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Thread: Things that made you Facepalm today (Political Version)

  1. #4891

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    Quote Originally Posted by drauz View Post
    https://www.cbsnews.com/news/oil-pro...as-fed-survey/

    It's not the Democrats "blocking" production. Oil companies literally don't want to increase production.
    You can just save us both a lot of trouble by stating you have no idea what the difference is between having a drilling permit and actually being granted permission to set up oil rigs.

  2. #4892

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    What sane business person would commit future investments of capital into a product, that the Federal Government has said they are going to destroy?

    Biden said he would destroy them, but yet he complains they aren't expending resources to help him politically?

    Only lefties can reconcile that logic puzzle.

    This is what happens when the person in charge hasn't had to work in over 50 years, but thinks he understands business and economics.
    Last edited by Shaps; 07-08-2022 at 12:38 PM.

  3. #4893

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    Quote Originally Posted by Tgo01 View Post
    You can just save us both a lot of trouble by stating you have no idea what the difference is between having a drilling permit and actually being granted permission to set up oil rigs.
    So you totally missed the fact that only 10% of all oil exploration happens on federal lands requiring leases, leaving 90% on private or state owed lands, the majority of which is in pro drilling states like Colorado, Texas, North Dakota and Pennsylvania.

    Oh and of that 10% of drilling being on federal lands? There's over 9,100 approved federal drilling permits gathering dust that Big Oil applied for and isn't using. Because why add more supply when that would lower oil prices and thus make your product less economical.

  4. #4894
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    Quote Originally Posted by Tgo01 View Post
    You can just save us both a lot of trouble by stating you have no idea what the difference is between having a drilling permit and actually being granted permission to set up oil rigs.
    You could save us both a lot of time by admitting your hunch on why gas prices are so high is wrong when faced with the literal oil companies telling you your reason is wrong.
    No, I am not Drauz in game.

  5. #4895

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    Quote Originally Posted by drauz View Post
    You could save us both a lot of time by admitting your hunch on why gas prices are so high is wrong when faced with the literal oil companies telling you your reason is wrong.
    Oh the oil companies literally stated they are purposefully not drilling more oil in an effort to keep prices high? I must have missed that in all of the nonsense you linked. Can you just quote one of them stating that?

    Note: I'm not asking for oil companies stating they are investing less in new rigs (because of the aforementioned additional costs I have mentioned), I am asking for a quote from an oil company exec stating they are purposefully not drilling for more oil because they want to keep oil prices high, which is what you are saying.

  6. #4896

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    Quote Originally Posted by Tgo01 View Post
    Oh the oil companies literally stated they are purposefully not drilling more oil in an effort to keep prices high? I must have missed that in all of the nonsense you linked. Can you just quote one of them stating that?

    Note: I'm not asking for oil companies stating they are investing less in new rigs (because of the aforementioned additional costs I have mentioned), I am asking for a quote from an oil company exec stating they are purposefully not drilling for more oil because they want to keep oil prices high, which is what you are saying.
    https://www.youtube.com/watch?v=7Bj4cJeJR-c - Whitehouse press briefing with several quotes.

    --

    Elsewhere;

    “Whether it’s $150 oil, $200 oil, or $100 oil, we’re not going to change our growth plans,” the CEO of Pioneer National Resources
    When asked about production targets for 2022 during a January earnings call, ExxonMobil CEO Darren Woods responded, “The primary objectives we’ve had in looking at the portfolio is less about volume and volume targets and more about the quality and profitability of the barrels that we’re producing.”
    Last edited by Seran; 07-08-2022 at 02:38 PM.

  7. #4897
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    Quote Originally Posted by Tgo01 View Post
    Oh the oil companies literally stated they are purposefully not drilling more oil in an effort to keep prices high? I must have missed that in all of the nonsense you linked. Can you just quote one of them stating that?

    Note: I'm not asking for oil companies stating they are investing less in new rigs (because of the aforementioned additional costs I have mentioned), I am asking for a quote from an oil company exec stating they are purposefully not drilling for more oil because they want to keep oil prices high, which is what you are saying.
    Asked what level the price of West Texas Intermediate oil would need to hit to get publicly traded oil and gas companies back into growth mode, 29% of executives said that their expansion plans weren't dependent on price. Another 9% named a price above $120 a gallon.
    As to why they weren't drilling more, oil executives blamed Wall Street. Nearly 60% cited "investor pressure to maintain capital discipline" as the primary reason oil companies weren't drilling more despite skyrocketing prices, according to the Dallas Fed survey.
    "Investors in energy stocks have been a bit thrown off by the volatility, so they're looking more for energy firms to pay back down their debt, or return money to shareholders, rather than going and investing in new wells — even if those new wells would be profitable," Ashworth said.

    In other words, many companies are choosing to enjoy their high profits rather than increase the supply of oil. That's despite the relatively low oil price they would need to turn a profit. On a different Dallas Fed question, executives said oil prices between $23 and $38 a barrel, on average, would cover the cost of drilling new wells.
    "Whether it's $150 oil, $200 oil or $100 oil, we're not going to change our growth plans," Scott Sheffield, CEO of Pioneer Natural Resources, told Bloomberg last month.
    In Exxon's latest earnings call, in February, CEO Darren Woods emphasized the oil and gas giant's focus on profitability over volume of oil.

    "One of the primary objectives we've had ... is less about volume and volume targets and more about the quality and profitability of the barrels that we're producing," Woods told investors.

    While Exxon doesn't expect to increase how much oil it extracts, "the earnings per barrel will continue to improve," Woods said. "As we move forward, you'll continue to see ... the quality of the barrels or profitability of the barrels increase."
    .
    No, I am not Drauz in game.

  8. #4898

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    Quote Originally Posted by drauz View Post
    .
    So not only did you not quote a single oil exec as saying that they are purposefully not drilling more oil because they want prices to stay high, but you actually provided quotes of supposed oil execs stating their plans have nothing to do with the price of oil and that the recent volatility in the oil market (because of left wing governments all over the world shutting down the world economy) that they are wary of investing more in oil rigs because of how expensive and long drawn out the process is and they don't know if they'll recoup their costs if Democrats decide to shut down the economy again.

    Again if you're unsure of how all of this works just let me know where you're confused.

  9. #4899
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    Quote Originally Posted by Tgo01 View Post
    So not only did you not quote a single oil exec as saying that they are purposefully not drilling more oil because they want prices to stay high, but you actually provided quotes of supposed oil execs stating their plans have nothing to do with the price of oil and that the recent volatility in the oil market (because of left wing governments all over the world shutting down the world economy) that they are wary of investing more in oil rigs because of how expensive and long drawn out the process is and they don't know if they'll recoup their costs if Democrats decide to shut down the economy again.

    Again if you're unsure of how all of this works just let me know where you're confused.
    I literally gave you a quote that says exactly what you were asking for. You can stick your fingers in your ears and not want to hear it but that doesn't change the fact that it was said. The break even mark is a 1/4 of the current price of a barrel. You've offered nothing but your opinion on how the oil market works, where I've given you actual oil executives refuting what you're saying and saying exactly what I'm saying. I don't think I need to say much else to refute your hunch.
    No, I am not Drauz in game.

  10. #4900
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    Quote Originally Posted by drauz View Post
    .
    You know a lot of them don't drill unless it hits a certain price because they lose money right? That is why the Haynesville Shale has constantly been shut down and restarted based on oil price fluctuations. The prices start to get much higher, a lot of shale fields will become profitable and begin to open and/or expand and drive prices back down... .And then shut down and cause another big layoff.
    Ceterum censeo Carthaginem esse delendam

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