Surging U.S. Oil Production Brings Down Prices

[White 6]

You don't really much care about comprehending things, do you?

When you are told that for three years YOU, and those LIKE YOU, said the President cannot affect prices but NOW you are saying it is the President who AFFECTED the prices of oil and gas, it makes you look like the rube you are?

Then you want to try and turn it around on the person who rightly pointed out your hypocrisy? Too funny.

BTW, glad to see you are out of the closet with regard to being a progressive.

Your complaint is with the oil companies, not government. All Joe has done, is open the largest new oil and gas operations in the last 20 years, but that production hasn't even hit the market yet. No matter what this administration opens up, don't look for a huge increase. The oil industry has no intention of putting a glut on the market as was seen in 2019 with much lower average US Production. Also, you should be aware, as US Product has increased, Russia and the Middle East are lowering production to keep the world supply in check. Producing less, but at higher profit than in the history of the world could be a preferred business model for the world oil producers as a whole.

 

[Winco]

Lol...prices aren't coming down. Per gallon is still 100% more today than when Trump was in office. Food prices aren't dropping. Layoffs are continuing.

False. Quit being a NEW dick and lying.
Which SOC are you?

What were the prices when Trump was in office?

Pandemic.
Low Demand.
OPEC+ to cut production, and STILL demand was lower.
Negative Prices.

Geez.......... Econ 101.

Artificially suppressed by a covid induced lack of demand.

YUP.

Tell that to a cult member.

 

[Winco]

I'm in virginia and gas prices are NOT under 3 dollars a gallon.

OK, fair enough, not under $3.00 in WA either.
But gas was NEVER under $2.00 in WA either under trump.

But, try to answer this.

What was the LOWEST price under trump during the LOWEST prices, ie.... the Pandemic. Not under $2.00 as many try to claim.

 

[Calypso Jones]

OK, fair enough, not under $3.00 in WA either.
But gas was NEVER under $2.00 in WA either under trump.

But, try to answer this.

What was the LOWEST price under trump during the LOWEST prices, ie.... the Pandemic. Not under $2.00 as many try to claim.

I think i paid 1.99 9/10 at one point..seriously..but look at everything else....and don't try to tell me i'm imagining it. Food cost, housing industry, gas prices, ECONOMY in general. These fools make these laws and we the people pay for it dearly.

 

[John Edgar Slow Horses]

I think i paid 1.99 9/10 at one point..seriously..but look at everything else....and don't try to tell me i'm imagining it. Food cost, housing industry, gas prices, ECONOMY in general. These fools make these laws and we the people pay for it dearly.

... and you can thank both parties for it.

 

[Tumblin Tumbleweed]

I filled up at $2.18 not 2 hours ago.

Lucky you. However, diesel is under $4 again in my next of the woods, so I'm under $200 to fill my vehicle's massive tank. I guess that's a sort of win.

 

[Toro]

Surging U.S. Oil Production Brings Down Prices and Raises Climate Fears (Published 2023)

American oil production is hitting record levels, delivering economic and foreign policy benefits but putting environmental goals further out of reach.

www.nytimes.com

Let's go Brandon!

Only three years after U.S. oil production collapsed during the pandemic, energy companies are cranking out a record 13.2 million barrels a day, more than Russia or Saudi Arabia. The flow of oil has grown by roughly 800,000 barrels a day since early 2022, and analysts expect the industry to add another 500,000 barrels a day next year.

[snip]

With the surge in output, gasoline prices have fallen by close to $2 a gallon since the summer of 2022 and are back to levels that prevailed in 2021. The increase in production has also provided the Biden administration with substantial leverage in its dealings with oil-exporting foes like Russia, Venezuela and Iran while reducing its need to cajole more friendly countries like Saudi Arabia to temper prices.


[snip]

The United States now exports roughly four million barrels a day, more than any member of the Organization of the Petroleum Exporting Countries except Saudi Arabia.

[snip]

Nearly every extra barrel of American crude produced is being exported, mostly to Europe and Asia, where supplies are tight. In addition, the natural gas that often bubbles up with oil has led to record exports of gas and helped to lower prices for that fuel and for electricity, much of which is produced at gas-fired power plants in the United States.

The surge in U.S. production has helped to end the energy crisis that gripped Europe after Russia invaded Ukraine — at least for now. European countries have replaced much of the gas they were buying from Russia with gas from the United States, Qatar and other exporters. They have also reduced their use of natural gas, a phenomenon that a mild winter last year helped.

US oil production is the highest in history.

Inflation is dropping.

Food prices are dropping.

Oil prices are dropping.

We are at full employment.

Anyone who wants a job can get a job.

What is left for Trump supporters to whine about? Trannies?

