XL will not bring any more oil into the United State for decades to come. ...

www.nrdc.org

Excerpt:

One of the most important facts that is missing in the national debate surrounding the proposed Keystone XL tar sands pipeline is this – Keystone XL will not bring any more oil into the United State for decades to come.

Canada doesn’t have nearly enough oil to fill existing pipelines going to the United States. However, existing Canadian oil pipelines all go to the Midwest, where the only buyer for their crude is the United States. Keystone XL would divert Canadian oil from refineries in the Midwest to the Gulf Coast where it can be refined and exported.

Many of these refineries are in Foreign Trade Zones where oil may be exported to international buyers without paying U.S. taxes. And that is exactly what Valero, one of the largest potential buyers of Keystone XL's oil, has told its investors it will do.

The idea that Keystone XL will improve U.S. oil supply is a documented scam being played on the American people by Big Oil and its friends in Washington DC.

 

[Fort Fun Indiana]

How much is used is irrelevant.

You seem to forget that Murica was a net exporter of oil for the first time in decades.

And you seem to forget that is the Cliff's notes version of reality, wherein in America did not produce or export ANY oil, because America's oil industry is not nationalized.

 

[surada]

How much is used is irrelevant.

You seem to forget that Murica was a net exporter of oil for the first time in decades.

Yeah.. We export about 3.5 million bpd and import 8 million bpd.

Where was this 32 million barrels Biden cancelled?

 

[Oddball]

Yeah.. We export about 3.5 million bpd and import 8 million bpd.

Where was this 32 million barrels Biden cancelled?

If I stipulate that the number is off, you'll still never admit that your pants-shitting, sputtering, oatmeal brained marionette of a "president" is responsible for turning the nation back into one that is dependent upon imports again.....So what's the point of bothering with you?

 

[Blues Man]

In 2020, the price of oil fell to negative $37.63 a barrel. The economy shut down, and demand at all time lows.

Oil prices went negative a year ago: Here's what traders have learned since

It’s been a year since the U.S. benchmark West Texas Intermediate crude futures settled at a negative price for the first time, and while prices have...

www.marketwatch.com

But the price of a gallon of gas still hovered in the $2 a gallon range at $1.93 at it's lowest. Even higher in other areas of the country, and stayed over $2 a gallon for the rest of the year.

U.S. All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon)

Refineries refused to refine oil into gasoline to help the American people.

Too Much Oil: How a Barrel Came to Be Worth Less Than Nothing (Published 2020)

One oil price went negative on Monday, signaling that there is no place to store all the crude the world is producing but not using.

www.nytimes.com

Even with an historic glut of oil, that could have been refined, helping the economy, with historic low gas prices, that could have remained low, by simply continuing to produce as demand started to recover.

We're Barreling Toward An Epic Glut Of Oil

The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.

www.npr.org

So why didn't the President, and Congress act on this at the time?

No commodity can ever have a negative price. No OPEC country was paying people to take their oil as that is what a negative price means.

 

[surada]

If I stipulate that the number is off, you'll still never admit that your pants-shitting, sputtering, oatmeal brained marionette of a "president" is responsible for turning the nation back into one that is dependent upon imports again.....So what's the point of bothering with you?

We have ALWAYS been dependent on imported oil. Mostly from Canada,Mexico and Venezuela.. now Russia thanks to Trump. Look at how much the oil the US producers produce.

 

[Fort Fun Indiana]

No commodity can ever have a negative price. No OPEC country was paying people to take their oil as that is what a negative price means.

Right, it was the traders ad brokers who paid people to take excess oil.

 

[surada]

Right, it was the traders ad brokers who paid people to take excess oil.

 

[skews13]

The glut lasted into the new year, and OPEC ramped production, with the intent of bankrupting domestic drillers

They were cutting production at that time.
Their attempt to stop fracking by raising production was in 2014.

Come again?

President Obamaâs Support For Americaâs Shale Oil And Natural Gas

“The natural gas boom has led to cleaner power, and greater energy independence…. Natural gas isn’t just appearing magically…. We’re encouraging it and working with the industry,” Barack Obama, 44th President of the United States.

www.forbes.com

 

[surada]

That depends. Complete the keystone xl pipeline, and gas prices in the Midwest would increase. Midwesterners enjoy discounts due to the glut of oil at the current terminus. Pipe that oil to the Gulf, where it is more easily sold/shipped to the highest global bidder, and that discount evaporates.

Yep.. Keystone has lots and lots of unused pipelines in the Midwest.

 

[surada]

The glut lasted into the new year, and OPEC ramped production, with the intent of bankrupting domestic drillers

They were cutting production at that time.
Their attempt to stop fracking by raising production was in 2014.

OPEC+ reaches deal to cut oil production by 9.7 million ...

OPEC+ reaches deal to cut oil production by 9.7 million barrels per day

Saudi Arabia and Russia have struck a deal with other major oil producing nations to slash production as they attempt to stabilize a market that has been upended by the coronavirus

www.cnn.com

Apr 13, 2020 · OPEC+ reaches deal to cut oil production by 9.7 million barrels per day By Clare Duffy and Jill Disis , CNN Business Updated 10:01 AM ET, Mon April 13, 2020

 

[Toddsterpatriot]

Saudi Arabia cut production in 2020.

Do you feel I posted otherwise?

 

[Oddball]

We have ALWAYS been dependent on imported oil. Mostly from Canada,Mexico and Venezuela.. now Russia thanks to Trump. Look at how much the oil the US producers produce.

Horseshit.

The United States Was Energy Independent in 2019 for the First Time Since 1957

U.S. energy production in 2019 was higher than U.S. energy consumption for the first time in 62 years. Thus, the…

www.instituteforenergyresearch.org

 

[surada]

Come again?

President Obamaâs Support For Americaâs Shale Oil And Natural Gas

“The natural gas boom has led to cleaner power, and greater energy independence…. Natural gas isn’t just appearing magically…. We’re encouraging it and working with the industry,” Barack Obama, 44th President of the United States.

www.forbes.com

OPEC and allies finalize record oil production cut after days of discussion

OPEC and its oil producing allies on Sunday finalized a historic agreement to cut production by 9.7 million barrels per day, following multiple days of discussions and back-and-forth between the world's largest energy producers.

www.cnbc.com

 

[surada]

Do you feel I posted otherwise?

Toddsterpatriot said:
The glut lasted into the new year, and OPEC ramped production, with the intent of bankrupting domestic drillers

 

[surada]

Horseshit.

The United States Was Energy Independent in 2019 for the First Time Since 1957

U.S. energy production in 2019 was higher than U.S. energy consumption for the first time in 62 years. Thus, the…

www.instituteforenergyresearch.org

Oil imports and exports - U.S. Energy Information Administration (EIA)

U.S. crude oil imports sources including OPEC and Persian Gulf, and top five source countries of U.S. oil imports and destinations of U.S. crude oil exports.

www.eia.gov

Oil imports and exports - U.S. Energy Information ...
.
Nov 04, 2021 · The United States remained a net crude oil importer in 2020, importing nearly 5.88 MMb/d and exporting about 3.18 MMb/d.

However, some of the crude oil that the U.S. imports is refined by U.S. refineries into petroleum products—such as gasoline, heating oil, diesel fuel, and jet fuel—that the U.S. exports. Also, some of imported petroleum ...