US Oil Producers Fail to Produce

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Originally Posted by Seran

You guys never get tired of posting the same misleading information. Gas prices were already trending upwards into Biden's inauguration as a result of the country returning to work, due to gasoline production not meeting demand. They largely moderated, then began to trend lower until Russia began surrounding Ukraine for their invasion. You'd know all this of you read the news, or were even human.

All of that aside, you Conservative morons trying to convince yourselves as much as the American people that the President had some supernatural way to increase prices? Go back to bed and take your thorazine.

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If you understood how to read a chart, which you clearly don't because you're too stupid, you'll see it still trending down literally until the election, it moved up slightly, moved back down slightly (11/23), and has been rising ever since, all before Biden was inaugurated, and then started really skyrocketing after, and way before any of this Russia shit started.

The problem is you're both too stupid to read a chart, and too full of shit to interpret a chart correctly even if you weren't too stupid to read it in the first place.

"bUt It'S pEoPlE gOiNg BaCk To WoRk!!!!!"

https://c.tenor.com/MfKAbleUVdUAAAAM/hola-knock.gif

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Originally Posted by Gelston

As a result of the country returning to work? WTF? Why weren't they super fucking high before people left work prior to covid? How does any of that shit make sense to you?

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He's just repeating what someone else told him to think. Because he's stupid.

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Originally Posted by Seran

You guys never get tired of posting the same misleading information. Gas prices were already trending upwards into Biden's inauguration as a result of the country returning to work, due to gasoline production not meeting demand. They largely moderated, then began to trend lower until Russia began surrounding Ukraine for their invasion. You'd know all this of you read the news, or were even human.

All of that aside, you Conservative morons trying to convince yourselves as much as the American people that the President had some supernatural way to increase prices? Go back to bed and take your thorazine.

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I’ll give it to you that what you are saying is partially true. Gas prices were already trending upward when Biden took office due to Covid impacts and people returning to work.

What you are failing to acknowledge though is Biden’s energy policy as soon as he took office: no offshore drilling, no new federal leases, increased regulation overnight with lengthier times to process, etc. That policy has exasperated the issue of oil companies being unable to keep up with the increased demand. It’s only now has Biden curtailed some of the restrictions, and he fails to take any accountability for his part. Biden’s energy policy (there was an EO for that too) is one factor of many that directly contributed to soaring prices in fuel.

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Originally Posted by Gelston

As a result of the country returning to work? WTF? Why weren't they super fucking high before people left work prior to covid? How does any of that shit make sense to you?

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Look at oil production prior to the pandemic, look at oil production not returning to those previous levels while economic factors are booming and demand is up. Then you can answer your own damn question from a position of knowledge, instead of contrived ignorance.

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Originally Posted by Seran

Look at oil production prior to the pandemic, look at oil production not returning to those previous levels while economic factors are booming and demand is up. Then you can answer your own damn question from a position of knowledge, instead of contrived ignorance.

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Oil Production is higher now than every year prior to 2019. Try again.

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Originally Posted by Suppressed Poet

I’ll give it to you that what you are saying is partially true. Gas prices were already trending upward when Biden took office due to Covid impacts and people returning to work.

What you are failing to acknowledge though is Biden’s energy policy as soon as he took office: no offshore drilling, no new federal leases, increased regulation overnight with lengthier times to process, etc. That policy has exasperated the issue of oil companies being unable to keep up with the increased demand. It’s only now has Biden curtailed some of the restrictions, and he fails to take any accountability for his part. Biden’s energy policy (there was an EO for that too) is one factor of many that directly contributed to soaring prices in fuel.

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Pre pandemic monthly offshore oil production was 61,631 thousand barrels per month, two years later oil companies continue to idle production and rates stand at 52,887 thousand barrels per month according to the EIA. New Federal offshore leases being halted as a cause for higher oil prices is a proven lie.

13.9 million acres of government owned land is already leased to Big Oil and not being developed or even explored for oil. Despite their already being permitted for such activities. Source: Department of Interior, November 2021 report to the GAO. Again, proving the lack of feral leases or lack of permits being the cause of high oil prices is a lie.

