US Oil Producers Fail to Produce

[Seran]

Seran: ZOMG! Oil companies are gouging innocent Americans!
Also Seran: Thank goodness the price of oil is dropping, we need a break from the evil oil companies!!!

If oil companies are the reason oil prices are so high....why would they just suddenly lower the price of oil?

This is like the White House for months blaming everyone else for high gas prices and saying the president has no control over gas prices, then saying Biden is doing everything he can to lower the price of oil. Does the president have control over oil prices or not?

Commodities brokers are paying less for oil, so oil companies are being dragged kicking and screaming into lower prices. Like it or not Biden's plan to lower oil and gas prices by using diplomatic efforts overseas to increase supply, as well as tapping the bSPR worked despite domestic Big Oil trying to drag their heels for major unwarranted concessions. They refused to produce more, but smaller oil companies stepped up. I don't know why you think the President has a dial controlling the price of oil, but you're kinda dumb.

Your true colors have shown for a long time Dreaven, I just can't figure out why you and your Conservashit friends cheer on oil monopolies.

[Tgo01]

Commodities brokers are paying less for oil, so oil companies are being dragged kicking and screaming into lower prices.

Wait a minute! Does the commodities market set the price of oil and the oil companies simply sell what the price is currently at, or do oil companies set the prices but they decided to take a day off and let the commodities market dictate prices for a little while?

Gosh you're dumb.

[Methais]

Wait a minute! Does the commodities market set the price of oil and the oil companies simply sell what the price is currently at, or do oil companies set the prices but they decided to take a day off and let the commodities market dictate prices for a little while?

Gosh you're dumb.

I can't wait to watch his midterm meltdown in November.

[Tgo01]

I can't wait to watch his midterm meltdown in November.

It should be glorious.

[Methais]

It will be glorious.

Fixed.

[Seran]

Wait a minute! Does the commodities market set the price of oil and the oil companies simply sell what the price is currently at, or do oil companies set the prices but they decided to take a day off and let the commodities market dictate prices for a little while?

Gosh you're dumb.

Wow you misread that completely, how'd you manage that bit of reading miscomprehension.

[Neveragain]

Oil prices are down more than 7% so far this morning

On it's face value this sounds good, in reality, it's a sure sign that 3rd quarter economic numbers are going to be really bad.

[Seran]

On it's face value this sounds good, in reality, it's a sure sign that 3rd quarter economic numbers are going to be really bad.

No doubt. We've met the structural definition of recession as of last week, I'm sure the retraction will be sizeable from the drunken orgy of price gouging, price increasing grossly exceeding cost push reality and the last of the stimulus being rolled into red state tax cuts. Durable good manufacturing hasn't tanked, retail isn't that bad and people are again shifting into services since job growth hasn't slowed. I'm thinking the underlying economy will be strong and stable. Certain industries are going to get it in the chin, for good reason.

[Seran]

Oil clasped down 8% underneath that $100 bad feels threshold Big Oil wanted to maintain. Hoping they don't suddenly choke off supply to run that higher.

[Parkbandit]

Oil clasped down 8% underneath that $100 bad feels threshold Big Oil wanted to maintain. Hoping they don't suddenly choke off supply to run that higher.

The price of oil when President Biden was inaugurated was $55......