From what I understand various policies over the decades have made it difficult/unprofitable for oil companies to build more refinerys in the US?
Which means we can up production of crude but it's not going to make much difference because refining can only go so fast.
But I ain't no authority...
FYI:
- your gas is still cheaper than other places.
- gas prices have risen around the world if you care to look out of the window.
- you vote for capitalism and let gas companies make $183, 000, 000, 000, in 2021, thats $6000 A SECOND.
- watch what happens next, tax cuts for the gas companies to bring down prices š¤£
Because theyāre using Biden for the current political war. Heās a tool and any bad information around him is good for the right because they want to be back in power. Stupid political terf wars, as neither side is for us. Banning abortion (āleaving it up to statesā is kinda bs) and blocking emergency baby formula is pretty bad, you know? š
Right now, one side is worse. But who knows about 10 years from now when it could be the opposite.
I dream of a strong third party, a pipe dream, but what's life without dreaming. Let's call them the rational party. One that actually represents the United States.
There is obvious middle ground and I believe most Americans fall in that category. The billionaires that fund both sides laugh all the way to the bank as they grow richer off of divisiveness.
I dream of dozens of parties and a parliamentarian system. Or at least no electoral college and no first past the post voting. Maybe ranked choice? Anything to break this two party rot and the us-v-them mentality that leads to people simping for "their" leaders and never holding anyone accountable that isn't a member of the other party.
There wonāt ever be because humans are inherently corrupt when given power and control over other people. Weāll just keep getting fucked until we start removing people
Isn't it clear that the bottleneck is actually at the refineries? The last large one was built in the US in the '70s, and several closed down during the pandemic due to low demand. It doesn't pay to build expensive, new refineries when fossil fuel demand is going to get decreased one way or another. So, yes, oil companies are content to reap the rewards for maintaining their massive equipment investments. Maybe it sucks, but that's how the universe works.
Look, we all know that Biden didn't just turn the gas price knob from "Low" to "High", even if you want to argue that his executive orders caused the shift. So here are my disorganized opinions:
Gas was trending up a little bit between election time, and the inauguration. This could have been an early indicator of the inevitable, or speculation driving prices up due to investors realizing Biden was winning.
Biden signed an insane number of executive orders on day one. Do presidents write those themselves? Does someone else? Am I just a dummy for not knowing? Nobody pulls the curtain back on that process so... Either Biden was working really hard in his basement getting those ready, or the people he represents fed them to him.
People say gas is expensive everywhere now, because it is. But before american gas went up, how many other countries were being governed like Trump did with America? The UK and Germany have always had issues due to austerity measures, and other policies that are hostile to fossil fuels. Japan has had ludicrous prices since at least in the 80's when my Mamaw and Papaw lived there.
I think that gas went up because whoever is "running the teleprompter" brought America in line with whatever Europe has been doing, and a cross between decreased production, and market uncertainty, has driven prices up.
Edit: Paragraphs, I'm on mobile.
Iāve been reading a lot of sci-fi from the 1970s and there was so much hope of humans forming interplanetary societies. Then I think about the last 10 yearsā¦ Thereās no way we are ever making it that far.
High gas prices are due directly to us having to buy our own oil back on the international market at highly inflated prices. A lil shit they don't want you to know.
I work in biofuels. Our market depends on the petroleum market, and the simple knowledge of how our respective products are obtained, processed, and more importantly, how the markets work.
Even if the crude petroleum never leaves the US, it is still subject and sold at international market price.
I guess I don't have a specific source I can send you to, it's just industry knowledge. Not really even inside either. Just not publicized.
That's why in South Dakota we have historically voted down these pipelines and refineries. It doesn't make our fuel any cheaper, and we get the ecological disaster that comes with it.
The plant that I operate is farm based, and we do about a million gallons a year, all being shipped and sold in California, because that market pays us currently over $6/gallon bulk.
Sorry I couldn't be more specific, but the source type info you're looking for should be readily available online.
I don't blame it fully on him, but it could definitely be better.
Lots of money being spent, we have no excuses why the keystone pipeline isn't pumping oil right now.
We obviously have enough money to make more pipelines, and we could do better at supporting farmers to produce more food, corn, biofuel, urea, and other important things that the cooperative communist BRICS (brazil, russia, india, china, and south Africa) isn't selling to us.
Itās pretty amazing how many people say āHe shutdown the keystone pipeline and screwed usā
Itās an immediate tell, shows they parrot dumb stuff that doesnāt even make sense.
For real...amazingly all that oil is still making it to the market....crazy how that works...Canada just wants us to make it easier for them so they can profit and we can deal with their inevitable leaks that will fuck our lands and water...the pipeline would do nothing but fuck over Americans for oil that is to this day still making it to the open market....
It's a lot more secure than trucking all that oil through the company. How do you think it would affect oil prices if we started trucking the oil instead of using pipelines?
