Why Biden Is Letting Oil Prices Soar

[bendog]

Good information.

I was surprised to learn that we don't seem to have a large pipeline system for transporting raw petroleum. I hadn' tconsidered that before. But we transport a lot of oil from offshore, and Tex and Louis have coasts. It makes sense to me that they are building a small refinery in the Bakken. But the US is going to use less and less "gasoline" to power cars.

The thread is about a short term disruption. The price of petroleum world wide is going sky high, and that will hurt us. But the EU and Ukraine thing will sort out. Europe can replace Russia's natl gas with the US and Israel, but it will take years. If that's the end result of the Ukraine war, that may be worth it. I feel very apprehensive about civilian casualties though. And econ prospects of young people lost. But we abandoned Hungary and the Czechs before. And having the First Armored and a couple of Infantry Divisions in Ukraine would not cause fewer deaths.

I have to go stuff weeds in garbage bags .... which I understand don't have a high petroleum content anymore. LOL

 

[eddiew37]

Hi Bendog good seeing folks I go way back with Think I saw Kinetta here too Hope all goes well with you I do speak to Dale occasionally

 

[g5000]

I think it bottomed out in Aug of 2020. If you recall the dip in Feb 2021 was related to the big Texas Freeze.

Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day)

According to the link I provided, production in August of 2020 was 327,285,000 barrels.

 

[bripat9643]

The biggest in the US is motiva which is owned by the Saudis. They expanded it a few years ago so they still have spare capacity. Refineries in the Midwest will shut down if keystone XL goes through. The Chinese can make a lot more profit sending that tarsands to the free trade zones.

The tar sands are canadian, you fucking moron.

 

[bripat9643]

Well then we found one more thing he really sucks at, as production is growing about as fast as it did prior to 2020

It may be growing since the low point in 2020, but that is all.

 

[Harpy Eagle]

It may be growing since the low point in 2020, but that is all.

What more do you want it to be doing? It is growing since the low point in 2020 and it is growing since Biden took office. At the current rate of growth it will top Trump's highest point by Nov.

 

[Harpy Eagle]

The tar sands are canadian, you fucking moron.

Yep, and the Chinese are heavily invested in them after other companies left the door open for them.

A bit dated, but it gives the idea

PetroChina takes control of MacKay River oilsands project

Athabasca Oil Sands Corp. has decided to sell its remaining 40 per cent stake in the MacKay River oilsands project to joint-venture partner PetroChina, giving a Chinese oil giant full control of an oilsands asset for the first time.

www.thestar.com

A little newer.

Chinese companies commit to Alberta oilsands despite setbacks | Globalnews.ca

While some European and U.S. companies cut their exposure to the Canadian oilsands, China's Big Three oil giants -- CNOOC, PetroChina and Sinopec -- seem content to let their bets ride even if the results haven't been spectacular.

globalnews.ca

 

[surada]

The tar sands are canadian, you fucking moron.

Yes they are and owned by the Chinese. It's a loser's deal because they have to sell that crud for $29 a barrel. Nobody actually wants it. 22 billion dollars is a sizable investment for the Chinese, don't you think?

 

[kaz]

I was surprised to learn that we don't seem to have a large pipeline system for transporting raw petroleum. I hadn' tconsidered that before. But we transport a lot of oil from offshore, and Tex and Louis have coasts. It makes sense to me that they are building a small refinery in the Bakken. But the US is going to use less and less "gasoline" to power cars.

The thread is about a short term disruption. The price of petroleum world wide is going sky high, and that will hurt us. But the EU and Ukraine thing will sort out. Europe can replace Russia's natl gas with the US and Israel, but it will take years. If that's the end result of the Ukraine war, that may be worth it. I feel very apprehensive about civilian casualties though. And econ prospects of young people lost. But we abandoned Hungary and the Czechs before. And having the First Armored and a couple of Infantry Divisions in Ukraine would not cause fewer deaths.

I have to go stuff weeds in garbage bags .... which I understand don't have a high petroleum content anymore. LOL

I've never seen someone as completely figurant of the energy industry ever so completely demonstrate how unaware of that you are

 

[kaz]

Yes they are and owned by the Chinese. It's a loser's deal because they have to sell that crud for $29 a barrel. Nobody actually wants it. 22 billion dollars is a sizable investment for the Chinese, don't you think?

LOL, again the Saudi who knows shit about oil proves that.

Funny how I worked on sand pits and that came up, yet you pulled it out of the air! LOL, leftists are just the dumbest people. If you were to say "everyone" doesn't want it, that's true. Duh, it's a specialty field, pipelines, trucks, refineries, everything needs to be built special for them. But your statement that "nobody actually wants it" is how totally ignorant you are of everything you say

 

[kaz]

The tar sands are canadian, you fucking moron.

Two for two! The tar sands are indeed Canadian and surada is indeed a moron

 

[bripat9643]

No need to guess. It was 2020 when we hit 13 and it dropped to 9.7 by Aug of 2020. We're back up to 11.6

Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day)

Says you. Where's the proof?

 

[YoursTruly]

A smart president -- one who understands geopolitical reality -- would ramp up domestic production to drive the energy segment of inflation down while simultaneously crippling Russia by decreasing its flow of hard currency. Russia at $95/barrel is rich. Russia at $40/barrel is poor.

