Hey Seran, oil is up again today.
Hey Seran, oil is up again today.
"BIDEN HAS NO CONTROL OVER THE PRICE OF OIL!!!!!!!!!!!!!!!!!!!!!! FUCKING OIL COMPANIES ARE JUST GREEEEEDY!" - Seran later today.Originally Posted by Tgo01
PC RETARD HALL OF FAME
BANNED 4 LYFE
I'd like to make a side wager that Seran will pivot to THIS IS DUE TO TRUMP'S POLICIES FINALLY TAKING EFFECT!!!!!!!!!!!!!!!!!
[Private]-GSIV:Nyatherra: "Until this moment i forgot that i changed your name to Biff Muffbanger on Lnet"
Senior Member
Sounds reasonable.
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane. ~ Marcus Aurelius“It's a beautiful thing, the destruction of words.”
― George Orwell, 1984
“The urge to shout filthy words at the top of his voice was as strong as ever.”
― George Orwell, 1984
Senior Member
Down 1.5%. Weren't you just bitching about making predictions so early after market opening?
So now you admit it's dumb to declare some sort of victory a few hours after we have seen the highest oil prices ever in the history of the world?
Maybe idiots can be learn.
Hey Seran, oil is still almost twice as high today as it was when president Disaster was sworn in.
No. That would require self awareness. He has none.
Idiots can learn.Maybe idiots can be learn.
Seran is a retard.
Retards cannot learn.
"THAT IS BECAUSE OIL COMPANIES ARE JUST GREEDY!"Hey Seran, oil is still almost twice as high today as it was when president Disaster was sworn in.
PC RETARD HALL OF FAME
Senior Member
Pointing out your hypocrisy is all and that you were wrong ofc.
Oil prices are up since President Biden took office, you're correct! A massive increase in demand as our country recovers from Covid-19 had prices up at $71 in December. Now they're up to $108 as you know...Russia is invading another country, has been using energy all along as a weapon. Hardly surprising. What is surprising is your complete brain death over thinking Biden is responsible for Russia being run by a megalomaniac trying to seize his third country since coming into power.
BANNED 4 LYFE
The best part of your bullshit is how you bend over backwards to ignore the part where we were energy independent until Biden took office, and now we're not.
I'm not sure if it's because you're just stupid or full of shit, because 99% of the time you're usually both, so I'll just assume that it's both today too.
Last edited by Methais; 03-10-2022 at 02:48 PM.
[Private]-GSIV:Nyatherra: "Until this moment i forgot that i changed your name to Biff Muffbanger on Lnet"
Senior Member
Here's another great article showing the massive disparity between publicly traded, large oil companies trying to maintain prices by limiting demand, choosing to avoid capital expenditures in order to pay themselves out. Versus small oil exploration companies who want to take advantage of prices to grow.
Majors such as Pioneer Natural Resources, Devon Energy, and Diamondback Energy have already said they have no plans to boost production in any meaningful way. Instead, they will focus on shareholder returns.
The chief executive of Pioneer Natural Resources put it quite bluntly last month in an interview with Bloomberg. "Whether it's $150 oil, $200 oil, or $100 oil, we're not going to change our growth plans," Scott Sheffield said. "If the president wants us to grow, I just don't think the industry can grow anyway."https://oilprice.com/Energy/Energy-G...-The-Taps.htmlPrivate drillers, on the other hand, have no shareholders to make happy. They do not have the constraints of their public sector players. And they are drilling. The Energy Information Administration said in its last Short-Term Energy Outlook that U.S. crude oil production could hit 12.6 million bpd on average next year: a record high.
To put into context, we have the responses of other major oil producers on limiting supply or panicking over rising supply.
The major disconnect between the major oil companies who have consolidated to buy out competitors and how new competitors are increasing supply underscores the President's push to investigate the majors for price manipulationConocoPhillips’ Ryan Lance earlier this month said he was concerned about the rate of growth in U.S. shale oil production. During a conference call, Lance said Conoco forecast an increase of 900,000 bpd in U.S. oil production this year, adding that “If you’re not worried about it you should be,” as quoted by Bloomberg.
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.”
That has become the mantra throughout the oil industry, Molchanov said.
“Because of the industry’s strong emphasis on capital discipline, reaching peak production should be realistic in 2023, but not before then,” he said. “And it’s never going to grow at a rapid rate ever again. The days of US oil supply growing double digits on sustainable basis, those years are gone.”
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