Ban on ‘Excessive’ Gas Prices Heading for House Vote

[Bear5131]

Again I ask, how can Biden be blamed for not knowing the future with 100% accuracy?

Plenty of Presidents have released oil from the reserves with the aim of lowering prices and so did Biden with that exact same goal.
In this case, it didn't lower prices but again that's not a lie that just shit happens.

The left doesn't hate nuclear power at all in fact I've been really excited for the construction of Hinckley Point C in the UK which will be the worlds most expensive new nuclear power station when it goes online.
I'm also an advocate for further new stations of the same type and a new type of smaller reactors by Rolls Royce based on the reactors put into our nuclear subs.

Oh I forgot your from the UK

South Carolina Spent $9 Billion to Dig a Hole in the Ground and Then Fill It Back In

Cost is often raised as a critical objection to combating climate change. But South Carolina shows what's possible.

theintercept.com

 

[TU Curmudgeon]

1. Oil is a global market, which is why Biden went to OPEC and Venezuela to beg them to increase production.

Indeed "Oil is a global market." and that means that American producers are quite at liberty to sell American produced oil to other countries which will pay more for it than their American customers will.

That means that their American customers have to pay more for American produced oil in order to preclude the American oil producers from selling it outside of the American market.

Neither of those facts detracts from the fact that, at present, the United States of America is not paying a dime more to produce American oil for the American market, or to refine American oil for the American market, or to distribute oil for the American market, or to retail oil for the American market.

Loss of supply from eastern europe does indeed impact prices in the U.S., as rising demand for tea in Britain impacted India in centuries past.

Indeed it does. The British were prepared to pay more for the tea than the Indian purchasers had been paying for it and so the Indian producers had to make a choice between selling to the Indians for $X or selling to the Brits for $X+y. That left the Indian purchasers with having to either pay the same (or better) price that the Brits were paying or not having any tea. Thus, even though the producers cost of production did not rise a dime, the price went up.

2. From your own link: over-all U.S. oil production is still running far below its pre-pandemic level. In February, 2020, U.S. oil fields generated around thirteen million barrels of crude a day; last month, they produced less than 11.9 million barrels a day.

You are ignoring the fact that demand was also down (and by an even greater amount).

In fact it is, coming off of having dipped to a 25 year low in 2020. From the US Energy Information Administration:

...Demand has grown faster than supply, reducing inventories and contributing to higher prices for crude oil and petroleum products....​

US oil demand increased by around 1.6 m/bpd in the same period as US oil production increased by around 2.0 m/bpd.

The bottleneck is NOT in "oil production" it is in refining and the petroleum industry was shutting down refineries in 2020 and 2021.

If (and it is the case) the refining industry is operating at around 92.5% of full capacity with an input of Xm/bpd and has an output of 1,000,000 (an illustrative number only) units of refined product per day, then what will its daily output be if it is provided with 2Xm/bpd? What will its daily output be if it is provided with 4Xm/bpd? 8X/bpd? 16X/bpd? If your answer to any of those quesions is any greater than 1,081,100 units/d then you need a new calculator.

This is a foolish and emotive argument which wants to attribute things we don't like to people we don't like. The Crops Failed Because The Nobility Didn't Honor The Gods. Oil Prices Are High Because CEO's Are Greedy. The Plague Came Because The Jews Won't Accept Christ.

Well, I will agree that TWO of those statements make absolutely no sense at all.

As to the third one, if you substitute "Complying With Their Legal Duties To Their Shareholders" for "Greedy", then it makes a whole lot of sense.

 

[TU Curmudgeon]

IS IT ALSO BIDEN'S FAULT THAT GASOLINE PRICES ARE SKYROCKETING IN CANADA?

Gas prices continue to soar for weekend drivers, experts predict no immediate relief

National gas prices are continuing their rise to staggering highs this weekend, with drivers in Vancouver told to brace for as much as $2.34 per litre at the pumps.

www.ctvnews.ca

Absolutely!!!

