Gas is back up near $3.50/gallon for regular again.
There is no real reason it should be.
There's a couple of reasons... storms cause disruption in oil production at the refineries and delivery of gasoline after it's been refined. It also creates a shortened delay, followed by an immediate increased demand. There's also the fact that OPEC reduced production by a little more than 1 million barrels a day about a month ago. In addition, as far as I know, Biden stopped releasing oil from the strategic oil reserves. So that would also have the same effect as OPEC reducing by 1 million. But I'd have to look it up... those are the things that I'd point to without having to look it up.
Gas is back up near $3.50/gallon for regular again.
There is no real reason it should be.
Saw this (below), this morning, and thought it appropriate...
Saudi Arabia, Russai Agree to Keep Cutting Oil Production to Keep Prices High
Bloomberg: Saudi Arabia and Russia prolonged their unilateral oil supply curbs by another three months, a more aggressive move than traders had been expecting as the OPEC+ members seek to support a fragile global market. The leader of the Organization of Petroleum Exporting Countries will continue its production cutback of 1 million barrels a day until December, according to a statement published by the state Saudi Press Agency on Tuesday. The move will hold output at about 9 million barrels a day — the lowest level in several years — for six months in total. Russia’s export reduction of 300,000 barrels a day will be extended for the same duration (Bloomberg).
CBS: Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices (Twitter).
CNN: Brent crude, the global benchmark, gained 1.8% to trade above $90 a barrel, while West Texas Intermediate (WTI), the US benchmark, rose by a similar margin to $87 a barrel. Saudi Arabia needs Brent crude to trade at around $81 a barrel in order to balance its budget, according to the International Monetary Fund. The kingdom slipped into a budget deficit this year after reporting a surplus in 2022 for the first time in almost a decade (CNN).
Oil and gas companies are raping consumers as hard as they can while they have Fox News running cover for them by blaming Biden
Marathon Petroleum gross profit for the twelve months ending June 30, 2023 was $23.355B, a 26.33% increase year-over-year.
APA gross profit for the twelve months ending June 30, 2023 was $7.651B,
Hess net income for the twelve months ending March 31, 2023 was $2.025B, a 179.7% increase year-over-year.
Ovintiv net income for the twelve months ending June 30, 2023 was $3.344B, a 37.73% increase year-over-year.
Devon Energy gross profit for the twelve months ending June 30, 2023 was $14.146B,
EOG Resources gross profit for the twelve months ending June 30, 2023 was $25.929B, a 16.8% increase year-over-year.
Occidental Petroleum gross profit for the twelve months ending June 30, 2023 was $20.054B,
ConocoPhillips gross profit for the twelve months ending June 30, 2023 was $39.964B,
I wonder how much tax was paid on all that profit I bet not much as oil corp have far more tax dodges then the rump does and like the big rump big oil DON'T PAY MUCH TAX
Originally posted by fredtoast: It actually makes no difference at all because an overwhelming majority of US domestic oil leases are on private land.
In fact when Biden took that action the price of oil continued to DROP for several months.
This is just more proof that the oil companies are getting away with screwing over consumers because the right-wing media is trying to blame Biden.
You have absolutely no background AT ALL in oil exploration and extraction knowledge, or anything even remotely on this topic. You've been smacked down repeatedly before on here, to which point you scurry away. Repeating an old argument, hoping that people won't go through the effort to disprove your nonsense every time you do it... does not somehow make what you say suddenly true.
I encourage you to go back through this entire thread, and others, where people who have actually worked in the oil industry schooled you previously.
Originally posted by 82-T/A [At Work]: I encourage you to go back through this entire thread, and others, where people who have actually worked in the oil industry schooled you previously.
I am retired oil field. You are right Todd, he has no clue about it. I don't think he has a clue about much of what he says.
quote
Originally posted by fredtoast: APA gross profit for the twelve months ending June 30, 2023 was $7.651B,
Hess net income for the twelve months ending March 31, 2023 was $2.025B, a 179.7% increase year-over-year.
Ovintiv net income for the twelve months ending June 30, 2023 was $3.344B, a 37.73% increase year-over-year.
Devon Energy gross profit for the twelve months ending June 30, 2023 was $14.146B,
EOG Resources gross profit for the twelve months ending June 30, 2023 was $25.929B, a 16.8% increase year-over-year.
Occidental Petroleum gross profit for the twelve months ending June 30, 2023 was $20.054B,
ConocoPhillips gross profit for the twelve months ending June 30, 2023 was $39.964B,
Interesting. Big Bad Oil made more profit because of the price increases Biden facilitated. There is a profit in every dollar earned. Oil ore not. Record gas prices, record profit.
