An honest question

[1jkw]

Just now, Highmark said:

Same but there has been growth including growth outside the US.   Remember is a global commodity.  

Yes as high and getting higher, US is Now the leading producer of LNG too.  Exactly that's why  the bullshit narrative that the US was energy independent is and was bullshit, the only way that can be true is if we produce all the energy the world needs.

[Snake]

1 minute ago, 1jkw said:

Yes as high and getting higher, US is Now the leading producer of LNG too.  Exactly that's why  the bullshit narrative that the US was energy independent is and was bullshit, the only way that can be true is if we produce all the energy the world needs.

We are so energy independent New England has to buy it's LNG from foreigners.

Great policy...

[Highmark]

11 minutes ago, 1jkw said:

Yes as high and getting higher, US is Now the leading producer of LNG too.  Exactly that's why  the bullshit narrative that the US was energy independent is and was bullshit, the only way that can be true is if we produce all the energy the world needs.

You don't understand how that's measured.   Yes we buy some products from outside the US but its offset by how much we export.   I thought Iowa is considered energy independent because of how much ethanol we produce and export but we buy oil/gas from all over the country.  Certain oil works better (cheaper) to refine into certain things.   Its not rocket science. 

Did you know we still import 7.4 mbpd from Russia?  Yep Putin and the big bad bear mother Russia.       It was almost 11 mbpd in April. 

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTIM_NUS-NRS_1&f=M

Edited November 9, 2022 by Highmark

[1jkw]

Just now, Highmark said:

You don't understand how that's measured.   Yes we buy some products from outside the US but its offset by how much we export.   I thought Iowa is considered energy independent because of how much ethanol we produce and export but we buy oil/gas from all over the country.

Did you know we still import 7.4 mbpd from Russia?  Yep Putin and the big bad bear mother Russia.       

It was measured that we exported more than we imported, that made us a net exporter, but it doesn't mean we could supply the entire world demand.  

The US now the largest exporter of LNG now also, it wasn't before.

 

[Highmark]

1 minute ago, 1jkw said:

It was measured that we exported more than we imported, that made us a net exporter, but it doesn't mean we could supply the entire world demand.  

The US now the largest exporter of LNG now also, it wasn't before.

 

Not sure where that is coming from as it wasn't part of this discussion (I surely never claimed it) just that we were energy independent when it came to all petroleum products. 

[akvanden]

17 minutes ago, Snake said:

Funny way of saying down 1,000,000 barrels a day....

Thought it was well known covid destroyed demand? It was down 2 million barrels when Trump left office, is that upsetting?

13 minutes ago, Highmark said:

So we are at the highest output since March 2020?   Has the world economy stopped growing?  Are we making more or less products out of petroleum?  Oops. 

How much of that was from the SPR?  

I don't get how people brag that production is the same as a few years ago and don't take into account economic growth since then?  

Lets also be clear as I was pointing out before market prices are impacted by perception as well as current supply.  Do you honestly think if Biden came out tomorrow and said we are going to do EVERYTHING we can to increase production prices wouldn't fall?     Come on people. 

No one's bragging about anything. I understand a negative stance doesn't help.

7 minutes ago, Highmark said:

 

From the same article. 

Overall U.S. output peaked at 13 million bpd in late 2019, and has not returned to that level since the pandemic started 

And has increased every month since at about roughly the same rate, even with the Biden administration. 

[Highmark]

2 minutes ago, akvanden said:

Thought it was well known covid destroyed demand? It was down 2 million barrels when Trump left office, is that upsetting?

No one's bragging about anything. I understand a negative stance doesn't help.

And has increased every month since at about roughly the same rate, even with the Biden administration. 

But still 1 mbpd behind pre pandemic levels. 

[akvanden]

8 minutes ago, Highmark said:

But still 1 mbpd behind pre pandemic levels. 

Yes, and it’s been steadily climbing ever since. In your opinion, it should be climbing faster? Fine by me.
 

Oil prices are not worth 3-4% of inflation though.

 

Edited November 9, 2022 by akvanden

[Mag6240]

13 minutes ago, akvanden said:

Oil prices are not worth 3-4% of inflation though.

Really - there is no correlation to the price of energy and inflation right now?  Huh...

[Anler]

2 hours ago, akvanden said:

I think some people understand that global inflation isn’t an overnight occurrence and takes years in the making. They also understand presidents have little control over monetary policy. Reducing a global interconnected system into such a simple question implies it’s a simple fix, one that a president can change with the stroke of a pen. It’s not.

Some of us know how inflation works. And this inflation we are seeing now can partly be blamed directly on the president. Despite him being a zombie who cant even tell he shit his pants, the Russian sanctions have directly put a tax on energy for every human on the entire planet, which subsequently affects the prices of everything else. And Biden brags about his support for sanctions while condemning Putin for his "price hike" 

[akvanden]

5 minutes ago, Mag6240 said:

Really - there is no correlation to the price of energy and inflation right now?  Huh...

