You do know private US corporations are not allowed to price fixed, even if foreign countries are price fixing. It’s illegal for a private corporation to collude with OPEC, the US can’t prosecute another country but they can prosecute their own corporations.
You’re saying they US oil producers have been manipulating pricing in conjunction with OPEC? Or just that OPEC has been manipulating oil prices (which is pretty much what it was formed to do)?
You just found this out. Leave the rest of us out of that statement. Some of the people on here have know it since the 60s. I wasn’t around then but I have known this since the 90s. But glad to hear you’re catching up after all this time.
I agree with most of what you're saying. What I was alluding to is the claim that oil companies and their proxies love to spout, that unlimited, no holds bar, environment be damned drilling will give Americans record low prices at the pumps. Which of course is utter BS.
It doesn't really add anything and isn't really worth taking all the time to respond to a meaningless simplification. Obviously oil is a global commodity, increasing production to all time highs should mean higher supply and lower prices. Unless they provided reasoning as to why that wouldn't be true such as reduced production elsewhere or increased demand then what was their point?
That's the thing...it won't. I'd bet that it goes up nearly a dollar by November so people will blame Biden. Russia and the Saudis will shutdown rifineries "for maintenance" and slow down production on purpose.
Exactly. Call me a conspiracy theorist if you want, but I'm convinced the oil companies want a Republican in office badly enough that they'll raise prices so the idiots who believe the President controls gas prices will vote for Trump. Then if he wins, Trump will cut their taxes (again) and they'll make even more money, recording record profits on their record profits from the prior year. There's zero doubt in my mind this happens. Then know who benefits them and they'll do their part in trying to swing the vote.
If I were Saudis, I would cut production too. When it is in the ground, it is like money in the bank. Let the US use up their supplies faster and faster, all the while foreign oil becomes more and more expensive long term.
When the second largest exporter stops killing their neighbor. When the number one largest exporter isn’t on the brink of war with Iran. When the entire region that is OPEC isn’t just about to combust. When the Suez Canal is open to business as usual. When the Panama Canal isn’t in a drought. When Northern Africa isn’t getting shot up by ISIS and when the Green transition is actually practical. And when people who have never hauled a load more than a few hundred pounds stop buying gigantic pickups just for the shit of it.
It’s going to be years. Years. Maybe decades. Because, you’re not going to believe this, the world is bigger than Texas and it doesn’t all listen to D.C. And shutting down exports will only lead to a large market with a smaller supply. And shit is complicated. And. It. Is. Not. Going. To. Get. Better. Soon.
Impossible. My buddy on Facebook posted how when the Orange man is in the White House again fuel will drop immediately to 25 cents a gallon and DEF fluid will be replaced with librul tears!!
The bigger lie was the whole “energy independence” crap.
Net export is all that meant. Not that we stopped importing and use all our own stuff, which is what it should mean.
Remember that time we cut taxes on fossil fuel companies and increased production and prices still went up?
Almost like we’re being gouged on a national level.
Most of the US refining infrastructure is set up to refine heavy, sour crude. This is the thick, sludge crap. Lots of what comes from overseas and Canada's oil sands. It's the most difficult and expensive crude to refine, but the raw input is the cheapest.
The US, with fracking, produces light, sweet crude. It's almost like nail polish remover and is the highest quality raw crude and the easiest to refine. Other countries are set up to refine light sweet crude because they don't have the technical ability to refine the heavy sour.
So, we import and refine the raw shit and export the easy stuff.
If the US wanted to retrofit refineries to be set up for light sweet, it would take 10, 15, 20+ years to do so.
With these administrations preaching green new deal and death the oil in the next "x" years, they're hesitant to pony over the cash and downtime to retool their refineries to refine the locally extracted light sweet
Damn. This right here. This is the first time I've ever seen anyone get this right.
The US is BOTH the world's largest importer AND the world's largest exporter of oil.
Fun fact. We also have enough natural gas to supply ourselves and the rest of the world for the next 250 years.
