Why these statements have added to inflation..."We Are Going To Get Rid of Fossil Fuels” and "“no more drilling...there is no more drilling"

[22lcidw]

And now you are finally coming around to what I have been saying. The US president has nothing to do with oil prices.

Thank you.

Oil production and prices are driven by market forces, not the president.

So you will stop with the "Because Biden" horseshit now, right?
'



It always amazes me the "because Biden" tards are completely ignorant about the topic on which they speak!

Venezuela's October oil exports tumble on weaker production​

This marks a 25% decline from September and a 23% fall versus October a year-ago, according to the data.

Please understand this. Anything energy is sensitive to any interference. Any! Domestically and in foreign ways. We were producing a few million more barrels that kept a lot of it at bay. We had designs of a pipeline to bring this life-giving product to us all cheaply. Now we get it from trains, and I believe Murdoch who is getting richer, and we get a lot less of it. No interference. None....Get it. We are a safer area of the world for now. Any issues overseas cause price spikes. Our past politicians screwed us over as a percentage of them were sell outs.

 

[Toddsterpatriot]

And now you are finally coming around to what I have been saying. The US president has nothing to do with oil prices.

Thank you.

Oil production and prices are driven by market forces, not the president.

So you will stop with the "Because Biden" horseshit now, right?
'



It always amazes me the "because Biden" tards are completely ignorant about the topic on which they speak!

Venezuela's October oil exports tumble on weaker production​

​

This marks a 25% decline from September and a 23% fall versus October a year-ago, according to the data.

And now you are finally coming around to what I have been saying. The US president has nothing to do with oil prices.

Threatening to jail oil executives.....promising to end their industry.

His obvious infirmities leading Putin to invade.
Allowing the Saudi's to reduce instead of boost production

You're right, he has nothing to do with prices.

It always amazes me the "because Biden" tards are completely ignorant about the topic on which they speak!


Obviously.

Oil production and exports by PDVSA and its joint ventures have fluctuated this year due to outages, a lack of sustained investment and a shrinking pool of partners willing to continue operating in the U.S-sanctioned South American nation.

Thanks for the link. This obviously proves Venezuela is voluntarily keeping production offline to boost prices. It's not proof that the commies have so fucked up the country that no one wants to invest and their oil industry is falling apart. LOL!

Thanks, I love it when you do that.

 

[g5000]

Please understand this. Anything energy is sensitive to any interference. Any! Domestically and in foreign ways. We were producing a few million more barrels that kept a lot of it at bay. We had designs of a pipeline to bring this life-giving product to us all cheaply. Now we get it from trains, and I believe Murdoch who is getting richer, and we get a lot less of it. No interference. None....Get it. We are a safer area of the world for now. Any issues overseas cause price spikes. Our past politicians screwed us over as a percentage of them were sell outs.

We are not getting a lot less oil. Who is telling you these lies?

Do you ever even bother to see for yourself what the facts are? Do you bother to look up our domestic oil production figures?

Or are you just a parroting rube?

Oil production is not determined in the Oval Office. It is decided in boardrooms.

Like this:

Chevron raises buybacks and says exposure to Russia is limited​

Major oil companies are responding to a jump in profits this year from higher oil and gas prices by giving back more cash to shareholders, many of whom have been frustrated by years of low returns.

So far, most shale operators have signaled that they plan to put capital returns above output growth, even as U.S. oil prices crossed $100 per barrel earlier this week.

 

[Toddsterpatriot]

Please read the article.

It's really very good.

His charts make no sense.

By using nominal dollar measurements we avoid issues of inflation, and by comparing growth rates we avoid issues of stock (wealth) vs. flow (GDP). Also, please don’t @me about log charts. They add absolutely nothing to the analysis here. This is a true apples-to-apples comparison between two things that, IMO, should typically grow together and pretty much in lockstep. That’s because I believe this:

As a people, you can’t be a lot richer than your economy grows without stealing that wealth from someone else.

His claims lack evidence.

 

[g5000]

" most shale operators have signaled that they plan to put capital returns above output growth"

Think about that, kids. The oil companies are laughing their asses off at your credulity, blaming Biden.

