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"It's Appalling": In Hilarious Reversal, Biden Admin Now Slams Shale For Not Raising Output

VySky

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You can’t make this crazy stuff up. Today feels so 1979. Biden is a laughing stock
——

It was just last June when we asked if "ESG will trigger energy hyperinflation", explaining that the progressives' ESG agenda, "is unwinding the shale oil revolution. As recent events at Exxon and Shell have shown, the pressure on oil companies to reduce oil and gas exploration and adapt their business models has increased significantly over the past few months" (incidentally the answer to our rhetorical question was "yes").

We added that "ESG is a negative supply shock that internalizes the climate cost of the production of goods and services. This negative supply shock will be inflationary until technological progress absorbs these costs. That could take years. Moreover in Europe, it could garner enough of political support to justify a more aggressive fiscal policy despite the constraints at the German or EU levels."

Meanwhile, the impact of ESG on oil companies has been to depress Capex spending to the lowest level in decades, leaving the energy sector entirely unprepared for any energy price spike, as it simply did not have the capacity to pump as much oil as may be needed.

 

PirateMk1

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I believe the Keystone pipeline was slated to get that oil down to the Gulf Coast refineries. Pity somebody canceled it.
 

jnug

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You can’t make this crazy stuff up. Today feels so 1979. Biden is a laughing stock
——

It was just last June when we asked if "ESG will trigger energy hyperinflation", explaining that the progressives' ESG agenda, "is unwinding the shale oil revolution. As recent events at Exxon and Shell have shown, the pressure on oil companies to reduce oil and gas exploration and adapt their business models has increased significantly over the past few months" (incidentally the answer to our rhetorical question was "yes").

We added that "ESG is a negative supply shock that internalizes the climate cost of the production of goods and services. This negative supply shock will be inflationary until technological progress absorbs these costs. That could take years. Moreover in Europe, it could garner enough of political support to justify a more aggressive fiscal policy despite the constraints at the German or EU levels."

Meanwhile, the impact of ESG on oil companies has been to depress Capex spending to the lowest level in decades, leaving the energy sector entirely unprepared for any energy price spike, as it simply did not have the capacity to pump as much oil as may be needed.

Ah........the oil industry itself has been cutting investments new shale exploration BECAUSE THEY HAVE NOT FOUND A WAY TO MAKE ENOUGH MONEY AT IT. Now you would think with prices where they are, they could finally figure it out. One can only hope.

That said, Obama should not have ended the 40 year ban on oil export in 2016. The argument from big oil was that oil prices were low at that point as if we were in anything like a more stable world in 2015-1016 than we were in the 1970's when the ban on exports was initiated. That was of course A LIE! Prices were relatively low but it was not a more stable world...far from it.Their other argument was that it would spur exploration and production. NOPE. That worked out to be a LIE as well as we can clearly see today. Production did go up during the Obama years and the Trump years but our consumption was flat which of course means that we were extracting a key natural resource critical to our National Security from the ground TO EXPORT IT!!!

Simply another example of big oil and fossil fuel industry generally having having its way with US Government no matter which Party holds the Presidency.
 

Integrityrespec

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Ah........the oil industry itself has been cutting investments new shale exploration BECAUSE THEY HAVE NOT FOUND A WAY TO MAKE ENOUGH MONEY AT IT. Now you would think with prices where they are, they could finally figure it out. One can only hope.

That said, Obama should not have ended the 40 year ban on oil export in 2016. The argument from big oil was that oil prices were low at that point as if we were in anything like a more stable world in 2015-1016 than we were in the 1970's when the ban on exports was initiated. That was of course A LIE! Prices were relatively low but it was not a more stable world...far from it.Their other argument was that it would spur exploration and production. NOPE. That worked out to be a LIE as well as we can clearly see today. Production did go up during the Obama years and the Trump years but our consumption was flat which of course means that we were extracting a key natural resource critical to our National Security from the ground TO EXPORT IT!!!