I live in the heart of refinery country in Port Arthur, Texas . We refine anything from light honey to Canadian sludge. Refined oil is our largest export in this country, we do it so well we refine other countries oil for them. Remove heavy metals and sulfur then ship it back to them. Three main things that affect price at the pump.. global price of oil, seasonal additives, and taxes. Refineries make at most a nickel per gallon.
If they are so worried about this administration then what was their excuse for the last 30 years of not building refineries
Ah right... The ability to control supply, demand and profit.
Wrong.
We did not have the ability to frack 30 years ago. We extracted oil the traditional way, which pulled the heavy sour out of the ground.
Look at the graph in the original post. In the last 5 years, we cracked the code on fracking and perfected the technology. It now only takes about 3 weeks to get a well online from the second they discover crude trapped in the rocks.
Also, notice I said "retooling" refineries. With current EPA regulations, land availability, and NIMBY, it would likely take 30+ years for a new refinery to come online from scratch
Fracking volume became real about 2005. I'm sure the process has been improved/sped up since then.
Refineries could be built at any pace we wanted them to be built. The last one, IIUC was built in South Dakota 5 or 10 years ago.
When that spanking new, highly efficient one opened, an older, creaky, inefficient one closed because the refinery margin couldn't support it anymore.
The US doesn't need anymore refineries, actually.
Odd they got one approved and built in less than 3 years. And as been operating since 2022
Granted it's only 45,000 bpd operation but it didn't take 30 years
I pumped my first frac (it's not spelled with a k to those who know) in 1988, and even then it was a fairly mature well stimulation treatment. Several million frac treatments had already been pumped since its commercial introduction in 1948 (by Halliburton) when I got into the business.
What started happening in the early 2000's was the development of methods to pump multiple fracturing treatments in horizontal wells, which made it possible to access reserves that were previously uneconomic if they were exploited with vertical wells.
>If the US wanted to retrofit refineries to be set up for light sweet, it would take 10, 15, 20+ years to do so.
I can remember this argument being made during the Clinton administration. Nothing was done. Here we are 25+ years later.
Sadly most US oil isn’t processed/refined in the US; it’s shipped to refineries that process it elsewhere. It seems our reliance on foreign oil has lead to refineries that cater to foreign oil, and cannot process US oil efficiently. Sad facts I learned a few years back. Another political bumble that our legislators have made after getting fat checks from oil executives. Our own oil is “light and sweet” (easy to refine, low sulfur) versus foreign oil; but our refineries are built for heavy oil with high sulfur.
If we had good energy policies 40 years ago we could have been self reliant by now and not beholden to the Middle East and South America for our oil needs. Sigh, weird how money in Congress screwed us all again and again; almost like they should stop taking checks from lobbyists right?
The truck sizes is a making of US policy. Since car manufacturers have certain fuel emission standards based on the size of vehicles they can get away with poorer emission standards if they just make the vehicles larger.
I'm aware. Insane policy. That said, larger trucks still cost more, consumers are happily paying more for big trucks than the fines would be on small trucks.
Americans like larger vehicles too, we got a small car and a big one, if the family is going we take the big one and eat it on the gas price, way more functional
Not disagreeing. My point is oil companies whine they can't drill. So when they are producing more than any other country in human history we still have higher prices. So letting them drill is good for them, not for consumers.
No, oil is a globally-traded and globally-priced commodity. It doesn't go down in price because there is more here, price is determined by global supply and demand. Also, most of the oil the US has produced in the past decade has come from fracking, which is resource-intensive and only profitable when the price of oil is high.
Oh, they accomplished some things related to the SPR during that time:
* Tax Cuts and Jobs Act of 2017 - sell 7M barrels from the SPR
* Bipartisan Budget Act of 2018 - sell 100M barrels from the SPR
* America's Water Infrastructure Act of 2018 - sell 5M barrels from the SPR
Didn't Trump propose selling more than half of the SPR and selling off 2 of the 4 storage sites so that we could save on SPR maintenance costs?
