BIDEN BLOWS UP OIL PRICES BY CANCELLING DRILLING IN U.S. NOW BEGS OPEC

Method Mensch

Method Mensch

Well-Known Member
PT Car Washer said:
Sure because Bill Clinton was President. Actually adjusted for inflation and todays gas prices are not that high.
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Inflation-Adjusted-Gasoline-Price-Feb-2020.png

Here ya go.
 
H

HFolb23

Well-Known Member
I remember when they blamed higher fuel prices on a lack of hazmat qualified CDL drivers to deliver the fuel to the stations. Now it’s a sign of a good economy?
 
Jkloc420

Jkloc420

Do you need an air compressor or tire gauge
bbsam said:
Yeah. A pipeline that transported a record 0 barrels of oil so that’s kinda not a factor.
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A pipeline that was going to ship oil to the texas coast to be shipped to new and old oil markets, thus flooding the market to take market share from opec, which in turn lowers prices, under trump we the (united states was putting out 13 million barrels of oil and selling it, which havent done since the 70s, it is fine you didnt like trump but oil independence was one thing he got right
 
UnionStrong

UnionStrong

Sorry, but I don’t care anymore.
Jkloc420 said:
A pipeline that was going to ship oil to the texas coast to be shipped to new and old oil markets, thus flooding the market to take market share from opec, which in turn lowers prices, under trump we the (united states was putting out 13 million barrels of oil and selling it, which havent done since the 70s, it is fine you didnt like trump but oil independence was one thing he got right
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I think it’s safe to say he knew nothing about oil production and transportation and the effects it has on prices. But he’s a lefty so it’s to be expected, they’re usually long on propaganda and short on actual facts
 
R

refineryworker05

Well-Known Member
vantexan said:
It's 100% accurate. Yes there was plenty of oil on the market which reduced gas prices. Great for the consumer. Biden came in and shut down drilling on Federal land. Reduced the amount of domestic oil produced after we had finally reached self sufficiency and had become the world's biggest oil producer. And we're all paying at the pump now. Guess what? That's no big deal for someone with good pay but tell that to a guy making $30k a year who burns 10 gallons a week. He's having over $600 a year extra of take home pay taken away from him. Elections have consequences.
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No this is not reality. Biden was VP when American gasoline production exploded. He hasn’t reduced oil production in America. Companies cut back because no one wanted crude oil for a long time. I work in the industry. Where I work lost money the whole year and into this year. This is what caused the cut back in drilling and crude oil distillation.
 
Jkloc420

Jkloc420

Do you need an air compressor or tire gauge
refineryworker05 said:
No this is not reality. Biden was VP when American gasoline production exploded. He hasn’t reduced oil production in America. Companies cut back because no one wanted crude oil for a long time. I work in the industry. Where I work lost money the whole year and into this year. This is what caused the cut back in drilling and crude oil distillation.
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No just no, we didnt have an American gasoline explosion in 2008 to 2016 when we were coming out of the great recession
 
V

vantexan

Well-Known Member
refineryworker05 said:
No this is not reality. Biden was VP when American gasoline production exploded. He hasn’t reduced oil production in America. Companies cut back because no one wanted crude oil for a long time. I work in the industry. Where I work lost money the whole year and into this year. This is what caused the cut back in drilling and crude oil distillation.
Click to expand...
Biden put a moratorium on drilling on Federal land. Where do you think much of America's production comes from. The U.S. still uses X amount of oil. It was a combination of lower demand due to the pandemic and Saudi Arabia ramping up production to hurt Russia that caused a glut. But prices had come way down under Trump with America become self sufficient and even had oil to export.
 
UnionStrong

UnionStrong

Sorry, but I don’t care anymore.
bbsam said:
How far in the future? Because as soon as hurricane season hits, guess what happens? Or is that due to a nonexistent pipeline also?
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What does hurricane season have to do with a pipeline? Did you start drinking early? Because your not making sense.
 
bbsam

bbsam

Moderator
Staff member
Unionstrong said:
What does hurricane season have to do with a pipeline? Did you start drinking early? Because your not making sense.
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Exactly. The price today has nothing to do with a pipeline that was several years from doing anything.

Those oil futures you referenced will be affected far more by yearly trends than a nonexistent pipeline.
 
bbsam

bbsam

Moderator
Staff member
vantexan said:
Biden put a moratorium on drilling on Federal land. Where do you think much of America's production comes from. The U.S. still uses X amount of oil. It was a combination of lower demand due to the pandemic and Saudi Arabia ramping up production to hurt Russia that caused a glut. But prices had come way down under Trump with America become self sufficient and even had oil to export.
Click to expand...
That’s not how oil markets work. You probably know it, but facts don’t really fit your narrative.

Oil is a global commodity. In your scenario, the US supplied all of its fuel needs and then sold off the rest. That never happened. Mideast oil tankers never stopped supplying US markets.

The fact of cheap oil under Trump had more to do with Saudi Arabia attempting to cripple US production. They could survive $20 per barrel oil far longer than any company in the US.
 
UnionStrong

UnionStrong

Sorry, but I don’t care anymore.
bbsam said:
Exactly. The price today has nothing to do with a pipeline that was several years from doing anything.

Those oil futures you referenced will be affected far more by yearly trends than a nonexistent pipeline.
Click to expand...
The pipeline, in addition to supplying a steady reliable source of oil, was also a much more environmentally safe mode of transportation. Now it has to go by truck or rail, which is not as safe. But you guys are all about the environment right? The market factors in stability, cost and risk. Not to mention the thousands of union and non union jobs lost. It’s not just a matter of when it will be complete, and your estimate is wrong. It would have been done sooner than you think.
 
UnionStrong

UnionStrong

Sorry, but I don’t care anymore.
bbsam said:
That’s not how oil markets work. You probably know it, but facts don’t really fit your narrative.

Oil is a global commodity. In your scenario, the US supplied all of its fuel needs and then sold off the rest. That never happened. Mideast oil tankers never stopped supplying US markets.

The fact of cheap oil under Trump had more to do with Saudi Arabia attempting to cripple US production. They could survive $20 per barrel oil far longer than any company in the US.
Click to expand...
Yet another economics professor! Why aren’t you working at a college with all your education?
 
bbsam

bbsam

Moderator
Staff member
Unionstrong said:
The pipeline, in addition to supplying a steady reliable source of oil, was also a much more environmentally safe mode of transportation. Now it has to go by truck or rail, which is not as safe. But you guys are all about the environment right? The market factors in stability, cost and risk. Not to mention the thousands of union and non union jobs lost. It’s not just a matter of when it will be complete, and your estimate is wrong. It would have been done sooner than you think.
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I guess Canada will have to figure out how to move their muck then.

8% complete. Not close at all.

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