Gas prices are high. Oil CEOs reveal why they're not drilling more

Post the quotes backing up your claim so you can stop flailing around and moving goal posts.

You have already admitted that prices were high before the invasion.

Did they say prices went up due to the invasion? Yep. And they did.
But that's not what this thread is about nor what you claimed.

 

How can both sides 'come to a middle ground' if we interpret either side as to be owned either by 'free stuff' or 'by corporate masters'? There is something fundamentally wrong with American politics at its core, and that core cannot be summed down to one party or the other, but an entire institution of failure.

 

If you're looking for conspiracy theories hit one of PF's 1000+ 'Russian collusion' threads. If you want to understand why we're in the position we're in you need only watch this 60 second video...

https://twitter.com/i/status/1503774058160300037

 

Good point. Guess Biden didn’t tell her he was going to raise prices last year lol

 

I browse the gig type job subs, instacart uber etc, on reddit. Naturally Reddit's population is heavy far-left (aka Marxist progressives). Seems every time I lurk around I see post after post where people are complaining about how the gigs don't pay enough, and how there aren't that many runs/batches/tasks/whatever to go around, and how nobody tips well, and how greedy it is that 'corporate' makes profit. What I never see is an understand of why their pay is so low. All those types of jobs revolve around goods/people to be transported and the gas to make that happen. They expect the company and the customers to cover the surges of Bidenflation without acknowledging both company customer is suffering the effects of Bidenflation too.

 

So per your definition Biden was a fascist before he became a communist. As a Senator he sided with the profits of the credits card industry over the people trying to discharge credit card debt in a bankruptcy.

 

Are you comparing moochers who can’t pay their bills with people just trying to put gas in their car to go to work?

 

Strawman fallacy. What I am actually saying is that Biden put the interests of Banks and Credit card companies over consumers making him, at the time, a fascist, by your definition.

 

Yes, he is absolutely destroying them



It is always interesting when people who assert they are independent turn around and regurgitate obvious partisan lies.

 

And who is your source to determine risk?
Trump put their profits at much greater risk. Did you even read his Tweets?
Biden Is a golden goose for profit potential.

 

Well you claimed he was a communist so how’s that make any more sense? Lol

 

It's all on Biden!

 

I see you left out holding :investor pressure”, which is exactly what the article cited ! The “lack of growth capital come from where……wait for it…..INVESTOR PRESSURES

FFs man,

Which new government “regulation” was enacted that changed this ? Be specific.

 

Good. I think I'll buy some shares on Monday.

You can do that, too, you do know that, right?

 

It makes sense when one considers a fascist and a communist are more or less the same thing. The only difference historically has been that the fascist is generally more nationalistic. However, you want to classify Biden he is in bed with big corporations.

Birds of a feather flock together.

https://nypost.com/2021/11/24/biden-spending-thanksgiving-at-private-equity-billionaires-home/
https://www.forbes.com/sites/michel...bidens-presidential-campaign/?sh=38b584d3159e

 

Finally a accurate depiction of the two!! Well done! Classic tale of two parties

 

Why "naturally"? I mean, I get it, I've experienced it myself, but I've always wondered why Reddit sounds like it's full of old school Soviets...

 

When you bake with the ingredients of a cake you often get a cake. In Reddit's case, throughout its entire history, radical leftism has been baked in at every level.

• Its CEO Steve Huffman (spez) is a moonbat prog who whines about how the net should be free and open when it would otherwise cost him money but supports censorship when people he doesn't like have something to say - in other words he's your a-typical leftist big tech executive.
  
• Its angel investors pool included several radical leftists in the tech and entertainment sector. Its post-initial valuation funding came from Tencent, a company directly controlled by the communist party of China that is known for contractually implementing heavy handed censorship and surveillance systems within all of its properties.
  
• Despite presenting itself as collection of organic, independently operated communities, its largest subs (which are all radically far left regardless of being explicitly political or not) are all moderated by a collection of the same select people (plus some stragglers) and when any sub grows too large it is typically made to take on additional moderators of which Reddit is happy to provide.
  
• Its largest regional demographic is the United States (slightly over half of all site traffic), with ~39% of that being from persons aged 16-25. In other words, the site is saturated with the type of people who are the most likely to be brainwashed by half-baked radical leftist ideals.