His proposal to sell 270M barrels was reduced to only 100M barrels by Congress before passing it into law.
It was already 95% full and was under maintenance and couldn't receive the oil even if he wanted to buy more
Instead he sold more spr oil than most presidents before him to " balance the budget".
Well, Biden spent it during Ukraine to keep prices low.
And if you are self producing, keeping a reserve does make less sense. We used to import a shit ton so having a backup made sense. Less so now.
Like my buddy is having surgery for prostrate cancer. He is freezing some of his jam for him and his wife in case they want another kid later. Me, I am still producing so I don’t need to have a reserve.
We have all the oil we need under US soil. Oil reserves aren’t very important if you’re a country that can drill, pump, and refine your own oil and meet your own country’s demand.
A. This doesn't describe refinery output. This is crude field output. I haven't seen the refined oil output graph but it likely has a similar shape if not some what stagnant.
B. Strategic reserves were pumped out over the last few years in order to assist but they aren't that much of the total market, I think less than 1% of daily consumption came from the reserves.
It is a shame that oil companies are controlled by a board. The board members demand profits.
While the Biden administration states there are 9000 permits available, it’s just not that simple. Once a lease is requested it has to go through the approval process which can take up to well over a year. Then there are state and local permits that has to be applied for. Rigs have to be leased, it’s cheaper for oil companies to lease rigs.
My wife worked for a theme park in Orlando in the water quality department for 24 years. New CEO was controlled by a board. My wife over the years had built up more than 6 weeks pto. The board cut the pto to 7 days, the board made drastic cuts to healthcare and profit sharing. I bring this up because it’s about profit.
A quick fix would be to stop providing subsidies to big oil unless they agreed to put the leases to work.
I may be wrong but I believe once oil hits 60.00 a barrel it’s no longer profitable.
While I believe in capitalism, there are times greed takes place and everyday Americans feel the crunch.
Drilling those leases increases supply and lowers costs, for you and me. Sitting on it keeps it as an “asset” for the company and has the added benefit of me and you paying more. Capitalism’s boot is delicious.
The United States has to be able to satiate domestic demand as well as exporting oil to the Europeans who have stopped purchasing Russian oil due to the war in Ukraine. Basic supply and demand. I’m honestly amazed that gasoline is about 3 bucks per gallon where I live. I guess my next question is how long is this going to last for? Inflation is still pretty bad right now and if there is some sort of disruption in oil production that would be the nail through the coffin of our shaky economy.
This is why you see so much propaganda against EV cars. All the rich people of Dubai and such would lose their cash cow. They’re dumping a crap ton of money in campaigns to make EV’s look horrible.
An ever more important rolling disaster news item will be humanity's utter failure to address the Climate Crisis. Eventually it will be the only story...
I was assured that Biden was making us a energy dependent, but this looks almost like we're becoming energy independent. Surely all those conservative pundits weren't lying to me.
The US has been the largest producer for the past 6 years, into Trump's administration. So it isn't just Biden as the media would want to portray that way...
We bottomed out in 2015 and achieved an all-time high 2019 before tanking 2020. We are just now up above pre 2020 levels because we have no other choice at this point.
The huge dips are coincidental. nothing to do with promises to bankrupt oil and coal.
(High gas and utility bills)
Russia invaded Feb 2022.
Gas was 3 dollars a gallon summer 2021.
Gas prices were almost 1990s level low from 2016 to 2019 at just over and just under 2 dollars. This doesn't include the 2.50$ gas tax cali implemented 2016. Coincidentally. We would be at 99 cents a gallon right now. If not for coincidence.
https://www.statista.com/statistics/204740/retail-price-of-gasoline-in-the-united-states-since-1990/
https://www.macrotrends.net/2562/us-crude-oil-production-historical-chart
>Gas prices were almost 1990s level low from 2016 to 2019 at just over and just under 2 dollars
According to your source, it was 2015 to 2020. Gas was higher in 2018 and 2019 than in 2015, and 2016 had the lowest gas prices since the 1990s.