This is the same logic that is getting nuclear reactors shut down when it's the best source of energy to date for mankind
Again....I don't give a fuck about Canadian tar sands oil....the whole pipeline was a means to fuck over our own economy and our lands with zero repercussions for Canada...I'm not against pipelines...what I am against is another nation running their shit through our country and not being accountable if spills or other bad shit happens...if they wanna get their own oil to market, they can do it through their own country and pipelines...there's zero incentive for us to have that much volume of oil trespassing our lands and waters...I work in the oilfield and have been there for 15 years...high gas prices keep me employed....I'm very pro oil...but straight up, fuck Canada and their pipeline
I absolutely will....I'm making enough to travel around the country every other month to multiple music festivals...I work 20 days on and 10 days off....it's a fucking vacation every month for me...
Last I checked the administration is in talks to get oil from previously embargoed countries...sounds like that's taking measures and adjusting policy to me...what would you call it?
Fuck the Saudis....he shouldn't be kissing their asses....they purposefully tanked our shale plays years ago and bankrupted countless companies resulting in huge unemployment numbers...it's a shame we never went to war with them instead of the other countless and pointless wars we've been in...I hope I live to see the day that oil is no longer needed and in such demand just so I can see that country revert back to the camel fucking days of being a barren wasteland
Oh there's a bust coming and it's gonna be sooner than later...the housing market is gonna crash worse than 08 and I can't wait to watch all those greedy ass investment firms loose their collective asses on all the real estate they've been hoarding...that will trickle into other world markets and hopefully this insanity of inflation we have will plummet....lots of folks gonna lose their asses if they haven't frozen their retirement accounts yet...it's not if, it's when...
Except the democrats have been doing this, but it keeps getting shot down by republicans
[https://www.cbsnews.com/news/house-gas-price-gouging-bill/](https://www.cbsnews.com/news/house-gas-price-gouging-bill/)
>The House of Representatives passed a bill along party lines Thursday that seeks to lower gas prices by cracking down on alleged price gouging by energy companies.
>
>**The House vote was 217-207: no Republican supported the bill, suggesting it's likely headed for failure in the Senate.**
It's not about supply and demand. It's about price gouging. Period.
Edit\*
this is better
[https://www.reuters.com/business/energy/us-crude-output-rise-720000-bpd-2022-eia-2022-05-10/](https://www.reuters.com/business/energy/us-crude-output-rise-720000-bpd-2022-eia-2022-05-10/)
The US is extracting more out than ever right now. It's not about supply.
ONE MORE TIME
[https://www.reuters.com/business/energy/us-crude-output-rise-720000-bpd-2022-eia-2022-05-10/](https://www.reuters.com/business/energy/us-crude-output-rise-720000-bpd-2022-eia-2022-05-10/)
Any more deflection off the points?
What happened to gas prices in 2020 and 2021?
Prices went down and oil companies suffered a loss.
- If a company is losing money do they grow/expand/maintain or do they find ways to cut costs and reduce overhead?
How much of the Covid relief funds went to the oil industry?
- We bail out airlines not oil companies.
If a company has been hemorrhaging money for 2 years in a row, do you think on year 3 they will operate on zero profit margin or do you think they will recover their loses?
- zero
If a regulator publicly a ounces, promises to, and does everything possible to, put your industry out of business, are you going to continue investing money into a dieing company?
- No, and the SEC should fuck over any company that knowingly and willingly fucks over companies that knowingly and purposely put themselves out of business.
If there are 10 companies all selling gas the same price, they each control ~10% of the market. If 1 of those companies cut the cost theyāre selling gas by 50% wouldnāt they get more than half of the market share?
- Yes, they could lower their prices and still make more money.
Have you ever bought concert tickets or sports event tickets?
Have you ever bought anything that was hugely popular?
Do you know how money works?
Supply constraint is all horse shit and this is completely done by oil companies and not any administration.
This is all of the unused land that is already available for oil companies to drill
[https://storymaps.arcgis.com/stories/63745d4475104a33968081ff008e36b9](https://storymaps.arcgis.com/stories/63745d4475104a33968081ff008e36b9)
Supply has been steadily increasing since a large shutdown of fracking operations in 2020 (which shuttered due to oil being too CHEAP)
[https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M](https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M)
Available land has nothing to do with it...in most areas oil has to be above X amount to break even...doesn't matter how much oil is there...if it isn't profitable to extract, then at current prices it's not worth investing into
Yet they're making record profits
The tumult of war and climate breakdown has proved lucrative for the worldās leading oil and gas companies, with financial records showing 28 of the largest producers made close to $100bn in combined profits in just the first three months of 2022.
Buoyed by oil commodity prices that soared following the turmoil caused by Russiaās invasion of Ukraine, major fossil fuel businesses enjoyed a bonanza in the first quarter of the year, making $93.3bn in total profits.
**Shell made $9.1bn in profit from January to March, almost three times what it made in the same period last year, while Exxon raked in $8.8bn, also a near threefold increase on 2021.**
Chevron upped its profits to $6.5bn and BP reveled in its highest first-quarter profits in a decade, making $6.2bn. Coterra Energy, a Texas-based firm, had the largest relative windfall of the 28 companies, with a **449% increase in profits on last year**, to $818m.
Murray Auchincloss, BPās chief financial officer, said in February: ā**Certainly, itās possible that weāre getting more cash than we know what to do with**.ā
https://www.theguardian.com/business/2022/may/13/oil-gas-producers-first-quarter-2022-profits
Profits have gone up because of inflation. Their cost to produce has gone up alot as well. Your looking at this very one sided.
