Gold Member BOHICA Posted July 9, 2023 Gold Member Share Posted July 9, 2023 U.S. crude oil production is on track to set a record this year, up 9% Y/Y through April, helping to keep energy prices stable and blunt the efforts of Saudi Arabia and other oil exporters to drive them higher. The Energy Information Administration has forecast total U.S. output will hit 12.61M bbl/day in 2023, topping 2019's record of 12.32M bbl/day and easily beating last year's 11.89M bbl/day. https://seekingalpha.com/news/3986338-record-breaking-us-oil-production-helps-thwart-saudi-efforts-to-drive-up-prices Quote Link to comment Share on other sites More sharing options...
spin_dry Posted July 9, 2023 Share Posted July 9, 2023 Biden is a new age Jed Clampett. Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 9, 2023 Author Gold Member Share Posted July 9, 2023 When DJT left office he only had oil companies pumping around 11 million barrels a day. Under Biden’s presidency he has increased oil production by a substantial amount. Quote Link to comment Share on other sites More sharing options...
f7ben Posted July 9, 2023 Share Posted July 9, 2023 Racer? Quote Link to comment Share on other sites More sharing options...
SkisNH Posted July 9, 2023 Share Posted July 9, 2023 7 hours ago, BOHICA said: When DJT left office he only had oil companies pumping around 11 million barrels a day. Under Biden’s presidency he has increased oil production by a substantial amount. "Administration has forecast total U.S. output will hit 12.61M bbl/day in 2023, topping 2019's record of 12.32M bbl/day" You need to redefine substantial. 1 Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 9, 2023 Author Gold Member Share Posted July 9, 2023 1 hour ago, SkisNH said: "Administration has forecast total U.S. output will hit 12.61M bbl/day in 2023, topping 2019's record of 12.32M bbl/day" You need to redefine substantial. Donald left office at the beginning of 2021…. He may have hit a bunch in 2019 but he damn near kilt the oil industry his last year in office. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted July 9, 2023 Platinum Contributing Member Share Posted July 9, 2023 1 minute ago, BOHICA said: Donald left office at the beginning of 2021…. He may have hit a bunch in 2019 but he damn near kilt the oil industry his last year in office. Ya Trump did that. There was nothing else substantial going on at the time was there. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted July 9, 2023 Platinum Contributing Member Share Posted July 9, 2023 3 minutes ago, Steve753 said: Ya Trump did that. There was nothing else substantial going on at the time was there. I think there was something, I can't quite put my finger on it though, if I remember correctly it was kinda a big deal.. 2 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted July 9, 2023 Platinum Contributing Member Share Posted July 9, 2023 When he starts canceling Green deals and tells AOC and the rest of the squad to GFYS....I might actually have a little respect for Dr. Demento. Quote Link to comment Share on other sites More sharing options...
Gold Member Stephen Hawking Posted July 9, 2023 Gold Member Share Posted July 9, 2023 1 hour ago, Steve753 said: Ya Trump did that. There was nothing else substantial going on at the time was there. I can't quite put my finger on it but the traffic was very light, would pretty much negate the need for large amounts of fossil fuels to be produced. 1 Quote Link to comment Share on other sites More sharing options...
favoritos Posted July 9, 2023 Share Posted July 9, 2023 43 minutes ago, Steve753 said: Ya Trump did that. There was nothing else substantial going on at the time was there. That's the irony of this political bickering about policy that creates supply and demand. People love to go round and round about how so and so made it happen. We are giving way too much credit and blame to politicians. They are more than willing to stand in line to take credit when things look good. The finger pointing goes up when things look bad. In reality, we as consumers create demand. When demand is higher, people will line up to make profit off the consumer's desire to buy. It's not real complicated. Oil is a supply-demand business. Energy overall fits into that model. That creates another irony. Somebody forgot to tell mother nature that consumers use things like sun and wind based on their personal desire. Consumers really don't care when the sun doesn't shine and the wind doesn't blow. Desire over rides policy and oil fills the gap. 6 Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted July 9, 2023 Author Gold Member Share Posted July 9, 2023 9 hours ago, favoritos said: That's the irony of this political bickering about policy that creates supply and demand. People love to go round and round about how so and so made it happen. We are giving way too much credit and blame to politicians. They are more than willing to stand in line to take credit when things look good. The finger pointing goes up when things look bad. In reality, we as consumers create demand. When demand is higher, people will line up to make profit off the consumer's desire to buy. It's not real complicated. Oil is a supply-demand business. Energy overall fits into that model. That creates another irony. Somebody forgot to tell mother nature that consumers use things like sun and wind based on their personal desire. Consumers really don't care when the sun doesn't shine and the wind doesn't blow. Desire over rides policy and oil fills the gap. Many of people have credited Trump for low oil and gas prices and will comment on the gas price when he left office vs what they were last year or even this year….. Quote Link to comment Share on other sites More sharing options...