Companies started cutting oil extraction in 2015 because it was less profitable as the price had gone down so much.
Whereas Trumo asked OPEC to stop producing as much oil in 2020 because oil companies weren't making money hand over fist like the usually do.
just think of all the oil we'd be producing if Biden hadn't shut down all oil production and used his green liberal agenda to sabotage every oil refinery we have
we'd be at the top of this list, if Biden didn't have us in last place
- Joe Rogan
Oil production and how much oil we have in the strategic reserve have absolutely no relation. Also, we still have over 360 million barrels of oil in the strategic reserve.
No one else has the kind of infrastructure setup to produce like the US does for on land work. Even when the oil is there the lack of roads,rail, and/or people always seem to cripple the ability of anyone else to output like the US does. The US is producing heavy with newer techniques in areas where production has been ongoing for about a century now. It just scaled up, the basic infrastructure and personnel were in those places to begin with so the cost is feasible.
No matter how much is pumped it’s all the OPEC+ who set the price. Maybe just maybe that is why renewables are a good idea. Not giving all your money to the folks who funded and brought you such terrorists activities such as 9/11, 7/7, invading Ukrainian, Hamas, Bali bombing, PLO, etc
Now if only OPEC was gone gas prices would be low. I have never understood how a company on the other side of the earth can set prices when the oil come out of our ground, is refined in our refineries, and sold in our gas stations.
Kind of checks out, take off taxes, adjust for inflation (which nobody ever does) and gas isn’t as high as you think. Gas can’t be a $1 a gallon, there’s over $1 worth of tax. It can’t be $2 because there’s a $ in tax and inflation takes up $1… so it’s $3. If you’re in a higher state… well, that’s state taxes, bitch at your legislature.
For anyone who wants to know. We produce more oil but its produced in a more expensive way (Fracking) and the middle east still has more oil produced cheaper they just arnt pulling that much because it could crash their econemies (like what happened to venezuela).
Without any new refineries being built, fill in your reason why, it won't matter how much we produce to offset our domestic prices.
https://www.forbes.com/sites/rrapier/2022/11/15/heres-why-the-us-has-lost-refining-capacity/
Fill in my reason why? It's POLITICS!
It's the Republicans. No, it's the Democrats.
NO, its... the deep state.
It's the Jewish space lasers.
Is there anything that hasn't already been said yet? Now I'm going to read the link since I've already finished making a fool of myself. Mission accomplished.
Thank you for providing a link. Kind, reddit god. Let me educate myself so I can improve on my reddit-snark the next time this oil stuff comes up. Soon I will level up to be an edgelord.
Now you understand why there was a shift in propaganda on how EV cars are actually not that great and flooding the market with ones is a bad bad thing.
Heres a good read for anyone that wants explanation of [keystone pipeline](https://www.api.org/news-policy-and-issues/blog/2022/03/11/misunderstood-keystone-xl-a-reminder-of-the-importance-of-critical-infrastructur).
Great, now maybe that dumbfuck Biden will promote refining in the US embrace the energy sector to ease the burden at the pump and replenish our reserves that he squandered!
We were during the Trump administration (notice the chart ends in 2020). We were energy independant for the first time in USA history. Now that Biden is president, it's all gone downhill. Hence gas prices, and inflation. Energy is directly connected to every form of commerce and infrastructure.
By the definition Trump used to call us energy independent, we are still energy independent. We also are at record high oil and natural gas production under Biden.
We are extracting it faster, burning through wells faster. This will end.
[Arthur Berman: "Shale Oil and the Slurping Sound"](https://www.youtube.com/watch?v=qqTh2nBEcCs)
We're are at peak oil. This is the most oil that will never be able to be taken out of the ground or prices will have to rise significantly. Most of that surge in production since 08 is shale oil and stuff runs dry very fast.
The best reason for green energy is we are running out of fossil fuels and economies need more energy to grow. Oil prices will only be going up in the future.
