XCR1250 Posted August 15, 2017 Share Posted August 15, 2017 http://247wallst.com/energy-economy/2017/07/21/oil-rig-count-up-by-393-from-year-ago-crude-oil-price-inches-higher/ Quote Link to comment Share on other sites More sharing options...
Anler Posted August 15, 2017 Share Posted August 15, 2017 Republican president, republican Congress = high oil prices. Buy oil stocks boys. 1 Quote Link to comment Share on other sites More sharing options...
racer254 Posted August 15, 2017 Share Posted August 15, 2017 I Drive Safely, an online driver's training program, has come up with a great Election Day graphic that looks at the question: Are gas prices higher under Republican or Democratic presidents? The graphic includes a century of gas prices from President Wilson (1913) to President Obama (2012). The first thing that the chart makes clear is that some of that nostalgia for yesteryear – "I remember 25-cent gas" – is faulty. While it's true that gas prices did average 25 cents a gallon during the Truman administration (1945-53), that doesn't take inflation into account. In today's dollars that Truman gallon would cost $2.51, according to I Drive Safely. The second thing to note is that while gas prices have ebbed and flowed during the past century, they trended downward fairly consistently for the first 60 years. Under Wilson (1913-21), gas prices averaged $3.40 a gallon; under President Nixon (1968-74), they averaged $2.08, a 39 percent plunge. After that, things get muddled. Prices climbed under Presidents Ford and Carter ($2.71), fell under Ronald Reagan ($2.49), rose under George H.W. Bush, then plunged under Bill Clinton ($1.70). In fact, Democrats have occupied the White House when gas prices were at their highest (Wilson) and their lowest (Clinton). Some analysts suggest that US economic performance is strongly influenced by whether energy costs are rising or falling. Falling gas prices help explain the rapid growth of the 1950s and '60s and the boom under Clinton. But it's equally true that world events, not presidents, have had the biggest impact on gas prices. Carter didn't cause the second Arab oil embargo, he scrambled to contain its effects. Clinton didn't cause Saudi Arabia to flood the market with oil in its attempt to regain discipline and control among OPEC members, although he benefited from it. The last president to try to control prices was Nixon, and all he got was rationing and long lines at the pump. So how has President Obama fared? Not well. If it weren't for Wilson, he would have the highest average gas price of any administration over the past 100 years: $3.03. And that average is likely to climb even higher, since his term isn't over yet, I Drive Safely points out. So did American motorists benefit more from lower gas prices under Democrats or Republicans? It's fitting for 2012 that that the race is close. However, Republicans have the edge over the past century: an average $2.55 a gallon versus $2.63 for Democrats. Quote Link to comment Share on other sites More sharing options...
XCR1250 Posted August 15, 2017 Author Share Posted August 15, 2017 Gas averaged .24/gallon when I was a teen, gas wars saw it at 19 cents around 1965. Quote Link to comment Share on other sites More sharing options...
racer254 Posted August 15, 2017 Share Posted August 15, 2017 27 minutes ago, Anler said: Republican president, republican Congress = high oil prices. Buy oil stocks boys. Why say such a thing. Can you back it up? It's statements like this that just make me SMH at the american voter. Quote Link to comment Share on other sites More sharing options...
Edmo Posted August 15, 2017 Share Posted August 15, 2017 5 minutes ago, XCR1250 said: Gas averaged .24/gallon when I was a teen, gas wars saw it at 19 cents around 1965. I remember 29 cents a gallon. I also remember rationing and long lines at the pump in the 70's. When it went up to a buck everyone was selling their vans and trucks. My big brother was doing custom vans at the time and the bottom just fell out of that market. Quote Link to comment Share on other sites More sharing options...
XCR1250 Posted August 15, 2017 Author Share Posted August 15, 2017 1 minute ago, Edmo said: I remember 29 cents a gallon. I also remember rationing and long lines at the pump in the 70's. When it went up to a buck everyone was selling their vans and trucks. My big brother was doing custom vans at the time and the bottom just fell out of that market. You could only buy 5 gallons at a time where I lived and I was working 90 miles from home at the time, had to stop at several gas stations every day. Semi drivers were parking their rigs and refusing to drive unless they were paid more to cover fuel costs. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted August 15, 2017 Share Posted August 15, 2017 6 minutes ago, Edmo said: I remember 29 cents a gallon. I also remember rationing and long lines at the pump in the 70's. When it went up to a buck everyone was selling their vans and trucks. My big brother was doing custom vans at the time and the bottom just fell out of that market. The minivan was inspired by those. Quote Link to comment Share on other sites More sharing options...