 

[Toddsterpatriot]

Our politicians and the Federal Reserve are all about pain avoidance. Ever since the collapse of Long Term Capital Management.

And yet they ignore the fact that each succeeding crisis is larger than the last and it is just a matter of time their interference will cause a colossally larger pain to be inflicted on our country than if they had let matters take a natural course. And it will be a pain they cannot stop. It will be a matter of banks being Too Big To Save.

This inflation is but a precursor.

But at least the Fed is now increasing interest rates to offset their infinite QE and ZIRP fuckup.

And yes, that means a recession next year, most likely, and the all the tards will sing "Because Biden" because that is what they will be told to do.

Our politicians and the Federal Reserve are all about pain avoidance. Ever since the collapse of Long Term Capital Management.

Instead of calling Powell and telling him to stop expanding and start shrinking the balance sheet, Biden did nothing while pushing huge, wasteful spending bills?

But none of our inflation is his fault?

Sure.

 

[Toddsterpatriot]

Please understand this. Anything energy is sensitive to any interference. Any! Domestically and in foreign ways. We were producing a few million more barrels that kept a lot of it at bay. We had designs of a pipeline to bring this life-giving product to us all cheaply. Now we get it from trains, and I believe Murdoch who is getting richer, and we get a lot less of it. No interference. None....Get it. We are a safer area of the world for now. Any issues overseas cause price spikes. Our past politicians screwed us over as a percentage of them were sell outs.

Now we get it from trains, and I believe Murdoch who is getting richer, and we get a lot less of it.

Buffett.

 

[g5000]

Venezuela and Saudi Arabia have made the same calculations. Putting capital returns above output growth.

You see, Saudi Arabia (and probably Venezuela though I have not checked) has borrowed a shit ton of money. And those loans are backed by Saudi Arabia's oil in the ground as collateral.

If oil prices drop, the value of their collateral drops. Understand?

 

[22lcidw]

Our politicians and the Federal Reserve are all about pain avoidance. Ever since the collapse of Long Term Capital Management.

And yet they ignore the fact that each succeeding crisis is larger than the last and it is just a matter of time their interference will cause a colossally larger pain to be inflicted on our country than if they had let matters take a natural course. And it will be a pain they cannot stop. It will be a matter of banks being Too Big To Save.

This inflation is but a precursor.

But at least the Fed is now increasing interest rates to offset their infinite QE and ZIRP fuckup.

And yes, that means a recession next year, most likely, and the all the tards will sing "Because Biden" because that is what they will be told to do.

Some of those trillions of dollars passed in legislation did not have to be. But many have been paid off.

 

[22lcidw]

Now we get it from trains, and I believe Murdoch who is getting richer, and we get a lot less of it.

Buffett.

Corrected.

 

[Toddsterpatriot]

" most shale operators have signaled that they plan to put capital returns above output growth"

Think about that, kids. The oil companies are laughing their asses off at your credulity, blaming Biden.

They should invest more capital with Biden's idiocy hanging over their heads?
I'm laughing too.

 

[surada]

Heads of countries can affect world economy, Biden said so with his ‘because Putin’ statements and excuses.

Demand for oil is down in China and India. Prices may soon reflect that.

 

[g5000]

Something I posted a few years ago:

According to the CIA World Factbook, there are 1.656 trillion barrels of proved oil reserves.

That's not the mind boggling part. Hold on.

But first, I must specify what "proved oil reserves" means:

"Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions."

Okay. That's oil we know is there. It's money just sitting in the ground, waiting to be taken out and put in the bank.

Here's comes the mind blower.

The price of crude oil on January 31, 2014 was $102.10. The price of crude oil on January 31, 2016 was $29.78.

So, let's do the math and see how much wealth went up in smoke. Ready?

102.10 - 29.78 = 72.32.

So in the past two years, every proven reserve barrel of oil has lost $72.32 in value.

Multiply that by the 1.656 trillion barrels of proven reserves, and in the past two years $119,761,920,000,000 of wealth has vaporized.

$120 TRILLION!!!!

So what's the big deal, you may be wondering. It's not like the oil in the ground is actually someone's bank account and they have lost money.

Oh, but it actually is someone's bank account. You see, those people who own those reserves have gotten loans and issued high interest bonds, using those reserves as collateral.

