US Oil Producers Fail to Produce

[Seran]

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.

Well, President Biden wasn't inaugurated until January 2021 and wasn't even selected as the Democrat primary winner until June of 2020, so his campaign information is irrelevant to oil production falling.

However if you'd like to blame the sitting President and ignore all other factors contributing to the reduction of oil production (Covid-19, oil industry ramping down well utilization due to demand destruction) then I'll point out Donald Trump was President in all of 2020.

[Seran]

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.

What we're producing in 2018, 2010, 1950 is irrelevant to comparing peak oil production (13.2 million barrels) to this year's production (11.7 million barrels 01/2022).

I know the Red Team has a fetish with taking irrelevant factoids and using them to slander the current administration, but that doesn't make the information correct.

[Methais]

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.

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.

Well, President Biden wasn't inaugurated until January 2021 and wasn't even selected as the Democrat primary winner until June of 2020, so his campaign information is irrelevant to oil production falling.

However if you'd like to blame the sitting President and ignore all other factors contributing to the reduction of oil production (Covid-19, oil industry ramping down well utilization due to demand destruction) then I'll point out Donald Trump was President in all of 2020.

[Seran]

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.

13.2M- 11.7M = 1.5 million barrels per day, or 11.3% of oil available in 2020 is unavailable to the US energy market as a sole result of oil industry action or inaction.

You seem to have a grasp of supply and demand, but a bias against seeing Big Oil culpability. In January 2020, $61 was the price of oil per barrel, while today it is $109 per barrel.

13,200,000 * 61 = $805.2M
11,700,000 * 109 = $1,275.3M

Big oil is seeing a profit of $470M per month at those figures, have said in investor calls they are focusing on maintaining oil prices, more than 100 polled by the Federal Reserve indicated investor payouts, not government regulation is the cause of not increasing production. But you're still stuck on it being President Biden's energy policies are at a fault.

In case that is too much text. Oil companies are making a shit load of money and will continue making a shit load of money by withholding oil.

[Shaps]

https://www.politifact.com/factcheck...lling-and-no-/

Joe Biden 2020 - "Number one, no more subsidies for fossil fuel industry. No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period, ends, number one."

https://www.reuters.com/world/us/us-...ge-2022-04-15/

Joe Biden 2022 - "U.S. to resume oil, gas drilling on public land despite Biden campaign pledge"

Can't tell an industry to go fuck themselves, then expect them to help your shitty poll numbers.

[Seran]

https://www.politifact.com/factcheck...lling-and-no-/

Joe Biden 2020 - "Number one, no more subsidies for fossil fuel industry. No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period, ends, number one."

https://www.reuters.com/world/us/us-...ge-2022-04-15/

Joe Biden 2022 - "U.S. to resume oil, gas drilling on public land despite Biden campaign pledge"

Can't tell an industry to go fuck themselves, then expect them to help your shitty poll numbers.

At least you're willing to front the theory that curtailing oil production is political retribution by the Oil Industry. I've not heard that before, but it sounds plausible.

[Gelston]

What we're producing in 2018, 2010, 1950 is irrelevant to comparing peak oil production (13.2 million barrels) to this year's production (11.7 million barrels 01/2022).

I know the Red Team has a fetish with taking irrelevant factoids and using them to slander the current administration, but that doesn't make the information correct.

It is 100% relevant when you are saying lack of production is why prices are higher. We are producing more oil than we did in 2018, and gas prices were a lot better then. I can't believe I had to create this link for you.

[Methais]

It is 100% relevant when you are saying lack of production is why prices are higher. We are producing more oil than we did in 2018, and gas prices were a lot better then. I can't believe I had to create this link for you.

Stop lying. You're not surprised, and you can totally believe that you had to create that link for him.

Reported for being a liarface.

[Seran]

It is 100% relevant when you are saying lack of production is why prices are higher. We are producing more oil than we did in 2018, and gas prices were a lot better then. I can't believe I had to create this link for you.

It must be nice to so casually reject logic and arbitrarily choose irrelevant data for forming comparison. I bet the analysts at Lehman Bros were telling themselves the same thing about their subprogram mortgage derivative vehicles, you know, until the economy imploded as a result of the same shady dealings.

[Gelston]

It must be nice to so casually reject logic and arbitrarily choose irrelevant data for forming comparison. I bet the analysts at Lehman Bros were telling themselves the same thing about their subprogram mortgage derivative vehicles, you know, until the economy imploded as a result of the same shady dealings.

Reject logic? Your entire argument is that gas prices are high because production is low. Production is higher now than in 2018 and any year before, but the prices are higher.