Anler Posted August 15, 2017 Share Posted August 15, 2017 3 hours ago, racer254 said: Why say such a thing. Can you back it up? It's statements like this that just make me SMH at the american voter. I sure can. See circa 2001 and the Cheney oil summit. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted August 15, 2017 Share Posted August 15, 2017 (edited) 6 hours ago, Anler said: Republican president, republican Congress = high oil prices. Buy oil stocks boys. Meanwhile oil companies and their contractors across the globe are reducing staff and shelving projects in preparation for long term sub $40 oil. I was in a meeting last week with BP managers and $35/bbl is the new threshold. If the project can't be profitable at $35/bbl it falls below the line and is not funded. So far in 2017 oil prices have averaged about $50/bbl but those numbers are trending lower. End of year expectations are for oil to be in the low $40/bbl. WTI closed at about $47/bbl yesterday. Edited August 15, 2017 by AKIQPilot Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member SnowRider Posted August 15, 2017 Platinum Contributing Member Share Posted August 15, 2017 25 minutes ago, AKIQPilot said: Meanwhile oil companies and their contractors across the globe are reducing staff and shelving projects in preparation for long term sub $40 oil. I was in a meeting last week with BP managers and $35/bbl is the new threshold. If the project can be profitable at $35/bbl it falls below the line and is not funded. So far in 2017 oil prices have averaged about $50/bbl but those numbers are trending lower. End of year expectations are for oil to be in the low $40/bbl. WTI closed at about $47/bbl yesterday. That's good news Fuck big oil 👍 Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted August 15, 2017 Share Posted August 15, 2017 21 minutes ago, SnowRider said: That's good news Fuck big oil 👍 Big Oil accounts for about 10% of world oil production. Contrary to what you've been told, Big Oil has very little to do with world oil prices. That said, I too am glad that the price of oil is relatively low. Unfortunately that does not play well for alternatives. Alternatives need moderate to high oil prices to spur investment and become viable on any kind of large scale. It's a Catch 22 situation. Low oil prices are good for consumers but bad for alternatives to hydrocarbons. 1 Quote Link to comment Share on other sites More sharing options...
Edmo Posted August 15, 2017 Share Posted August 15, 2017 6 minutes ago, AKIQPilot said: Big Oil accounts for about 10% of world oil production. Contrary to what you've been told, Big Oil has very little to do with world oil prices. That said, I too am glad that the price of oil is relatively low. Unfortunately that does not play well for alternatives. Alternatives need moderate to high oil prices to spur investment and become viable on any kind of large scale. It's a Catch 22 situation. Low oil prices are good for consumers but bad for alternatives to hydrocarbons. Poor guy is so stuck on the talking points he doesn't realize the short or long term effects of oil prices. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted August 15, 2017 Share Posted August 15, 2017 2 minutes ago, Edmo said: Poor guy is so stuck on the talking points he doesn't realize the short or long term effects of oil prices. SnowRider is not a very bright individual. His knowledge and experience is very limited. Hs should be thankful every day that some of us are willing to educate him on some of the more basic principals in life. 2 Quote Link to comment Share on other sites More sharing options...
racer254 Posted August 15, 2017 Share Posted August 15, 2017 7 minutes ago, Edmo said: Poor guy is so stuck on the talking points he doesn't realize the short or long term effects of oil prices. Quote Link to comment Share on other sites More sharing options...
Anler Posted August 15, 2017 Share Posted August 15, 2017 1 hour ago, AKIQPilot said: Meanwhile oil companies and their contractors across the globe are reducing staff and shelving projects in preparation for long term sub $40 oil. I was in a meeting last week with BP managers and $35/bbl is the new threshold. If the project can be profitable at $35/bbl it falls below the line and is not funded. So far in 2017 oil prices have averaged about $50/bbl but those numbers are trending lower. End of year expectations are for oil to be in the low $40/bbl. WTI closed at about $47/bbl yesterday. Tom this is a temporary thing. The global oil cabal is putting pressure on the undesirables like Russia, Syria, Iran and Venezuela. Once those problems are mitigated oil prices will rise sharply. Back in the early 2000's many of us claimed that the oil companies and the commodity traders were fucking us. And many said, "bah, this is the free market working! Peak oil! We need domestic production! Drill baby drill!" As it turns out there was no peak oil and they were fucking us. They can do whatever they want with oil prices whenever they want. Right now they are cleaning up the loose ends. Quote Link to comment Share on other sites More sharing options...
