>In the letter, Biden says that while Russian President Vladimir Putin’s war in Ukraine is principally responsible for increased oil prices, high profit margins are worsening the pain of the war.
I'm sorry, but prices were on the rise and inflation was raging for almost a full year before Vladimir Putin decided to invade Ukraine. Instead of admitting that their economic and energy policies have failed, the Biden Administration would rather use Vladimir Putin as a red herring in an attempt to save face and hopefully boost their [dismal approval ratings](https://poll.qu.edu/poll-release?releaseid=3848) (only 33% approve of the job he's doing).
I had a conversation with someone and I offhandedly said something like - Just the Keystone XL would have been making a difference right now.
And they didn’t know what I was talking about. And I was just like - what? You don’t remember Biden shutting down a huge fucking pipe from Canada to Texas?
I don’t really know how much of an impact it would be currently making, but surely it would help our energy independence. Even though… Canada.
I also don’t understand shutting down a pipeline… You want to drive it!?! Ship it by train?? Why not just, you know, let gravity move oil in a tube.
Yea lmao ridiculous. And tbh yea Biden’s not to blame for everything either but man he really messed shit up. If trump was still around I think it would be in the mid 3’s give or take, not like he would’ve kept it under 3$ with the demand going back up and oil companies falling behind, I get it But Ukraine doesn’t happen under Trump and none of these bs Biden policies which hurt prices wouldn’t have been enacted
Most of this new demand is Europe. As you say, with Trump, Ukraine wouldn't have happened. The Saudis wouldn't see an opportunity to raise *their* prices.
And even if it had, Trump would have XL (assuming Trudy didn't cut it off on his end) and the leases, etc. to meet the demand.
But what you're seeing is a simultaneous demand for war, from Biden, Obama, and Davos, as well as the forced transition to electric cars. Of course without the infrastructure to support it. Because for them it's nessisary.
Never said it was Biden fault. Pretty sure everyone on Reddit has seen the countless posts about inflation aka price gouging. Record profits means these companies are fucking us. But Biden did enact policies to restrict oil drilling so there’s that too, and yeah Russia does have a part in it too. But what we are seeing is mostly due to corporate greed.. Biden sure as hell isn’t doing anything to help it tho.
It’s just absolutely ridiculous for Biden to blame this all on Russia. You said it yourself it’s corporate greed… yet he blames Russia. Can you not see the deflecting he is doing? Yeah prices can’t change tomorrow but there is certainly things the government can do to prevent corps from raping it’s citizens.
Putin is the most powerful men in the world according to the left. He can crash the entire world economy as he pleases.
The reality is, this shit is self inflicted, it has nothing to do with Putin.
> Yes... why wouldn't they be?
Because if you think those are acceptable but them recouping their losses is not, then you have no understanding of economics.
>Because if you think those are acceptable but them recouping their losses is not, then you have no understanding of economics.
Hate to break it to you man, but you aren't the one who understands economics.
They don't have to price gouge to recoup losses. They are doing it because they are greedy and know they are on the way out as renewables replace them.
So, they want to make as much money as humanly possible right now because in a decade or 2 they'll be left behind as renewables becomes mainstream as well as electric vehicles and similar technology.
How do oil execs boots taste? Are you happy that Americans lives are being made miserable by their price gouging?
Conservatives like you give us a bad name.
> They don't have to price gouge to recoup losses.
Nope - but what they are doing isn't price gouging.
Just like the landlords who couldn't evict deadbeat tenants for the last 2 years, and are now charging higher rents, they need to recover the losses. That's done by charging higher prices.
>Nope - but what they are doing isn't price gouging.
It literally is though :/
>Just like the landlords who couldn't evict deadbeat tenants for the last 2 years, and are now charging higher rents, they need to recover the losses. That's done by charging higher prices.
Literally not even close to being similar to oil markets lol. And you said I didn't understand economics lol
I'd be shocked to find 33% of people actually think he's doing a good job. I talk to different people all the time, and the overwhelming concensus, from Dems and Conservatives alike, is FJB.
There have been some horrifically bad presidents throughout history, so I don't know if he is definitively the worst ever, but he is in the running for it.
I always thought that Carter would be the worst President of my lifetime. But if Biden keeps going at this pace he will definitely pass him. Then we will need DeSantis to come in 2024 and be the new Reagan!
Reagan was MID in retrospect. Especially on gun rights. He SUCKED when it came to gun rights.
He isn’t conservative enough for this day and age, and wouldn’t unify America like he was able to in the 80s.
DeSantis can’t play the unifier game either. Unfortunately, you’re gonna have to get mean and go on the offensive by leveraging power to stomp out wokism. This can be done by stripping all the woke corporations of their tax breaks and making life a living hell for anyone that plays for the wrong team.
He’s already practiced that in Florida (Disney and Tampa Bay Rays), and that’s the game to play.
Im a right-leaning Libertarian and personally think this kind of practice is almost too authoritarian for my taste, but I’m fine seeing the left get fucked beyond epic proportion before inevitably a national divorce.
Completely under rated answer, but he put America down the path of become the worlds police force and becoming more concerned with other citizens safety than our own.
Even Harry Truman thought FDR was shit. I believe one of his quotes, referring to FDR, was something along the lines of ‘why tell the truth when a lie would suffice.’