Originally posted by 82-T/A [At Work]: You have absolutely no background AT ALL in oil exploration and extraction knowledge, or anything even remotely on this topic..
I know more than you. In fact you were one of the people who tried to claim that oil prices started rising as soon as Biden cancelled the lease on public lands when in fact the continued to drop for months.
You also thought that the Keystone XL pipeline had something to do with domestic oil production instead of just allowing Canada to sale shale oil to China
You also thought that the ANWR oilfields in Alaska were already producing before Biden "shut them down".
You also thought that if the US was "energy independent" then we would be paying less for gasoline because domestic oil companies don't charge based on the world market price of oil.
And you also claimed that Biden "kneecapped' the oil companies when in facts they are doing better under his administration than under Trumps.
So if you want to go back to that thread I will be happy to go over all the ways I corrected you.
Originally posted by fredtoast: I know more than you. In fact you were one of the people who tried to claim that oil prices started rising as soon as Biden cancelled the lease on public lands when in fact the continued to drop for months.
Of course you know more. You told us so. FACT ! I would want a lawyer who had common sense.
Oh "know all" tell us why oil prices continued to drop ?
quote
Originally posted by fredtoast: You also thought that the Keystone XL pipeline had something to do with domestic oil production instead of just allowing Canada to sale shale oil to China
No, he did not. Link ?
quote
Originally posted by fredtoast: You also thought that the ANWR oilfields in Alaska were already producing before Biden "shut them down".
They were. Do you have a link ? What are you trying to imply ?
quote
Originally posted by fredtoast: You also thought that if the US was "energy independent" then we would be paying less for gasoline because domestic oil companies don't charge based on the world market price of oil.
No, he did not. Link ?
quote
Originally posted by fredtoast: And you also claimed that Biden "kneecapped' the oil companies when in facts they are doing better under his administration than under Trumps.[quote]
Biden's oil policies is kneecapping the oil companies, and US citizens. Of course you can't understand the trickle down theory.
[QUOTE]Originally posted by fredtoast: So if you want to go back to that thread I will be happy to go over all the ways I corrected you.
Yes ! I want to go for a ride on the magical mystery tour.
Oh "know all" tell us why oil prices continued to drop ?
The price continued to drop after Biden took office because the demand was still low. The world was still dealing with the Covid slow down. When the worldwide demand started ratcheting up in April/May oil prices started surging.
It did not just happen in the United States. It was not based on anything Biden did.
Ok, let's end this right here. You do not. You have, what... a bachelors degree? I've got like 7 friggin' degrees Fred... the lowest grade I ever graduated with in any of those degrees was a 3.94 GPA. Two of them are engineering degrees, a law degree, a CompSci, and several others. So please... Fred... you're low on the totem-pole here. Everyone else in this group is pretty highly educated.
quote
Originally posted by fredtoast: In fact you were one of the people who tried to claim that oil prices started rising as soon as Biden cancelled the lease on public lands when in fact the continued to drop for months.
The price of a gallon of gas has gone up exponentially since Biden took over, and it IS in fact because of all the executive orders he passed. What you do not understand is that oil speculation causes oil to go up sharply, immediately... and it takes a significantly longer time for the price of oil to go back down.
quote
Originally posted by fredtoast: You also thought that the Keystone XL pipeline had something to do with domestic oil production instead of just allowing Canada to sale shale oil to China
LOL, Fred... I never said this. Please show me where I said this. What I said is that the Keystone XL pipeline would have reduced the cost of oil because it would have provided oil directly to refineries where it would have been sold on the international market... which YES... does reduce the cost of domestic gasoline because there's MORE oil available globally, which drives down demand. It's not just China, Fred.
quote
Originally posted by fredtoast: You also thought that the ANWR oilfields in Alaska were already producing before Biden "shut them down".
They were under Bush for a very short period of time in 2006. It was cancelled almost immediately under Obama. Never restarted under Trump, though there were oil leases, sold, and subsequently cancelled under Biden.... https://www.eia.gov/analysi...08/anwr/results.html
quote
Originally posted by fredtoast:You also thought that if the US was "energy independent" then we would be paying less for gasoline because domestic oil companies don't charge based on the world market price of oil.
Fred... "Energy Independent" means that the United States buys it's own oil production, so it doesn't NEED to purchase it from Iran. Countries buy oil from OIL PRODUCERS. When the United States was "energy independent," it meant that WE could produce oil more cheaply than it would cost to have it shipped from Iran or Russia, while still selling our oil in the global market. More than half the refineries are in the United States, so some countries will still ship oil here to be refined into gasoline (or other products) anyway... but yes, when oil can be produced more cheaply here in the United States... we no longer have to buy the oil that comes from Russia and Iran domestically because it will cost MORE. Do you think Saudi Arabia imports US oil?