Didn't you know that the President of the United States of America governs EVERY country in the world?

PS - The vast majority of "Canadian" petroleum companies are actually owned by American corporations. Under the terms of NAFTA 2.0 the price at which Canada is "allowed" to sell oil to the United States of America is governed by the domestic Canadian oil price therefore those "Canadian" petroleum companies have to raise the Canadian domestic oil price in order to avoid undercutting the prices (and thus lowering the profits) of their America parent companies.

Fortunately the (American petroleum company funded) anti-pipeline movement in Canada has prevented the construction of new East-West pipelines (while remaining strangely silent on North-South pipelines) and so those "Canadian" petroleum companies are "forced" to sell to their American parent companies at the increased cost - thus justifying their American parent companies raising their prices.

This, naturally, means that those "Canadian" petroleum companies have to raise the Canadian domestic oil price in order to avoid undercutting the prices (and thus lowering the profits) of their America parent companies which means that those "Canadian" petroleum companies are "forced" to sell to their American parent companies at the increased cost - thus justifying their American parent companies raising their prices.​

​

This, naturally, means that those "Canadian" petroleum companies have to raise the Canadian domestic oil price in order to avoid undercutting the prices (and thus lowering the profits) of their America parent companies which means that those "Canadian" petroleum companies are "forced" to sell to their American parent companies at the increased cost - thus justifying their American parent companies raising their prices.​

​

This, naturally, means that those "Canadian" petroleum companies have to raise the Canadian domestic oil price in order to avoid undercutting the prices (and thus lowering the profits) of their America parent companies which means that those "Canadian" petroleum companies are "forced" to sell to their American parent companies at the increased cost - thus justifying their American parent companies raising their prices.​

​

This, naturally, means that those "Canadian" petroleum companies have to raise the Canadian domestic oil price in order to avoid undercutting the prices (and thus lowering the profits) of their America parent companies which means that those "Canadian" petroleum companies are "forced" to sell to their American parent companies at the increased cost - thus justifying their American parent companies raising their prices.​

​

This, naturally, ....​

 

[TU Curmudgeon]

Say what?

Lol Google is your friend, please use it before you embarrasses yourself by debating me, please and thank you!



Hydraulic fracturing, or “fracking” as it is more commonly known, is just one small method of the broader process of unconventional development of oil and natural gas. Fracking is a proven drilling technology used for extracting oil, natural gas, geothermal energy, or water from deep underground.
View attachment 67390889
https://www.ipaa.org › fracking

What is Fracking? | Shale Oil and Natural Gas | IPAA - Independent Petroleum ...​

I will believe the "Independent Petroleum" people that fracking is safe just as much as I will believe the "Tobacco" people that smoking is sexy and will get you laid.

 

[TU Curmudgeon]

Remember when Obama insisted the democrats party didn't want $5 dollar a gallon gas?

How could at the time any reasonable person believe him, after all who would buy electric cars if gas was a $1 buck a gallon?

My goodness. Now I know that Mr. Trump assumed the mantle of President of the United States of America in 2017, but what I didn't know was that Mr. Obama was the President of the United States of America from 1980 (the last time that gasoline was under $1.00/gal in the US) to 2016.

Why that means that Mr. Obama was the President of the United States of America for SEVEN terms - beats the crap out of that FDR piker and his 3.25 terms.

PS - Would you like to buy an electric car?

​

 

[cpwill]

Indeed "Oil is a global market." and that means that American producers are quite at liberty to sell American produced oil to other countries which will pay more for it than their American customers will.

That means that their American customers have to pay more for American produced oil in order to preclude the American oil producers from selling it outside of the American market.

Neither of those facts detracts from the fact that, at present, the United States of America is not paying a dime more to produce American oil for the American market, or to refine American oil for the American market, or to distribute oil for the American market, or to retail oil for the American market.