Simply another example of big oil and fossil fuel industry generally having having its way with US Government no matter which Party holds the Presidency.
Making money frm the tar sands was part of the XL pipeline. It was intended to allow 3X as much tar sands production and be able to send it to the refineries on the coast. Without transport the pumping isn't doing a lot of good. Obama killed it of it wold likely be carrying that oil today and thus the problem wold be much less.
 

jnug

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Making money frm the tar sands was part of the XL pipeline. It was intended to allow 3X as much tar sands production and be able to send it to the refineries on the coast. Without transport the pumping isn't doing a lot of good. Obama killed it of it wold likely be carrying that oil today and thus the problem wold be much less.
We have for decades been the world's largest refinery of petroleum products. Yes folks, the United States. Nobody knows more about oil/petroleum refining than we do. The whole transport to refine argument is a dodge. We should have just built more refineries.
 

tacomancer

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I am all for raising oil output for the next year or two, but shale oil is pretty environmentally destructive. I am not sure this particular bit of oil is the right path to take when there are other oil deposits out there.
 

BlueTex

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You can’t make this crazy stuff up. Today feels so 1979. Biden is a laughing stock
——

It was just last June when we asked if "ESG will trigger energy hyperinflation", explaining that the progressives' ESG agenda, "is unwinding the shale oil revolution. As recent events at Exxon and Shell have shown, the pressure on oil companies to reduce oil and gas exploration and adapt their business models has increased significantly over the past few months" (incidentally the answer to our rhetorical question was "yes").

We added that "ESG is a negative supply shock that internalizes the climate cost of the production of goods and services. This negative supply shock will be inflationary until technological progress absorbs these costs. That could take years. Moreover in Europe, it could garner enough of political support to justify a more aggressive fiscal policy despite the constraints at the German or EU levels."

Meanwhile, the impact of ESG on oil companies has been to depress Capex spending to the lowest level in decades, leaving the energy sector entirely unprepared for any energy price spike, as it simply did not have the capacity to pump as much oil as may be needed.


Should we repeal ESG? 😉
 

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Ah........the oil industry itself has been cutting investments new shale exploration BECAUSE THEY HAVE NOT FOUND A WAY TO MAKE ENOUGH MONEY AT IT. Now you would think with prices where they are, they could finally figure it out. One can only hope.

That said, Obama should not have ended the 40 year ban on oil export in 2016. The argument from big oil was that oil prices were low at that point as if we were in anything like a more stable world in 2015-1016 than we were in the 1970's when the ban on exports was initiated. That was of course A LIE! Prices were relatively low but it was not a more stable world...far from it.Their other argument was that it would spur exploration and production. NOPE. That worked out to be a LIE as well as we can clearly see today. Production did go up during the Obama years and the Trump years but our consumption was flat which of course means that we were extracting a key natural resource critical to our National Security from the ground TO EXPORT IT!!!

Simply another example of big oil and fossil fuel industry generally having having its way with US Government no matter which Party holds the Presidency.

Oil is a volatile market

In 2015 Republicans held both houses of congress. Republicans love big oil.

On September 10, 2015, the House Energy and Power Subcommittee approved a bill to allow crude oil exports. The U.S. House of Representatives voted on October 9, 2015, to lift the crude oil export ban. The 261-159 vote passed, though the measure stalled in the Senate. President Barack Obama (D) promised to veto the bill. The Consolidated Appropriations Act of 2016 (HR 2029) included a provision to end the export ban. It passed both houses of Congress and was signed by President Obama on December 18, 2015



Thanks to shale oil production, U.S. reliance on foreign oil imports plummeted. In 2019, domestic production met 60% of the U.S. demand of 20.46 million barrels per day.


Mon 20 Apr 2020 14.26 EDT​

Oil prices dip below zero as producers forced to pay to dispose of excess

US crude fell to negative value for first time in history as stockpiles overwhelmed storage facilities, before rebounding to just over $1 on Tuesday

US oil prices turned negative for the first time on record on Monday after oil producers ran out of space to store the oversupply of crude left by the coronavirus crisis, triggering an historic market collapse which left oil traders reeling.
The price of US crude oil crashed from $18 a barrel to -$38 in a matter of hours, as rising stockpiles of crude threatened to overwhelm storage facilities and forcedoil producers to pay buyers to take the barrels they could not store.
The market crash underlined the impact of the coronavirus outbreak on oil demand as the global economy slumps
.
 

jnug

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Oil is a volatile market

In 2015 Republicans held both houses of congress. Republicans love big oil.