Like, what's so ridiculous here is that you think you're making a point... because if you go back and read all of the threads, it was YOU who didn't know that oil is sold on a global market.
quote
Originally posted by fredtoast: And you also claimed that Biden "kneecapped' the oil companies when in facts they are doing better under his administration than under Trumps.
Lol, Fred... the dollar is worth 30%-35% less than it was just 3 years ago. You still don't get it.
quote
Originally posted by fredtoast:So if you want to go back to that thread I will be happy to go over all the ways I corrected you.
Even when you think you're being clever, you dig yourself into a deeper hole... unbelievable. Are you a narcissist? Do you actually believe your own lies?
[This message has been edited by 82-T/A [At Work] (edited 09-09-2023).]
The price of a gallon of gas has gone up exponentially since Biden took over, and it IS in fact because of all the executive orders he passed. What you do not understand is that oil speculation causes oil to go up sharply, immediately... and it takes a significantly longer time for the price of oil to go back down.
No. You are wrong. The increase in price had nothing to do with the cancelling of the leases. That is why prices did not go up "sharply, immediately" when he did it. Your own assessment of the situation proves that you are wrong. Prices did not rise until months later when the world wide demand for oil started to increase significantly.
I have facts and numbers on my side. All you have is "It is true because I say so", and that argument is meaningless.
Ok, let's end this right here. You do not. You have, what... a bachelors degree? I've got like 7 friggin' degrees Fred... the lowest grade I ever graduated with in any of those degrees was a 3.94 GPA. Two of them are engineering degrees, a law degree, a CompSci, and several others. So please... Fred... you're low on the totem-pole here. Everyone else in this group is pretty highly educated.
This is the internet. I have no idea if any of this is true. All I have to go on is the stuff you have posted here and the number of times I have corrected you.
LOL, Fred... I never said this. Please show me where I said this. What I said is that the Keystone XL pipeline would have reduced the cost of oil because it would have provided oil directly to refineries where it would have been sold on the international market... which YES... does reduce the cost of domestic gasoline because there's MORE oil available globally, which drives down demand. It's not just China, Fred.
Closing the pipeline did not diminish or reduce supply. It was just hauled by rail
https://www.pumpsandsystems...l%20market%20demand. "Market demand for crude oil, not pipeline capacity, determines how much is produced and transported to refineries. Stopping the pipeline’s construction will not reduce the production or consumption of the additional market demand."
They were under Bush for a very short period of time in 2006. It was cancelled almost immediately under Obama. Never restarted under Trump, though there were oil leases, sold, and subsequently cancelled under Biden.... https://www.eia.gov/analysi...08/anwr/results.html
Hey Mr. Seven Friggen Degrees. You just posted a graph of a projection from 2008 that shows ZERO oil production in ANWR until around 2017.
There has never been any oil production from ANWR. Zero
[This message has been edited by fredtoast (edited 09-10-2023).]
Lol, Fred... the dollar is worth 30%-35% less than it was just 3 years ago. You still don't get it.
First of all clearly none of your friggen degrees were in math because based on the rate of inflation a dollar today is worth about 15% less than it was 3 years ago.
And you are 100% correct in claiming that i don't get what the rate of inflation has to do with oil companies doing better under Biden than under Trump. the same inflation rate applies across the board to all industries, so it is not a factor in measuring their relative success.
Like, what's so ridiculous here is that you think you're making a point... because if you go back and read all of the threads, it was YOU who didn't know that oil is sold on a global market.
My entire argument all along has been that the world wide market price sets the price of oil. And even our domestic oil companies value their oil based on the world wide market price. When the market price cost of a barrel of oil goes up then so does the price of every barrel already pumped and sitting storage tanks. The cost of production does not determine the value of the oil in storage tanks. the world wide market price does,
"Energy independence" does not effect the cost of energy to us at all. That is set by the international market price. All it means is that the domestic oil companies get bigger profits.
"Energy independence" does not effect the cost of energy to us at all. That is set by the international market price. All it means is that the domestic oil companies get bigger profits.
No. What it means is that when the vigoro hits the mixmaster, Putin, the Saudis, et al cannot push US around. We can tell them to go pound sand, with a great big smile.
No. You are wrong. The increase in price had nothing to do with the cancelling of the leases. That is why prices did not go up "sharply, immediately" when he did it. Your own assessment of the situation proves that you are wrong. Prices did not rise until months later when the world wide demand for oil started to increase significantly.