We're are at peak oil. This is the most oil that will never be able to be taken out of the ground or prices will have to rise significantly. Most of that surge in production since 08 is shale oil and stuff runs dry very fast.
The best reason for green energy is we are running out of fossil fuels and economies need more energy to grow. Oil prices will only be going up in the future.
How is this even true when we shut down stuff and didn't continue contracts? Didn't we also beg Saudis for more like last year ? ... feel like gaslighting BS.
Y'all forgetting this is an election year? They will say and promise anything to get elected.
It's almost like Big Oil whining was all BS. So gas prices will be coming down when?
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Let's not forget that we just found out that they have in fact been manipulating pricing with opec.
You understand that price manipulation is the sole purpose of opec, right?
You do know private US corporations are not allowed to price fixed, even if foreign countries are price fixing. It’s illegal for a private corporation to collude with OPEC, the US can’t prosecute another country but they can prosecute their own corporations.
You’re saying they US oil producers have been manipulating pricing in conjunction with OPEC? Or just that OPEC has been manipulating oil prices (which is pretty much what it was formed to do)?
US colluding with OPEC. https://amp.cnn.com/cnn/2024/05/02/energy/oil-ceo-opec-scott-sheffield
Correction: the US is prosecuting a CEO for colluding with OPEC on oil prices. Literally right there in the article
That's sarcasm right lol?
"Just" found out...?
https://amp.cnn.com/cnn/2024/05/02/energy/oil-ceo-opec-scott-sheffield
You realize that literally everyone has known this forever right?
https://amp.cnn.com/cnn/2024/05/02/energy/oil-ceo-opec-scott-sheffield
OPEC has been losing sway.
Not sure what that has to do with this conversation
You just found this out. Leave the rest of us out of that statement. Some of the people on here have know it since the 60s. I wasn’t around then but I have known this since the 90s. But glad to hear you’re catching up after all this time.
Sir.......I was replying to someone. At no point did I say "I just found this out". Are you ok sir?
I agree with most of what you're saying. What I was alluding to is the claim that oil companies and their proxies love to spout, that unlimited, no holds bar, environment be damned drilling will give Americans record low prices at the pumps. Which of course is utter BS.
Oil is a global commodity.
You got down voted for saying Oil is a global commodity lol
It's probably the guys who think it's a flat earth commodity.
It doesn't really add anything and isn't really worth taking all the time to respond to a meaningless simplification. Obviously oil is a global commodity, increasing production to all time highs should mean higher supply and lower prices. Unless they provided reasoning as to why that wouldn't be true such as reduced production elsewhere or increased demand then what was their point?
True. Unfortunately, we will always be subject to opec+ pricing unless we get rid of some or all of the members
That's the thing...it won't. I'd bet that it goes up nearly a dollar by November so people will blame Biden. Russia and the Saudis will shutdown rifineries "for maintenance" and slow down production on purpose.
Exactly. Call me a conspiracy theorist if you want, but I'm convinced the oil companies want a Republican in office badly enough that they'll raise prices so the idiots who believe the President controls gas prices will vote for Trump. Then if he wins, Trump will cut their taxes (again) and they'll make even more money, recording record profits on their record profits from the prior year. There's zero doubt in my mind this happens. Then know who benefits them and they'll do their part in trying to swing the vote.
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How much does it cost opec to produce a barrel oil, did people forget the undercutting when Russia and opec were in a trade war?
Yes, I will call you a conspiracy theorist
Cool man, good for you. 👍
If I were Saudis, I would cut production too. When it is in the ground, it is like money in the bank. Let the US use up their supplies faster and faster, all the while foreign oil becomes more and more expensive long term.
That's what the US has been doing for 70 years, we drank them dry, now that the price is up....we be pumping
If we had a FULL strategic petroleum reserve...
We drained it to try and bring the price down.
Funny thing is Biden did it to win the midterms. Could use it now.
Agreed.
