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As he attacked it during his administration. They sued his ass then the liar takes credit for losing court battles.He wasn't boasting. He was pleased that domestic oil production doubled while he was president.
Is he a King?? This is why this country is fucked.He could've killed the Keystone for any reason he wanted to.
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.
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.
Do you have a link to support these claims?Domestic oil production doubled under Obama, period. Doesn't matter where.
Something that does matter is why 60% of the drilling permits that's already been issued to oil companies, don't have a drilling rig on them. They're permitted and ready to go. Just waiting on the oil companies.
The reason, in case you can't figure it out, is that it's a bust cycle. If the oil companies ramped up productions, pressurized their existing wells, drilled more well (on the land that's already permitted), the oil prices would go down and their overhead would go up. . Meaning a lot less profit.
So from a business stand point, let me ask you a serious question. If you were Exxon, would you:
A. Sit tight and keep making record profits from the high cost of oil and the extremely low overhead.
B. Hire all those drillers, pipeliners, Xray tech and geologist back. Pressurize existing wells. Drill more wells. And ramp up production so the price of oil could come back down to $40 barrel.
Let's do some math, shall we? The US consumes 19,000,000,000 barrels of oil per day. At the moment it's $110. And most of the oil field hands are on lay off.
19 billion X $110 = $2,090,000,000,000 in gross profit. (with much lower overhead)
19 billion X $40 = $760,000,000,000 in gross profit, (with a huge amount of overhead)
That's a daily loss of $1,330,000,000,000 in gross profit, plus the overhead.
Of course those numbers are spread out over all the oil companies. But you get the picture, right? Ramping up production will being the profits down. Way down.
You can sit on that extra monetary gain for as long as you can. Or start losing money right away? Which do you choose?
Do you have a link to support these claims?
Thank you for Joe 'The Buck Stops Here' Biden's latest finger-pointing session.
A couple of months ago it was Trump's fault.
A couple of weeks ago it was Putin's fault.
Today snowflakes blamed Americans for 'price gouging' and Republicans for not voting for their SHOW VOTE.
Now you want to 'circle back' to blaming oil companies.
Can't you dumbasses settle on one scapegoat for Biden's and Green New Deal Democrats' failed pixies and actions?
HHHow, again, did Trump sabotage his own policies that allowed the US to become energy independent?
How did Putin, again, end US energy production, eliminating US energy independence in less than a year?
Tell us again how Americans being hammered by Joe's record inflation suddenly became responsible for US ending our energy production and affecting $4.50 a gallon gas prices....how gas would be below $3 a gallon if Conservatives were not price gouging right now....
Oh wait, change #5, 'circle-back', it's the oil companies ... AGAIN ... to blame.
You know, if Biden and Democrats spent their time trying to solve the problems they have created instead of running in circles expending all their effort trying to find scapegoats the country wod be much better off & Biden's approval rating would not be in the toilet.
you look it up and then post. If you don't support your claims, then people reading your post will just assume it's bullshit. I've posted stuff 100 times because other forum members demanded proof/It's been posted before. If you don't believe me, look it up. Prove me wrong.
you look it up and then post. If you don't support your claims, then people reading your post will just assume it's bullshit. I've posted stuff 100 times because other forum members demanded proof/
I'm glad you're OK with it because everyone in this forum will just assume you're making stuff up.Sounds like you have a problem with always wanting to be right. So much so you repost stuff a lot just to prove your right.
Don't believe me? Don't want to look it up? Ok, I'm good with that.
Just keep blaming everything on Biden. That's about all surface level thinkers are good for.
Sounds good. Biden is a Clusterfuck from hell.Sounds like you have a problem with always wanting to be right. So much so you repost stuff a lot just to prove your right.
Don't believe me? Don't want to look it up? Ok, I'm good with that.
Just keep blaming everything on Biden. That's about all surface level thinkers are good for.
I'm glad you're OK with it because everyone in this forum will just assume you're making stuff up.
What we see from you is not evidence to support your claims.No. Not everyone. There are those that seen what you seek.
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People are complaining about gas prices as if it is preventable, they are wrong.
At the current rate of oil consumption, we will suck up and burn it all in +/- 47 years. World panic will start way before then.
Summary Table as of 2017
Oil Reserves
1,650,585,140,000 barrels
Oil Consumption
35,442,913,090
barrels per year
97,103,871 barrels per day
Reserves/Consumption
47 (years left)
World Oil Statistics - Worldometer
What do we doo--?
Biden is KILLING the American public, YoursTruly and he's doing it with his policies! Oil companies make less money when there is a glut of oil on the market or when demand decreases. Right now there is a shortage of oil and huge demand.Oil companies are making record profits. Is that point flying right over your head? It means that the Biden administration isn't hamstringing the oil companies. Biden is helping them.
This is easy economics 101 with easy math.
Biden is KILLING the American public, YoursTruly and he's doing it with his policies! Oil companies make less money when there is a glut of oil on the market or when demand decreases. Right now there is a shortage of oil and huge demand.
Did you even TAKE Economics?
That is the most ridiculous attempt to take credit for the hard work of others, that I have ever seen on this board.
Biden is KILLING the American public, YoursTruly and he's doing it with his policies! Oil companies make less money when there is a glut of oil on the market or when demand decreases. Right now there is a shortage of oil and huge demand.
Did you even TAKE Economics?
Has the President come out and said that his intention was to do away with any other industries, Surada? Biden was quite clear that WAS his intention with the fossil fuel industry!Oil company profit margins have remained steady at 6.8 % for decades. Compare them to other industries.
