The U.S. Is Pumping Oil Faster Than Ever

[AzogtheDefiler]

Those opinion pieces don't alter the reality that Biden said fossil fuels would be replaced in 30 years...

Rebecca Beaulieu: "Thank you. Um, so my question is ... How can we trust that you're going to act on climate, on the climate crisis if you're still attending fundraisers that fossil fuel executives like Andy Goldman are at?" ​

​

Biden: ...... "But kiddo, I want you to just take a look, ok? You don't have to agree, but I want to look at my eyes. I guarantee you, I guarantee you, we're going to end fossil fuels and I'm not going to cooperate, ok? No, it can't be done by 2030. Before 2050, G-d willing. No, there's not one single person who's argued it could be done by then. But it can be done by 2050. It may be 2045, but as the science increases, we may be able to move more quickly. But we have to. We can fundamentally change things in the next 10 years though so that we set a path. I promise you. I promise you. Ok?"​

​

Joe Biden, 9.6.2019 (@30:00)​

This?

 

[The5thHorseman]

LOL

The price of oil as we know it is actually set in the oil futures market. An oil futures contract is a binding agreement that gives one the right to purchase oil by the barrel at a predefined price on a predefined date in the future. Under a futures contract, both the buyer and the seller are obligated to fulfill their side of the transaction on the specified date.

Schooled again

What did your citation say?

What does this one mean by "as we know it"?

 

[marvin martian]

Drill, baby, drill!

The U.S. is pumping oil faster than ever. Republicans don’t care.​

​

The GOP narrative has a major hole: U.S. oil production — already the highest in the world — is on track to set a new record this year, and will probably rise even more in 2024. But the ever-increasing flow of U.S. crude has failed to keep a lid on gasoline prices, showing once again that a global market drives the fuel prices that shape presidents’ political futures.

And that means events far beyond the nation’s borders will play a sizable role in voters’ verdict on “Bidenomics” — as global oil prices rise and fall in response to banking conditions in Europe, China’s slumping real estate market, Vladimir Putin’s war in Ukraine and the latest maneuvers by Saudi Arabia.

[snip]

U.S. oil production is forecast to average an all-time high of 12.8 million barrels a day this year and keep growing to 13.1 million in 2024, the federal Energy Information Administration said in its latest forecast.




This reality has not stopped dishonest Republicans from lying:


In one campaign ad, former Vice President Mike Pence pretends to fill his pickup truck and blames Biden’s energy policy for “causing real hardship” for Americans, while ex-South Carolina Gov. Nikki Haley has vowed to bring oil production back to the United States.

And Sen. Tim Scott (R.-S.C.) railed last month on the Biden administration, which he asserted “has shut down energy production in America.”

“Why won’t this President tap into our abundant energy resources here at home and bring down prices at the pump?” he asked.

In fact, though, oil production from federal lands and waters has risen on Biden’s watch, reaching past 3 million barrels per day last year. The high mark during President Donald Trump’s term was 2.75 million barrels a day.

So Biden lied when he said he was going to "end fossil fuels"? Why am I not surprised.

And why are Biden's gas prices so damn high?

 

[John Edgar Slow Horses]

It is very good that we are not limited in oil production, as we were during the Trump years.

 

[The5thHorseman]

yes, I am a moron to discuss this with you, the idiot

No...I'm the guy who hears 25 presentations per year from drillers raising money...

 

[elektra]

No...I'm the guy who hears 25 presentations per year from drillers raising money...

great, maybe instead of trolling you will choose to participate and add some perspective to the democrats destroying our oil market

 

[John Edgar Slow Horses]

Kiss cedering that we are pumping more oil than ever in our American history, We're doing pretty well.

 

[The5thHorseman]

great, maybe instead of trolling you will choose to participate and add some perspective to the democrats destroying our oil market

Perhaps you'll shut your piehole and listen to your betters.

 

[Faun]

What did he say at his most recent speech to Congress? Can’t recall but could have sworn he said 10. My bad?

Biden suspends oil and gas leasing in slew of executive actions on climate change

Biden's orders will halt oil and natural gas leases on public lands and waters in an effort to curb planet-warming carbon emissions.

www.cnbc.com

Again, production is near all-time high. And there are currently 23 million acres of federal land under leases. Little over half are producing oil and gas from 89,000 wells under 23,500 leases. Show that is less than when Biden started...

Programs: Energy and Minerals: Oil and Gas: About | Bureau of Land Management

www.blm.gov

 

[AzogtheDefiler]

What did your citation say?

What does this one mean by "as we know it"?

Same citation. You just didn’t read far enough. Same as last time. And you got schooled again.

 

[Faun]

what is easy to prove, you gave an answer to a comment not made as far as I can tell

Shows we're at near record producing levels.

 

[Faun]

but joe said we are going green.

... in 30 years ...

 

[The5thHorseman]

Same citation. You just didn’t read far enough. Same as last time. And you got schooled again.

it said this

The Determinants of Oil Prices​

With oil's stature as a high-demand global commodity comes the possibility that major fluctuations in price can have a significant economic impact. The two primary factors that impact the price of oil are:

• Supply and demand
• Cost of production
• Market sentiment

So what does it mean by "as we know it"?

 

[AzogtheDefiler]

Again, production is near all-time high. And there are currently 23 million acres of federal land under leases. Little over half is producing oil and gas from 89,000 wells under 23,500 leases. Show that is less than when Biden started...

Programs: Energy and Minerals: Oil and Gas: About | Bureau of Land Management

www.blm.gov

So you’re a Biden fan now? Changed your mind?