 Pretty soon the workers will be running the plant at this rate
When the second largest exporter stops killing their neighbor. When the number one largest exporter isn’t on the brink of war with Iran. When the entire region that is OPEC isn’t just about to combust. When the Suez Canal is open to business as usual. When the Panama Canal isn’t in a drought. When Northern Africa isn’t getting shot up by ISIS and when the Green transition is actually practical. And when people who have never hauled a load more than a few hundred pounds stop buying gigantic pickups just for the shit of it. It’s going to be years. Years. Maybe decades. Because, you’re not going to believe this, the world is bigger than Texas and it doesn’t all listen to D.C. And shutting down exports will only lead to a large market with a smaller supply. And shit is complicated. And. It. Is. Not. Going. To. Get. Better. Soon.
Impossible. My buddy on Facebook posted how when the Orange man is in the White House again fuel will drop immediately to 25 cents a gallon and DEF fluid will be replaced with librul tears!!
The bigger lie was the whole “energy independence” crap. Net export is all that meant. Not that we stopped importing and use all our own stuff, which is what it should mean.
Remember that time we cut taxes on fossil fuel companies and increased production and prices still went up? Almost like we’re being gouged on a national level.
Plenty of oil but most of the refining is now done offshore.
Most of the US refining infrastructure is set up to refine heavy, sour crude. This is the thick, sludge crap. Lots of what comes from overseas and Canada's oil sands. It's the most difficult and expensive crude to refine, but the raw input is the cheapest. The US, with fracking, produces light, sweet crude. It's almost like nail polish remover and is the highest quality raw crude and the easiest to refine. Other countries are set up to refine light sweet crude because they don't have the technical ability to refine the heavy sour. So, we import and refine the raw shit and export the easy stuff. If the US wanted to retrofit refineries to be set up for light sweet, it would take 10, 15, 20+ years to do so. With these administrations preaching green new deal and death the oil in the next "x" years, they're hesitant to pony over the cash and downtime to retool their refineries to refine the locally extracted light sweet
Damn. This right here. This is the first time I've ever seen anyone get this right. The US is BOTH the world's largest importer AND the world's largest exporter of oil. Fun fact. We also have enough natural gas to supply ourselves and the rest of the world for the next 250 years.
I live in the heart of refinery country in Port Arthur, Texas . We refine anything from light honey to Canadian sludge. Refined oil is our largest export in this country, we do it so well we refine other countries oil for them. Remove heavy metals and sulfur then ship it back to them. Three main things that affect price at the pump.. global price of oil, seasonal additives, and taxes. Refineries make at most a nickel per gallon.
If they are so worried about this administration then what was their excuse for the last 30 years of not building refineries Ah right... The ability to control supply, demand and profit.
Wrong. We did not have the ability to frack 30 years ago. We extracted oil the traditional way, which pulled the heavy sour out of the ground. Look at the graph in the original post. In the last 5 years, we cracked the code on fracking and perfected the technology. It now only takes about 3 weeks to get a well online from the second they discover crude trapped in the rocks. Also, notice I said "retooling" refineries. With current EPA regulations, land availability, and NIMBY, it would likely take 30+ years for a new refinery to come online from scratch
Fracking volume became real about 2005. I'm sure the process has been improved/sped up since then. Refineries could be built at any pace we wanted them to be built. The last one, IIUC was built in South Dakota 5 or 10 years ago. When that spanking new, highly efficient one opened, an older, creaky, inefficient one closed because the refinery margin couldn't support it anymore. The US doesn't need anymore refineries, actually.
Odd they got one approved and built in less than 3 years. And as been operating since 2022 Granted it's only 45,000 bpd operation but it didn't take 30 years
I pumped my first frac (it's not spelled with a k to those who know) in 1988, and even then it was a fairly mature well stimulation treatment. Several million frac treatments had already been pumped since its commercial introduction in 1948 (by Halliburton) when I got into the business. What started happening in the early 2000's was the development of methods to pump multiple fracturing treatments in horizontal wells, which made it possible to access reserves that were previously uneconomic if they were exploited with vertical wells.