Indeed it does. The British were prepared to pay more for the tea than the Indian purchasers had been paying for it and so the Indian producers had to make a choice between selling to the Indians for $X or selling to the Brits for $X+y. That left the Indian purchasers with having to either pay the same (or better) price that the Brits were paying or not having any tea. Thus, even though the producers cost of production did not rise a dime, the price went up.

You are ignoring the fact that demand was also down (and by an even greater amount).

US oil demand increased by around 1.6 m/bpd in the same period as US oil production increased by around 2.0 m/bpd.

The bottleneck is NOT in "oil production" it is in refining and the petroleum industry was shutting down refineries in 2020 and 2021.

If (and it is the case) the refining industry is operating at around 92.5% of full capacity with an input of Xm/bpd and has an output of 1,000,000 (an illustrative number only) units of refined product per day, then what will its daily output be if it is provided with 2Xm/bpd? What will its daily output be if it is provided with 4Xm/bpd? 8X/bpd? 16X/bpd? If your answer to any of those quesions is any greater than 1,081,100 units/d then you need a new calculator.

Well, I will agree that TWO of those statements make absolutely no sense at all.

As to the third one, if you substitute "Complying With Their Legal Duties To Their Shareholders" for "Greedy", then it makes a whole lot of sense.

Bro you tried to argue that demand was down and supply was up, and were wrong on both counts.

Instead, demand is up, and supply is down, the market is undergoing shocks, and that is why prices are high. Not because People I Don't Like Are Immortal, Ergo The Crops Failed. This isn't a morality tale. It's economics, and it's not even that complex of an issue.

 

[TU Curmudgeon]

Bro you tried to argue that demand was down and supply was up, and were wrong on both counts.

Instead, demand is up, and supply is down, the market is undergoing shocks, and that is why prices are high. Not because People I Don't Like Are Immortal, Ergo The Crops Failed. This isn't a morality tale. It's economics, and it's not even that complex of an issue.

American domestic demand IS down and American domestic supply IS up. American domestic supply IS increasing faster than American domestic demand is increasing.

What is NOT keeping pace is American domestic refining capacity.

Think of the situation as analogous to a barrel with a discharge pipe that is capable of draining 100 gallons per minute. Your need is for 92.5 gallons per minute output. Into that barrel, you pour 90 gallons per minute, but you have partially closed the valve on the discharge pipe so that it only allows 92.5 gallons per minute to pass through. You will meet your needs but, In that situation, the barrel will eventually drain itself dry.

NOW you increase your need to 95 gallons per minute and so you open the valve fully while increasing the flow into the barrel to 105 gallons per minute. What will happen? Well, you will have met your increased need AND the barrel will eventually overflow.

If your barrel is only one of many, and the other barrel operators cannot do what you have done, then, GLOBALLY, you will still have a shortfall BUT LOCALLY you will have a surplus (unless you divert some of that 105 gallons per minute into other people's barrels).

In fact, since "OPEC+ Expects Large Oil Glut In Early 2022" (from OilPrice.com) the American petroleum industry has to strike NOW in order to maximize profits.

 

[donhughesmusic]

Can the government sue state governments for price gouging?

For example in South Carolina a pack of Pall Mall red 100s is around $5 bucks a pack and in say Milkwaukee they're around $9 bucks a pack.

Each state taxes differently. Taxes is more the problem there.

 

[bomberfox]

Oil extended its decline after the biggest weekly drop since March as investors weighed the prospects of Iran increasing crude exports in an oversupplied market.

U.S. and Iranian diplomats are digging in over the last remaining issues holding up an historic nuclear deal, casting doubt on earlier optimism that an accord could be announced as early as Monday. Saudi Arabia told OPEC it raised oil production to a record. The euro fell against the dollar after Greece’s bailout agreement.

Oil continues descent as Iran nuclear deal looms

Oil extended its decline after the biggest weekly drop since March as investors weighed the prospects of Iran increasing crude exports in an oversupplied market

financialpost.com

Which has what to do with the nuclear deal?

 

[bomberfox]

Remember when Obama insisted the democrats party didn't want $5 dollar a gallon gas?