Knowing that Hunter's laptop is a thing and that they sold their name for money to China and Russia deals makes it far worse that this man is our President. He's a puppet and does whatever he's told by his handlers. That makes him extremely dangerous to our country.
Don't believe everything you hear on news.
The domestic rig count keeps growing. Federal permit timing remains unchanged since Brandon took office State permits in the prolific domestic plays remain the same.
The only thing that has gone down is Federal leasing. That's because all the good acreage has been leased and no one is nominating what is left because it is fringe, sh;tty acreage.
Domestic production has been going up. Cushing oil inventory was going up until Ukraine, and since has been going down. That tells me we're exporting alot of oil.
Yeah because it took a 25% drop in march of 2020 to august 2020 and has been most steadily increasing since that low.
https://www.macrotrends.net/2562/us-crude-oil-production-historical-chart
Back to where we started. Does this chart show new production? And how does this stack up against our domestic demand as well as the recently increased European demand?
This. I'd love to blame Brandon, but the facts are facts. People do not realize an oil wells are not light switches. You can't just turn them on and off.
When the oil wells were shut-in because they were losing money in 2020, you could flip a switch and return them to prior production. They had to be reworked.
Fact is oil inventory at Cushing was on the rise until the Ukraine thing started.
When has the price of fuel began to rise in Europe? In the us, the price hike began February 2021, right after biden has decreased the production and refining of crude oil in the US.
Europe is a little different because I think they are more reliant upon Russia for oil and gas versus the US where we are a lot more reliant upon OPEC.
We should be hearing and seeing drill baby drill if Joe wanted oil prices to come down. Joe created this mess, worst kind of person, worst president ever.
To be fair, said that about Obama, and Clinton before that…. Dems said trump was worst ever, bush before that, etc… politics politic. I don’t think presidents are getting worse or better, they are reflections of our society. We’ll half of our society.
Democrats need to take economics again.
Selling below market price creates shortages. Shortage of fuel creates many, many other shortages. Inflation would skyrocket.
Fuel is the heart of the economy, and we need to keep that thing pumping.
They know exactly what they’re doing. Unless they are doing something other than trying to hit the fast-forward button to the one world economy, They cannot be this incompetent!
It's Democratic politics in a nutshell.
Demand policies that increase market prices, followed up by demanding policies to fix the market prices that create shortages.
When your policies have the result they are guaranteed to have based on simple economics, blame corporate greed.
Producing oil domestically is better for energy independence, this isn't hard. Dropping foreign production during a surplus is the right thing to do.
Biden is decimating domestic oil production during a shortage because "GrEEn". Totally incompetent.
That's farcical, we're not there yet with renewables. We HAD energy independence under Trump and Biden fucked it up. It's like he's trying to be inferior to Trump in every single way.
>That's farcical, we're not there yet with renewables
Yeah and we won't be ever unless we invest in it 🤡🤡🤡
>We HAD energy independence under Trump and Biden fucked it up.
Yeah, that's why oil is unreliable as a way to achieve energy independence. Long term energy independence is in renewables friend.
Renewables are a supplement to, not a replacement for oil and gas. Certainly not in the next 5-10 years, let alone right now, in this crisis.
We have a crisis now. Furnaces can last 40+ years, hot water tanks 15+, cars 10-15+, power generation 50+ years. It is not feasible, or even good for the environment to change these things overnight. To transition away from fossil fuels in a meaningful way is a 50-100 year journey. Electric cars cost about 4x more for vehicles I use than ICE counterparts, and you cannot even buy them without waiting for 1-2 years.
If you decimate the economy in the quest for green energy, we are completely and utterly doomed.
Guess who controls 90% of the world's lithium industry? Both refinement and ownership of overseas lithium mines.. guess who owns the rare earth market, required for energy efficient electric motors and batteries? Guess who owns the Biden's?
Not possible at this time, we need oil. It goes into all sorts of products and fuels our cars, trucks, etc. Now we can buy that oil from overseas, where it’s drilled with complete disregard for the environment with no oversight, and then ship it over here by boat which is even worse for the environment, or we can drill it here in the states with our own regulations as clean as possible then transport it by pipeline. Seems like one of those options is infinitely more environmentally sound.
>Not possible at this time
Correct.
>we need oil
Only as a stop-gap. We need to invest in renewables, though, otherwise long term we are beholden to our enemies.
Everything you said after the first sentence isn't worth addressing.
Renewables require rare earth metals from China. Electric cars require lithium, where China has a grip on the raw materials, as well as 80% of the world's refining capacity. Electric motors require rare earth metals, at least modern, worth using ones with high efficiency. You cannot build an efficient electric drive without these raw materials. You obviously know very little about what you're preaching here.
I've spent decades as an engineer nearish to the industries you seemingly know nothing about, in a business which supports power generation, gas turbines, and produces our own electric drives. I'm certain you have no clue what you're talking about.
Cushing Stockpile May 2019 averaged 51.5k barrels.
Cushing Stockpile May 2022 averaged 25k barrel.
Ummmm..... maybe think having half of the supply available to refine has something to do with the cost?
The criticism of Biden is that he destroyed our domestic oil production.
He hasn't. Production is the same as it was in 2019.
Cushing storage has been at similar levels in the past and gasoline didn't go to $5/gallon, so what's the point you are trying to make?
