US Oil Producers Fail to Produce

[Seran]

In case y'all weren't familiar with how self-aware Big Oil is about limiting supply to maintain prices, ExxonMobil announced they'll stop burning off marketable natural gas in order to increase supply to a tight market.

Yes, it is literally the oil industry practice to burn money, in this case natural gas, rather than allow supplies to enter the market and drive down prices.

Exxon Stops Flaring In The Permian, Urges Others To Follow Suit

One of the biggest oil producers taking part in the most prolific U.S. shale play has decided to stop routine gas flaring in the Permian and plans to push for all other shale well operators to do the same.

In an interview with Reuters, Exxon officials said they would insist on tougher flaring regulations in a bid to achieve a phase-out of the practice.

“It levels the playing field,” the chief environmental scientist of the supermajor, Matt Kolesar, told Reuters. “We need strong regulations so it doesn’t matter who owns the facility.”

Flaring has come into the spotlight of environmental concerns in the past few years as it is associated with the release of significant amounts of methane, which is a more potent but shorter-lived greenhouse compound than carbon dioxide.

What’s more, reducing flaring increases the amount of natural gas an operator produces, and in today’s gas market, this is not a benefit to be overlooked.

https://oilprice.com/Latest-Energy-N...llow-Suit.html

[Suppressed Poet]

In case y'all weren't familiar with how self-aware Big Oil is about limiting supply to maintain prices, ExxonMobil announced they'll stop burning off marketable natural gas in order to increase supply to a tight market.

Yes, it is literally the oil industry practice to burn money, in this case natural gas, rather than allow supplies to enter the market and drive down prices.



https://oilprice.com/Latest-Energy-N...llow-Suit.html

Bro…do you even read the articles you post?

[Seran]

Today's EIA reports continue showing Big Oil throttling back gasoline production, perhaps adding to the 0.60¢ increase they've already accomplished this month.

Summary of Weekly Petroleum Data for the week ending January 20,

2023 U.S. crude oil refinery inputs averaged 15.0 million barrels per day during the week ending January 20, 2023 which was 127 thousand barrels per day more than the previous week’s average. Refineries operated at 86.1% of their operable capacity last week. Gasoline production decreased last week, averaging 8.8 million barrels per day. Distillate fuel production slightly decreased last week, still averaging 4.6 million barrels per day. U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 956,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 0.4% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 453,000 barrels per day, and distillate fuel imports averaged 320,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.5 million barrels from the previous week. At 448.5 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year. Total motor gasoline inventories increased by 1.8 million barrels from last week and are about 8% below the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week. Distillate fuel inventories decreased by 0.5 million barrels last week and are about 20% below the five year average for this time of year. Propane/propylene inventories decreased by 1.0 million barrels from last week and are 25% above the five year average for this time of year. Total commercial petroleum inventories increased by 4.0 million barrels last week. Total products supplied over the last four-week period averaged 18.9 million barrels a day, down by 10.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 7.8 million barrels a day, down by 4.7% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 13.6% from the same period last year. Jet fuel product supplied was down 1.9% compared with the same four-week period last year.

[Suppa Hobbit Mage]

Today's EIA reports continue showing Big Oil throttling back gasoline production, perhaps adding to the 0.60¢ increase they've already accomplished this month.

Dude, you really need to medicate. Even you can't possibly think Biden is responsible for every time the price goes down, and everyone else every time the price goes up. I mean, I know you are trolling, but even trolls have days off.

[Seran]

Oil prices are back down below $74 a barrel and fuel down to $2.35, even after a January jobs report reports a massive half a million gain in jobs. Huzzah for the economy.

[Suppa Hobbit Mage]

Oil prices are back down below $74 a barrel and fuel down to $2.35, even after a January jobs report reports a massive half a million gain in jobs. Huzzah for the economy.

What did Biden do to accomplish this?!

[Seran]

What did Biden do to accomplish this?!

Please feel free to read previous posts regarding coordinated SPR releases and price collusion investigations.

[Suppressed Poet]

Please feel free to read previous posts regarding coordinated SPR releases and price collusion investigations.

Please feel free to continue packing the fudge.

[Gelston]

Where is fuel 2.35 at? We usually have very cheap fuel here and it is all above 3.

[Parkbandit]

Where is fuel 2.35 at? We usually have very cheap fuel here and it is all above 3.

We haven't seen gas prices at $2.35 since Biden took office.

https://gasprices.aaa.com/

Average price is currently $3.48

As usual, Seran knows nothing about what he posts.

Are you surprised?

You don't become the Retard Champion by posting accurate information.