racer254 Posted August 15, 2017 Share Posted August 15, 2017 3 minutes ago, Anler said: Tom this is a temporary thing. The global oil cabal is putting pressure on the undesirables like Russia, Syria, Iran and Venezuela. Once those problems are mitigated oil prices will rise sharply. Back in the early 2000's many of us claimed that the oil companies and the commodity traders were fucking us. And many said, "bah, this is the free market working! Peak oil! We need domestic production! Drill baby drill!" As it turns out there was no peak oil and they were fucking us. They can do whatever they want with oil prices whenever they want. Right now they are cleaning up the loose ends. I don't necessarily disagree with what you say, but it has nothing to do with the party affiliation of the POTUS. Make these traders take the oil and store it when they buy it. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted August 15, 2017 Share Posted August 15, 2017 1 minute ago, Anler said: Tom this is a temporary thing. The global oil cabal is putting pressure on the undesirables like Russia, Syria, Iran and Venezuela. Once those problems are mitigated oil prices will rise sharply. Back in the early 2000's many of us claimed that the oil companies and the commodity traders were fucking us. And many said, "bah, this is the free market working! Peak oil! We need domestic production! Drill baby drill!" As it turns out there was no peak oil and they were fucking us. They can do whatever they want with oil prices whenever they want. Right now they are cleaning up the loose ends. As mentioned. I just sat through a fairly high level review of where one major oil company thinks oil prices are headed. They expect oil prices to remain fairly flat if not some short term pullback. You left out US Shale Oil on your list of undesirables. The major oil producing nations are trying to bring all of the undesirables to their knees. Quote Link to comment Share on other sites More sharing options...
The Rocket Posted August 15, 2017 Share Posted August 15, 2017 8 hours ago, XCR1250 said: http://247wallst.com/energy-economy/2017/07/21/oil-rig-count-up-by-393-from-year-ago-crude-oil-price-inches-higher/ You can than Saudi Arabia and OPEC for their production cut helping to raise oil prices which makes domestic drilling more attractive. Quote Link to comment Share on other sites More sharing options...
The Rocket Posted August 15, 2017 Share Posted August 15, 2017 4 hours ago, AKIQPilot said: Meanwhile oil companies and their contractors across the globe are reducing staff and shelving projects in preparation for long term sub $40 oil. I was in a meeting last week with BP managers and $35/bbl is the new threshold. If the project can't be profitable at $35/bbl it falls below the line and is not funded. So far in 2017 oil prices have averaged about $50/bbl but those numbers are trending lower. End of year expectations are for oil to be in the low $40/bbl. WTI closed at about $47/bbl yesterday. You back at work already? We are range bound IMO. But there is a specific reason the Saudi's want it at the higher end of the range. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted August 15, 2017 Share Posted August 15, 2017 2 minutes ago, The Rocket said: You back at work already? We are range bound IMO. But there is a specific reason the Saudi's want it at the higher end of the range. I'm doing some consulting work for BP this summer. I thought this would be my last week but they have asked me to stay on through mid September to prep for 2018. We just completed a very large, very important job for BP we came in way under budget and finished 5 days early. Being under budget is nice but being able to bring on production 5 days sooner than planned means the meters start spinning 5 days earlier than planned. When meters spin the CFO's and Presidents smile. It was an honor to be part of this team and work on this project. I met some awesome guys and put a little $$$ in my pocket. Quote Link to comment Share on other sites More sharing options...
The Rocket Posted August 15, 2017 Share Posted August 15, 2017 10 minutes ago, AKIQPilot said: I'm doing some consulting work for BP this summer. I thought this would be my last week but they have asked me to stay on through mid September to prep for 2018. We just completed a very large, very important job for BP we came in way under budget and finished 5 days early. Being under budget is nice but being able to bring on production 5 days sooner than planned means the meters start spinning 5 days earlier than planned. When meters spin the CFO's and Presidents smile. It was an honor to be part of this team and work on this project. I met some awesome guys and put a little $$$ in my pocket. Good for you. Best of both worlds IMO. Keep your mind in the game but enjoy retirement between challenges. Quote Link to comment Share on other sites More sharing options...
T1R9sledder Posted August 15, 2017 Share Posted August 15, 2017 3 hours ago, AKIQPilot said: Big Oil accounts for about 10% of world oil production. Contrary to what you've been told, Big Oil has very little to do with world oil prices. That said, I too am glad that the price of oil is relatively low. Unfortunately that does not play well for alternatives. Alternatives need moderate to high oil prices to spur investment and become viable on any kind of large scale. It's a Catch 22 situation. Low oil prices are good for consumers but bad for alternatives to hydrocarbons. Poor Coach is still trying to comprehend this statement from Tom. One has to wonder if Coach knows where or what the term Catch 22 means. Quote Link to comment Share on other sites More sharing options...
The Rocket Posted August 15, 2017 Share Posted August 15, 2017 43 minutes ago, T1R9sledder said: Poor Coach is still trying to comprehend this statement from Tom. One has to wonder if Coach knows where or what the term Catch 22 means. There has been a saying for years The cure for high oil prices is high oil prices. And vice versa. Quote Link to comment Share on other sites More sharing options...
Woodtick Posted August 15, 2017 Share Posted August 15, 2017 I was working at a auto mfg corp office today. They don't see oil prices rising until 2022. SUVs and Trucks are their focus for now. Quote Link to comment Share on other sites More sharing options...
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