The Keystone XL pipeline being blocked, cited time and time again as a cause for higher oil prices is also a lie. The pipeline would not have been in use until 2023 or later. Existing pipelines already bring Canadian oil to the US and there is no impediment to ongoing oil reaching our country from our northern neighbors. So more lies.

Big oil and it's limiting oil production from current available wells. FACT

Commodities brokers Upplaying Russia's oil being unavailable to some markets and Downplaying coordinated international SPR releases to manipulate oil higher for profit. FACT

American oil production, previously at 13.2 million barrels per day, now at 11.7 million barrels per day being exposed to international oil price volatility due to Republicans and Trump ending federal oil export ban. FACT

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Originally Posted by Gelston

Oil Production is higher now than every year prior to 2019. Try again.

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US oil production peaked in January 2020, and hadn't recovered to previous levels.

You could correctly say today's oil production is higher than 1950 levels and it would still be irrelevant as your comparison.

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Originally Posted by Seran

US oil production peaked in January 2020, and hadn't recovered to previous levels.

You could correctly say today's oil production is higher than 1950 levels and it would still be irrelevant as your comparison.

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I correctly say that oil production is higher than the year of 2018 and every year that came before it. In fact, we are producing MORE THAN DOUBLE what we did in 2010.

Try again.

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Originally Posted by Seran

US oil production peaked in January 2020, and hadn't recovered to previous levels.

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What major political event happened in January 2020? What was the platform of the candidate who was inaugurated in January 2020? I'll help, it was to attack and shutter the (US) oil industry. Again, i fail to see why you expect them to come save a failing president who campaigned on putting them out of business. All they have to do is continue to let him suck another 6ish months and then when the adults are back running shit, things will improve.

Quote:

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Originally Posted by Seran

Pre pandemic monthly offshore oil production was 61,631 thousand barrels per month, two years later oil companies continue to idle production and rates stand at 52,887 thousand barrels per month according to the EIA. New Federal offshore leases being halted as a cause for higher oil prices is a proven lie.

13.9 million acres of government owned land is already leased to Big Oil and not being developed or even explored for oil. Despite their already being permitted for such activities. Source: Department of Interior, November 2021 report to the GAO. Again, proving the lack of feral leases or lack of permits being the cause of high oil prices is a lie.

The Keystone XL pipeline being blocked, cited time and time again as a cause for higher oil prices is also a lie. The pipeline would not have been in use until 2023 or later. Existing pipelines already bring Canadian oil to the US and there is no impediment to ongoing oil reaching our country from our northern neighbors. So more lies.

Big oil and it's limiting oil production from current available wells. FACT

Commodities brokers Upplaying Russia's oil being unavailable to some markets and Downplaying coordinated international SPR releases to manipulate oil higher for profit. FACT

American oil production, previously at 13.2 million barrels per day, now at 11.7 million barrels per day being exposed to international oil price volatility due to Republicans and Trump ending federal oil export ban. FACT

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Big oil is not just intentionally limiting production. This theory that you have that greedy oil companies are intentionally limiting production to keep prices high is simply false.

All companies are greedy in the sense they want to maximize profits. You seem to only be considering production and failing to understand or acknowledge the impact of demand. Oil is the single largest traded commodity on planet earth. So when global demand for oil rises, for prices to remain the same production has to rise at an equally to meet the demand. It would not be in the oil companies best interest to limit their own production when demand is high. While yes that does in fact increase price, they would be losing out on greater potential profits by not having enough quantity to meet the demand. Look at any basic supply & demand graph and you will find optimization in the middle where supply & demand converge. That is what any company wants to achieve for peak performance and maximum profits.

Biden’s energy policies have had a direct and meaningful contribution as to why oil companies are unable to increase their production to keep up with global demand. They absolutely want to, because by not doing so they are leaving profit on the table. This is economics 101.

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Originally Posted by Suppa Hobbit Mage

What major political event happened in January 2020? What was the platform of the candidate who was inaugurated in January 2020? I'll help, it was to attack and shutter the (US) oil industry. Again, i fail to see why you expect them to come save a failing president who campaigned on putting them out of business. All they have to do is continue to let him suck another 6ish months and then when the adults are back running shit, things will improve.

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This is correct. Except for that second 2020 typo, which Seran won't be able to realize on his own because he's too stupid.