On September 10, 2015, the House Energy and Power Subcommittee approved a bill to allow crude oil exports. The U.S. House of Representatives voted on October 9, 2015, to lift the crude oil export ban. The 261-159 vote passed, though the measure stalled in the Senate. President Barack Obama (D) promised to veto the bill. The Consolidated Appropriations Act of 2016 (HR 2029) included a provision to end the export ban. It passed both houses of Congress and was signed by President Obama on December 18, 2015



Thanks to shale oil production, U.S. reliance on foreign oil imports plummeted. In 2019, domestic production met 60% of the U.S. demand of 20.46 million barrels per day.


Mon 20 Apr 2020 14.26 EDT​

Oil prices dip below zero as producers forced to pay to dispose of excess

US crude fell to negative value for first time in history as stockpiles overwhelmed storage facilities, before rebounding to just over $1 on Tuesday

US oil prices turned negative for the first time on record on Monday after oil producers ran out of space to store the oversupply of crude left by the coronavirus crisis, triggering an historic market collapse which left oil traders reeling.
The price of US crude oil crashed from $18 a barrel to -$38 in a matter of hours, as rising stockpiles of crude threatened to overwhelm storage facilities and forcedoil producers to pay buyers to take the barrels they could not store.
The market crash underlined the impact of the coronavirus outbreak on oil demand as the global economy slumps
Again, we never should have lifted the ban on oil exports. Flat stupid....the oil industry will do what it thinks is best for it every time and will compel whomever is in the WH and the Congress to just go along. The entire effort that resulted in the export ban was a PACK OF LIES. Notice if you will that it was Obama, a Democrat that lifted the ban on exports.

IMO no other industry has the grip of US Government the way big oil does. The gun lobby does not. Big Pharma does not. The auto industry does not.
 

BlueTex

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Again, we never should have lifted the ban on oil exports. Flat stupid....the oil industry will do what it thinks is best for it every time and will compel whomever is in the WH and the Congress to just go along. The entire effort that resulted in the export ban was a PACK OF LIES. Notice if you will that it was Obama, a Democrat that lifted the ban on exports.

IMO no other industry has the grip of US Government the way big oil does. The gun lobby does not. Big Pharma does not. The auto industry does not.


Biden should start talking very publicly about using this part of the statute repealing the ban.

Second, an exception authorizes the president to once again “impose export licensing requirements or other restrictions” on crude exports for up to one year (although this term is renewable) when the president and the secretary of commerce find that crude oil exports have “caused sustained material oil supply shortages or sustained oil prices significantly above world market levels that are directly attributable to the export of crude oil produced in the United States.” The president must also find that such supply shortages or price increases are likely to “cause sustained material adverse employment effects in the United States.” Under this new statutory scheme, the president has the authority to act quickly, without additional authorization from Congress, to avert shortages like those experienced in the 1970s.

 

rickc

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Again, we never should have lifted the ban on oil exports. Flat stupid....the oil industry will do what it thinks is best for it every time and will compel whomever is in the WH and the Congress to just go along. The entire effort that resulted in the export ban was a PACK OF LIES. Notice if you will that it was Obama, a Democrat that lifted the ban on exports.

IMO no other industry has the grip of US Government the way big oil does. The gun lobby does not. Big Pharma does not. The auto industry does not.

Notice if you will that it was Obama, a Democrat that lifted the ban on exports.

You have that wrong. Obama promised to veto the republican bill. The Republicans tacked it on to the Consolidated Appropriations Act of 2016.

do you understand what that means.
 

jnug

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Notice if you will that it was Obama, a Democrat that lifted the ban on exports.

You have that wrong. Obama promised to veto the republican bill. The Republicans tacked it on to the Consolidated Appropriations Act of 2016.

do you understand what that means.
Obama was about the weakest President in recent memory, weaker even that Bush 43 if that is even possible. Should have found a way to deal with Congress over this issue. He never knew how to use the power of the Presidency. Never actually rallied his own party to do ANYTHING. Without Pelosi never would have gotten the ACA done in a million years.