Given all the geopolitical uncertainty, U.S. oil companies aren’t in a hurry to dramatically expand production. For instance, the U.S. produced 11.5 million barrels of crude oil a day in May 2022, according to the U.S. Energy Information Agency. While that’s 200,000 more than a year ago, it’s roughly half a million barrels a day less than in 2019.

Why? For one thing, major oil companies don’t want to invest heavily on new wells only to see supply increase, prices decline and their profits dwindle.

This was a major theme of the fracking boom that helped propel the U.S. to become the number one global oil-producing nation over the last decade and a half. Many companies went bankrupt as they overextended themselves building out infrastructure, only to see oil and gas prices plummet on greater and greater supply.

Meanwhile, there’s a large push by some of the world’s largest institutional investors, including BlackRock, to steer investment toward companies with low levels of environmental, social and governance (ESG) risk. That’s moved money away from oil and gas producers when those dollars would help increase production.

Meanwhile, the Biden administration has paused new oil and gas leases on Federal land. That may not have an immediate impact on prices, but does affect supply in the years to come.

How The Consumer Price Index (CPI) Measures Inflation

The $100 you just spent at the grocery store bought 4% less than it did one year ago. Why is that? The consumer price index (CPI) helps answer this question, as it measures inflation, the economic phenomenon that slowly erodes the purchasing power of your hard-earned dollars. What Is CPI? CPI trac

www.forbes.com

 

[AzogtheDefiler]

... in 30 years ...

10

I posted the video. Did you not see it?

 

[AzogtheDefiler]

it said this

The Determinants of Oil Prices​

With oil's stature as a high-demand global commodity comes the possibility that major fluctuations in price can have a significant economic impact. The two primary factors that impact the price of oil are:

• Supply and demand
• Cost of production
• Market sentiment

So what does it mean by "as we know it"?

Did you read further down? Keep reading. As we know it means that logical people with basic economics acumen understand how oil prices work. You don’t.

 

[Mac1958]

Drill, baby, drill!

The U.S. is pumping oil faster than ever. Republicans don’t care.​

​

The GOP narrative has a major hole: U.S. oil production — already the highest in the world — is on track to set a new record this year, and will probably rise even more in 2024. But the ever-increasing flow of U.S. crude has failed to keep a lid on gasoline prices, showing once again that a global market drives the fuel prices that shape presidents’ political futures.

And that means events far beyond the nation’s borders will play a sizable role in voters’ verdict on “Bidenomics” — as global oil prices rise and fall in response to banking conditions in Europe, China’s slumping real estate market, Vladimir Putin’s war in Ukraine and the latest maneuvers by Saudi Arabia.

[snip]

U.S. oil production is forecast to average an all-time high of 12.8 million barrels a day this year and keep growing to 13.1 million in 2024, the federal Energy Information Administration said in its latest forecast.




This reality has not stopped dishonest Republicans from lying:


In one campaign ad, former Vice President Mike Pence pretends to fill his pickup truck and blames Biden’s energy policy for “causing real hardship” for Americans, while ex-South Carolina Gov. Nikki Haley has vowed to bring oil production back to the United States.

And Sen. Tim Scott (R.-S.C.) railed last month on the Biden administration, which he asserted “has shut down energy production in America.”

“Why won’t this President tap into our abundant energy resources here at home and bring down prices at the pump?” he asked.

In fact, though, oil production from federal lands and waters has risen on Biden’s watch, reaching past 3 million barrels per day last year. The high mark during President Donald Trump’s term was 2.75 million barrels a day.

The rubes are told just the opposite, of course, so they'll say this is fake news.

As they hide in their little world.

 

[surada]

and you think that graph shows increased refining capacity?

That graph you linked to shows the percent of existing refining capacity being used. We lost the largest refinery in the North East, it was shutdown and closed forever. The graph you show, does not reflect a lost of refining capacity, just what is being used.

And yes, exports are up, meaning we have less supply in the USA which means we pay more.

Are you saying you want to nationalize the US oil business?

 

[Faun]

So you’re a Biden fan now? Changed your mind?

Given all the geopolitical uncertainty, U.S. oil companies aren’t in a hurry to dramatically expand production. For instance, the U.S. produced 11.5 million barrels of crude oil a day in May 2022, according to the U.S. Energy Information Agency. While that’s 200,000 more than a year ago, it’s roughly half a million barrels a day less than in 2019.

Why? For one thing, major oil companies don’t want to invest heavily on new wells only to see supply increase, prices decline and their profits dwindle.

This was a major theme of the fracking boom that helped propel the U.S. to become the number one global oil-producing nation over the last decade and a half. Many companies went bankrupt as they overextended themselves building out infrastructure, only to see oil and gas prices plummet on greater and greater supply.

Meanwhile, there’s a large push by some of the world’s largest institutional investors, including BlackRock, to steer investment toward companies with low levels of environmental, social and governance (ESG) risk. That’s moved money away from oil and gas producers when those dollars would help increase production.

Meanwhile, the Biden administration has paused new oil and gas leases on Federal land. That may not have an immediate impact on prices, but does affect supply in the years to come.

How The Consumer Price Index (CPI) Measures Inflation

The $100 you just spent at the grocery store bought 4% less than it did one year ago. Why is that? The consumer price index (CPI) helps answer this question, as it measures inflation, the economic phenomenon that slowly erodes the purchasing power of your hard-earned dollars. What Is CPI? CPI trac

www.forbes.com

You didn't show we have fewer leases today than we had prior to Biden.

 

[John Edgar Slow Horses]

We will be going green, in 30 years, But right now we are producing oil at record numbers. Thank you, President Biden.