I have facts and numbers on my side. All you have is "It is true because I say so", and that argument is meaningless.
quote
Originally posted by fredtoast:
This is the internet. I have no idea if any of this is true. All I have to go on is the stuff you have posted here and the number of times I have corrected you.
Thank you for the compliment, that you think my education is so unbelievable that you doubt it.
quote
Originally posted by fredtoast:
Closing the pipeline did not diminish or reduce supply. It was just hauled by rail
It would have INCREASED supply... Fred... that's how this works. The pipeline would have gone directly to the refinery... and that's what Biden stopped. Let's not ignore the obvious here... WHY was the pipeline cancelled? It's because the Biden administration, like the Obama administration, wanted to reduce oil consumption... INTENTIONALLY by making it more expensive, which would then encourage people to purchase electric vehicles.
quote
Originally posted by fredtoast:
Hey Mr. Seven Friggen Degrees. You just posted a graph of a projection from 2008 that shows ZERO oil production in ANWR until around 2017.
There has never been any oil production from ANWR. Zero
It's a projection to show what oil production could be from 2008 to 2018 with new oil leases. It shows production from 2006-2007.
quote
Originally posted by fredtoast:First of all clearly none of your friggen degrees were in math because based on the rate of inflation a dollar today is worth about 15% less than it was 3 years ago.
And you are 100% correct in claiming that i don't get what the rate of inflation has to do with oil companies doing better under Biden than under Trump. the same inflation rate applies across the board to all industries, so it is not a factor in measuring their relative success.
So please explain.
So, it's ACTUALLY 18%, not 15%, but that's the government's figures when they use Headline CPI. Most places (including media) use CORE CPI, which does not include Food or Energy, which leaves out these two items intentionally because they believe they're too volatile. Headline CPI includes food and energy, but attempts to average them over time to make them less volatile, which in-turn does not really accurately portray what inflation is at any given time.
Energy is used everywhere to not only transport the goods that we purchase, but to power the plants that make them. It directly affects the cost of every product. Home prices have shot up exponentially... mostly due to people fleeing leftist states. But this drives up the values of property around them, which in turn increases the property tax requirements, which in turn increases the business costs for local businesses, which in turn increases the price to the consumer.
The problem with leftist media is that when they say "inflation has gone down," they hope that YOU as the voter will think... "Oh good... the cost of goods are going to go down." Which is not at all how this works. What it really means is... the cost of goods won't be increasing AS MUCH as they did before.
The only way to drive down costs is to increase competition... and Democrats don't like the free market because they cannot control it.
quote
Originally posted by fredtoast:My entire argument all along has been that the world wide market price sets the price of oil. And even our domestic oil companies value their oil based on the world wide market price. When the market price cost of a barrel of oil goes up then so does the price of every barrel already pumped and sitting storage tanks. The cost of production does not determine the value of the oil in storage tanks. the world wide market price does,
"Energy independence" does not effect the cost of energy to us at all. That is set by the international market price. All it means is that the domestic oil companies get bigger profits.
You're entire argument all along has been completely incorrect... and nothing you're saying here equates to what you were saying before. It's like you just learned something, and are trying to parrot it around because you think you just figured out how to use it to justify your argument that Democrats are good.
I'm repeating EXACTLY what I said before, so you don't try to deflect onto another discussion because you "lost" this one so badly...
"Energy Independent" means that the United States buys it's own oil production, so it doesn't NEED to purchase it from Iran. Countries buy oil from OIL PRODUCERS. When the United States was "energy independent," it meant that WE could produce oil more cheaply than it would cost to have it shipped from Iran or Russia, while still selling our oil in the global market. More than half the refineries are in the United States, so some countries will still ship oil here to be refined into gasoline (or other products) anyway... but yes, when oil can be produced more cheaply here in the United States... we no longer have to buy the oil that comes from Russia and Iran domestically because it will cost MORE. Do you think Saudi Arabia imports US oil?
Also... Fred, can you figure out how to multi-quote? It's not hard, seriously... being old as **** is not an excuse... everyone else here is also old as **** . Patrick is literally old enough to be my dad, and he knows how to multi-quote.
It would have INCREASED supply... Fred... that's how this works.
No. It would not have increased anything. Supply and demand determine how much oil is pumped and transported. and the same amount was transported by rail as would have been transported by the pipeline. If I am wrong then post some link to prove it. I have already provided mine.
It's a projection to show what oil production could be from 2008 to 2018 with new oil leases. It shows production from 2006-2007.