How could at the time any reasonable person believe him, after all who would buy electric cars if gas was a $1 buck a gallon?

I still bought my own electric motorcycle . Gasoline is horribly overrated. We practically poisoned the atmosphere with lead once upon a time to get that shit working.

 

[bomberfox]

So then if Biden didn't lie, you did when you said the "the Left doesn't control the cost of energy"

I am real sick of this myth. Of course the president of the United States have input on the cost of energy in this country


Examples:

*the cost of coal and the lefts 40 year war on it, with government rules and regulations

* the lefts hatred of nuclear power, and all the red tape they make to prevent new ones from being built

* my above example of the hated Iran nuke deal, that busted the U.S. fracking industy and on a side note of of I was paying under a $1 buck of gallon for gas..yeah for me for a while.

The left’s hatred of nuclear power? There is a very distinct split on that issue. The nuclear deal was about weapons grade.

 

[Bear5131]

I still bought my own electric motorcycle . Gasoline is horribly overrated. We practically poisoned the atmosphere with lead once upon a time to get that shit working.

Good for you, I prefer my V8s

 

[Bear5131]

Which has what to do with the nuclear deal?

Not that intelligent about world events?


The Saudis are fighting a proxy war with Iran in Yemen the past years..they hate them.

 

[Bear5131]

Each state taxes differently. Taxes is more the problem there.

No kidding taxes are price gouging

 

[bomberfox]

Good for you, I prefer my V8s

Your preferences will be moot pretty soon mah dude. Wasteful energy will become a thing of the past. I bought my EV a good while before spikes in gas prices and i’d never go for gasoline again.

 

[bomberfox]

Not that intelligent about world events?


The Saudis are fighting a proxy war with Iran in Yemen the past years..they hate them.

Which has what to do with a deal involving enriching weapons grade material in Iran… Iran.

 

[bomberfox]

No kidding taxes are price gouging

XD. That you vote for often directly.

 

[Bear5131]

My goodness. Now I know that Mr. Trump assumed the mantle of President of the United States of America in 2017, but what I didn't know was that Mr. Obama was the President of the United States of America from 1980 (the last time that gasoline was under $1.00/gal in the US) to 2016.

Why that means that Mr. Obama was the President of the United States of America for SEVEN terms - beats the crap out of that FDR piker and his 3.25 terms.

PS - Would you like to buy an electric car?

View attachment 67390949​

You ever live in South Carolina? Yes I was paying under a $1 buck a gallon after Obamas nuke deal

 

[Bear5131]

XD. That you vote for often directly.

Liberals are that stupid

 

[Bear5131]

Which has what to do with a deal involving enriching weapons grade material in Iran… Iran.

Iran has oil, Saudis control OPEC

Which has what to do with a deal involving enriching weapons grade material in Iran… Iran.

You are not this stupid are you?

 

[Bear5131]

Your preferences will be moot pretty soon mah dude. Wasteful energy will become a thing of the past. I bought my EV a good while before spikes in gas prices and i’d never go for gasoline again.

So you brag about being subsidized by poor people, and not paying road taxes?

 

[Bear5131]

I will believe the "Independent Petroleum" people that fracking is safe just as much as I will believe the "Tobacco" people that smoking is sexy and will get you laid.

Why are you quoting me with a silly rant not related to my reply?

 

[donhughesmusic]

No kidding taxes are price gouging

Not by the gas companies. Price gouging does not mean higher taxes.

 

[bomberfox]

So you brag about being subsidized by poor people, and not paying road taxes?

Im not subsidized by the poor at all and yes i brag about doing something we all should have been starting on 30 years ago

 

[bomberfox]

Iran has oil, Saudis control OPEC

You are not this stupid are you?

Im asking what a deal that has to do with nuclear weapons has to do with saudi arabia and gas prices here lol.

I dunno who you think you are but in this forum you are just maganoob #23458624843 come lately to shit stir. Nobody is really insulted by you.