YoursTruly
Platinum Member
- Dec 21, 2019
- 8,886
- 5,508
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Maybe we can end this stupid discussion about how it was Biden's fault that gas prices are souring. (Finally)
Sure, Biden pissed off the oil companies when he first too office. He pulled the plug on an uncompleted pipeline. He pulled new leases. He even pulled the permits on some wells. But what he didn't do was stop the flow of existing wells and pipelines already in production. Production and new well drilling was slowed due to, at least in part to Covid and oil field employee's not being able to come to work because they had covid, or had been around someone who had tested positive.
But, the biggest reason, at least for the last 4 or 5 months, has been the oil companies themselves keeping their production low, and waiting patiently for the trading price to increase. They are smart people. They know how to manipulate the oil markets. Especially with an anti oil president and a war looming.
And their excuses worked like a charm. The cut their overhead, earned billions in extra profit. The millions in bonuses were paid. And now, they can get back to the business of producing oil. Their vacation is just about over.
P.S. Not the bold print in the article. They, themselves are ramping up oil production. And Biden hasn't done anything. He hasn't reinstated all those permits. He hasn't opened up the oil leases. He hasn't reversed anything the oil companies have been complaining about that's caused them to produce less oil. The oil companies made the same decision they could've made months ago.
HOUSTON — Executives at some of the world’s biggest oil and gas producers said on Monday they are ramping up their crude production as U.S. gasoline prices surge to $4 a gallon amid expectations that President Joe Biden and Congress would ban imports of Russian petroleum — but the companies warned not to expect new supplies overnight.
Exxon Mobil and Chevron are both boosting oil production at the mammoth Permian Basin field in West Texas and New Mexico, strategies that both oil majors laid out last year but that have taken on new urgency because of the surge in oil prices to their highest level in 14 years.
Sure, Biden pissed off the oil companies when he first too office. He pulled the plug on an uncompleted pipeline. He pulled new leases. He even pulled the permits on some wells. But what he didn't do was stop the flow of existing wells and pipelines already in production. Production and new well drilling was slowed due to, at least in part to Covid and oil field employee's not being able to come to work because they had covid, or had been around someone who had tested positive.
But, the biggest reason, at least for the last 4 or 5 months, has been the oil companies themselves keeping their production low, and waiting patiently for the trading price to increase. They are smart people. They know how to manipulate the oil markets. Especially with an anti oil president and a war looming.
And their excuses worked like a charm. The cut their overhead, earned billions in extra profit. The millions in bonuses were paid. And now, they can get back to the business of producing oil. Their vacation is just about over.
P.S. Not the bold print in the article. They, themselves are ramping up oil production. And Biden hasn't done anything. He hasn't reinstated all those permits. He hasn't opened up the oil leases. He hasn't reversed anything the oil companies have been complaining about that's caused them to produce less oil. The oil companies made the same decision they could've made months ago.
U.S. oil industry prepares to boost production — but with a giant warning
HOUSTON — Executives at some of the world’s biggest oil and gas producers said on Monday they are ramping up their crude production as U.S. gasoline prices surge to $4 a gallon amid expectations that President Joe Biden and Congress would ban imports of Russian petroleum — but the companies warned not to expect new supplies overnight.
Exxon Mobil and Chevron are both boosting oil production at the mammoth Permian Basin field in West Texas and New Mexico, strategies that both oil majors laid out last year but that have taken on new urgency because of the surge in oil prices to their highest level in 14 years.
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