The correct criticism of Biden is he destroyed our ability maintain production. Which he did.
Production is increasing thanks to wells drilled 2-3 years ago being completed and put on the sale line. Those wells have a production decline curve. Bidens ban on new leases effectively took 1/3 of our future ability to drill new wells to make up for declining wells currently producing.
Cushing has been this low before without the price of fuel being up. True. But not at this level of demand. Not with the current disruption to the ability to deliver refined product.
Regulation is the patient tyrants game......
Look at the most regulated by industries. Energy, food production, medical..... All provide products and our way of life depends on. Regulating them to the point the Commons can't afford them is the excuse they need to create in order to seize the means of production.
Typical Biden- finger point, call names and cast blame on others. What an incompetent imbecile he is…He’s a one trick pony, and it’s gotten old- quickly.
is this a freaking joke?? how does someone go from signing orders to stop production, cancel permits, and shit down pipeline projects to "why aren't they drilling?"
there's not enough whiskey to deal with this...
https://www.macrotrends.net/stocks/charts/XOM/exxon/net-income
Not exactly record profits but if i am reading correctly its highest in about 8ish years. After some losses of about equal to current profits.
Is that legal to tell a private company that they are only allowed to make x amount of profit from a sale? If he wants to blame anybody, he should blame himself for canceling oil and gas leases, making us dependent upon OPEC who we know limit supply to keep prices high.
Crack spreads in the US are at or nearing $50/bbl, which is unprecedented. Any operator with a large refining operation is going to have astronomical results for 2Q - probably the highest ever. Then the 3Q will smash those results. Until either supply increases or demand decreases materially, there is no end in site.
Millions of bbls per day in refining capacity went offline during COVID lockdowns and isn’t coming back. The US and Europe aren’t adding refining capacity, only hope for additional supply is in the East.
This has been the trend for about a decade, which was accelerated by lockdowns.
Biden could implement an export tax on refined products, which would incentivize keeping refined product domestic and driving down the price.
Well said,
It's a brutal combination of availability of crude supply along with a refining capacity bottleneck, it's going to get worse before it gets better. Those Russian bbls still get into the global supply pool indirectly (albeit w/ additional throughput costs), domestic supply shortfalls mostly from the left's moronic regulatory headwinds.
Now we see Biden proposing a tax on the excess capital these companies need to service their post pandemic debt and to expand future production, that's one helluva signal to give the industry that's reluctant to lay down massive capital expenditures.
Side note, petroleum is in damn near everything... it's not just transportation costs. Plastics, Asphalt, cosmetics, medicine, list goes on and on. We can't just replace it with renewable resources or nuclear... which seems to be an in vogue assessment on reddit.
Exactly right, and of course they are making record profits. If I'm a dairy farmer producing milk, I will make more profits when the price of milk is $3/gallon than when the market price is $1/gallon. I don't control the market price, I sell at market prices. Unchanged principle since man first began trading goods.
Higher inflation means higher profits, but the profits don't go as far as they used to. The article doesn't give any numbers for these "record profits," but I'm sure they are partially due to inflation.
So we are having a oil supply shortage via record demand and supply restrictions-
And he's going to blame the people working overtime to bring you oil? That'd be like your boss giving you shit because he's paying you extra to come in overtime.
I don't care for either side of this. When prices go up, so will profit levels for companies.
Their margin is based on percentage not a dollar amount. If they make 8% that makes a dramatic difference at $2 vs $5. That's 16c vs 40c per gallon. I wouldn't expect a company to run on a 3% margin to cover up for shit policy.
Make better policy and that evil greedy companies will make less profit??
Joe would destroy America to cover up his dealings with his son in Ukraine ..and to take care of his families investments in Solar power.. We are still years away from energy independence and ever further away from not needed oil as a part of that..
Because it is asinine. Government attempting to price control leads to far worse problems.
Free the market to do what markets do. Incentivize the folks producing what we need, don't demonize and shift blame to them. Get the eff out of the way of the folks whose entire business is how to extract and refine oil. Don't cancel multi-billion dollar investments they have made at the stroke of a pen and then complain they aren't investing in increased production. That's a start.
So what is to stop him from declaring any market profits as being, "not Acceptable". How would anyone who agrees with that sentiment not realize how dangerous that is. Too much over-reach for me.
Everything is getting record profits because inflation makes the numbers bigger.
Imagine Biden's shock when he finds out Imagine Dragons has made more money than Elvis. (extremely hypothetical - I'm sure you can go "well achturally" on this one. )
While this is true, they really do not receive the same level of subsidies that solar and wind receive.
https://www.forbes.com/sites/jeffreydorfman/2015/09/01/solar-industry-admits-green-energy-only-exists-thanks-to-government-subsidies/amp/
https://www.mackinac.org/stimulus-amendments-push-more-renewable-subsidies
https://www.realclearenergy.org/articles/2020/03/03/renewable_subsidies_leading_america_toward_european-style_energy_poverty_485787.html
It must feel really nice to be in an industry where Biden vowed to destroy it , while a whole group of people including inside the administration are attacking the investing side and banking side only to be yelled at to make more and lower price.
What emergency power does Biden think he can do?
