Just The Facts, Ma'am

[Babagounj]

donald was importing 8 billion barrels a day when he claimed we were energy independent.

Of course this country imports some oil.
We do not produce the really heavy oils here that are needed to lubricate certain machines.

 

[MAKAVELI]

Of course this country imports some oil.
We do not produce the really heavy oils here that are needed to lubricate certain machines.

We export refined fuels. Lol

 

[Babagounj]

We export refined fuels. Lol

Most of the eastern coast of the USA import their refined oils from Canada.
The Irving Refinery at St Johns, New Brunswick produces 320,000 barrels of refined products per day.
You can follow all of the oil tankers as they travel up & down our shores here MarineTraffic: Global Ship Tracking Intelligence | AIS Marine Traffic

 

[vantexan]

Last count there 9000 open drilling permits, but why would a company increase production and drive the price of their own product down? Capitalism is charging as much as you can for as long as you can. That's just irresponsible and bad business

Having a drilling permit isn't the same as having a proven well. Getting a permit is the start of the process. The oil companies have to do geological surveys on these properties. They have to build roads to transport equipment to the property if it looks promising. Spend a lot of money on equipment and manpower. A lot of these companies doing the exploration and drilling aren't the size of Exxon or Shell, they're little wildcatters. If the well doesn't pan out they're out of money. And this is with the backdrop of a Federal administration that is hostile to them. Also oil companies often have multiple permits for multiple wells in a given area. If the first one they drill on doesn't produce then the rest of the permits go unused because it's likely they won't produce either. And a lot of permits go unused because the oil company trying to use it is hung up in court because either a neighbor or local government is trying to prevent them from drilling there. There's a lot more to it than they have a permit so start pumping oil out.

 

[Up In Smoke]

I guess what I'm saying is these energy producing company's only obligation is to it's share holders. These companies took a massive blow in 2020, losing billions of dollars per day on a product that no one would or could buy. Capitalism has allowed them to rebound and capitalize on the now high demand for their product. As an investor, I want them to get the highest possible return. The government has it's place in controlling price gauging if it's only happening here, but this is a worldwide market and a worldwide economy. I have my stop loss measures in place to capture the profits so let capitalism run it's course.

 

[vantexan]

I guess what I'm saying is these energy producing company's only obligation is to it's share holders. These companies took a massive blow in 2020, losing billions of dollars per day on a product that no one would or could buy. Capitalism has allowed them to rebound and capitalize on the now high demand for their product. As an investor, I want them to get the highest possible return. The government has it's place in controlling price gauging if it's only happening here, but this is a worldwide market and a worldwide economy. I have my stop loss measures in place to capture the profits so let capitalism run it's course.

When there's high demand and high prices you try to increase supply to meet the demand and take advantage of those high prices to increase profits. Let's see Biden open up all the Federal lands he cancelled leases on and if that'll reduce prices. If we had sub $2 a gallon gas under Trump with high demand after years of high prices under Obama then there's no reason why we can't again. If the government wants to make a dent in oil usage then require every new car to have a hybrid drivetrain. Proven technology that'll cut gas usage way down. That'll create a glut and bring prices down. Win win for everyone but oil company shareholders.

 

[BlackFriday]

Take up for biden. Great job!
You HAVE GOT TO BE KIDDING!
IF your mind can rationalize the gas prices then good for you.
Biden is the poster child for worst potus in history.
In reality he's happy about the price of fuel. He wants ev for all. He's a crooked pathetic pos.

 

[Up In Smoke]

National average cost per gallon was 2015: $2.51, 2016: $2.20, 2017: $2.47, 2018: $2.79, 2019: $2.70, 2020: $2.20, 2021: $3.28. We haven't had sub $2 dollar gas since 2004. Fuel prices dropped in 2020 because of little demand not because of more production. Domestic oil production dropped from nearly 12 million barrels per day in 2019 to under 10 million per day in 2020. These are publically held companies with with massive influence on the economy. They are legally and ethically responsible to create as much profit for their share holders as possible. Producing more product and forcing down the price would be bad business. In March of 2020 the Saudi's took aim at trying to crush Russia buy flooding the market with oil. This move caused a nearly 40% drop in oil prices and sent oil executives into a panic. US oil companies were forced to slow production and futures traders were forced to pay to unload their physical oil. OPEC controls the price, not US producers.

 

[scratch]

My finance person told me the other day they had just left a breakfast meeting where state politicians are expecting Unleaded to go up to $6 a gallon and diesel to $10 a gallon. Expect record inflation to continue for a while. Also, Georgia Power says the current electrical grid can only handle three electric care for the average subdivision.

 

[vantexan]

National average cost per gallon was 2015: $2.51, 2016: $2.20, 2017: $2.47, 2018: $2.79, 2019: $2.70, 2020: $2.20, 2021: $3.28. We haven't had sub $2 dollar gas since 2004. Fuel prices dropped in 2020 because of little demand not because of more production. Domestic oil production dropped from nearly 12 million barrels per day in 2019 to under 10 million per day in 2020. These are publically held companies with with massive influence on the economy. They are legally and ethically responsible to create as much profit for their share holders as possible. Producing more product and forcing down the price would be bad business. In March of 2020 the Saudi's took aim at trying to crush Russia buy flooding the market with oil. This move caused a nearly 40% drop in oil prices and sent oil executives into a panic. US oil companies were forced to slow production and futures traders were forced to pay to unload their physical oil. OPEC controls the price, not US producers.

That's the national average. Was paying under $2.00 a gallon in Kansas much of Trump's term. Was paying $3+ much of Obama's last term. Can't help it if prices in California, Hawaii, Alaska, and the Northeast jack up the national average. Not to mention the high gas taxes of some states factored into it.

 

[Up In Smoke]

My finance person told me the other day they had just left a breakfast meeting where state politicians are expecting Unleaded to go up to $6 a gallon and diesel to $10 a gallon. Expect record inflation to continue for a while. Also, Georgia Power says the current electrical grid can only handle three electric care for the average subdivision.

I hope the price rises throughout the summer. I have call options that cover 12 of the next 20 weeks. War escalation, tropical storms, cyber attack or all of the above. Bring it on, I'm ready to seize the opportunity.

 

[BlackFriday]

I hope the price rises throughout the summer. I have call options that cover 12 of the next 20 weeks. War escalation, tropical storms, cyber attack or all of the above. Bring it on, I'm ready to seize the opportunity.

Typical liberal. It's ALL about YOU. AND, if you want to see a liberal change color, just go after THEIR $.
BTW, I got your, "call option" swingin.

 

[Up In Smoke]

Actually small government independent. As a business owner it's important to not alienate either party. I definitely keep my financial well being as a top 5 priority. Capitalism.

 

[BlackFriday]

We desperately need a third party. The Conservative American Party sound perfect to me. People don't understand what true conservatives stand for. I wish they did. Maybe I'll start a list IF I get permission from my "fan club"