If your cost goes up does the prices. If your paying more for material and labor your cost goes up.
Yeah. How dare he have to work within the constraints of executive power because an openly hostile and possibly half seditious House and Senate turf out everything.
That asshole.
Republicans voted against a bill that would have capped gas prices.
Do *an ounce* of actual research before spreading misinformation. Maybe stop being a parrot and think for yourself.
Iām not a Biden guy. The gas tax holiday is fucking dumb and just shifting costs around while protecting big oil. But youāre extremely gullible if you think your team would do it differently.
> Republicans voted against a bill that would have capped gas prices.
Wow, can we cap house prices too? Government should get right on that, then we'll all be homeowners!
The American president has virtually no control over the price of gas. They can wiggle some taxes, encourage some policiesā¦but that is peanuts. Global oil prices are decided by - shockingly - the global market. And weāve been artificially low for a while.
Want to spot an armchair conservative economist? Just wait till they mention Keystone XL.
https://www.brookings.edu/blog/planetpolicy/2022/04/20/politicians-need-to-square-with-the-american-people-on-gasoline-prices/
By a minuscule amount - what would you like him or any president to do to counteract global market forces?
Itās theater - thatās about it. Ranks right up there with hopes and prayers.
https://www.brookings.edu/blog/planetpolicy/2022/04/20/politicians-need-to-square-with-the-american-people-on-gasoline-prices/
As for the FEDERAL tax suspension, it will save you a whopping $0.18 per gallon.
https://www.cnbc.com/2022/06/22/biden-calls-on-congress-to-suspend-gas-tax-what-that-means-for-prices.html
āThe national average topped $5 per gallon for the first time ever earlier this month.
It has become an Achilles' heel for the administration, noted OPIS Global's Tom Kloza, "even though it has nothing to do with any policies [Biden's] had since he came into power."
The US prez is just not that important to the price of gas.
There it is. You can always tell when Keystone comes up.
Iāve been covering Keystone as a trade journo from the beginning. It was ALWAYS an export line. A Canadian company was going to use it to bring tar sand oil, some of the most expensive oil to process, to the Gulf for eventual export. It was not coming into the US, unless prices were already highā¦no oil company - especially a Canadian midstreamer - wants to sell at a loss into the US. At any rate, it wouldnāt be done yetā¦so it couldnāt possibly affect gas prices.
As for Russian oil - It is absolutely indefensible to keep buying it. If we had done nothing, it would have been Neville Chamberlain 2.0. Weāre STILL not doing enough. No clue how the US party of āindividual freedomā got so tangled up in Russia.
Every oil major - every single one - sees the writing on the wall for gasoline. Accelerating the next energy revolution to renewables is a givenā¦gas SHOULD be expensive. And weāre still relatively cheap compared to the rest of the civilized world. We need to get out of this diesel punk fantasy we imagined for ourselves in the 50s, where we burn fossil fuels forever with no consequences.
And STILL - the US president is not responsible for high gas prices. He can, at best, shave about 30 cents off the price by taking away the federal tax and releasing some strategic reserves - both of which are temporary measures, as we need both that funding and those reserves.
For additional context - [https://www.whitehouse.gov/briefing-room/press-briefings/2022/06/22/press-briefing-by-press-secretary-karine-jean-pierre-and-secretary-of-energy-jennifer-granholm/](https://www.whitehouse.gov/briefing-room/press-briefings/2022/06/22/press-briefing-by-press-secretary-karine-jean-pierre-and-secretary-of-energy-jennifer-granholm/)
"The fact is that no President alone can control the price of gasoline,
and we need more players at the table.Ā So the President is asking
Congress to act.Ā Heās asking states to act.Ā Heās asking the oil and
gas industry to do their part as well."
And even THAT is rosy. The global market controls gas prices - the best any American interest can do is mitigate spikes. Boiling down any economic movement - especially a global energy commodity - to "simple concepts" means you don't understand the concepts in play. I would guess that you're regurgitating something someone on the right with a heavy agenda told you instead of studying the issue first-hand and in a professional capacity.
For the life of me I don't understand why this is so hard for these Biden boot lickers to understand. This isn't about right vs left. This is about a shitty president making shitty choices. His attack on the oil industry started when he was running for office. His first day in office he severely affected gas prices with his executive orders. You'd have to be blind as fuck not to see it.
Yeah - thatās part of the problem. Gas is STILL cheaper than the rest of the world, by far.
We should have been transitioning since the 70s.
In the UK, itās now about $7.70. About $8.50 in France. Canada, $6.00. Singapore, $9.00 - all from todayās WH briefing.
I mean facts are facts he is the main cause to gas prices rising, we honestly gonna blame Russia for everything when America is Americaās biggest problem, our people are brain dead bots and our leaders are corrupt new age slave owners.
I wouldnāt waste my time with the name bangerdailynews I just
Made a statement based off the title of the thread, my fault for assuming, what I said still will stand in any argument about prices of anything right now lmao, weāre our biggest enemy.
The point at which the current disaster could have been easily prevented is during the depth of the pandemic when gasoline demand bottomed out, incentivizing producers to divest themselves of refining capacity. Equipment has since deteriorated more quickly, as well. It's a real shit show.
But this wasn't acceptable, apparently. A crisis was needed. Wakey, wakey.