Obama should have recognized the bamboozle of lifting the export ban for what it was and recognized the threat to the country it represented. HE DIDN'T. Yes, the GOP declared war on him just for having the audacity to be a black man standing in the door to the WH. However it is not like Obama did not seek the job now is it!

Obama turned what might have been at least a decent 4 year term into a near calamitous 8 year run contributing to losing the House for 6 years running out of the 8 years he had the job. You don't have the House for 6 straight years as President, you are going nowhere. If you don't have the political energy to get out there and campaign to win back the House don't run for a second term. Worse, he turned to endless strings of EO's and snipping at the Congress from the podium of the WH while strutting around like some damned peacock or the barnyard rooster. Vanity was one of his biggest obvious flaws. The "smartest man in the room" was rarely the smartest man in the room.

Add to that Obama was utterly out of his depth in foreign affairs. Why Democrats applaud him these days is beyond me. If anything he struts around more like the **** of the henhouse now more than he did in the WH. IMO, his wife would have made a better President. Obama would have made an excellent First Man, an elegant show horse on the arm of Madam President. Anyway, I digress. But unfortunately the lifting of the oil export ban IMO is simply another example of how utterly inept and flawed Obama was as President.

You want to look at a young man that was better prepared to be President of his country at a young age and doing a better job than Obama could have ever hoped to do, look to the guy in Ukraine now. Can you imagine Obama in similar circumstances.....good grief what a nightmare that would be.

Said it many times but its worth saying again. We have endured the three worst Presidents of the modern era, all in a row and each worse than his predecessor, Bush43, Obama and the Grand Poobah of bad Presidents, Donald Ducktails Trump. How do you roll snake eyes three times in a row? What are the odds?
 

rickc

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Obama was about the weakest President in recent memory, weaker even that Bush 43 if that is even possible. Should have found a way to deal with Congress over this issue. He never knew how to use the power of the Presidency. Never actually rallied his own party to do ANYTHING. Without Pelosi never would have gotten the ACA done in a million years.

Obama should have recognized the bamboozle of lifting the export ban for what it was and recognized the threat to the country it represented. HE DIDN'T. Yes, the GOP declared war on him just for having the audacity to be a black man standing in the door to the WH. However it is not like Obama did not seek the job now is it!

Obama turned what might have been at least a decent 4 year term into a near calamitous 8 year run contributing to losing the House for 6 years running out of the 8 years he had the job. You don't have the House for 6 straight years as President, you are going nowhere. If you don't have the political energy to get out there and campaign to win back the House don't run for a second term. Worse, he turned to endless strings of EO's and snipping at the Congress from the podium of the WH while strutting around like some damned peacock or the barnyard rooster. Vanity was one of his biggest obvious flaws. The "smartest man in the room" was rarely the smartest man in the room.

Add to that Obama was utterly out of his depth in foreign affairs. Why Democrats applaud him these days is beyond me. If anything he struts around more like the **** of the henhouse now more than he did in the WH. IMO, his wife would have made a better President. Obama would have made an excellent First Man, an elegant show horse on the arm of Madam President. Anyway, I digress. But unfortunately the lifting of the oil export ban IMO is simply another example of how utterly inept and flawed Obama was as President.

You want to look at a young man that was better prepared to be President of his country at a young age and doing a better job than Obama could have ever hoped to do, look to the guy in Ukraine now. Can you imagine Obama in similar circumstances.....good grief what a nightmare that would be.

Said it many times but its worth saying again. We have endured the three worst Presidents of the modern era, all in a row and each worse than his predecessor, Bush43, Obama and the Grand Poobah of bad Presidents, Donald Ducktails Trump. How do you roll snake eyes three times in a row? What are the odds?

Opinions vary!

and we know just how much Republicans hate a black man

At the end of his first term, Barack Obama had an average approval rating of 53% compared to the current incumbent’s rating of only 41%. Trump’s disapproval rating is also almost 10 points higher than Obama’s
 

BlueTex

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Obama was about the weakest President in recent memory, weaker even that Bush 43 if that is even possible. Should have found a way to deal with Congress over this issue. He never knew how to use the power of the Presidency. Never actually rallied his own party to do ANYTHING. Without Pelosi never would have gotten the ACA done in a million years.

