US Oil Producers Fail to Produce

[Seran]

President Biden announced a ban on any oil or gas imports from Russia this morning in conjunction with the United Kingdoms. The UK imports only 5-8% of its oil from Russia. Domestically, we important less than 200,000 barrels of oil per day from Russia, a number offset by the 30 million barrels of oil our President is making available from the Strategic Oil Reserve.

As expected, commodities traders went into a frenzy and WTI futures briefly surged past 7% before calming as the reality of our complete lack of an oil shortage set in.

Now, what does that mean for the world as the majority of our European allies aren't sharing in the import ban? Very little. The other major oil consumers of the world continue to take deliveries, but it sends a powerful message of solidarity with Ukraine.

Domestically the President has called out the energy conglomerates for not utilizing their existing oil and gas leases and warned them about using this as an excuse to price gouge at the expense of our nation. We shall see what comes next.

For those of you who are like Dreaven have no reading comprehension skills are confused by the difference of 200,000 barrels per DAY of crude oil and Dreaven's figure of 20M barrels of crude AND petroleum distillates. Per the EIA website, linked here: https://www.eia.gov/dnav/pet/pet_mov...im0_mbbl_a.htm, the US imported 72,608 barrels of CRUDE OIL for the entire year of 2021. Yes, 72,608,000 divided by 365 is less than 200,000 you dumb cuck. 30,000,000 divided by 198,926 barrels per day is FIVE MONTHS of supply of crude oil..

Please, get better at reading and arithmetic Dreaven, your posts are embarrassing.

[Tgo01]

Uh...Seran...you do realize a lot of those "refined products" are other types of fuels rights?

You do also realize that since we are no longer importing those "refined products" from Russia that we now have to find other sources for those "refined products" or just simply go without those products. You do realize that last option is impossible right?

Maybe I should take you off ignore. Laughing at you is one of the best things about the PC these days.

[Suppa Hobbit Mage]

Any day now we're going to start seeing Reagan's trickle down economics start working. Maybe fifty years from now the Trump tax cuts might do a something other than putting profits into the pockets of shareholders. Sure as hell can see the difference in the oilfield, capital investments catered under Donald Dump

I work in the tax industry. The VAST majority of American's benefitted from Donald Trump's tax cuts. You can go read about it yourself on the IRS website if you actually tried.

[Solkern]

I work in the tax industry. The VAST majority of American's benefitted from Donald Trump's tax cuts. You can go read about it yourself on the IRS website if you actually tried.

But isn’t that only in the short term?

[Parkbandit]

I work in the tax industry. The VAST majority of American's benefitted from Donald Trump's tax cuts. You can go read about it yourself on the IRS website if you actually tried.

The VAST Majority of BILLIONAIRES you mean...

[Suppa Hobbit Mage]

But isn’t that only in the short term?

I'm not sure I follow the question. Virtually every tax bracket had taxes reduced. So unless the law changes (like Biden wants to change it), people will continue to pay less in taxes and benefit from the Trump taxes law changes. Since we are a progressive tax, if you make more next year and hit another bracket, you'll pay more in taxes on all the dollars made in that next bracket than the last one. But it's still less taxes than before.

[Solkern]

I'm not sure I follow the question. Virtually every tax bracket had taxes reduced. So unless the law changes (like Biden wants to change it), people will continue to pay less in taxes and benefit from the Trump taxes law changes. Since we are a progressive tax, if you make more next year and hit another bracket, you'll pay more in taxes on all the dollars made in that next bracket than the last one. But it's still less taxes than before.

I’m not an expert in tax law at all, from what I remember, aren’t taxes going to rise in a few years? Correct me if I’m wrong please. I for one benefited from Trump’s tax cuts.

[Suppressed Poet]

Per the EIA website, linked here: https://www.eia.gov/dnav/pet/pet_mov...im0_mbbl_a.htm, the US imported 72,608 barrels of CRUDE OIL for the entire year of 2021. Yes, 72,608,000 divided by 365 is less than 200,000 you dumb cuck. 30,000,000 divided by 198,926 barrels per day is FIVE MONTHS of supply of crude oil..

Before you go on to criticize others and call them a dumb cuck, perhaps you should read your own posts. Did the US import 72,608 barrels for the entire year of 2021, or was it 72,608,000? Because, you know, there is a large numerical difference between those numbers…

[~Rocktar~]

373 BILLION barrels of oil under us, almost 3000 TRILLION cubic feet of natural gas. Most of which doesn't involve the Alaska wildlife and isn't offshore to worry about shore birds or some such. So, about that gas price and Biden's bullshit energy policy that hurts the poor the most. . .

https://notthebee.com/article/remind...of-natural-gas

[Seran]

I'm not sure I follow the question. Virtually every tax bracket had taxes reduced. So unless the law changes (like Biden wants to change it), people will continue to pay less in taxes and benefit from the Trump taxes law changes. Since we are a progressive tax, if you make more next year and hit another bracket, you'll pay more in taxes on all the dollars made in that next bracket than the last one. But it's still less taxes than before.

Temporary tax cuts with the majority going to corporations and billionaires. If the cuts focused on those making less than 400k, then we'd have a much much smaller deficit.