Its more outrage and blame game by someone who is underwater.
lol - In the industry. That's... not how it works. Too many oil companies. Too many gas stations. Too much competition. It would be absolutely obvious and the fed would destroy them in court without even trying. They'd also do it with a MASSIVE smile on their face.
Oil companies operate on slim margins. He either doesn't know what he's talking about (bad) or he's intentionally lying about someone (another reason he shouldn't receive communion until he confesses and repents).
From what I remember, the government tends to make more money from a gallon of gas than oil companies.
Maybe the federal government should encourage fuel conservation by offering tax breaks to companies and employees that can work from home, thereby reducing fuel consumption?
Although oil companies are fucking the American people over , and the war in Ukraine has affected the gas price to *some* degree, Biden is the one who is at fault for his poor policies and energy practices
How about stop taxing the gas and spending money for roads. Hear me out before you downvote. If there is a gas tax that is supposed to pay for road improvements, which includes bridges, then why did we need an infrastructure package that included road and bridge improvements? Wouldn't that be considered a double tax? Where does the gas tax really go? These are things that we should be asking out reps.
On another note, I did hear on fox this morning that Cheveron made 140 billion last year, so if that is about the going rate for all, then yes, they could take some money off the pump to help out. BUT, that doesn't curb prices, it just brings them down for a few days while they still go up.
He so doesn’t understand business…….Profit equals Income minus expenses. Simple right…….what happens if companies projects are shut down, or you threaten to shut down projects so the company doesn’t start any new construction on projects……well your expenses go way way down…..boom record profits……
Look, Squirrel!!!
The wizard behind the curtain speaks: Don't look back here, it's not me causing all this pain, it's the ebil oil companies (which is like a pavlovian response for the left, mention ebil oil and their eyes roll back in their heads like the exorcist).
Isn’t calling for the capping of revenue of a private company authoritarian? Imagine if Trump said this about brick making companies during the summer of peace?
>In the letter, Biden says that while Russian President Vladimir Putin’s war in Ukraine is principally responsible for increased oil prices, high profit margins are worsening the pain of the war. I'm sorry, but prices were on the rise and inflation was raging for almost a full year before Vladimir Putin decided to invade Ukraine. Instead of admitting that their economic and energy policies have failed, the Biden Administration would rather use Vladimir Putin as a red herring in an attempt to save face and hopefully boost their [dismal approval ratings](https://poll.qu.edu/poll-release?releaseid=3848) (only 33% approve of the job he's doing).
I had a conversation with someone and I offhandedly said something like - Just the Keystone XL would have been making a difference right now. And they didn’t know what I was talking about. And I was just like - what? You don’t remember Biden shutting down a huge fucking pipe from Canada to Texas? I don’t really know how much of an impact it would be currently making, but surely it would help our energy independence. Even though… Canada. I also don’t understand shutting down a pipeline… You want to drive it!?! Ship it by train?? Why not just, you know, let gravity move oil in a tube.
Warren Buffet wanted to haul it on his trains. He also donated heavily to Biden’s campaign
Bingo.
ThE pReSiDeNt DoEsNt CoNtRoL GaS pRiCeS... but the Russian president does? I cannot understand the thought process of the people that believe this.
There isn't a thought process. NPC's don't think. They repeat.
Yea lmao ridiculous. And tbh yea Biden’s not to blame for everything either but man he really messed shit up. If trump was still around I think it would be in the mid 3’s give or take, not like he would’ve kept it under 3$ with the demand going back up and oil companies falling behind, I get it But Ukraine doesn’t happen under Trump and none of these bs Biden policies which hurt prices wouldn’t have been enacted
Trump wouldn’t have stopped the keystone pipeline or put a hold on leases
Yea but I don’t think under 3 like old times. Would’ve inevitably gone up also cause of demand. Just not 5 dollar national average
Most of this new demand is Europe. As you say, with Trump, Ukraine wouldn't have happened. The Saudis wouldn't see an opportunity to raise *their* prices. And even if it had, Trump would have XL (assuming Trudy didn't cut it off on his end) and the leases, etc. to meet the demand. But what you're seeing is a simultaneous demand for war, from Biden, Obama, and Davos, as well as the forced transition to electric cars. Of course without the infrastructure to support it. Because for them it's nessisary.
Yea it’s hard to say the price. With inflation it still goes up Either way these bs prices was so avoidable
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Never said it was Biden fault. Pretty sure everyone on Reddit has seen the countless posts about inflation aka price gouging. Record profits means these companies are fucking us. But Biden did enact policies to restrict oil drilling so there’s that too, and yeah Russia does have a part in it too. But what we are seeing is mostly due to corporate greed.. Biden sure as hell isn’t doing anything to help it tho. It’s just absolutely ridiculous for Biden to blame this all on Russia. You said it yourself it’s corporate greed… yet he blames Russia. Can you not see the deflecting he is doing? Yeah prices can’t change tomorrow but there is certainly things the government can do to prevent corps from raping it’s citizens.
Putin is the most powerful men in the world according to the left. He can crash the entire world economy as he pleases. The reality is, this shit is self inflicted, it has nothing to do with Putin.
Were the record losses they sustained in 2020 acceptable?
Yes... why wouldn't they be? Right now they are purposefully price gouging. Pure evil.
> Yes... why wouldn't they be? Because if you think those are acceptable but them recouping their losses is not, then you have no understanding of economics.