Reddit is and has been, from inception to development to marketing to commercialization, a highly radicalized leftist echo chamber, breeding ground, and indoctrination factory. But then, of course, you can replace 'Reddit' with any social media company and the preceding sentence remains true.

 

Would not have expected you to perpetuate the exploration lease myth. I mean imagine giving 1 of the ~50 permits needed to start a drilling operation, then slow walking or suspending the other 49, and then claiming your administration is aiding production.

 

The sources I can find say drilling is up though, even on federal lands:
https://www.npr.org/2021/07/13/1015...drilling-on-federal-land-but-approvals-are-up

even outpacing the prior administration through still surpassed by Obama:
https://biologicaldiversity.org/w/n...st-year-drilling-permitting-by-34-2022-01-21/

This isn’t just permits it is actual drilling. Our production is up since Biden took office and while I know some of it was forced by the courts I am not seeing major efforts to shut down production like y’all keep asserting.

 

Interesting. I only started using it about a year, maybe a year and a half ago, and started in about as unpolitical of subs as exist. Flight simming, vaping, photography, some other tech stuff. It was only after some months I ventured into the political subs and WHOA!!! Man, if you don't toe the most hardcore hard left, crazy woke party line it's like a bunch of hyenas going after a dead gazelle. I still like to poke the bear from time to time, but it is SUCH an echo chamber, it's essentially a waste of time.

 

Well, you shouldn't be surprised that people who are clueless whine about something they don't understand.

If you work in the oil fields, then you work for an oil service company which is not the same thing as an oil company.

The fact that you don't understand the difference is probably why you haven't gotten a raise.

The latter part has no bearing on anything.

You only have 135 oil refineries, and three are ilde, so only 132 are operating.

Contrary to misguided beliefs, not every refinery produces gasoline. In fact, only 22 produce gasoline. The other 110 produce your Livin' Huge Life-Style.

That means gasoline supply is flat: you can produce N-number of gallons of gasoline per year (assuming those 22 refineries are running flat-out at 100% production) and not one drop more.

There 3 possible ways to increase gasoline supply:

1) import foreign oils which gives a greater yield of gasoline than US oils; or
2) build more refineries dedicated to gasoline production, but that takes 15-17 years and current cost is near $1 Billion for a high capacity refinery
3) Shift existing refineries to gasoline production, but there's no net-gain, because what you save at the pump is spent on higher prices for nearly everything else you consume, and you might even take a net-loss.

The investors themselves.

Every economist since the 1980s has correctly said that gasoline supply in the US is flat over the long-term. That's because of increasing fuel efficiency, and now because various technologies like electric, hybrids, ethanol blends, and who knows what alternative fuels or engines might come in the next 10-30 years.

Ponying up money to build a refinery and then waiting 15-17 years before it starts production, and then waiting another 15-20 years to get a return on your investment is not smart.

Investing in drilling is even riskier.

Suppose the test drill actually strikes oil. Now you do the assay.

If it's garbage oil, you're screwed. If it's an oil that will sell slightly below or above the benchmark oils WTI or Brent Blend, then you're in business.

Now you have to put up more money to build the actual well and the feeder lines to connect to the big pipelines.

Once the well starts pumping, and assuming it's at 100% capacity, it will take 5-7 years to recoup your investment, and the total number of years from test well to gain on the investment is about 10-12 years.

 

And now it seems like Joe is going to start imposing some sort of fees on leased federal land that isn't being drilled on, so these oil companies don't get to wait for a time that is better for them...

SNIP
The White House will call on Congress to “make companies pay fees on wells from their leases that they haven’t used in years and on acres of public lands that they are hoarding without producing,” the administration said in a statement on Thursday. “Companies that are producing from their leased acres and existing wells will not face higher fees.”
ENDSNIP

https://www.bloombergquint.com/markets/biden-wants-oil-companies-to-pay-penalties-on-unused-leases

Works for me.... If you lease something, use it...

Hmm... what can the wingers find wrong with this?? I'm sure they will, whatever nonsense it turns out to be...

 

And many other U.S. corporations are also raking in record profits and totally capitalizing on the current world situation, not just oil companies.

 

I am not a huge fan of Joe but his administration picks are freaking amazing.