Saudi Arabia's Minister of State: It's Biden's Fault US Gas Prices Are High, Because President Hasn't Increased Domestic Oil Production

[occupied]

What a defeatist attitude from yourself. If the US removes Biden’s restrictions he told US he was going to put on the Energy companies AND aggressively pursue VIABLE alternative energy solutions, we won’t be as dependent on the Saudis or any other foreign oil state.

It should be abundantly clear to yourself and all of the other Biden apologists that he and Harris made us more dependent on foreign oil.

We are totally dependent on foreign oil to keep prices affordable since the US has to buy all our oil on the open market. We have no national oil company like the other oil producing countries use to stabilize their own supply. Apparently that's socialism to some.

 

[1srelluc]

OPEC adjusts their production to counter any increase in US production to keep the price right where they want it. Any idiot knows that by now.

Please to explain just why they wouldn't do so.

OPEC is in business to make money and if Tater is fool enough to stifle US production to where it's not available both here and abroad OPEC is going to make hay while the sun shines.

 

[jknowgood]

OPEC adjusts their production to counter any increase in US production to keep the price right where they want it. Any idiot knows that by now.

They couldn't control the price with Trump's energy policies. It was America first, Biden is Americans last.

 

[LeftofLeft]

Production was reduced by 9 million bpd in 2020. .. before Biden was elected.

And? What does that have to do with Biden’s Policies and becoming more dependent on Foreign oil and depleting strategic reserves? In 2020, where was demand at the height of COVID shutdown?

 

[LeftofLeft]

We are totally dependent on foreign oil to keep prices affordable since the US has to buy all our oil on the open market. We have no national oil company like the other oil producing countries use to stabilize their own supply. Apparently that's socialism to some.

When the US has less restrictive oil policies like we did under W Bush and Trump, the open market (OPEC) responds by keeping production up.

 

[occupied]

Please to explain just why they wouldn't do so.

OPEC is in business to make money and if Tater is fool enough to stifle US production to where it's not available both here and abroad OPEC is going to make hay while the sun shines.

Oil companies have almost total control over the level of production. The sad truth is that should they produce enough to lower the price of oil it would stop being profitable.

 

[Marener]

Spoken like a true man with common sense

The president does not control the US oil industry.

Apparently this man is ignorant of how non-authoritarian countries work.

 

[surada]

And? What does that have to do with Biden’s Policies and becoming more dependent on Foreign oil and depleting strategic reserves? In 2020, where was demand at the height of COVID shutdown?

The ppb was around $30-40 a barrel in 2020. The oil companies couldn't even break even.

Breakeven prices for U.S. oil producers 2025| Statista

The Permian basin has a breakeven price upward of 61 U.S. dollars for new wells and only half that price for existing oil and gas wells.

www.statista.com

 

[surada]

The president does not control the US oil industry.

Apparently this man is ignorant of how non-authoritarian countries work.

Al Jubeir is very bright and articulate. He knows the US government doesn't control oil production in the US.

 

[surada]

When the US has less restrictive oil policies like we did under W Bush and Trump, the open market (OPEC) responds by keeping production up.

The oil business was in the doldrums when Dubya was president. The ppb was so low they couldn't afford drilling and exploration. Has nothing to do with restrictive policies.

Trump just rode the coattails of the boom between 2008-2016 when the ppb was high enough to drive investment in increased capacity.

Remember the US has the highest production costs in the world.

Breakeven prices for U.S. oil producers 2025| Statista

The Permian basin has a breakeven price upward of 61 U.S. dollars for new wells and only half that price for existing oil and gas wells.

www.statista.com

 

[LeftofLeft]

The oil business was in the doldrums when Dubya was president. The ppb was so low they couldn't afford drilling and exploration. Has nothing to do with restrictive policies.

Trump just rode the coattails of the boom between 2008-2016 when the ppb was high enough to drive investment in increased capacity.

Remember the US has the highest production costs in the world.

Breakeven prices for U.S. oil producers 2025| Statista

The Permian basin has a breakeven price upward of 61 U.S. dollars for new wells and only half that price for existing oil and gas wells.

www.statista.com

You keep shifting the conversation to American Oil’s costs, production, etc. yet you cannot justify or even explain an economic case for Biden’s policies aimed at US Energy companies.

 

[LeftofLeft]

Oil companies have almost total control over the level of production. The sad truth is that should they produce enough to lower the price of oil it would stop being profitable.

Not when the government is adding risk and costs to US companies.

 

[surada]

You keep shifting the conversation to American Oil’s costs, production, etc. yet you cannot justify or even explain an economic case for Biden’s policies aimed at US Energy companies.

What do you want Biden to do? The oil business has to make a profit or go bankrupt. Remember that over 200 US oil companies declared bankruptcy in 2020.

 

[LeftofLeft]

What do you want Biden to do? The oil business has to make a profit or go bankrupt. Remember that over 200 US oil companies declared bankruptcy in 2020.

I want him to rescind his egregious regulatory policies against the US Energy Companies. You kerp siting US oil struggles. Why punish them and push US into more dependency?

 

[surada]

Not when the government is adding risk and costs to US companies.

That's nonsense. Most US wells produce less than 50 barrels a day. There are no economies of scale. We don't even have stringent environmental regulations like the Saudis.

 

[surada]

I want him to rescind his egregious regulatory policies against the US Energy Companies. You kerp siting US oil struggles. Why punish them and push US into more dependency?

The oil business in the US is boom or bust.. mostly a wildcatter mentally. When the ppb is high everyone invests and starts ordering rigs and drilling. You won't ever drive production with low prices.

 

[B. Kidd]

Joey is F'ed in da' head. He calls the Saudi's a pariah state and then later expects them to do him a favor and increase oil production.

Joey's Bizarro World!!

 

[jknowgood]

The president does not control the US oil industry.

Apparently this man is ignorant of how non-authoritarian countries work.

He controls the leases and the permits, that can control the price alone.

 

[surada]

He controls the leases and the permits, that can control the price alone.

You know absolutely nothing about the oil business.

 

[LeftofLeft]

The oil business in the US is boom or bust.. mostly a wildcatter mentally. When the ppb is high everyone invests and starts ordering rigs and drilling. You won't ever drive production with low prices.

All you keep saying is how weak US Oil Companies are yet cannot provide justification or even explanation for Biden’s US Energy Policies.