Biden calls for ‘use it or lose it’ policy for oil leases on federal land

diz said:

If price goes up because Biden and the Democrats are hostile to supply, of course they’re going to take the higher price. It’s not like anyone is there to help them when price goes down.

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diz said:

Most oil companies do not view themselves as have any pricing power at all. They individually produce a tiny tiny share of the world market. They make their money by selling oil at whatever the price is.

If price goes up because Biden and the Democrats are hostile to supply, of course they’re going to take the higher price. It’s not like anyone is there to help them when price goes down.

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iguanaman said:

Now I have heard it all. Oil companies are not victims because they lose money some years. They more than make up for it in good years. They get to sell "free" energy from the earth that they did not make.

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Buckeyes85 said:

And what if the price goes up, not because of Biden as you aimlessly suggested, but because supply from other nations dips, and Biden encourages domestic companies to try to up their production to offset the dip and help bring the price down.

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Buckeyes85 said:

But some refuse because they are loving the high prices and making a killing as a result? Is it improper for the president to apply what pressure he can to encourage them to up production, such as discussing their continued use of federal land? Land that the American public owns collectively and have leased to these companies?

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Buckeyes85 said:

If this were Trump, people like you would likely be fawning all over him: look how tough he is being for the common man, the average Joe getting killed by sky high gas prices? Drain the swamp and America first, indeed!!

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Lord of Planar said:

Isn't it better to have steady and predictable conditions?

It amazes me the the left hates corporate America so much. Are you guys ignorant to the millions of people corporations like this provide good paying jobs? Are you guys ignorant to the increase in unemployment when they have to scale back?

Like it or not, corporations are a necessary evil, until we come up with something better.

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Exclusive: oil companies’ profits soared to $174bn this year as US gas prices rose​

iguanaman said:

Who said I hate corporate America? They are not victims though. What do you think their "margins" should be? Unlimited? This coddling of the wealth class has not helped the rest of us as promised. That is what I was complaining about. Wasn't all the wealth supposed to trickle down? Instead the wealth has become more and more concentrated in fewer and fewer people. What gives?

Exclusive: oil companies’ profits soared to $174bn this year as US gas prices rose​

The largest oil and gas companies made a combined $174bn in profits in the first nine months of the year as gasoline prices climbed in the US, according to a new report.
The bumper profit totals, provided exclusively to the Guardian, show that in the third quarter of 2021 alone, 24 top oil and gas companies made more than $74bn in net income. From January to September, the net income of the group, which includes Exxon, Chevron, Shell and BP, was $174bn.
Exxon alone posted a net income of $6.75bn in the third quarter, its highest profit since 2017, and has seen its revenue jump by 60% on the same period last year. The company credited the rising cost of oil for bolstering these profits, as did BP, which made $3.3bn in third-quarter profit. “Rising commodity prices certainly helped,” Bernard Looney, chief executive of BP, told investors at the latest earnings report.

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iguanaman said:

Now I have heard it all. Oil companies are not victims because they lose money some years. They more than make up for it in good years. They get to sell "free" energy from the earth that they did not make.

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Lord of Planar said:

I don't think they teach basic econimics in school anymore like supply and demand, outside of electives.

One basic reason the USA is becoming a shithole, is because of poor education, and indoctrination in the schools.

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Buckeyes85 said:

And what if the price goes up, not because of Biden as you aimlessly suggested, but because supply from other nations dips, and Biden encourages domestic companies to try to up their production to offset the dip and help bring the price down. But some refuse because they are loving the high prices and making a killing as a result? Is it improper for the president to apply what pressure he can to encourage them to up production, such as discussing their continued use of federal land? Land that the American public owns collectively and have leased to these companies?

If this were Trump, people like you would likely be fawning all over him: look how tough he is being for the common man, the average Joe getting killed by sky high gas prices? Drain the swamp and America first, indeed!!

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diz said:

I think I’ve said it a few times already but there is no need for Biden to do anything but get out of the way. If price goes up returns for drilling go up. Capital should flow toward drilling more wells. Assuming Democrats are not preventing wells from being drilled or interfering with the ability to raise that capital. Which they have been doing for decades.

Which they are currently doing with all this talk of punitive measures.

Prices are a signal. High prices say “drill more”. But it takes months to meaningfully ramp up production. This is called “reality”. You can’t repeal it because your poll ratings are awful.

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iguanaman said:

Really? Still lying about Democrats suppressing oil production?

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