Who said there was no impact? 

[akvanden]

6 minutes ago, Anler said:

Some of us know how inflation works. And this inflation we are seeing now can partly be blamed directly on the president. Despite him being a zombie who cant even tell he shit his pants, the Russian sanctions have directly put a tax on energy for every human on the entire planet, which subsequently affects the prices of everything else. And Biden brags about his support for sanctions while condemning Putin for his "price hike" 

No shit? Wars aren’t helpful with inflation? You really do know how inflation works, tell us some more.

[1jkw]

Just now, Highmark said:

Not sure where that is coming from as it wasn't part of this discussion (I surely never claimed it) just that we were energy independent when it came to all petroleum products. 

 You are saying we aren't now?  Have you taken into consideration the number of oil companies that went under during the pandemic and the effect that would have on production?

 

When oil was negative $40.00 per barrel Trump threatened SA and asked   Putin to cut production they did, and it stabilized the market. The point is if the US tomorrow increased its production 2 million BPD and OPEC+2 cut their production the same the price we pay would be as much or more.

[Mag6240]

Just now, akvanden said:

Who said there was no impact? 

I thought that's what you were suggesting with what I quoted - I wasn't that's what you meant, so I had to ask!

[Anler]

2 minutes ago, akvanden said:

No shit? Wars aren’t helpful with inflation? You really do know how inflation works, tell us some more.

I've been harping on that for years now, son. But the sanctions definitely kicked it up a notch. And as far as the cost of wars goes, its bad enough when they are our wars, its just unacceptable when its someone else's that we have to pay for too. 

Next time you are bitching about why America cant have anything nice just think of the new super yacht you helped buy some oligarch by helping him steal someone else's oil.  

[Guest]

1 minute ago, Anler said:

I've been harping on that for years now, son. But the sanctions definitely kicked it up a notch. And as far as the cost of wars goes, its bad enough when they are our wars, its just unacceptable when its someone else's that we have to pay for too. 

Next time you are bitching about why America cant have anything nice just think of the new super yacht you helped buy some oligarch by helping him steal someone else's oil.  

Especially when it's not helping matters.

[Anler]

4 minutes ago, HSR said:

Especially when it's not helping matters.

Not only NOT helping but making things exponentially worse for them and everybody else. There is no larger fail.

[akvanden]

12 minutes ago, Mag6240 said:

I thought that's what you were suggesting with what I quoted - I wasn't that's what you meant, so I had to ask!

The argument would be around how much of our 8% inflation is cause by $100 oil vs $75, or some number. Feds say around 1% at $100.

https://www.dallasfed.org/-/media/documents/research/papers/2021/wp2116.pdf

[akvanden]

4 minutes ago, Anler said:

Not only NOT helping but making things exponentially worse for them and everybody else. There is no larger fail.

If it ended today, it would go down as one of the best possible strategic outcomes that the west could have hoped for. Russia could even keep what land they currently have. But that's for another thread. 

[Deephaven]

4 hours ago, ZR800efi said:

this place is a liberal echo chamber for sure.

Do you actually read threads on here?  There are about 5 total libs on the site.

3 hours ago, DriftBusta said:

it was a pretty simple yes or no question, try not to overthink it.   

Yes no question, derrrr...

6 hours ago, Catman800 said:

....If you think you are better off in terms of the economy, etc. let's hear why. 

Ah, so not yes, no.  

 

Edited November 9, 2022 by Deephaven

[Doug]

To put it simple if your essential needs expenses such as food, utilities, taxes, heath care, etc. has gone up in cost and your income has not exceeded that increase you are either even or are less better off than 2 years ago.

If I just look at recordable income I am not.

[Guest]

49 minutes ago, Anler said:

Not only NOT helping but making things exponentially worse for them and everybody else. There is no larger fail.

100% agreed . It would be cool if someone in the US ran on a MYOB platform.

[Guest]

38 minutes ago, Doug said:

To put it simple if your essential needs expenses such as food, utilities, taxes, heath care, etc. has gone up in cost and your income has not exceeded that increase you are either even or are less better off than 2 years ago.

If I just look at recordable income I am not.

I know that the 7.9% COLA increase on my pension check starting Jan.1 will be nice. Largest 1 year raise of my career.

[Anler]

13 minutes ago, HSR said:

100% agreed . It would be cool if someone in the US ran on a MYOB platform.

Ironically dubya ran on that platform in 2000 due to the Bosnia thing. That didn't last long. 

[Doug]

6 minutes ago, HSR said:

I know that the 7.9% COLA increase on my pension check starting Jan.1 will be nice. Largest 1 year raise of my career.

That's a nice increase.

I retired from my regular job last November and don't plan on taking my pension for a year or two.  Had an option to take a one time payout but declined.  Very hard hit on taxes.