Why Biden Is Letting Oil Prices Soar

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
So you were labor in the sandpits. Nobody wants Canadian tarsands.
 
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.
He didn't take on big oil.
 
They could control the price of their oil. They own the wells, the pipelines, the refineries, the oil, and a lot of the gas stations.
They are a for profit business.. boom or bust. This is recovery time. They didn't make money at $60 a barrel.
 
They are a for profit business.. boom or bust. This is recovery time. They didn't make money at $60 a barrel.

Yes, they made money at $60 a barrel. They made a ton of money. Gas, diesel, plastics, lubricant's, soaps, detergents and many other things. They make money at $42 per barrel.
 
Yes, they made money at $60 a barrel. They made a ton of money. Gas, diesel, plastics, lubricant's, soaps, detergents and many other things. They make money at $42 per barrel.
Nope. The US has the highest lift costs in the world. .. we have no economies of scale.. nothing is integrated either horizontally or vertically. And, most US wells produce less than 50 barrels a day.
 
Nope. The US has the highest lift costs in the world. .. we have no economies of scale.. nothing is integrated either horizontally or vertically. And, most US wells produce less than 50 barrels a day.

Irrelevant facts.
 
You're not even keeping up with what started this conversation. I'm not going to keep repeating myself.
US producers are not controlled by the president. Americans rave about socialism or commies, but they demand cheap gas. Forget that the oil business is a business... Or that oil is still a bargain. Oil prices haven't kept up with housing, healthcare, automobiles or education. You aren't in the oil business. What's your field?
 
Nope. The US has the highest lift costs in the world. .. we have no economies of scale.. nothing is integrated either horizontally or vertically. And, most US wells produce less than 50 barrels a day.
What does "we have no economies of scale" mean? Why should our oil be any different from oil coming from other areas of the world in that regard?

Also, what do you mean by "integrated?"

You are correct that most wells produce less than 50 bbl/day, but so what? Different oil regions have different costs. At $90/bbl 50 bbl/day is $4500/day - more than worthwhile.
 
What does "we have no economies of scale" mean? Why should our oil be any different from oil coming from other areas of the world in that regard?

Also, what do you mean by "integrated?"

You are correct that most wells produce less than 50 bbl/day, but so what? Different oil regions have different costs. At $90/bbl 50 bbl/day is $4500/day - more than worthwhile.
Integration means a minimum of handling. For instance Saudi oil can be diverted to downstream manufacturing as easy as pie. Urea and sulphur are diverted from cracking to fertilizer production. It's seamless. From the Christmas tree to the gosp to the refinery to export pipelines or to manufacturing in jubail or yanbu. When your wells produce less than 50 barrels a day you can't afford fracking or gas injection to keep pressure up and that crude may be handled several times before it gets to a pipeline that takes it to a refinery.
 

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