No it does not. The green portion of the graph is production from ANWR and it shows zero until a 2017. This was a projection made in 2007. There has never been any oil pumped from ANWR except one experimental well back in 1985.
If you really were in military intelligence, I am starting to understand how we lost to a bunch of guys who live in caves and throw rocks. Guess they did not listen too well when you told them you were smart because you say you are smart. Instead they realized that you can not even read a simple graph. Or use Google.
[This message has been edited by fredtoast (edited 09-11-2023).]
Originally posted by 82-T/A [At Work]: I'm repeating EXACTLY what I said before, so you don't try to deflect onto another discussion because you "lost" this one so badly...
I never "lost" any discussion on this issue before. Just like here I am butting all of your claims using actual facts.
the graph you posted is a joke. All it proves is that despite having "seven friggen degrees" you have still not learned the difference between "correlation" and "causation".
The first thing an intelligent well educated person like myself notices is that you have cut off the graph so that it does not show the steady rise in gas prices starting in the end of November 2019 when Trump was still in office. If Bidens policies were the "cause' of the rise in prices you would not see the rise begin until he took office.
Basically what you have done is taken a gas price graph that would along with the demand of oil due to the end of the covid pandemic and tack on Biden policy initiatives that have nothing to do with the increase in gas prices. There is no causation proven at all by the graph you provided.
and Democrats don't like the free market because they cannot control it.
Absolutely correct.
Republicans love unregulated free markets like we had up until 2008. "Oh no need to regulate the investment market selling credit default swaps. Nothing could go wrong with an unregulated free market. Look at all the competition now that anyone can give a mortgage to anyone and just sell off the risk. BUSINESS IS BOOMING!!!"
Originally posted by fredtoast: And there you have it folks. The self proclaimed expert on all thing oil related because he twisted a wrench on an oil derrick at one time.
He doesn't have a clue what he is talking about.
You are the invisible crayon.
quote
Originally posted by fredtoast: AND THERE YOU HAVE IT FOLKS. THE SELF PROCLAIMED EXPERT ON ALL THINGS OIL RELATED BECAUSE HE TWISTED A WRENCH ON AN OIL DERRICK AT ONE TIME.
HE DOESN'T HAVE A CLUE WHAT HE IS TALKING ABOUT
At one time I "thought" about "twisting" a wrench in the oil field. That count's doesn't it ?
I have forgotten more things about the oil field than you could ever, ever, learn !
Originally posted by fredtoast: The price continued to drop after Biden took office because the demand was still low. The world was still dealing with the Covid slow down. When the worldwide demand started ratcheting up in April/May oil prices started surging.
I never said anything like that. People have been trying to open ANWR to drilling for 50 years.
I can understand you being completely ignorant on this issue, but even someone completely ignorant of these facts should be able to read my comments and realize that i never said that no one wants to drill there.
Originally posted by 82-T/A [At Work]: Also... Fred, can you figure out how to multi-quote? It's not hard, seriously... being old as **** is not an excuse... everyone else here is also old as **** . Patrick is literally old enough to be my dad, and he knows how to multi-quote.
I don't know if there is a big upside to using a "multi-quote" approach, over what Fred has been doing, which is to break out each statement that he wants to quote and package it (with his response) as a separate message or "post."
To me it's like "six of one and a half-dozen of the other."
There may be some cases where the multi-quote approach does better, but personally, I wouldn't want to be too formulaic about it.
Originally posted by fredtoast: There has been no drilling in ANWR except for a single test well in 1986.
The Alaska North Slope Badami and Alpine oil fields are recent examples of how long it might take to develop new ANWR oil fields. Located near the western border of ANWR, on State lands, the Badami field was discovered in 1990 and went into production in 1998, thereby taking 8 years between the oil discovery and initial production.Click to show
Don't tell Fred. I don't think he can handle his bubble being popped.
I never said anything like that. People have been trying to open ANWR to drilling for 50 years.
I can understand you being completely ignorant on this issue, but even someone completely ignorant of these facts should be able to read my comments and realize that i never said that no one wants to drill there.
Again, I have to ask why have tree huggers fought opening it for 50 years ?
The Alaska North Slope Badami and Alpine oil fields are recent examples of how long it might take to develop new ANWR oil fields. Located near the western border of ANWR, on State lands, the Badami field was discovered in 1990 and went into production in 1998, thereby taking 8 years between the oil discovery and initial production.Click to show
Don't tell Fred. I don't think he can handle his bubble being popped.
Again. There has never been any oil pumped from ANWR. Your link does not say there has been. It is discussing other oil field near ANWR.
Thanks for proving how clueless you are about all things oil related.
!