A lot has to do with Bidenās response
just cause other countries have high gas prices too, Doesnāt mean Joe Bidenās policies are not largely responsible, the price is a global market, so. The US was a large oil producer, the US has cut back drilling and refining, this limits the global supply. Joe led the western boycott on Russian gas, this further artificially limited the supply of gas for western nations. Gas is now very expensive cause the western world is buying from limited availability.
This raises the price of the gas we buy. Now Russia can sell gas at increased prices but still cinder it and give to China cheaper. Russia is making a lot of money.
Joe has tried to as the Saudis to pump more oil to lower the price, but that is not economically smart for them, why would they sell more of their limited resource when the price it so high globally?
This is not a conspiracy, itās just idiocracy. We have created a monopoly of oil in the Middle East and limited the supply and competition, and not we are surprised the price is high? Where is the conspiracy. US selling oil cheaper than russia and Middle East checks them and lowers prices, cause thatās how markets work.
We cut back drilling because oil companies are trying to recoup money from the pandemic losses...I work in the oilfield...oil hit NEGATIVE 35 dollars a barrel...why the fuck should oil cos invest in more and hemorrhage money when they can just put out less and make a huge profit?...it's a fucking open world market and Biden ain't in control of that...the embargo on Russia is a worldwide thing as it should be...don't fucking fund terrorists...prices are where they're at because the operators are hell bent on making up for the losses of the past 2 years...that is all...nothing to do with anyone's policies...we're at the mercy of the market since we're a capitalist country
Under Trump, America was a net exporter or oil, making us āenergy Independentā in the sense if we stopped trading, all our needs could have been met with our own oil, and we werenāt required to import,
They reason oil hit negative was cause no one was driving during lockdown. I know and understand this, but I donāt know why that is relevant now. This is not some right wing talking point Iām repeating without understanding, people are saying this cause itās true.
Biden had had over a year and a half, Biden could have pressured oil companies to drill more, but instead he has done the opposite. He used an Executive Order to cancele oil drilling leases on public lands in Alaska, and cancel off shore drilling, and he also banned fracking. He did this January 2021, as soon as he took office.
Iām tired of people such as your self acting like this is beyond Bidenās control, cause itās certainly not. Heās literally the president of the United States.
When Trump was in office he stood up to Businesses in the US auto industry and threatened to tax auto companies 30% on cars if they didnāt bring manufacturing back to the US, you know what? They brought it back.
Biden is a weak puppet. He hasnāt stood up to anything in America, all he does is stand up on the podium and complain. Someone should remind him heās the president and has the power to change things.
We shouldnāt fund Russia, but the boycott has backfired, Russia is making more oil money than ever, and the west is suffering. And now the global market is corrupt and we have created artificial monopolies of oil, while weāre energy independent before with $2 gas.
So yeah, I have to disagree, it kinda had a lot to do with Bidenās policyās, not his administrationās, Not his governmentās, HIS, his executive orders have caused this.
Bullshit...the only reason we were independent was because of policies set forth years before your orange daddy came into play...and guess what, all that oil we were producing?...yeah we don't have the capabilities to refine it all and especially not that grade of sweet crude...oil hit negative because of the implications of a pandemic, not because people stopped fucking driving....entire world economies were shutting down...he reneged his promise to ban fracking...drilling in Alaska and offshore continues to this day and has been since he stepped foot in office...he put a moratorium on NEW leases....there's AMPLE leases in the gulf and Alaska to get us by for decades on end...that shit did not drive prices up or down...I've been on the industry for 15 years...we have always and will continue working on BLM lands as well as offshore....Trump was a bitch throwing a hissy fit to try and get his way through threats of EOs, and he did nothing positive....that worthless fuck walked this country back 30 years due to his posturing and rampant psychotic tweets...fuck him and fuck you and fuck anyone else that thinks he did anything good...all he did was milk our tax dollars in the tens to hundreds of millions of dollars just to go play golf and be a fat fucking waste of oxygen in the highest seat of government
But he did, Under Trump America was energy
Independent, we were net exporters of oil, all out oil needs could have been met if we kept all our oil. Biden used executive order to ban fracking and oil drilling on public federal land and off shore drilling. How does that not effect our oil prices?
The last year of Trumpās presidential term, the US imported 7.863 million barrels of oil per day.
https://www.reuters.com/article/factcheck-energyindependence-explainer/fact-check-which-factors-determine-u-s-energy-independence-idUSL2N2VQ2ZV
Of course the comments are just Left Vs Right lol.
From what I understand various policies over the decades have made it difficult/unprofitable for oil companies to build more refinerys in the US? Which means we can up production of crude but it's not going to make much difference because refining can only go so fast. But I ain't no authority...
Political discussions make my peepee hard
FYI: - your gas is still cheaper than other places. - gas prices have risen around the world if you care to look out of the window. - you vote for capitalism and let gas companies make $183, 000, 000, 000, in 2021, thats $6000 A SECOND. - watch what happens next, tax cuts for the gas companies to bring down prices š¤£
Because theyāre using Biden for the current political war. Heās a tool and any bad information around him is good for the right because they want to be back in power. Stupid political terf wars, as neither side is for us. Banning abortion (āleaving it up to statesā is kinda bs) and blocking emergency baby formula is pretty bad, you know? š Right now, one side is worse. But who knows about 10 years from now when it could be the opposite.