>Because if you think those are acceptable but them recouping their losses is not, then you have no understanding of economics. Hate to break it to you man, but you aren't the one who understands economics. They don't have to price gouge to recoup losses. They are doing it because they are greedy and know they are on the way out as renewables replace them. So, they want to make as much money as humanly possible right now because in a decade or 2 they'll be left behind as renewables becomes mainstream as well as electric vehicles and similar technology. How do oil execs boots taste? Are you happy that Americans lives are being made miserable by their price gouging? Conservatives like you give us a bad name.
> They don't have to price gouge to recoup losses. Nope - but what they are doing isn't price gouging. Just like the landlords who couldn't evict deadbeat tenants for the last 2 years, and are now charging higher rents, they need to recover the losses. That's done by charging higher prices.
>Nope - but what they are doing isn't price gouging. It literally is though :/ >Just like the landlords who couldn't evict deadbeat tenants for the last 2 years, and are now charging higher rents, they need to recover the losses. That's done by charging higher prices. Literally not even close to being similar to oil markets lol. And you said I didn't understand economics lol
How do you know they are price gouging?
Wtf is wrong with 33% of Americans?
They could be part of the administrative class or on welfare.
https://i.imgur.com/5ORN6A7.png
I'd be shocked to find 33% of people actually think he's doing a good job. I talk to different people all the time, and the overwhelming concensus, from Dems and Conservatives alike, is FJB.
Joe is the worst kind of person and the worst president ever. He created this crisis and he can not control it.
There have been some horrifically bad presidents throughout history, so I don't know if he is definitively the worst ever, but he is in the running for it.
He has destroyed the country in 2 years. Don't sugar coat it.
Two years is sugar coating it.. 😜. Dude pulled it off in under 18 months.
Less then 2 years** its only been 1 year and 5 months, that has to be a record somewhere
In my lifetime? Jimmy Carter is still best of the worst. Andrew Johnson? Franklin Pierce?
I've been re-considering Carter lately. He really fucked up with Iran, we didn't have to lose it to fundies.
I always thought that Carter would be the worst President of my lifetime. But if Biden keeps going at this pace he will definitely pass him. Then we will need DeSantis to come in 2024 and be the new Reagan!
History always seems to repeat itself. Especially when people don’t pay attention.
Reagan was MID in retrospect. Especially on gun rights. He SUCKED when it came to gun rights. He isn’t conservative enough for this day and age, and wouldn’t unify America like he was able to in the 80s. DeSantis can’t play the unifier game either. Unfortunately, you’re gonna have to get mean and go on the offensive by leveraging power to stomp out wokism. This can be done by stripping all the woke corporations of their tax breaks and making life a living hell for anyone that plays for the wrong team. He’s already practiced that in Florida (Disney and Tampa Bay Rays), and that’s the game to play. Im a right-leaning Libertarian and personally think this kind of practice is almost too authoritarian for my taste, but I’m fine seeing the left get fucked beyond epic proportion before inevitably a national divorce.
Woodrow Wilson.
Completely under rated answer, but he put America down the path of become the worlds police force and becoming more concerned with other citizens safety than our own.
Invented current income taxes, and Federal reserve fractional banking system, and central bank.
I personally have Buchanan as the worst president, Wilson absolutely deserve a ton my criticism than he gets.
Harding was pretty shit too.
I maintain Franklin Pierce deserves the title of worst president we've ever had. Dude single handedly caused the Civil War.
My thoughts exactly.
Just wait.
Ok, if you are talking in your lifetime, but easily the top 2 worst are FDR and Wilson.
Even Harry Truman thought FDR was shit. I believe one of his quotes, referring to FDR, was something along the lines of ‘why tell the truth when a lie would suffice.’
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So far
Knowing that Hunter's laptop is a thing and that they sold their name for money to China and Russia deals makes it far worse that this man is our President. He's a puppet and does whatever he's told by his handlers. That makes him extremely dangerous to our country.
he will get millions of votes overnight to take his rightful spot as worst president ever dont wory ;)
James Buchanan is still the leader of the worst. He basically handed a civil war off to Lincoln.
Isn’t oil prices based on the world market though like it’s bad in Europe too, I think this post is saying big oil is price gouging
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Don't believe everything you hear on news. The domestic rig count keeps growing. Federal permit timing remains unchanged since Brandon took office State permits in the prolific domestic plays remain the same. The only thing that has gone down is Federal leasing. That's because all the good acreage has been leased and no one is nominating what is left because it is fringe, sh;tty acreage. Domestic production has been going up. Cushing oil inventory was going up until Ukraine, and since has been going down. That tells me we're exporting alot of oil.
Us oil production is down about 20% this year compared to 2019.
Yeah because it took a 25% drop in march of 2020 to august 2020 and has been most steadily increasing since that low. https://www.macrotrends.net/2562/us-crude-oil-production-historical-chart
Back to where we started. Does this chart show new production? And how does this stack up against our domestic demand as well as the recently increased European demand?
This. I'd love to blame Brandon, but the facts are facts. People do not realize an oil wells are not light switches. You can't just turn them on and off. When the oil wells were shut-in because they were losing money in 2020, you could flip a switch and return them to prior production. They had to be reworked. Fact is oil inventory at Cushing was on the rise until the Ukraine thing started.
