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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!
You wrote (again no proof, no links!)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.
www.canarymedia.com
No it doesn't you idiot. You claim, falsely, that oil from federally owned land has been eliminated. It hasn't. So you start with a falsehood and then double down on stupid by claiming something that didn't happen would cause prices to rise today simply because of anticipated future costs. The oil markets don't work that way dumbass. What if they jack the price up too high and can't sell all the oil coming out of those wells? Sure, they can store some of it. Hell, if they are lucky, they can even sell it to the strategic oil reserve, although not at a high price. The STOR sells high and buys low But eventually, when all those tankers are floating around in the ocean full of oil, they can't store anymore, and then they have to pay people to take that oil. Because remember, it is coming out of those wells. That is precisely why oil went negative. Gasoline is even worse. It has a limited shelf life, sell it or lose it. So they use price to control demand. They don't give a happy damn about next year because the gas they have now ain't going to be worth two shits next year.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!
What part of "per day" do you not understand? And that is total Russian production. At the moment, down two million barrels a day. Could reach up to seven.You wrote (again no proof, no links!)
"The supply side of this equation is the loss of 4 million barrels a day from Russia, period"
245,194,000 barrels per year in 2021Chart: How much oil does the US actually import from Russia?
The U.S. is the world's top oil producer, but it still imports oil from around the world. See the top 10 suppliers.
20,432,833 barrels per month in 2021
675,465 barrels per day in 2021!
How in the hell were you off by 84%???
See once again if you don't substantiate YOU are so DUMB! You wrote: 4 million barrels a day from Russia, period
View attachment 642840
oilprice.com
Look, step away from the keyboard. My statement was 4 million barrels per day. Your source clearly indicates we don't even import a million barrels per day from Russia. How in the hell do you get this "off by 84%" bullshit. Are you high or drunk?You wrote (again no proof, no links!)
"The supply side of this equation is the loss of 4 million barrels a day from Russia, period"
245,194,000 barrels per year in 2021Chart: How much oil does the US actually import from Russia?
The U.S. is the world's top oil producer, but it still imports oil from around the world. See the top 10 suppliers.
20,432,833 barrels per month in 2021
675,465 barrels per day in 2021!
How in the hell were you off by 84%???
See once again if you don't substantiate YOU are so DUMB! You wrote: 4 million barrels a day from Russia, period
View attachment 642840
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 ,
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
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
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?
www.newsweek.com
And I bet you are a believer that this price of gas is totally attributed as my local news cast suggest to Russia invading Ukraine! Yes the cause is because Russian oil is being disrupted.What Biden did was propose a 90 day moratorium on new leases so they could examine the current policies. In the first year, Biden approved 3,557 permits for drilling on federal land. Trump approved 2,658 permits for drilling on federal land in his first year. That is a myth.
"As an environmentalist, I wish the administration would crack down on fossil fuel drilling much, much more," Hartl told Newsweek. "I think in the long run, it's super harmful. But it's just not factually accurate for the industry to complain, 'We're so helpless' when they've been given a huge green light over the last year and they're sitting on thousands and thousands of permits to drill. What are they waiting for?"
Have Biden Administration Policies Reduced U.S. Oil Production?
Republicans have ramped up their criticism of Biden's agenda as Russia-Ukraine crisis throws the global energy market into a tailspin.
The reason for the high prices is that the oil industry is keeping supply low to keep prices high. In a Dallas Fed survey, 59% cite shareholders as the reason they are not drilling. Only 7% cite the government as a impediment to drilling. In addition, there were 800 oil rigs in operation pre-pandemic. It fell to around 300 during Trump's watch. In June 2020, it fell to 274 during the pandemic. As of Feb 2022, it stood at 636. That means they have shuttered 526 oil rigs and have re-opened only 362 drilling sites.
www.politifact.com
www.canarymedia.com
I am just going to throw it out there because it is so obvious. Within this thread we have seen that oil prices were higher in 2008 and yet gas prices were lower. I believe demand in 2008 would have been just as high as today, at least early in the year. The reality is that the oil companies, just like Republicans, have no interest whatsoever in lowering those prices under Biden's tenure.What Biden did was propose a 90 day moratorium on new leases so they could examine the current policies. In the first year, Biden approved 3,557 permits for drilling on federal land. Trump approved 2,658 permits for drilling on federal land in his first year. That is a myth.
"As an environmentalist, I wish the administration would crack down on fossil fuel drilling much, much more," Hartl told Newsweek. "I think in the long run, it's super harmful. But it's just not factually accurate for the industry to complain, 'We're so helpless' when they've been given a huge green light over the last year and they're sitting on thousands and thousands of permits to drill. What are they waiting for?"
Have Biden Administration Policies Reduced U.S. Oil Production?
Republicans have ramped up their criticism of Biden's agenda as Russia-Ukraine crisis throws the global energy market into a tailspin.
The reason for the high prices is that the oil industry is keeping supply low to keep prices high. In a Dallas Fed survey, 59% cite shareholders as the reason they are not drilling. Only 7% cite the government as a impediment to drilling. In addition, there were 800 oil rigs in operation pre-pandemic. It fell to around 300 during Trump's watch. In June 2020, it fell to 274 during the pandemic. As of Feb 2022, it stood at 636. That means they have shuttered 526 oil rigs and have re-opened only 362 drilling sites.