That's a fact! And facts don't give a flying f*** about someone's feelingz!

Not only will MAGA be pissed - because they're pissed about everything - so will be progressives!

 

[surada]

Why? Because the ppb is high and the oil companies want to make a profit.

 

[drudge X]

Just before the pandemic hit, gas was about $2.65, which was higher than when Obama left office.

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

I paid more than $4 a gallon under Obama in CA. I paid $2.69 a gallon under Trump.

 

[drudge X]

False. Quit being a NEW dick and lying.
Which SOC are you?

Pandemic.
Low Demand.
OPEC+ to cut production, and STILL demand was lower.
Negative Prices.

Geez.......... Econ 101.

YUP.

Tell that to a cult member.

Bs… under Trump, I paid the lowest gas prices as I can remember. The only time prices were low was immediately after 9/11. I am paying 4.89 today. Chevron and She’ll are more than 5.00 a gallon. With Trump, I paid 2.69.

 

[DigitalDrifter]

I'll be sure to thank Biden as I spend $4.29 a gallon to fill my tank.

 

[DigitalDrifter]

This picture was taken barely two weeks ago in California.

 

[John Edgar Slow Horses]

900 S Harbor, Fullerton CA


Regular
$4.20
1 hour ago
Premium
$4.40
1 hour ago

 

[drudge X]

900 S Harbor, Fullerton CA


Regular
$4.20
1 hour ago
Premium
$4.40
1 hour ago

The same station prices were probably half of that under Trump.

 

[John Edgar Slow Horses]

The same station prices were probably half of that under Trump.

Sure ... when he crashed the economy because of his mismanagement of covid and his refusal to listen to Fauci and those who knew better.

 

[jknowgood]

Surging U.S. Oil Production Brings Down Prices and Raises Climate Fears (Published 2023)

American oil production is hitting record levels, delivering economic and foreign policy benefits but putting environmental goals further out of reach.

www.nytimes.com

Let's go Brandon!

Only three years after U.S. oil production collapsed during the pandemic, energy companies are cranking out a record 13.2 million barrels a day, more than Russia or Saudi Arabia. The flow of oil has grown by roughly 800,000 barrels a day since early 2022, and analysts expect the industry to add another 500,000 barrels a day next year.

[snip]

With the surge in output, gasoline prices have fallen by close to $2 a gallon since the summer of 2022 and are back to levels that prevailed in 2021. The increase in production has also provided the Biden administration with substantial leverage in its dealings with oil-exporting foes like Russia, Venezuela and Iran while reducing its need to cajole more friendly countries like Saudi Arabia to temper prices.


[snip]

The United States now exports roughly four million barrels a day, more than any member of the Organization of the Petroleum Exporting Countries except Saudi Arabia.

[snip]

Nearly every extra barrel of American crude produced is being exported, mostly to Europe and Asia, where supplies are tight. In addition, the natural gas that often bubbles up with oil has led to record exports of gas and helped to lower prices for that fuel and for electricity, much of which is produced at gas-fired power plants in the United States.

The surge in U.S. production has helped to end the energy crisis that gripped Europe after Russia invaded Ukraine — at least for now. European countries have replaced much of the gas they were buying from Russia with gas from the United States, Qatar and other exporters. They have also reduced their use of natural gas, a phenomenon that a mild winter last year helped.

US oil production is the highest in history.

Inflation is dropping.

Food prices are dropping.

Oil prices are dropping.

We are at full employment.

Anyone who wants a job can get a job.

What is left for Trump supporters to whine about? Trannies?

Name one new oil field opened by Biden.

 

[jknowgood]

Sure ... when he crashed the economy because of his mismanagement of covid and his refusal to listen to Fauci and those who knew better.

He did exactly what Fauci wanted. I hold trump at fault for that.

 

[Winco]

Bs… under Trump, I paid the lowest gas prices as I can remember. The only time prices were low was immediately after 9/11. I am paying 4.89 today. Chevron and She’ll are more than 5.00 a gallon. With Trump, I paid 2.69.

Pandemic.

Tell me the trump Policy that created LOW GAS prices.

I'll tell you.

1) Pandemic.....created LOW Demand.
2). OPEC+, deal trump signed to fucking DECREASE production.

Please explain how OPEC+ helped in the long run?

 

[Crepitus]

Lucky you. However, diesel is under $4 again in my next of the woods, so I'm under $200 to fill my vehicle's massive tank. I guess that's a sort of win.

Why did you buy something you can't afford to drive?

 

[DigitalDrifter]

Here's the bottom line, and no matter what the Dimocrats say, this is fact. The average price of a gallon of gas was $2.39 when Biden announced to the world that "we will kill fossil fuels".
Prices radically shot up from there.