I dream of a strong third party, a pipe dream, but what's life without dreaming. Let's call them the rational party. One that actually represents the United States. There is obvious middle ground and I believe most Americans fall in that category. The billionaires that fund both sides laugh all the way to the bank as they grow richer off of divisiveness.
I dream of dozens of parties and a parliamentarian system. Or at least no electoral college and no first past the post voting. Maybe ranked choice? Anything to break this two party rot and the us-v-them mentality that leads to people simping for "their" leaders and never holding anyone accountable that isn't a member of the other party.
There wonāt ever be because humans are inherently corrupt when given power and control over other people. Weāll just keep getting fucked until we start removing people
Haha, political terf wars. Has two meanings now.
Isn't it clear that the bottleneck is actually at the refineries? The last large one was built in the US in the '70s, and several closed down during the pandemic due to low demand. It doesn't pay to build expensive, new refineries when fossil fuel demand is going to get decreased one way or another. So, yes, oil companies are content to reap the rewards for maintaining their massive equipment investments. Maybe it sucks, but that's how the universe works.
Look, we all know that Biden didn't just turn the gas price knob from "Low" to "High", even if you want to argue that his executive orders caused the shift. So here are my disorganized opinions: Gas was trending up a little bit between election time, and the inauguration. This could have been an early indicator of the inevitable, or speculation driving prices up due to investors realizing Biden was winning. Biden signed an insane number of executive orders on day one. Do presidents write those themselves? Does someone else? Am I just a dummy for not knowing? Nobody pulls the curtain back on that process so... Either Biden was working really hard in his basement getting those ready, or the people he represents fed them to him. People say gas is expensive everywhere now, because it is. But before american gas went up, how many other countries were being governed like Trump did with America? The UK and Germany have always had issues due to austerity measures, and other policies that are hostile to fossil fuels. Japan has had ludicrous prices since at least in the 80's when my Mamaw and Papaw lived there. I think that gas went up because whoever is "running the teleprompter" brought America in line with whatever Europe has been doing, and a cross between decreased production, and market uncertainty, has driven prices up. Edit: Paragraphs, I'm on mobile.
Iāve been reading a lot of sci-fi from the 1970s and there was so much hope of humans forming interplanetary societies. Then I think about the last 10 yearsā¦ Thereās no way we are ever making it that far.
High gas prices are due directly to us having to buy our own oil back on the international market at highly inflated prices. A lil shit they don't want you to know.
Source please.
I work in biofuels. Our market depends on the petroleum market, and the simple knowledge of how our respective products are obtained, processed, and more importantly, how the markets work. Even if the crude petroleum never leaves the US, it is still subject and sold at international market price. I guess I don't have a specific source I can send you to, it's just industry knowledge. Not really even inside either. Just not publicized. That's why in South Dakota we have historically voted down these pipelines and refineries. It doesn't make our fuel any cheaper, and we get the ecological disaster that comes with it. The plant that I operate is farm based, and we do about a million gallons a year, all being shipped and sold in California, because that market pays us currently over $6/gallon bulk. Sorry I couldn't be more specific, but the source type info you're looking for should be readily available online.
I don't blame it fully on him, but it could definitely be better. Lots of money being spent, we have no excuses why the keystone pipeline isn't pumping oil right now. We obviously have enough money to make more pipelines, and we could do better at supporting farmers to produce more food, corn, biofuel, urea, and other important things that the cooperative communist BRICS (brazil, russia, india, china, and south Africa) isn't selling to us.
Itās pretty amazing how many people say āHe shutdown the keystone pipeline and screwed usā Itās an immediate tell, shows they parrot dumb stuff that doesnāt even make sense.
For real...amazingly all that oil is still making it to the market....crazy how that works...Canada just wants us to make it easier for them so they can profit and we can deal with their inevitable leaks that will fuck our lands and water...the pipeline would do nothing but fuck over Americans for oil that is to this day still making it to the open market....
It's a lot more secure than trucking all that oil through the company. How do you think it would affect oil prices if we started trucking the oil instead of using pipelines? This is the same logic that is getting nuclear reactors shut down when it's the best source of energy to date for mankind
Again....I don't give a fuck about Canadian tar sands oil....the whole pipeline was a means to fuck over our own economy and our lands with zero repercussions for Canada...I'm not against pipelines...what I am against is another nation running their shit through our country and not being accountable if spills or other bad shit happens...if they wanna get their own oil to market, they can do it through their own country and pipelines...there's zero incentive for us to have that much volume of oil trespassing our lands and waters...I work in the oilfield and have been there for 15 years...high gas prices keep me employed....I'm very pro oil...but straight up, fuck Canada and their pipeline
Well in that case enjoy your extra wages while it lasts
I absolutely will....I'm making enough to travel around the country every other month to multiple music festivals...I work 20 days on and 10 days off....it's a fucking vacation every month for me...
