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Oil Prices are at their lowest level in a year

CaughtInThe said:
I have no idea where they go from here.



Oh, and Biden got all the blame for high oil prices so I guess now this is only fair, right????...


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China staying closed seems to be the main reason for oil prices sliding.

I guess the calls from many to break up the oil monopolies was a bit misplaced.
 
CaughtInThe said:
I have no idea where they go from here.



Oh, and Biden got all the blame for high oil prices so I guess now this is only fair, right????...


Click to expand...

How about 2 years?
 
Thanks Biden.


lol
 
vegas giants said:
He did? He has that power? Lol
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*January 20, 2021: One of Biden’s first actions was to revoke approval for the Keystone XL pipeline and impose a moratorium on oil and gas leasing on federal lands and waters. Roughly 25% of U.S. production comes from federal areas. ...
* February 26, 2021: Biden updates the "social cost of greenhouse gas emissions," dramatically altering the way the U.S. government calculates the real-world costs of climate change. ...
* June 1, 2021: Biden proposed eliminating a slew of tax benefits for oil, gas and coal producers in favor of electric vehicles and other low-carbon energy alternatives as part of his $6 trillion budget for the next fiscal year....
* August 11, 2021: Biden calls on OPEC+ producers to increase supply to help curb rising oil prices, even though the U.S. is one of the three largest producers in the world and can deliver supply with a lower carbon footprint than most unregulated national oil companies in the cartel. He would do this several times in the months that followed, including after Russia’s February 24, 2022 invasion of Ukraine.
* October 29, 2021: Biden and Democrats propose a "methane fee" in the proposed budget bill. The fee would start at $900 per ton in 2023 and increase to $1,500 in 2025. ...
* November 17, 2021: Biden sent a letter to Federal Trade Commission Chair Lina Khan encouraging an investigation into oil and gas companies and retail gasoline prices. The move infuriated oil executives, who Biden portrayed as scapegoats for rising inflationary pressures on Americans. ...
* November 17, 2021: Biden sent a letter to Federal Trade Commission Chair Lina Khan encouraging an investigation into oil and gas companies and retail gasoline prices. The move infuriated oil executives, who Biden portrayed as scapegoats for rising inflationary pressures on Americans. ...
* March 21, 2022: Biden’s Securities and Exchange Commission (SEC) proposes landmark climate rules. If finalized, the rules would fundamentally overhaul how publicly listed companies divulge detailed information about their climate risks and mitigation strategies. Large companies that do business in the U.S. would be required within three years to lay bare their contributions and vulnerabilities to climate change – including, in some cases, the greenhouse gas emissions associated with their customers and suppliers. The move is designed to divert investment away from fossil fuel producers, even though investors are already planning for the energy transition using their own environmental, social and governance (ESG) standards.

www.foxbusiness.com

A timeline of Biden's actions on oil and gas reveal where his priorities are

The Biden administration's actions are speaking louder than words when it comes to domestic oil production.
www.foxbusiness.com www.foxbusiness.com
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thehill.com

Oil companies rake in huge profits amid consumer squeeze

Major oil companies saw profits soar in the third quarter of 2022, continuing a trend of massive industry profits even as Russia’s invasion of Ukraine causes soaring prices for consumers. Ex…
thehill.com thehill.com


Profiteering had nothing to do with it…….:unsure:
 
Gas at my Costco is $3.69, just a few weeks ago it was $4.39.

Thanks Biden!
 
CaughtInThe said:
dude. turn fox news off. sell your tv. go outside.



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The oil Execs themselves said late last year that they were not interested in ramping production back up until sometime in 2023. They said at shareholder meetings that 2022 was all about stockholder value and their focus was dividends and stock buyback not increasing production to pre-pandemic level. It matters not what the oil execs actually said because many simply ignore that and ignore the fact that this is a global issue because they need to make this Biden's fault. Oil prices are a factor of world markets but many on the right seem unable to grasp that simple economic fact. So Fox makes crap up and they all open wide because it is what they WANT to hear.

The XL Pipeline is the funniest of these fake facts. The crud, not crude, that was intended to be piped to the coast wasn't for American refineries, it wasn't even the right kind of crude. It was stuff used to send overseas to be used in the manufacturing of plastics etc. I don't think I'll ever understand how some p[eople just take what they are fed and regurgitate it. What I have learned is that it is useless to try and have a discussion with them because they are not open to any other narrative but the one that suits their political need.......so why bother.
 
Callen said:
The oil Execs themselves said late last year that they were not interested in ramping production back up until sometime in 2023. They said at shareholder meetings that 2022 was all about stockholder value and their focus was dividends and stock buyback not increasing production to pre-pandemic level. It matters not what the oil execs actually said because many simply ignore that and ignore the fact that this is a global issue because they need to make this Biden's fault. Oil prices are a factor of world markets but many on the right seem unable to grasp that simple economic fact. So Fox makes crap up and they all open wide because it is what they WANT to hear.

The XL Pipeline is the funniest of these fake facts. The crud, not crude, that was intended to be piped to the coast wasn't for American refineries, it wasn't even the right kind of crude. It was stuff used to send overseas to be used in the manufacturing of plastics etc. I don't think I'll ever understand how some p[eople just take what they are fed and regurgitate it. What I have learned is that it is useless to try and have a discussion with them because they are not open to any other narrative but the one that suits their political need.......so why bother.
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And none of that is discussed in right-wing media which then produces posts like we saw earlier in this thread making it the president's fault.
 
Enjoy it while you can. On December 5 the EU oil embargo kicks in. And, we're just at the beginning of winter. Heating oil use will greatly increase over the next 4 months. I expect $120 per barrel oil by end of January or mid-February.
 
bubbabgone said:
www.instituteforenergyresearch.org

Why Are Gas Prices So High?

Why Are Gasoline Prices High and Rising? “Our demand was so low last year that we basically had nowhere to…
www.instituteforenergyresearch.org www.instituteforenergyresearch.org
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IER....OK

The Institute for Energy Research (IER) is a Washington, D.C.-based non-profit organization that, according to itself, conducts research and analysis on the functions, operations, and government regulation of global energy markets.[1] IER maintains that the free market provides the most "efficient and effective solutions" to "global energy and environmental challenges".[1]

IER is often described as a front group for the fossil fuel industry.[2][3][4] It was initially formed by Charles Koch, receives donations from many large companies like Exxon, and publishes a stream of reports and position papers opposing any efforts to control greenhouse gasses. Thomas Pyle, president of the IER and its offshoot American Energy Alliance (AEA), was appointed to the US Department of Energy's transition team after the 2016 United States elections.
 
I think it is interesting that while publicly admitting that shareholder value was their number one priority in 2022 and that they would not ramp production back up until 2023. once prices got so high and their profits exploded they backtracked on that somewhat, Recently they have started saying that the current political environment is not conducive to additional expansion beyond pre-pandemic levels. I guess they realized there was going to be a considerable adverse reaction to their sky-high profits and decided to deflect. Will be interesting to see how much they ramp up in 2023. I suspect it will be substantial.
 
Too many people are not going to be content until gas is below $2.50 a gallon.
 
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