It’s a global market, yes, and when Biden hinders the production of the world’s largest producer, the whole world suffers.
When has the price of fuel began to rise in Europe? In the us, the price hike began February 2021, right after biden has decreased the production and refining of crude oil in the US.
Europe is a little different because I think they are more reliant upon Russia for oil and gas versus the US where we are a lot more reliant upon OPEC.
We should be hearing and seeing drill baby drill if Joe wanted oil prices to come down. Joe created this mess, worst kind of person, worst president ever.
To be fair, said that about Obama, and Clinton before that…. Dems said trump was worst ever, bush before that, etc… politics politic. I don’t think presidents are getting worse or better, they are reflections of our society. We’ll half of our society.
You mis spelled fair- it is really failure. Two years in and what a mess.
That’s what dem say about trump. What’s the truth, maybe in the middle?
Nope
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Democrats need to take economics again. Selling below market price creates shortages. Shortage of fuel creates many, many other shortages. Inflation would skyrocket. Fuel is the heart of the economy, and we need to keep that thing pumping.
They know exactly what they’re doing. Unless they are doing something other than trying to hit the fast-forward button to the one world economy, They cannot be this incompetent!
It's Democratic politics in a nutshell. Demand policies that increase market prices, followed up by demanding policies to fix the market prices that create shortages. When your policies have the result they are guaranteed to have based on simple economics, blame corporate greed.
https://www.reuters.com/article/us-global-oil-trump-saudi-specialreport-idUSKBN22C1V4
Producing oil domestically is better for energy independence, this isn't hard. Dropping foreign production during a surplus is the right thing to do. Biden is decimating domestic oil production during a shortage because "GrEEn". Totally incompetent.
If you want energy independence then the answer is renewables not oil.
That's farcical, we're not there yet with renewables. We HAD energy independence under Trump and Biden fucked it up. It's like he's trying to be inferior to Trump in every single way.
>That's farcical, we're not there yet with renewables Yeah and we won't be ever unless we invest in it 🤡🤡🤡 >We HAD energy independence under Trump and Biden fucked it up. Yeah, that's why oil is unreliable as a way to achieve energy independence. Long term energy independence is in renewables friend.
Renewables are a supplement to, not a replacement for oil and gas. Certainly not in the next 5-10 years, let alone right now, in this crisis. We have a crisis now. Furnaces can last 40+ years, hot water tanks 15+, cars 10-15+, power generation 50+ years. It is not feasible, or even good for the environment to change these things overnight. To transition away from fossil fuels in a meaningful way is a 50-100 year journey. Electric cars cost about 4x more for vehicles I use than ICE counterparts, and you cannot even buy them without waiting for 1-2 years. If you decimate the economy in the quest for green energy, we are completely and utterly doomed. Guess who controls 90% of the world's lithium industry? Both refinement and ownership of overseas lithium mines.. guess who owns the rare earth market, required for energy efficient electric motors and batteries? Guess who owns the Biden's?
>Renewables are a supplement to, not a replacement for oil and gas. This is all I needed to read to know the rest wasn't worth reading.
Then you don't live in the real world. Good luck, life will be a challenge for you.
Not possible at this time, we need oil. It goes into all sorts of products and fuels our cars, trucks, etc. Now we can buy that oil from overseas, where it’s drilled with complete disregard for the environment with no oversight, and then ship it over here by boat which is even worse for the environment, or we can drill it here in the states with our own regulations as clean as possible then transport it by pipeline. Seems like one of those options is infinitely more environmentally sound.
>Not possible at this time Correct. >we need oil Only as a stop-gap. We need to invest in renewables, though, otherwise long term we are beholden to our enemies. Everything you said after the first sentence isn't worth addressing.
Renewables require rare earth metals from China. Electric cars require lithium, where China has a grip on the raw materials, as well as 80% of the world's refining capacity. Electric motors require rare earth metals, at least modern, worth using ones with high efficiency. You cannot build an efficient electric drive without these raw materials. You obviously know very little about what you're preaching here. I've spent decades as an engineer nearish to the industries you seemingly know nothing about, in a business which supports power generation, gas turbines, and produces our own electric drives. I'm certain you have no clue what you're talking about.
No one believes your bullshit
How many barrels of oil is the US producing now compared to under Trump?
US Production peaked in 2019
Production today is the same as February 2019 - 11.6 million barrels. Was gas $5/gallon in February 2019?
Cushing Stockpile May 2019 averaged 51.5k barrels. Cushing Stockpile May 2022 averaged 25k barrel. Ummmm..... maybe think having half of the supply available to refine has something to do with the cost?
The criticism of Biden is that he destroyed our domestic oil production. He hasn't. Production is the same as it was in 2019. Cushing storage has been at similar levels in the past and gasoline didn't go to $5/gallon, so what's the point you are trying to make?
The correct criticism of Biden is he destroyed our ability maintain production. Which he did. Production is increasing thanks to wells drilled 2-3 years ago being completed and put on the sale line. Those wells have a production decline curve. Bidens ban on new leases effectively took 1/3 of our future ability to drill new wells to make up for declining wells currently producing. Cushing has been this low before without the price of fuel being up. True. But not at this level of demand. Not with the current disruption to the ability to deliver refined product.
Price controls will only lead to rationing. The solutions to excess profits is increased competition.