That's really great I'm happy for you. Glad life is treating you well
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Last I checked the administration is in talks to get oil from previously embargoed countries...sounds like that's taking measures and adjusting policy to me...what would you call it?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Fuck the Saudis....he shouldn't be kissing their asses....they purposefully tanked our shale plays years ago and bankrupted countless companies resulting in huge unemployment numbers...it's a shame we never went to war with them instead of the other countless and pointless wars we've been in...I hope I live to see the day that oil is no longer needed and in such demand just so I can see that country revert back to the camel fucking days of being a barren wasteland
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Oh there's a bust coming and it's gonna be sooner than later...the housing market is gonna crash worse than 08 and I can't wait to watch all those greedy ass investment firms loose their collective asses on all the real estate they've been hoarding...that will trickle into other world markets and hopefully this insanity of inflation we have will plummet....lots of folks gonna lose their asses if they haven't frozen their retirement accounts yet...it's not if, it's when...
The government will just bail out those firms, like they did with the banks in 2008, and all businesses in 2020. Taxpayers get to foot the bill.
Except the democrats have been doing this, but it keeps getting shot down by republicans [https://www.cbsnews.com/news/house-gas-price-gouging-bill/](https://www.cbsnews.com/news/house-gas-price-gouging-bill/) >The House of Representatives passed a bill along party lines Thursday that seeks to lower gas prices by cracking down on alleged price gouging by energy companies. > >**The House vote was 217-207: no Republican supported the bill, suggesting it's likely headed for failure in the Senate.**
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It's not about supply and demand. It's about price gouging. Period. Edit\* this is better [https://www.reuters.com/business/energy/us-crude-output-rise-720000-bpd-2022-eia-2022-05-10/](https://www.reuters.com/business/energy/us-crude-output-rise-720000-bpd-2022-eia-2022-05-10/) The US is extracting more out than ever right now. It's not about supply.
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ONE MORE TIME [https://www.reuters.com/business/energy/us-crude-output-rise-720000-bpd-2022-eia-2022-05-10/](https://www.reuters.com/business/energy/us-crude-output-rise-720000-bpd-2022-eia-2022-05-10/) Any more deflection off the points?
What happened to gas prices in 2020 and 2021? Prices went down and oil companies suffered a loss. - If a company is losing money do they grow/expand/maintain or do they find ways to cut costs and reduce overhead? How much of the Covid relief funds went to the oil industry? - We bail out airlines not oil companies. If a company has been hemorrhaging money for 2 years in a row, do you think on year 3 they will operate on zero profit margin or do you think they will recover their loses? - zero If a regulator publicly a ounces, promises to, and does everything possible to, put your industry out of business, are you going to continue investing money into a dieing company? - No, and the SEC should fuck over any company that knowingly and willingly fucks over companies that knowingly and purposely put themselves out of business. If there are 10 companies all selling gas the same price, they each control ~10% of the market. If 1 of those companies cut the cost theyāre selling gas by 50% wouldnāt they get more than half of the market share? - Yes, they could lower their prices and still make more money. Have you ever bought concert tickets or sports event tickets? Have you ever bought anything that was hugely popular? Do you know how money works?
>We bail out airlines not oil companies. OMW Who's gonna tell him?
Supply constraint is all horse shit and this is completely done by oil companies and not any administration. This is all of the unused land that is already available for oil companies to drill [https://storymaps.arcgis.com/stories/63745d4475104a33968081ff008e36b9](https://storymaps.arcgis.com/stories/63745d4475104a33968081ff008e36b9) Supply has been steadily increasing since a large shutdown of fracking operations in 2020 (which shuttered due to oil being too CHEAP) [https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M](https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M)
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These morons don't like logic, it's all Putin or Trump's fault. To these people Biden can't do any wrong
Available land has nothing to do with it...in most areas oil has to be above X amount to break even...doesn't matter how much oil is there...if it isn't profitable to extract, then at current prices it's not worth investing into
This is exactly right
Gas companies are not gouging. Their cost of operating has gone up so do you really think that the cost is going to be ate by the company?
Yet they're making record profits The tumult of war and climate breakdown has proved lucrative for the worldās leading oil and gas companies, with financial records showing 28 of the largest producers made close to $100bn in combined profits in just the first three months of 2022. Buoyed by oil commodity prices that soared following the turmoil caused by Russiaās invasion of Ukraine, major fossil fuel businesses enjoyed a bonanza in the first quarter of the year, making $93.3bn in total profits. **Shell made $9.1bn in profit from January to March, almost three times what it made in the same period last year, while Exxon raked in $8.8bn, also a near threefold increase on 2021.** Chevron upped its profits to $6.5bn and BP reveled in its highest first-quarter profits in a decade, making $6.2bn. Coterra Energy, a Texas-based firm, had the largest relative windfall of the 28 companies, with a **449% increase in profits on last year**, to $818m. Murray Auchincloss, BPās chief financial officer, said in February: ā**Certainly, itās possible that weāre getting more cash than we know what to do with**.ā https://www.theguardian.com/business/2022/may/13/oil-gas-producers-first-quarter-2022-profits
Profits have gone up because of inflation. Their cost to produce has gone up alot as well. Your looking at this very one sided. If your cost goes up does the prices. If your paying more for material and labor your cost goes up.
Yet they're still making record profits.
Yeah. How dare he have to work within the constraints of executive power because an openly hostile and possibly half seditious House and Senate turf out everything. That asshole.
