How many of you Biden supporters that said the ban on Oil exploration by Biden didn't have an affect on prices???

[healthmyths]

Did you miss the fire sale of leases during the waning months of Trump? Their inventory of federal leases on the books has little to do with the 24% production level.

OK.... so you are a pricing analyst for an oil company that sells your found oil to refineries.
The oil in the past came from 24% federal lands and 76% from private lands.
Biden halts the sale of leases on federal lands.
As a pricing analyst now confronted with 24% less supply know the private land suppliers will raise their prices
because the Federal government ban on 24% of the production.
So oil exploration sells their oil to refineries with higher prices and do you think the gas refineries aren't going to
raise their prices or the gas stations that buy the gas won't raise their prices? How totally naive!

 

[Winston]

So Biden has ADMITTED he was wrong about the banning of leases and raising the rate!
Why else is he doing this?
But NOW...
even Biden agrees that federal leases are necessary to lower gas prices!!!!
Biden administration to resume leasing for oil and gas drilling on federal lands
The move comes as President Joe Biden seeks new ways to help lower gas prices.

Biden administration to resume leasing for oil and gas drilling on federal lands

The move comes as President Joe Biden seeks new ways to help lower gas prices.

www.nbcnews.com

You can't defend him as he admits he needs to lower gas prices!
GEEZ There is no question that gas prices have gone up because of the actions of Biden.
And HE admits it!

No, Biden never admitted he was wrong on the ban on additional leases. The courts stopped him. So can we at least get to the point where you admit the entire premise of your initial OP was flawed?

He has taken steps to alleviate gas prices, like releasing oil from the strategic reserve. But whatever he does, you dumbass Trumpbots squeal like stuck pigs. His increase in royalty rate to 18.75%, still a damn bargain. In Saudia Arabia the royalty rate is 20%, and the tax rate is, wait for it, 85%. Texas, the royalty rate for drilling on state lands, 25%.

The supply side of this equation is the loss of 4 million barrels a day from Russia, period. Has nothing to do with Biden, nothing to do with leases on public lands, nothing to do with the royalty rate. And that 4 million barrels a day is worldwide. The release of one million a day from the STOR more than compensates for the effect on the US. Biden's failure is his inability to get OPEC to make up the difference. Not like Trump would have done any better, he was pretty much on his knees in front of OPEC leaders with his mouth wide open. This is a demand side problem, and exporting diesel is, well just stupid. That is the first step to getting things under control.

Another big factor here that no one is seeing. The Trump corporate tax cut. Oil companies are now more risk averse, and drilling new wells in the face of a potential decline is demand, like what happened with Covid, is a risk many are not willing to take. Personally, I would double the corporate tax rate, and in effect, cut in half the risk exposure of those oil companies. Because those companies are more worried about the money they stand to lose than the amount of money they might could make.

 

[Winston]

So if you remove 24% of your potential inventory it doesn't raise the costs of your only source, i.e. private lands?

Can you just STFU, that inventory was never, ever removed. I mean good God Almighty, the Biden administration issued more leases for drilling on public lands in it's first year than Trump did in his.

 

[Winston]

OK.... so you are a pricing analyst for an oil company that sells your found oil to refineries.
The oil in the past came from 24% federal lands and 76% from private lands.
Biden halts the sale of leases on federal lands.
As a pricing analyst now confronted with 24% less supply know the private land suppliers will raise their prices
because the Federal government ban on 24% of the production.
So oil exploration sells their oil to refineries with higher prices and do you think the gas refineries aren't going to
raise their prices or the gas stations that buy the gas won't raise their prices? How totally naive!

Stupid shit. The sale of leases on public lands was stopped for a couple of months, THIS YEAR. The Biden administration sold more leases in it's first year than Trump did in his. I mean at this point, you are just making a fool of yourself.

 

[Winston]

So if you remove 24% of your potential inventory it doesn't raise the costs of your only source, i.e. private lands?

It never was removed DUMBASS. I mean damn, give it a rest.

 

[BlindBoo]

OK.... so you are a pricing analyst for an oil company that sells your found oil to refineries.
The oil in the past came from 24% federal lands and 76% from private lands.
Biden halts the sale of leases on federal lands.
As a pricing analyst now confronted with 24% less supply know the private land suppliers will raise their prices
because the Federal government ban on 24% of the production.
So oil exploration sells their oil to refineries with higher prices and do you think the gas refineries aren't going to
raise their prices or the gas stations that buy the gas won't raise their prices? How totally naive!

The active wells that supply that 24% are still producing oil. There is no ban on producing from those wells or increasing the number of production wells in an oil field. New drilling permits have not been banned either.

 

[BlindBoo]

Stupid shit. The sale of leases on public lands was stopped for a couple of months, THIS YEAR. The Biden administration sold more leases in it's first year than Trump did in his. I mean at this point, you are just making a fool of yourself.

I think you might mean drilling permits.