Obama should have recognized the bamboozle of lifting the export ban for what it was and recognized the threat to the country it represented. HE DIDN'T. Yes, the GOP declared war on him just for having the audacity to be a black man standing in the door to the WH. However it is not like Obama did not seek the job now is it!

Obama turned what might have been at least a decent 4 year term into a near calamitous 8 year run contributing to losing the House for 6 years running out of the 8 years he had the job. You don't have the House for 6 straight years as President, you are going nowhere. If you don't have the political energy to get out there and campaign to win back the House don't run for a second term. Worse, he turned to endless strings of EO's and snipping at the Congress from the podium of the WH while strutting around like some damned peacock or the barnyard rooster. Vanity was one of his biggest obvious flaws. The "smartest man in the room" was rarely the smartest man in the room.

Add to that Obama was utterly out of his depth in foreign affairs. Why Democrats applaud him these days is beyond me. If anything he struts around more like the **** of the henhouse now more than he did in the WH. IMO, his wife would have made a better President. Obama would have made an excellent First Man, an elegant show horse on the arm of Madam President. Anyway, I digress. But unfortunately the lifting of the oil export ban IMO is simply another example of how utterly inept and flawed Obama was as President.

You want to look at a young man that was better prepared to be President of his country at a young age and doing a better job than Obama could have ever hoped to do, look to the guy in Ukraine now. Can you imagine Obama in similar circumstances.....good grief what a nightmare that would be.

Said it many times but its worth saying again. We have endured the three worst Presidents of the modern era, all in a row and each worse than his predecessor, Bush43, Obama and the Grand Poobah of bad Presidents, Donald Ducktails Trump. How do you roll snake eyes three times in a row? What are the odds?


If you want a fun trip down memory lane, check out this thread from 2015 right here on DP...

 

jnug

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Opinions vary!

and we know just how much Republicans hate a black man

At the end of his first term, Barack Obama had an average approval rating of 53% compared to the current incumbent’s rating of only 41%. Trump’s disapproval rating is also almost 10 points higher than Obama’s
If the American public any longer knew what the hell it was doing, WE WOULD NOT HAVE HAD THE THREE WORST PRESIDENTS OF THE MODERN ERA one right after the other.

Frankly I think we do way too much polling these days most of it to feed the next dog pile on the carpet narrative that somebody (usually media) wants to peddle.
 

Court Jester

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We have for decades been the world's largest refinery of petroleum products. Yes folks, the United States. Nobody knows more about oil/petroleum refining than we do. The whole transport to refine argument is a dodge. We should have just built more refineries.
I live in California and Californians probably use more oil (for auto gas) than any other place on the planet. Yet liberal politicians have not only blocked any new refineries in California, but are currently seeking to shut down the ones we have left--- as well as banning oil production in this state.

Democrats do not care about people, they care about their radical climate change and radical social justice agendas. If Americans want a better economy and a better life, then vote these idiot democrats out of office.
 

jnug

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I live in California and Californians probably use more oil (for auto gas) than any other place on the planet. Yet liberal politicians have not only blocked any new refineries in California, but are currently seeking to shut down the ones we have left--- as well as banning oil production in this state.

Democrats do not care about people, they care about their radical climate change and radical social justice agendas. If Americans want a better economy and a better life, then vote these idiot democrats out of office.
Well I don't live in California. However I think the California case is more one of off shore drilling and the simple fact that the industry has been far less careful than it should be or could be with regard to the hazards to what for California yields an actual economic benefit....its coastline.

I would have paid more for gasoline at the pump if it meant an oil industry that I thought was drilling and producing responsibly. I would have been much happier had we not ended the export ban on oil. Now we are fully whipsawed by the to and fro of international geopolitics. Now I get to pay more because Putin wants to rebuild the Soviet Union. I can think of a good many reasons why I would gladly pay more at the pump that for that reason.
 
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