BIDEN BLOWS UP OIL PRICES BY CANCELLING DRILLING IN U.S. NOW BEGS OPEC
- Thread starter Swanson
- Start date
All domestic drilling plans have to comply with all state and federal environmental laws currently in existence and for a person to state their views regarding US energy policy while completely ignoring those laws and some go all the way to the Unocal oil spill in 1969 is a waste of both the time of the person expressing those views and the time of the person courteous enough to listen to it.
When it comes to many oil industry environmental laws.....the oil industry brought them on itself.
The draw down you speak of was sold into the market at $95 a barrel. Two months ago the DOE solicited bids for the additional oil needed to complete the replacement of the oil drawn down. It had earlier awarded a bid for replacement of part of the draw down. The successful bid?.....$72.90 a barrel.
This is all public information readily available for public benefit.
Up In Smoke
Well-Known Member
It was actually $96.25 per barrel and the US made 4 billion dollars on the 180 million barrels.
Again, where were all these laws when drilling was allowed there? You're saying they weren't complying. Weren't they? Has nothing to do with what Biden just did. Tell you what, if gas prices spike because of it then Biden has absolutely no chance in '24. That's a good thing.
Specifically where is "there'? And there is no guarantee that your new president will give you the cheap oil you appear addicted to . Why? Oil is a global commodity and who is the biggest importer of oil?.....China. And growth of their economy will have a much bigger impact on oil prices and there's nothing your Orange Jesus can do about that. And the Saudi's have made it clear that they want 80 bucks a barrel for their oil and have cut production to get it there. This morning oil is trading at $87.30
US crude oil production is back to pre pandemic levels of 12.9 MPD and could hit new production records in the coming months IF prices remain high enough to create desired levels of profit and rest assured reduced production will almost certainly assure that level and there's nothing your Orange Jesus can do about that either outside of two things....1. Release SPR oil and that has been proven again and again to be a short term solution AND aggressively push for new technology to reduce our dependency on oil. You and your fellow MAGA's want to INCREASE our economy's dependence on oil but you are rapidly becoming a shrinking minority.
Because oil is a global commodity price not domestic politics governs that industry.
How unaware are you? China's economy is collapsing. And they're at the edge of a demographic cliff.
We don't want to increase our independence on oil. We recognize that no viable replacement is close to being ready and are trying to get Dems to see that reality.
PT Car Washer
Banned
Who is "we"?
Collapsing? Slowing....yes. But I wouldn't call a projected 3-4% annual growth rate in the coming years "collapsing". So shut off your Fox News or your OAN or wherever you spend all day watching and focus your attention on the markets because they will dictate matters in the days ahead....They always have.
Context is everything. Read bacha's posts.
Hope you haven't invested heavily in China.
Fred's Myth
Nonhyphenated American
Ok .So a developer blew up some unsold buildings..... In the world's second largest economy. At the same time Moody's and a number of major international banks have pegged China's GDP to grow in the 4-6% range....HOWEVER...None are going out any further than a few years.
In the meantime the US economy has benefited from the mountains of cheap consumer goods made in China by workers making a fraction of what US workers get while lacking the benefit of US labor laws.
Bring it all back to the US? Even if we could in no time at all you'd be hollering about those goods costing too much.
You need to catch up. Many companies are moving out of China to places like Vietnam and Mexico.
Fred's Myth
Nonhyphenated American
Their population is imploding, not enough children to sustain their economy, either.
And I find it hilarious that you dismiss any evidence that rebuts your stance, yet consider yourself open-minded.
Different place...Same cheap labor US economy and US standard of living depends on so what difference does it make? Besides Vietnam is the same fundamental one party communist nation as China.
Take note of what I said. Entities far more knowledgeable than you and I have stated that in the near to intermediate term the Chinese economy will continue to grow but at a pace slower than it's pre pandemic levels. Slow growth and perhaps near stagnant growth is a possibility and every barrel of oil has to be imported but an out and out collapse? Not likely. They have too much money and hard assets stashed all over the world for that to happen. And don't forget....one party rule and an autocratic president for life.
Vietnam isn't looking to build a huge military and take over the eastern Pacific and Southeast Asia. Vietnam isn't looking to supplant the U.S. as the world's top superpower.
UnionStrong
Sorry, but I don’t care anymore.
They've developed a cult of personality around Xi who has eliminated pretty much everyone who was a possible threat to him. The result is the economy isn't moving along as was expected. Power is too centralized with no one willing to make decisions that will get them noticed.