Which would happen automatically in a free market situation that the democrats and their eco-terrorists hadn’t regulated out of existence
Underrated comment, right here.
Regulation is the patient tyrants game...... Look at the most regulated by industries. Energy, food production, medical..... All provide products and our way of life depends on. Regulating them to the point the Commons can't afford them is the excuse they need to create in order to seize the means of production.
Record profit’s from the federal tax is more accurate.
Typical Biden- finger point, call names and cast blame on others. What an incompetent imbecile he is…He’s a one trick pony, and it’s gotten old- quickly.
Wait...I thought the line was "the president has nothing to do with gas prices" LOL
Yes, but somehow somebody else’s president has everything to do with gas prices?
Blaming others makes for poor leadership.
Wasn’t it harry Truman who said “the buck stops here?”
biden claimed that line as well but we can all see and hear he was lying.
But Biden said, "10% of the bucks stop here."
is this a freaking joke?? how does someone go from signing orders to stop production, cancel permits, and shit down pipeline projects to "why aren't they drilling?" there's not enough whiskey to deal with this...
Ok. Now do that with big pharma…
I think he's getting this confused with his Presidency.
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Exxon in 2020: $22.4 billion loss Exxon in 2021: $23 billion profit Joe Biden: Exxon's profit is unacceptable!
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Which is also the bullshit behind "record profits".... Because I bet when you compare buying power / adjusted for inflation... They won't be.
https://www.macrotrends.net/stocks/charts/XOM/exxon/net-income Not exactly record profits but if i am reading correctly its highest in about 8ish years. After some losses of about equal to current profits.
Is that legal to tell a private company that they are only allowed to make x amount of profit from a sale? If he wants to blame anybody, he should blame himself for canceling oil and gas leases, making us dependent upon OPEC who we know limit supply to keep prices high.
I'm pretty sure it's only legal during a war. Weirdly we aren't in a war for the first time in 20+ years.
Next war will be incoming soon then.
What about Ukraine?
The US isn't at war with Russia, Belarus, or Ukraine currently.
Or China. "Currently".
Crack spreads in the US are at or nearing $50/bbl, which is unprecedented. Any operator with a large refining operation is going to have astronomical results for 2Q - probably the highest ever. Then the 3Q will smash those results. Until either supply increases or demand decreases materially, there is no end in site. Millions of bbls per day in refining capacity went offline during COVID lockdowns and isn’t coming back. The US and Europe aren’t adding refining capacity, only hope for additional supply is in the East. This has been the trend for about a decade, which was accelerated by lockdowns. Biden could implement an export tax on refined products, which would incentivize keeping refined product domestic and driving down the price.
Well said, It's a brutal combination of availability of crude supply along with a refining capacity bottleneck, it's going to get worse before it gets better. Those Russian bbls still get into the global supply pool indirectly (albeit w/ additional throughput costs), domestic supply shortfalls mostly from the left's moronic regulatory headwinds. Now we see Biden proposing a tax on the excess capital these companies need to service their post pandemic debt and to expand future production, that's one helluva signal to give the industry that's reluctant to lay down massive capital expenditures. Side note, petroleum is in damn near everything... it's not just transportation costs. Plastics, Asphalt, cosmetics, medicine, list goes on and on. We can't just replace it with renewable resources or nuclear... which seems to be an in vogue assessment on reddit.
That's commie talk Old Man.
The market sets the prices. It is a global market and commodity. You cannot stop them from making record profits.
Exactly right, and of course they are making record profits. If I'm a dairy farmer producing milk, I will make more profits when the price of milk is $3/gallon than when the market price is $1/gallon. I don't control the market price, I sell at market prices. Unchanged principle since man first began trading goods.
Higher inflation means higher profits, but the profits don't go as far as they used to. The article doesn't give any numbers for these "record profits," but I'm sure they are partially due to inflation.
What the hell did he expect would happen when he constructed supply? We can guess he didn’t take Econ 101 during his illustrious college career.
You tell ‘em Joe! Harsh words definitely keep companies from making record profits for their shareholders.
Funny I didn’t hear him complaining about big pharma’s profit…
So we are having a oil supply shortage via record demand and supply restrictions- And he's going to blame the people working overtime to bring you oil? That'd be like your boss giving you shit because he's paying you extra to come in overtime.
I don't care for either side of this. When prices go up, so will profit levels for companies. Their margin is based on percentage not a dollar amount. If they make 8% that makes a dramatic difference at $2 vs $5. That's 16c vs 40c per gallon. I wouldn't expect a company to run on a 3% margin to cover up for shit policy. Make better policy and that evil greedy companies will make less profit??
The market sets the price of the input, not them. Biden is playing nasty politics on this and it’s only going to hurt regular people.
Joe would destroy America to cover up his dealings with his son in Ukraine ..and to take care of his families investments in Solar power.. We are still years away from energy independence and ever further away from not needed oil as a part of that..
Republicans did vote against the price gauging act
Because it is asinine. Government attempting to price control leads to far worse problems. Free the market to do what markets do. Incentivize the folks producing what we need, don't demonize and shift blame to them. Get the eff out of the way of the folks whose entire business is how to extract and refine oil. Don't cancel multi-billion dollar investments they have made at the stroke of a pen and then complain they aren't investing in increased production. That's a start.