What happens to a debtor when their collateral loses value? What do you think all those creditors holding those high interest bonds and the paper on all those loans are thinking as they ponder the fact the collateral backing all those bonds has lost $120 trillion in value?

What do you think the investors who bought tranches of derivatives build on all those loans and bonds are thinking?

Yeah.

Let the fun times begin.


Back to today, oil is about 89 dollars a barrel right now.

Use the numbers above to figure out what happens to Saudi Arabia worth if oil continues to drop.

And then think about their incentive to keep production low to boost the price of oil.

 

[g5000]

They should invest more capital with Biden's idiocy hanging over their heads?
I'm laughing too.

Wow.

Textbook circular logic.

 

[22lcidw]

Balanced budgets. *gasp!*

But the affect to people getting checks. To government contracts. And other things. What does that do to the economy? A short change thing! Before a potential explosive growth.

 

[g5000]

Demand for oil is down in China and India. Prices may soon reflect that.

Yep. Oil is about 89 dollars.

If it goes below $60, the Russian economy goes into recession.

Maybe sooner since they have a war bleeding them dry.

 

[Toddsterpatriot]

Multiply that by the 1.656 trillion barrels of proven reserves, and in the past two years $119,761,920,000,000 of wealth has vaporized.

$120 TRILLION!!!!

So what's the big deal, you may be wondering. It's not like the oil in the ground is actually someone's bank account and they have lost money.

Oh, but it actually is someone's bank account. You see, those people who own those reserves have gotten loans and issued high interest bonds, using those reserves as collateral.

How much was borrowed on the $169 trillion of proven reserves? Link?

 

[g5000]

But the affect to people getting checks. To government contracts. And other things. What does that do to the economy? A short change thing! Before a potential explosive growth.

I have posted more than a hundred times how to balance the budget and get GDP growth above 4 percent.

It's actually very simple, but no politician has the balls to do it.

 

[Toddsterpatriot]

Wow.

Textbook circular logic.

Biden: "I'm gonna kill you"

Oil companies: "OK"

Biden: "Stop giving money back to shareholders and drill more"

Oil companies: "LOL!"

 

[B. Kidd]

When Biden made this first statement in Sep 6, 2019 he was running for President..
"I want you to look into my eyes, I guarantee We Are Going To Get Rid of Fossil Fuels”

Gas price per gallon was $2.68 in Sep 2019.. Gas Sep 2020 $2.27 (decrease 41 cents) Gas Sep 2021 3.27 (33% higher)
So in July 2022 gas was $4.67 or nearly 75% higher than when he first made that statement.
Production as of 8/2022 ...11,975,000 barrels per day vs 9/2019 12,590,000 or 615,000 barrels more than today...
I wonder why?

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

View attachment 724293
So as the law of supply and demand goes...i.e. "If demand exceeds supply, prices will rise"
So that explains how Biden telling oil companies their future was over, why would oil companies invest in exploration or refineries?
Actual quote from the CEO of the LARGEST American oil company, Chevron..

Oil & Gas 50 2023 | Brand Value Ranking League Table | Brandirectory

The annual report on the most valuable and strongest Oil & Gas brands

brandirectory.com

U.S. Will Never Build Another Oil Refinery, Chevron CEO Says
“My personal view is there will never be another new refinery built” on U.S. soil, said Wirth. “You’re looking at committing capital 10 years out, that will need decades to offer a return for shareholders, in a policy environment where governments around the world are saying,
‘We don’t want these products.’”

U.S. Will Never Build Another Oil Refinery, Chevron CEO Says

The United States’ capacity to refine oil into fuel has shrunk significantly during the pandemic because of the closure of refineries. And it may never come back, says the CEO of the second-largest oil company in the U.S.

www.theenergymix.com

So if the largest oil refinery company isn't going to build and oil production going down, WHAT does that mean?
Well these corporations ARE NOT going to spend $$ in exploration/production for sure!

View attachment 724293

But there are 6,000 other reasons that when oil exploration/production goes down inflation increases and these are the products that use oil that is going to be gone per the President.
View attachment 724318

The only thing Joey wants drilled is the middle class.
Drilled good, and drilled hard!!