Look, step away from the keyboard. My statement was 4 million barrels per day. Your source clearly indicates we don't even import a million barrels per day from Russia. How in the hell do you get this "off by 84%" bullshit. Are you high or drunk?
Oil pricing is global. It would not matter if the US did not import a drop from Russia. 4 million barrels a day are no longer hitting the world market. That's less supply that along with increasing demand, raises the prices. "Energy independence", unless you forced oil companies to process and sell all oil drilled in the us to be sold in the US AND set prices, would not change the global pricing.Look, step away from the keyboard. My statement was 4 million barrels per day. Your source clearly indicates we don't even import a million barrels per day from Russia. How in the hell do you get this "off by 84%" bullshit. Are you high or drunk?
Look you stupid shit, my four million per day number was the loss of production for Russia, not the amount the US consumes. That is four million barrels per day off the WORLD market. And oil prices are based on the WORLD market, not the US. And it is not four million yet, just two, but it could reach seven in the very near term.You said 4 million barrels per day... YET the government statistics say 675,465 barrels per day
My 4th grade arithmetic says if the EIA says 675,465 barrels per day and you say 4 million hmmmm you are
off by wait... EIA says 675,465 per day and you said 4,000,000 or you are off by 3,324,634 or 84%!!!
In 2021, the United States consumed an average of about 19.78 million barrels of petroleum per day, or a
total of about 7.22 billion barrels of petroleum.
Hmmm ..... 7,220,000,000 barrels used by USA in 2021...
Hmmm...... The USA imported 245,194,000 barrels in 2021 from Russia.
Thats 20,432,833 barrels per month or 675,465 barrels per day in 2021!
245,194,000 barrels from Russia in 2021 divided by 7,220,000,000 barrels used by USA per year...
HMMM>>>>> that's 3.3% of the USA total used! Just 3.3% !
I am going to do something I don't believe you've every done... say you are wrong!Look you stupid shit, my four million per day number was the loss of production for Russia, not the amount the US consumes. That is four million barrels per day off the WORLD market. And oil prices are based on the WORLD market, not the US. And it is not four million yet, just two, but it could reach seven in the very near term.
Thanks for admitting you were wrong, can you do it again. Biden has not banned exploration on public lands, has not stopped production on public land, and has not even stopped issuing permits. Your entire premise here is based on a false assumption.I am going to do something I don't believe you've every done... say you are wrong!
I was wrong. You did reference Russia's "4 million barrels a day is worldwide."
So the fact is that banning Russia oil (Which started according to the below table in Mar.
My point of this thread was Biden's blaming Russia and when the real blame was his ban on exploration on land
that produces over 24% of USA oil, federal lands!
But more importantly what affect does Russia's 4 million barrels a day have on world's oil demands?
FACT: It is estimated that the world consumes more than 88 million barrels of oil per day.
So what affect does 4 million barrels have on 88 million? Well I don't know but the math is simple:
4 million divided by 88 million is 4.5% Hardly a big dent! But evidently small brains see 4.5% as a big factor!
So explain to me how 4.5% is a "BIG factor"?
View attachment 643143
You wrote: that I said "Biden has not banned exploration on public lands, has not stopped production on public land, and has not even stopped issuing permits. Your entire premise here is based on a false assumption."Thanks for admitting you were wrong, can you do it again. Biden has not banned exploration on public lands, has not stopped production on public land, and has not even stopped issuing permits. Your entire premise here is based on a false assumption.
Now, to 4.5% having a big impact on price. How much that loss of production will effect price is not based on the percentage of total production that loss is. It is based on the elasticity of demand, specifically, price elasticity If elasticity is high, there would be little impact. But if it is low, inelastic, then even a minor drop in overall production could lead to very significant price increases. Gasoline in particular, and the energy sector in general, is usually given as an example of inelastic demand.
www.cnbc.com
www.oil-gasportal.com
So your statement:Thanks for admitting you were wrong, can you do it again. Biden has not banned exploration on public lands, has not stopped production on public land, and has not even stopped issuing permits. Your entire premise here is based on a false assumption.
Now, to 4.5% having a big impact on price. How much that loss of production will effect price is not based on the percentage of total production that loss is. It is based on the elasticity of demand, specifically, price elasticity If elasticity is high, there would be little impact. But if it is low, inelastic, then even a minor drop in overall production could lead to very significant price increases. Gasoline in particular, and the energy sector in general, is usually given as an example of inelastic demand.
abcnews.go.com
Oil companies have stopped pumping on many established wells in order to make more money with price rises.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 ,
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 rulesBiden 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.
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.
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
You've made this claim before. Prove that President Biden put a moratorium on exploration on federal lands.But Biden blocking exploration on land that produces 24% of our nation's oil and gas had NO affect?
storymaps.arcgis.com
Really? Where is your proof? So using your subjective and unsupported logic, They should shut down even moreOil companies have stopped pumping on many established wells in order to make more money with price rises.
Ever heard of using the Internet???You've made this claim before. Prove that President Biden put a moratorium on exploration on federal lands.
The Oil Industry's Public Lands Stockpile
Oil and gas companies are sitting on millions of acres of idle leases that they've acquired through a rigged system | February 2021
www.nbcnews.com