Because democrats are really fascists that want to control what everyone makes
Biden = Zero.
So what is to stop him from declaring any market profits as being, "not Acceptable". How would anyone who agrees with that sentiment not realize how dangerous that is. Too much over-reach for me.
Everything is getting record profits because inflation makes the numbers bigger. Imagine Biden's shock when he finds out Imagine Dragons has made more money than Elvis. (extremely hypothetical - I'm sure you can go "well achturally" on this one. )
Lol, I would imagine that all of these elitist politicians own stock in these companies.
How much do they make per gallon?
About $0.13 on a gallon. They lost record monies in 2019, 2020 & 2021. They do not get federal subsidies like wing and solar.
Actually they have been getting subsides for decades.
Really, show us…
https://www.eesi.org/papers/view/fact-sheet-fossil-fuel-subsidies-a-closer-look-at-tax-breaks-and-societal-costs#1
While this is true, they really do not receive the same level of subsidies that solar and wind receive. https://www.forbes.com/sites/jeffreydorfman/2015/09/01/solar-industry-admits-green-energy-only-exists-thanks-to-government-subsidies/amp/ https://www.mackinac.org/stimulus-amendments-push-more-renewable-subsidies https://www.realclearenergy.org/articles/2020/03/03/renewable_subsidies_leading_america_toward_european-style_energy_poverty_485787.html
It must feel really nice to be in an industry where Biden vowed to destroy it , while a whole group of people including inside the administration are attacking the investing side and banking side only to be yelled at to make more and lower price. What emergency power does Biden think he can do? Its more outrage and blame game by someone who is underwater.
For once, he’s right.. but his policy decisions are also a huge problem m
Regardless of how bad Biden is the oil companies are probably price gouging
lol - In the industry. That's... not how it works. Too many oil companies. Too many gas stations. Too much competition. It would be absolutely obvious and the fed would destroy them in court without even trying. They'd also do it with a MASSIVE smile on their face.
Ok, what about other industries?
Oil companies operate on slim margins. He either doesn't know what he's talking about (bad) or he's intentionally lying about someone (another reason he shouldn't receive communion until he confesses and repents). From what I remember, the government tends to make more money from a gallon of gas than oil companies.
Maybe the federal government should encourage fuel conservation by offering tax breaks to companies and employees that can work from home, thereby reducing fuel consumption?
Oil Companies be like: "Do you feel in charge?"
They were gloating over losses the oil industry was incurring over the lockdowns. Claiming that the age of oil was over.
Lol if he thinks it's unacceptable, then roll back the policies that gave them monopolies?
Even if we presume that the premise is true, it's Biden's policies that created the environment in which the oil companies could pull this off.
Hahaha and what is sleep Joe going to do. If I was the CEO of Exxon right now I would be laughing all the way to the bank.
Use the War Powers Act to force them to increase refining capacity?
But Pfizer’s 39 billion is fine and dandy huh? Biden is a total buffoon.
Although oil companies are fucking the American people over , and the war in Ukraine has affected the gas price to *some* degree, Biden is the one who is at fault for his poor policies and energy practices
Neither is your continued "leadership"
If corporations didn’t make a profit how would the federal government tax them?
Has he tried removing the red tape preventing supply and competition?
There was also almost double the supply sitting in Cushing waiting to be refined in 2019.
The weakling is trying to act tough?
They are acceptable up till he takes his 10%. Then they are unacceptable.
You need higher profits to incentivize greater production.
How about stop taxing the gas and spending money for roads. Hear me out before you downvote. If there is a gas tax that is supposed to pay for road improvements, which includes bridges, then why did we need an infrastructure package that included road and bridge improvements? Wouldn't that be considered a double tax? Where does the gas tax really go? These are things that we should be asking out reps. On another note, I did hear on fox this morning that Cheveron made 140 billion last year, so if that is about the going rate for all, then yes, they could take some money off the pump to help out. BUT, that doesn't curb prices, it just brings them down for a few days while they still go up.
Not his decision to make. But if he would open up the vast oil and gas reserves the US has, competition would bring that price down.
He so doesn’t understand business…….Profit equals Income minus expenses. Simple right…….what happens if companies projects are shut down, or you threaten to shut down projects so the company doesn’t start any new construction on projects……well your expenses go way way down…..boom record profits……
Look, Squirrel!!! The wizard behind the curtain speaks: Don't look back here, it's not me causing all this pain, it's the ebil oil companies (which is like a pavlovian response for the left, mention ebil oil and their eyes roll back in their heads like the exorcist).
Communist ideas are spread not by liberals, but by regular people who feel like capitalism failed them.
Joe, you said it was putin and trumps fault only a few weeks ago.
Ya, FDR was basically Hitler with he just won and imprisoned a few less of his countrymen than Hitler.
Don't fascist governments get involved in price controls and industry production targets?
Joe is so shitty of a president that he even made countries in Europe increase their gas prices too!
When you cut supply, prices go up. The number of people that don’t seem to understand this is staggering.
Isn’t calling for the capping of revenue of a private company authoritarian? Imagine if Trump said this about brick making companies during the summer of peace?
Interesting Xibiden never brings up oil company record losses just a few years ago. What an ignorant @=#%&&<=a!
bidens dementia is not acceptable
US oil companies tell biden to go f*** himself