Thanks Joe, Oil Trades at $125 Tonight

And some of you thought inflation was high.

Well you ain't seen nothing yet.

Food prices about to soar.

Gas prices could hit $10/gal.

Income is depreciating.

Recession is coming.

The rich will be alright while the common folks are going to get screwed. Joe's NATO temper tantrum in Ukraine is going to cost you several thousand dollars, just this year, out of your pocket.

 

Another person who doesn't understand oil prices are determined in a world-wide market.

 

I agree this is bad. It’s the rate of incline that is spooky. We need to open drilling here on all lands that has it. Waiting too long could be detrimental to our supplies, specially if war breaks out.

I also think the market is scared and should be. If this sparks WW3 there will be a huge disruption in the oil industry. Not drilling out is a national security mistake. Who’s side do you think China, iran, North Korea will be on? The strait of Hormuz will be attacked by iran, possibly even going after Sadi. Russia may not need sanctions cause they may end all imports of energy on their own. China would likely take Taiwan and slow our production of war machinery. We can’t even get a new car anymore so that would not be hard. North Korea would likely attack the South.

this world infrastructure will collapse in a perfect storm if they’re willing to construct it. Mainly because of policies that drove industries out. Policies our current president is doing to our oil industry. The risk these actions make us bear will not be worth it in the end. We’re quite literally giving communists and dictators the knife they will use to cut our throats.

 

And another person who doesn’t understand that we can make the price go down with our own production.

 

Uh no, a person that invested in oil at the low during Covid.

You don't seem to understand the sanctions your mail ballot President just enacted. The dumb son of a bitch is about to give oil to China and make it twice as expensive for us.

 

We have been warned for 50 years that oil was a limited resource and we were stupid for making oil such a monopoly in regards to transportation ... but
whatever.

 

Another person who doesn't understand that oil companies make more money when they keep production below demand and that the US
government does not control those oil companies.

 

I’m partially off setting my high gas pump prices and absorbing market losses by having a solid base of all commodity futures, Ag futures, natural gas and oil futures, precious metals, and oil, gas, and coal companies stocks. And TIP bonds.

 

Talk to Exxon, not the President.

 

I try not to debate with meme’s. I’ve seen some that are way to far fetch to believe. They may be talking about the price per barrel because it has been the highest it’s been in a long time. This will obviously equate to larger profits. It also equates to a steady supply usually but not now. In a capitalist market this larger dollar value would increase production because of the incentive of profits. Because it’s harder to get permits right now it unfortunately does not. But hopefully it will incentivize others in other nations to produce more.

 

Another person who doesn’t realize that the oil industry in America wants to drill more. Find one who doesn’t… I dare you

 

Yes, and no. Access, distance, and ability to refine can impact local prices. Had Joe increased production at home, it could have eased stress on prices at home, and increased the number of jobs needed to refine oil from the xl pipeline.

 

10 million+ acres of untapped federal oil leases already in their possession. They can jump nekkid and start drilling tomorrow. No one is stopping them.

 

Where did you get this from? The onion?

 

Unless President Biden nationalized the petroleum industry and I missed it, he has dick to do with production or refining.

 

They make more money when they sell more. An attempt to manipulate prices through such coordination is not only an illegal conspiracy, but also extremely unlikely.
The democrats are refusing to approve future drilling, so oil companies have to make what is approved, last by reducing production.

Also, some of what is approved is not exactly cost effective to do, unless prices rise. Aka drilling is too costly. Democrats are doing this to force oil companies to drill in areas they could never make money on but has less environmental impact instead of drilling in areas that are cheaper with a higher environmental impact. They are also using this opportunity to make transitioning to electric and efficiency more attractive.

 

They can't drill without a permit. Biden is denying new permits. If they cannot drill, there is no oil.

 

You know, I’ll admit when someone has a point. I just looked it up and you’re right. I’m willing to bet that more drilling does happen on these leases now the the cost of oil permits the cost of investment. Very interesting though. I do know the average cost it takes for oil companies to make money is higher in certain areas due to the cost of extraction. So I’m sure with this price we may see this open up.

 

Funny how everyone seems to get involved with Ukraine after oil deposits were discovered in 2012. Western coup to overthrow a neutral country and help enrich the elite families in the USA such as Bidens+Romney. The whole oil is going to dry up therefore we must use solar+wind+geo but, not nuclear is idiotic.

The fault of the oil prices lines up with the idiocy of western saber rattling towards Russia and our continual ignorant takes such as not being energy independent. We could have easily switched to a nuclear alternative but, we prefer to throw billions at Chinese companies to make solar panels instead.

 

Biden Aide Says Oil Companies Can Up Production If They Want -- Bloomberg News

https://www.doi.gov/pressreleases/f...phold-commitment-restore-balance-public-lands

The oil and gas industry has stockpiled millions of acres of leases on public lands and waters.

• Onshore, of the more than 26 million acres under lease to the oil and gas industry, nearly 13.9 million (or 53%) of those acres are unused and non-producing.
• Offshore, of the more than 12 million acres of public waters under lease, over 9.3 million (or 77%) of those acres are unused and non-producing.
• Onshore and offshore, the oil and gas industry is sitting on approximately 7,700 unused, approved permits to drill.

The Trump administration conducted a fire sale of public lands and waters, offering more than 25 million acres onshore during the past four years, 5.6 million of which were purchased. Offshore, more than 78 million acres were offered for lease to oil, gas, and mineral development offshore, and only 5 million acres were purchased.

 

Only on new leases. See post #20.

 

still think Putin is a Genius?

 

They seek new leases because they are more cost effective and more abundant allowing for them to sell more oil at a cheaper price and be more competitive. You cannot drill in a site that costs more than you can sell the product for.

 

exactly, the right will never blame big oil though, we know that

the right does get upset though when they think we are not paying enough at the pump

"Trump threatens 'very substantial' tariffs on imported oil if Saudi Arabia and Russia can't reach a deal to push prices back up"

https://www.insider.com/trump-threatens-saudi-arabia-russia-oil-tariffs-2020-4

 

How much US oil is produced on federal land? Less than we import from Russia.

https://thehill.com/policy/energy-e...-should-consider-increasing-drilling-fees-for

Drilling on public lands represents 7 percent of domestically produced oil and 8 percent of domestically produced natural gas.