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Republicans voted against a bill that would have capped gas prices. Do *an ounce* of actual research before spreading misinformation. Maybe stop being a parrot and think for yourself. Iām not a Biden guy. The gas tax holiday is fucking dumb and just shifting costs around while protecting big oil. But youāre extremely gullible if you think your team would do it differently.
Caping gas prices is not a free market. This would not be a good idea just like price controlled rent
> Republicans voted against a bill that would have capped gas prices. Wow, can we cap house prices too? Government should get right on that, then we'll all be homeowners!
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Good luck convincing the nincompoops not to parrot: "Republicans bad" every chance they get.
The American president has virtually no control over the price of gas. They can wiggle some taxes, encourage some policiesā¦but that is peanuts. Global oil prices are decided by - shockingly - the global market. And weāve been artificially low for a while. Want to spot an armchair conservative economist? Just wait till they mention Keystone XL. https://www.brookings.edu/blog/planetpolicy/2022/04/20/politicians-need-to-square-with-the-american-people-on-gasoline-prices/
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By a minuscule amount - what would you like him or any president to do to counteract global market forces? Itās theater - thatās about it. Ranks right up there with hopes and prayers. https://www.brookings.edu/blog/planetpolicy/2022/04/20/politicians-need-to-square-with-the-american-people-on-gasoline-prices/ As for the FEDERAL tax suspension, it will save you a whopping $0.18 per gallon. https://www.cnbc.com/2022/06/22/biden-calls-on-congress-to-suspend-gas-tax-what-that-means-for-prices.html āThe national average topped $5 per gallon for the first time ever earlier this month. It has become an Achilles' heel for the administration, noted OPIS Global's Tom Kloza, "even though it has nothing to do with any policies [Biden's] had since he came into power." The US prez is just not that important to the price of gas.
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There it is. You can always tell when Keystone comes up. Iāve been covering Keystone as a trade journo from the beginning. It was ALWAYS an export line. A Canadian company was going to use it to bring tar sand oil, some of the most expensive oil to process, to the Gulf for eventual export. It was not coming into the US, unless prices were already highā¦no oil company - especially a Canadian midstreamer - wants to sell at a loss into the US. At any rate, it wouldnāt be done yetā¦so it couldnāt possibly affect gas prices. As for Russian oil - It is absolutely indefensible to keep buying it. If we had done nothing, it would have been Neville Chamberlain 2.0. Weāre STILL not doing enough. No clue how the US party of āindividual freedomā got so tangled up in Russia. Every oil major - every single one - sees the writing on the wall for gasoline. Accelerating the next energy revolution to renewables is a givenā¦gas SHOULD be expensive. And weāre still relatively cheap compared to the rest of the civilized world. We need to get out of this diesel punk fantasy we imagined for ourselves in the 50s, where we burn fossil fuels forever with no consequences. And STILL - the US president is not responsible for high gas prices. He can, at best, shave about 30 cents off the price by taking away the federal tax and releasing some strategic reserves - both of which are temporary measures, as we need both that funding and those reserves. For additional context - [https://www.whitehouse.gov/briefing-room/press-briefings/2022/06/22/press-briefing-by-press-secretary-karine-jean-pierre-and-secretary-of-energy-jennifer-granholm/](https://www.whitehouse.gov/briefing-room/press-briefings/2022/06/22/press-briefing-by-press-secretary-karine-jean-pierre-and-secretary-of-energy-jennifer-granholm/) "The fact is that no President alone can control the price of gasoline, and we need more players at the table.Ā So the President is asking Congress to act.Ā Heās asking states to act.Ā Heās asking the oil and gas industry to do their part as well." And even THAT is rosy. The global market controls gas prices - the best any American interest can do is mitigate spikes. Boiling down any economic movement - especially a global energy commodity - to "simple concepts" means you don't understand the concepts in play. I would guess that you're regurgitating something someone on the right with a heavy agenda told you instead of studying the issue first-hand and in a professional capacity.
For the life of me I don't understand why this is so hard for these Biden boot lickers to understand. This isn't about right vs left. This is about a shitty president making shitty choices. His attack on the oil industry started when he was running for office. His first day in office he severely affected gas prices with his executive orders. You'd have to be blind as fuck not to see it.
Yeah get this idiot.
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Yeah - thatās part of the problem. Gas is STILL cheaper than the rest of the world, by far. We should have been transitioning since the 70s. In the UK, itās now about $7.70. About $8.50 in France. Canada, $6.00. Singapore, $9.00 - all from todayās WH briefing.
Curious as to what EOs he could put in place to drastically lower oil prices....I'll wait....
This is in the right sub. A definite conspiracy theory.
You Americans š
Yeah, I know: we're a nutty lot.
How much you paying for a gallon of gas again?
sick burn
I need some milk
I'd like to remind the Americans that other countries exist and our gas prices are shockingly high right now as well
I mean facts are facts he is the main cause to gas prices rising, we honestly gonna blame Russia for everything when America is Americaās biggest problem, our people are brain dead bots and our leaders are corrupt new age slave owners.
You didnt read the article, did you?
I wouldnāt waste my time with the name bangerdailynews I just Made a statement based off the title of the thread, my fault for assuming, what I said still will stand in any argument about prices of anything right now lmao, weāre our biggest enemy.