Biden’s Revival Of Oil Leasing Program Plays To Mixed Reviews

Across his first 15 months in office, President Joe Biden has held good to his word on his campaign promise to end new leasing for oil and natural gas on federal lands and waters.

www.forbes.com

 

[g5000]

I and several others here have posted that Biden's ban on oil exploration done the 7th day he was in office was a direct impact on gas prices rising have been proven RIGHT by Biden!!!
Just to recall...
Biden STOPPED On January 27, 2021 the Oil And Gas Leasing On Public Lands And Waters ,

Biden Hits 'Pause' On Oil And Gas Leasing On Public Lands And Waters

The move is one of his more controversial campaign promises, and industry groups say they will sue. But it won't have much immediate impact on driving down climate-warming emissions.

www.npr.org

on land that provides 24% of domestic gas production, FACT: 24% of our national oil production comes from Federal lands. Oil from federal lands tops 1B barrels as Trump eases rules
Gas prices on 1/25/21... $2.392 Gas prices as of 5/2/22 $4.182 or a $1.79 increase in 14 months or nearly 75% INCREASE !
But NOW...
even Biden agrees that federal leases are necessary to lower gas prices!!!!
Biden administration to resume leasing for oil and gas drilling on federal lands
The move comes as President Joe Biden seeks new ways to help lower gas prices.

Biden administration to resume leasing for oil and gas drilling on federal lands

The move comes as President Joe Biden seeks new ways to help lower gas prices.

www.nbcnews.com

So those of you that criticized those of us that pointed the direct relationship to banning exploration on land that produced 24% of oil/gas would raise prices.... Joe agrees with us.... so what about you?
View attachment 642378

Um...retard?

US drilling approvals increase despite Biden climate pledge

BILLINGS, Mont. (AP) — Approvals for companies to drill for oil and gas on U.S. public lands are on pace this year to reach their highest level since George W.

apnews.com

Approvals for companies to drill for oil and gas on U.S. public lands are on pace this year to reach their highest level since George W. Bush was president, underscoring President Joe Biden’s reluctance to more forcefully curb petroleum production in the face of industry and Republican resistance.

 

[g5000]

Biden signed more oil exploration leases than Trump.

Biden produced 31 percent more oil in his first year compared to Trump's 21 percent.

Why does Trump hate America?

 

[healthmyths]

Biden signed more oil exploration leases than Trump.

Biden produced 31 percent more oil in his first year compared to Trump's 21 percent.

Why does Trump hate America?

So is it true dummies like you think that oil found in 2021 is pumped and counted in 2021?
The development of an oil and gas field costs millions of dollars and may require long time (5-10 years) to be fully realized.http://www.oil-gasportal.com/upstream/field-development-phase/
So you stupidly think the oil pumped in 2020, 2021 is due to Biden? What an idiot!

 

[g5000]

So is it true dummies like you think that oil found in 2021 is pumped and counted in 2021?
The development of an oil and gas field costs millions of dollars and may require long time (5-10 years) to be fully realized.http://www.oil-gasportal.com/upstream/field-development-phase/
So you stupidly think the oil pumped in 2020, 2021 is due to Biden? What an idiot!

You whined in your OP that Biden shut down oil leases. You have now been confronted with the fact that Biden signed more leases than Trump and all you can do is drool down your shirt.

You claim it takes years for an oil lease to produce oil, and yet you blamed the lack of leases by Biden as the cause of high oil prices. Are you fucking schizophrenic?

Biden approved more leases than Trump. Biden produced more oil than Trump.

With these FACTS in mind, gee, maybe there is a different reason for high gas prices?

Hmmmmm...

Your partisan hackery has blinded you tards.

 

[g5000]

I've shown over and over and over on this forum that Saudi Arabia is producing less oil than they did during the pandemic, and I've shown other countries are doing the same.

I've also shown domestic oil companies are slow walking their increase in production.

But these fucking brain damaged retards never let the FACTS get in their way of blaming Biden for everything.

 

[g5000]

Someone explain how in 2008 when oil was $150 a barrel, gas prices were much lower than they are now with oil at $102 a barrel.

 

[g5000]

Crude Oil Prices - 70 Year Historical Chart

Interactive charts of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel back to 1946. The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. The current month is updated on an hourly basis with today's latest value.

www.macrotrends.net

Oil hit $145.31 in 2008.

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

Gas prices hit a high of $4.115 in 2008.


The oil high for this year is $123.70.

The gas high for this year is $4.322.

 

[healthmyths]

You whined in your OP that Biden shut down oil leases. You have now been confronted with the fact that Biden signed more leases than Trump and all you can do is drool down your shirt.

You claim it takes years for an oil lease to produce oil, and yet you blamed the lack of leases by Biden as the cause of high oil prices. Are you fucking schizophrenic?

Biden approved more leases than Trump. Biden produced more oil than Trump.

With these FACTS in mind, gee, maybe there is a different reason for high gas prices?

Hmmmmm...

Your partisan hackery has blinded you tards.