Which would be better for America and the world?

Biden's legacy, if he succeeds, will be a decrease in the standard of living for most Americans and an increase in the power and influence of OPEC and other oil-rich states...like...oh...Russia!

Oil prices rise as tight market looks to Russian-Western diplomacy

Price gains also limited by possibility of Iranian crude returning to the market

www.irishtimes.com

News flash. Our oil industry isn't state owned. It's owned by private corporations who can pretty much produce more or less, when ever they want to.
Biden did close some leases when he first got in office. But none of them were producing. Many weren't even drilled. But last November, thanks to the oil companies attorneys, convinced a Louisiana federal judge to reinstate those leases. So for the last few months, the increase in oil prices is the sole responsibility of the oil companies. It's been sort of a big "F you" to Biden, to let him know he can't screw with people who's bonuses are more than his salary.

But while they're teaching Biden a less in who really runs the show, they're sticking it to us as well.

Biden is a moron to think he could take on big oil.

 

[BlindBoo]

Says you. Where's the proof?

Um, in the data for Jan 2020, Aug 2020 and finally the first two weeks of Feb. 2022. Did you not see the chart? You can even see the effects the of the Big Texas freeze last year. 3rd wk in Feb.

Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day)

 

[YoursTruly]

We import billions of barrels of oil from Russia, every year. Biden is about to screw that up. If the sanctions are implemented, fuel prices will got to $5 per gallon.
Why? Because US oil companies are the ones who will be making the huge profits, while producing and importing less.

I'm all for big oil. We have to have them. I just don't like them having so much influence on my livelihood.

:Sailing ship:

 

[Harpy Eagle]

Says you. Where's the proof?

In the fucking link he gave you. The same source Trump you all used to tout how much oil we were producing

 

[bripat9643]

Yes they are and owned by the Chinese. It's a loser's deal because they have to sell that crud for $29 a barrel. Nobody actually wants it. 22 billion dollars is a sizable investment for the Chinese, don't you think?

I never heard they were owned by the Chinese. I think Sun Oil Co owns them. They are a client of a company I used to work for, and we were always sending people to Edmonton to do consulting work

Athabasca oil sands - Wikipedia

en.wikipedia.org

​

Commercial production of oil from the Athabasca oil sands began in 1967, with the opening of the Great Canadian Oil Sands (GCOS) plant in Fort McMurray. It was the first operational oil sands project in the world, owned and operated by the American parent company, Sun Oil Company. When the US$240 million plant officially opened with a capacity of 45,000 barrels per day (7,200 m3/d), it marked the beginning of commercial development of the Athabasca oil sands. In 2013 McKenzie-Brown listed industrialist J. Howard Pew as one of the six visionaries who built the Athabasca oil sands.[29] By the time of his death in 1971, the Pew family were ranked by Forbes magazine as one of the half-dozen wealthiest families in America.[30] The Great Canadian Oil Sands Limited (then a subsidiary of Sun Oil Company but now incorporated into an independent company known as Suncor Energy Inc.) produced 30,000 barrels per day (4,800 m3/d) of synthetic crude oil.[31]​

​

You're full of shit, as always

 

[bripat9643]

News flash. Our oil industry isn't state owned. It's owned by private corporations who can pretty much produce more or less, when ever they want to.
Biden did close some leases when he first got in office. But none of them were producing. Many weren't even drilled. But last November, thanks to the oil companies attorneys, convinced a Louisiana federal judge to reinstate those leases. So for the last few months, the increase in oil prices is the sole responsibility of the oil companies. It's been sort of a big "F you" to Biden, to let him know he can't screw with people who's bonuses are more than his salary.

But while they're teaching Biden a less in who really runs the show, they're sticking it to us as well.

Biden is a moron to think he could take on big oil.

American oil companies don't control the price of oil.

 

[surada]

I never heard they were owned by the Chinese. I think Sun Oil Co owns them. They are a client of a company I used to work for, and we were always sending people to Edmonton to do consulting work

Athabasca oil sands - Wikipedia

en.wikipedia.org

​

Commercial production of oil from the Athabasca oil sands began in 1967, with the opening of the Great Canadian Oil Sands (GCOS) plant in Fort McMurray. It was the first operational oil sands project in the world, owned and operated by the American parent company, Sun Oil Company. When the US$240 million plant officially opened with a capacity of 45,000 barrels per day (7,200 m3/d), it marked the beginning of commercial development of the Athabasca oil sands. In 2013 McKenzie-Brown listed industrialist J. Howard Pew as one of the six visionaries who built the Athabasca oil sands.[29] By the time of his death in 1971, the Pew family were ranked by Forbes magazine as one of the half-dozen wealthiest families in America.[30] The Great Canadian Oil Sands Limited (then a subsidiary of Sun Oil Company but now incorporated into an independent company known as Suncor Energy Inc.) produced 30,000 barrels per day (4,800 m3/d) of synthetic crude oil.[31]​

​

You're full of shit, as always

Chinese investment in tarsands dates to 2017.

 

[surada]

Two for two! The tar sands are indeed Canadian and surada is indeed a moron

The Chinese have 22 billion dollars invested in Canadian tarsands.