favoritos Posted July 10, 2023 Share Posted July 10, 2023 1 hour ago, BOHICA said: Many of people have credited Trump for low oil and gas prices and will comment on the gas price when he left office vs what they were last year or even this year….. That's the silly part. People should have been giving themselves credit. People quit buying so much that oil went negative. Demand was low and supply was high. Drilling operations shut down because it sure didn't make sense to spend money on a money losing game. That's the simple part of how supply and demand works in an open market. The hard part was catching up supply as fast as people wanted to start buying. Drilling doesn't ramp up that fast, so supply was outstripped by demand. Prices went up. People also had the silly thought that politicians could control price by using the SPR. We were ramping up consumption too fast for that to help. It also was not designed to play the market. It is a Strategic Reserve. The design was to help carry through supply disruption. (People made the argument that money losing, drilling shut downs, were a supply disruption.) Politicians bowed to pressure and opened exchange bidding which just kicked the can down the road. The original idea was to have bidders replenish by matching purchase volumes. Basically, they had to supply for consumer demand and back fill the reserves. There is some irony to the idea. Oil prices were high at the time and the gov could make tons of money on cheaply bought oil sitting in the SPR. That little game has kept drillers busy trying to supply consumers while the government is filling the SPR. That has extended out demand. 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted July 10, 2023 Platinum Contributing Member Share Posted July 10, 2023 I'll take some of that 2017-2020 gas any day....oh and cheaper groceries as well. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted July 10, 2023 Platinum Contributing Member Share Posted July 10, 2023 8 hours ago, ViperGTS/Z1 said: I'll take some of that 2017-2020 gas any day....oh and cheaper groceries as well. Golly gee I wonder what made gas go up in 2021... Quote Link to comment Share on other sites More sharing options...
toslow Posted July 10, 2023 Share Posted July 10, 2023 Oil companies are recording record profits Quote Link to comment Share on other sites More sharing options...
1jkw Posted July 10, 2023 Share Posted July 10, 2023 (edited) 10 hours ago, ViperGTS/Z1 said: I'll take some of that 2017-2020 gas any day....oh and cheaper groceries as well. How does that compare to 2016? Edited July 10, 2023 by 1jkw Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted July 10, 2023 Platinum Contributing Member Share Posted July 10, 2023 23 hours ago, BOHICA said: Donald left office at the beginning of 2021…. He may have hit a bunch in 2019 but he damn near kilt the oil industry his last year in office. He killed it during a pandemic where 2/3rds of the country couldn't leave their home to go to work and nobody could go on vacation. I love all the talk about certain things in the economy without recognition of the pandemic in 2020-2021. 2% total increase in output over 4 years is far from great especially considering what the price of oil has been. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted July 10, 2023 Platinum Contributing Member Share Posted July 10, 2023 24 minutes ago, 1jkw said: How does that compare to 2016? 2016 was low 2015was high.... Still much better then than now Quote Link to comment Share on other sites More sharing options...
1jkw Posted July 10, 2023 Share Posted July 10, 2023 10 minutes ago, Highmark said: He killed it during a pandemic where 2/3rds of the country couldn't leave their home to go to work and nobody could go on vacation. I love all the talk about certain things in the economy without recognition of the pandemic in 2020-2021. 2% total increase in output over 4 years is far from great especially considering what the price of oil has been. Trump took credit for saving oil companies in a speech even though he waited too long to pressure SA to make the cuts that stopped the oil slide. What was the last quarter GDP before the pandemic? Any increase in production by US oil is good considering there is zero incentive for them to produce enough to lower prices. They learned from 2016 and then 2020 what happens. On a side note $41.00 DPB is now profitable from fracked oil. Quote Link to comment Share on other sites More sharing options...
1jkw Posted July 10, 2023 Share Posted July 10, 2023 7 minutes ago, ViperGTS/Z1 said: 2016 was low 2015was high.... Still much better then than now 2015 was 2.43, 2 cents higher than 2017 and lower than 2018,2019. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member ViperGTS/Z1 Posted July 10, 2023 Platinum Contributing Member Share Posted July 10, 2023 2 hours ago, Steve753 said: Golly gee I wonder what made gas go up in 2021... I thought people weren't driving and we were under a pandemic shouldn't the gas have remained low?.... Isn't it supply and demand?….... Oh that's right, we did have Ukraine which most likely would never have happened under Trump.... But that's a big scapegoat, shutting down the keystone and other regulations were the main cause of the jump. Watch for prices to start falling in 25 when we get a real prez in office again.... But of course it will just be a coincidence, The Prez has no control over this. Trump was just able to predict what would happen with gas if he wasn't elected and he was spot on Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted July 10, 2023 Platinum Contributing Member Share Posted July 10, 2023 2 minutes ago, ViperGTS/Z1 said: I thought people weren't driving and we were under a pandemic shouldn't the gas have remained low?.... Isn't it supply and demand?….... Oh that's right, we did have Ukraine which most likely would never have happened under Trump.... But that's a big scapegoat, shutting down the keystone and other regulations were the main cause of the jump. Watch for prices to start falling in 25 when we get a real prez in office again.... But of course it will just be a coincidence, The Prez has no control over this. Trump was just able to predict what would happen with gas if he wasn't elected and he was spot on Wasn't hard to make that prediction with the state of the world. It would've went up regardless who was potus. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted July 10, 2023 Share Posted July 10, 2023 12 minutes ago, Steve753 said: Wasn't hard to make that prediction with the state of the world. It would've went up regardless who was potus. Um no. Biden shut down domestic production for the bullshit green agenda. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Steve753 Posted July 10, 2023 Platinum Contributing Member Share Posted July 10, 2023 (edited) 4 minutes ago, ArcticCrusher said: Um no. Biden shut down domestic production for the bullshit green agenda. Why did it go up all over the world? Domestic production is higher now than it was in 2019. Edited July 10, 2023 by Steve753 Quote Link to comment Share on other sites More sharing options...
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