1ºMike Stearns When you point that finger and call someone ignorant, remember those three pointing back at you
This is Gospel as I know it. I was in the oilfield the entire time, made my living in it and paid attention to the market.
Now, I know this is all wasted on you. Every single number and insight I've given you is verifiable by the stock market, dept of energy, o&g p&l reports, it's all available for you to see.
But you just aren't interested in knowing the truth. You are too busy trying to "own the libs" while looking like a fool the whole time. Have the day you deserve sir!
2ºJoe biden in 2019: “I would make it very clear we were not going to in fact sell more weapons to them,” Biden said. “We were going to in fact make them pay the price, and make them in fact the pariah that they are.” Biden also said there is “very little social redeeming value in the present government in Saudi Arabia,” and, in reference to Yemen, said he would end “end the sale of material to the Saudis where they’re going in and murdering children.”
Guess they aren't so bad when you wanna ask for a favor though
3ºDa Embram “I would make it very clear we were not going to in fact sell more weapons to them,” Biden said. “We were going to in fact make them pay the price, and make them in fact the pariah that they are.” Biden also said there is “very little social redeeming value in the present government in Saudi Arabia,” and, in reference to Yemen, said he would end “end the sale of material to the Saudis where they’re going in and murdering children.”
But suddenly now that he needs them to stop cutting oil production causing higher prices at home for us which makes him look bad, now they aren't so bad apparently
4ºMike Stearns We don't have all forms of crude here to make all product and at the same time, don't have all types of refineries nor the capacity to go completely independent.
We have always had an open worldwide market for oil and gas. That's how the world works.
If we stopped all import and export today, we would instantly fail as a country. Prices would go through the roof. Markets would crash.
The energy independent thing is a myth.
The fact is that the president doesn't control prices at the pump or activity in the oilfield. tRump got lucky in timing.
Just before Bush left 2008, the oilfield ramped up and drilled 1500 holes a day all through Obama's administration (again, lucky for Obama) tRump caught the tail end. The field started slowing in 2015 because we had drilled too much. During tRump, capacity maxed out and crude crashed. It's a boom and bust economic cycle. That's just the industry. It's not political.
5ºMike Stearns no, see that's something else that was turned political but really wasn't.
Keystone XL was intended to export Canadian Tar Sand crude from Canada into the USA to join our existing pipelines and send that product to the gulf coast. Well, the trick on Tar Sand is it's CRAZY expensive to process so it's followable enough to go through our pipeline. You have to heat it super hot to extract the oil from the sand. And that's not economical unless crude is sitting at 150bbl or more. So by the time Biden got to office, the need for keystone XL was gone. Crude was cheap. Demand was gone So the developers stopped fighting in court and basically let the deal die. And, then the opposing political party took credit and it became a "victory" for them.
Really, again, this is just business as usual. Politics get smeared on everything even when it's not deserved.
6ºMike Swaney
Thanks for making my point.
We only produce enough oil for our refineries to handle – which is less than what it used to be because of more strict Biden era regulations, taxes, & fines.
We used to produce a lot more oil and were a major exporter and a major player in the world market which in turn gave us leverage on market pricing per barrel... No more. Now we're at the mercy of other nations. In fact the best the current Administration has been able to do in order to affect world market pricing is to sell off our strategic petroleum reserves to 3/4 depletion. Even then it only lowered the price at the pump for a couple weeks per release.
Now we will have to resupply the SPR at an 800% higher rate than when Trump wanted to do it, before he was denied by Nancy Pelosi's House of Representatives.