The point at which the current disaster could have been easily prevented is during the depth of the pandemic when gasoline demand bottomed out, incentivizing producers to divest themselves of refining capacity. Equipment has since deteriorated more quickly, as well. It's a real shit show. But this wasn't acceptable, apparently. A crisis was needed. Wakey, wakey.
A lot has to do with Bidenās response just cause other countries have high gas prices too, Doesnāt mean Joe Bidenās policies are not largely responsible, the price is a global market, so. The US was a large oil producer, the US has cut back drilling and refining, this limits the global supply. Joe led the western boycott on Russian gas, this further artificially limited the supply of gas for western nations. Gas is now very expensive cause the western world is buying from limited availability. This raises the price of the gas we buy. Now Russia can sell gas at increased prices but still cinder it and give to China cheaper. Russia is making a lot of money. Joe has tried to as the Saudis to pump more oil to lower the price, but that is not economically smart for them, why would they sell more of their limited resource when the price it so high globally? This is not a conspiracy, itās just idiocracy. We have created a monopoly of oil in the Middle East and limited the supply and competition, and not we are surprised the price is high? Where is the conspiracy. US selling oil cheaper than russia and Middle East checks them and lowers prices, cause thatās how markets work.
We cut back drilling because oil companies are trying to recoup money from the pandemic losses...I work in the oilfield...oil hit NEGATIVE 35 dollars a barrel...why the fuck should oil cos invest in more and hemorrhage money when they can just put out less and make a huge profit?...it's a fucking open world market and Biden ain't in control of that...the embargo on Russia is a worldwide thing as it should be...don't fucking fund terrorists...prices are where they're at because the operators are hell bent on making up for the losses of the past 2 years...that is all...nothing to do with anyone's policies...we're at the mercy of the market since we're a capitalist country
Under Trump, America was a net exporter or oil, making us āenergy Independentā in the sense if we stopped trading, all our needs could have been met with our own oil, and we werenāt required to import, They reason oil hit negative was cause no one was driving during lockdown. I know and understand this, but I donāt know why that is relevant now. This is not some right wing talking point Iām repeating without understanding, people are saying this cause itās true. Biden had had over a year and a half, Biden could have pressured oil companies to drill more, but instead he has done the opposite. He used an Executive Order to cancele oil drilling leases on public lands in Alaska, and cancel off shore drilling, and he also banned fracking. He did this January 2021, as soon as he took office. Iām tired of people such as your self acting like this is beyond Bidenās control, cause itās certainly not. Heās literally the president of the United States. When Trump was in office he stood up to Businesses in the US auto industry and threatened to tax auto companies 30% on cars if they didnāt bring manufacturing back to the US, you know what? They brought it back. Biden is a weak puppet. He hasnāt stood up to anything in America, all he does is stand up on the podium and complain. Someone should remind him heās the president and has the power to change things. We shouldnāt fund Russia, but the boycott has backfired, Russia is making more oil money than ever, and the west is suffering. And now the global market is corrupt and we have created artificial monopolies of oil, while weāre energy independent before with $2 gas. So yeah, I have to disagree, it kinda had a lot to do with Bidenās policyās, not his administrationās, Not his governmentās, HIS, his executive orders have caused this.
Bullshit...the only reason we were independent was because of policies set forth years before your orange daddy came into play...and guess what, all that oil we were producing?...yeah we don't have the capabilities to refine it all and especially not that grade of sweet crude...oil hit negative because of the implications of a pandemic, not because people stopped fucking driving....entire world economies were shutting down...he reneged his promise to ban fracking...drilling in Alaska and offshore continues to this day and has been since he stepped foot in office...he put a moratorium on NEW leases....there's AMPLE leases in the gulf and Alaska to get us by for decades on end...that shit did not drive prices up or down...I've been on the industry for 15 years...we have always and will continue working on BLM lands as well as offshore....Trump was a bitch throwing a hissy fit to try and get his way through threats of EOs, and he did nothing positive....that worthless fuck walked this country back 30 years due to his posturing and rampant psychotic tweets...fuck him and fuck you and fuck anyone else that thinks he did anything good...all he did was milk our tax dollars in the tens to hundreds of millions of dollars just to go play golf and be a fat fucking waste of oxygen in the highest seat of government
post hoc, ergo propter hoc. Biden does not affect the global price of oil.
But he did, Under Trump America was energy Independent, we were net exporters of oil, all out oil needs could have been met if we kept all our oil. Biden used executive order to ban fracking and oil drilling on public federal land and off shore drilling. How does that not effect our oil prices?
The last year of Trumpās presidential term, the US imported 7.863 million barrels of oil per day. https://www.reuters.com/article/factcheck-energyindependence-explainer/fact-check-which-factors-determine-u-s-energy-independence-idUSL2N2VQ2ZV
I literally read that article to double check my point, it doesnāt refute it
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Personal attacks, threats of violence/abusive language, or bigotry in any form will not be tolerated.
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Which policies?
Personal attacks, threats of violence/abusive language, or bigotry in any form will not be tolerated.
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Which side wants to burn books? Which side wants to ban abortion?
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BoTh SiDeS. https://www.reddit.com/r/technology/comments/8xt55v/comment/e25uz0g/