You wrote.."You claim it takes years for an oil lease to produce oil, and yet you blamed the lack of leases by Biden as the cause of high oil prices. Are you fucking schizophrenic?"
Again you obviously have NEVER EVER done long range planning for anything. Probably another reason Biden's ignorance like yours in PLANNING is showing. The people that plan for future prices of goods and services
don't look at today but years out and when Biden said 24% of oil production on Federal lands would NOT be available
these planners said.."Ok, well we have now 76% of private expensive land to look for oil and when we do we'll have to
pay more...so we need to charge MORE now NOW for oil to refineries...." and refineries say the same thing, and raise prices on gas stations who have then raised prices.
But for dummies like you who ONLY think in terms of your next crap, this type of thinking is alien to YOU!
Planning depends on knowledge and knowing oil will not be available on Federal lands leds to planning!

 

[Winston]

So is it true dummies like you think that oil found in 2021 is pumped and counted in 2021?
The development of an oil and gas field costs millions of dollars and may require long time (5-10 years) to be fully realized.http://www.oil-gasportal.com/upstream/field-development-phase/
So you stupidly think the oil pumped in 2020, 2021 is due to Biden? What an idiot!

Got it. I thought all that increase in production during Trump's term was because of Obama. Thanks for confirming.

 

[Winston]

You wrote.."You claim it takes years for an oil lease to produce oil, and yet you blamed the lack of leases by Biden as the cause of high oil prices. Are you fucking schizophrenic?"
Again you obviously have NEVER EVER done long range planning for anything. Probably another reason Biden's ignorance like yours in PLANNING is showing. The people that plan for future prices of goods and services
don't look at today but years out and when Biden said 24% of oil production on Federal lands would NOT be available
these planners said.."Ok, well we have now 76% of private expensive land to look for oil and when we do we'll have to
pay more...so we need to charge MORE now NOW for oil to refineries...." and refineries say the same thing, and raise prices on gas stations who have then raised prices.
But for dummies like you who ONLY think in terms of your next crap, this type of thinking is alien to YOU!
Planning depends on knowledge and knowing oil will not be available on Federal lands leds to planning!

The ignorance in the above is almost comical. Oil prices are a direct function of supply and demand AT THE MOMENT. And gasoline prices are even more so. Gasoline is perishable. It has a limited shelf life, summer blends can't be sold in winter and winter blends can't be sold in winter. When oil suppliers miscalculate oil prices can go negative, as they did at the beginning of the pandemic. Those suppliers end up paying people to take the oil. And the lack of demand during the pandemic also caused gas prices to plummet.

 

[Winston]

Crude Oil Prices - 70 Year Historical Chart

Interactive charts of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel back to 1946. The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. The current month is updated on an hourly basis with today's latest value.

www.macrotrends.net

Oil hit $145.31 in 2008.

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

Gas prices hit a high of $4.115 in 2008.


The oil high for this year is $123.70.

The gas high for this year is $4.322.

We are getting hosed.

 

[SweetTea]

No, Biden never admitted he was wrong on the ban on additional leases. The courts stopped him. So can we at least get to the point where you admit the entire premise of your initial OP was flawed?

He has taken steps to alleviate gas prices, like releasing oil from the strategic reserve. But whatever he does, you dumbass Trumpbots squeal like stuck pigs. His increase in royalty rate to 18.75%, still a damn bargain. In Saudia Arabia the royalty rate is 20%, and the tax rate is, wait for it, 85%. Texas, the royalty rate for drilling on state lands, 25%.

The supply side of this equation is the loss of 4 million barrels a day from Russia, period. Has nothing to do with Biden, nothing to do with leases on public lands, nothing to do with the royalty rate. And that 4 million barrels a day is worldwide. The release of one million a day from the STOR more than compensates for the effect on the US. Biden's failure is his inability to get OPEC to make up the difference. Not like Trump would have done any better, he was pretty much on his knees in front of OPEC leaders with his mouth wide open. This is a demand side problem, and exporting diesel is, well just stupid. That is the first step to getting things under control.

Another big factor here that no one is seeing. The Trump corporate tax cut. Oil companies are now more risk averse, and drilling new wells in the face of a potential decline is demand, like what happened with Covid, is a risk many are not willing to take. Personally, I would double the corporate tax rate, and in effect, cut in half the risk exposure of those oil companies. Because those companies are more worried about the money they stand to lose than the amount of money they might could make.

Wow, dellusional much?

Doubling the corporate tax rate would be another collusal failure for this administration and our economy.

 

[healthmyths]

The ignorance in the above is almost comical. Oil prices are a direct function of supply and demand AT THE MOMENT. And gasoline prices are even more so. Gasoline is perishable. It has a limited shelf life, summer blends can't be sold in winter and winter blends can't be sold in winter. When oil suppliers miscalculate oil prices can go negative, as they did at the beginning of the pandemic. Those suppliers end up paying people to take the oil. And the lack of demand during the pandemic also caused gas prices to plummet.

Well THANK YOU for validating my comment! So when supply is less than demand....what happens ?
Prices go up! When 24% of the productive oil comes from Federal lands that planners can't count on in the future...
what did they do? RAISE their prices, which caused refineries to "RAISE" their prices, which caused gas stations to do what ???? RAISE THEIR PRICES to consumers!
Everything you wrote supports that supply vs demand!