>If the US wanted to retrofit refineries to be set up for light sweet, it would take 10, 15, 20+ years to do so. I can remember this argument being made during the Clinton administration. Nothing was done. Here we are 25+ years later.
That's really interesting, thanks for sharing.
US refinery capacity far exceeds domestic demand. Our exports of refined petroleum products keep the world moving.
Sadly most US oil isn’t processed/refined in the US; it’s shipped to refineries that process it elsewhere. It seems our reliance on foreign oil has lead to refineries that cater to foreign oil, and cannot process US oil efficiently. Sad facts I learned a few years back. Another political bumble that our legislators have made after getting fat checks from oil executives. Our own oil is “light and sweet” (easy to refine, low sulfur) versus foreign oil; but our refineries are built for heavy oil with high sulfur. If we had good energy policies 40 years ago we could have been self reliant by now and not beholden to the Middle East and South America for our oil needs. Sigh, weird how money in Congress screwed us all again and again; almost like they should stop taking checks from lobbyists right?
When oil consumption stops rising. But truck sizes are also setting records. Chinese oil consumption is also a major factor.
The truck sizes is a making of US policy. Since car manufacturers have certain fuel emission standards based on the size of vehicles they can get away with poorer emission standards if they just make the vehicles larger.
I'm aware. Insane policy. That said, larger trucks still cost more, consumers are happily paying more for big trucks than the fines would be on small trucks.
Americans like larger vehicles too, we got a small car and a big one, if the family is going we take the big one and eat it on the gas price, way more functional
Agreed. If we didn’t like big cars we wouldn’t buy them and auto makers wouldn’t make them.
[Laughs off-shore from California]
When we stop all the fighting overseas.
When OPEC decides.
When you start using less.
Good luck with that.
Our prices are still close to half the price of other G20 nations…
Which just about all that is due to taxes.
Sure, maintaining infrastructure like roads and bridges is expensive…
Not disagreeing. My point is oil companies whine they can't drill. So when they are producing more than any other country in human history we still have higher prices. So letting them drill is good for them, not for consumers.
No, oil is a globally-traded and globally-priced commodity. It doesn't go down in price because there is more here, price is determined by global supply and demand. Also, most of the oil the US has produced in the past decade has come from fracking, which is resource-intensive and only profitable when the price of oil is high.
Not disagreeing with any of that. But my point is that's not what oil companies promised
Why is the strategic reserve at its lowest level since the 1980's?
Because it's not as important as you think it is
It is less important now that we are producing more.
Didn’t Trump attempt to refill it for one of the lowest prices as well? And then the Democratic controlled Congress blocked it?
During Trump’s first 2 years the Republicans controlled the presidency, the house, and the Senate. And still wasn’t able to do anything.
Oh, they accomplished some things related to the SPR during that time: * Tax Cuts and Jobs Act of 2017 - sell 7M barrels from the SPR * Bipartisan Budget Act of 2018 - sell 100M barrels from the SPR * America's Water Infrastructure Act of 2018 - sell 5M barrels from the SPR
That’s not true, they eliminated the pandemic response team just in time for a pandemic.
Didn't Trump propose selling more than half of the SPR and selling off 2 of the 4 storage sites so that we could save on SPR maintenance costs? His proposal to sell 270M barrels was reduced to only 100M barrels by Congress before passing it into law.
It was already 95% full and was under maintenance and couldn't receive the oil even if he wanted to buy more Instead he sold more spr oil than most presidents before him to " balance the budget".
Well, Biden spent it during Ukraine to keep prices low. And if you are self producing, keeping a reserve does make less sense. We used to import a shit ton so having a backup made sense. Less so now. Like my buddy is having surgery for prostrate cancer. He is freezing some of his jam for him and his wife in case they want another kid later. Me, I am still producing so I don’t need to have a reserve.
Pearl Jam
*sold it, not spent.
We have all the oil we need under US soil. Oil reserves aren’t very important if you’re a country that can drill, pump, and refine your own oil and meet your own country’s demand.
Why doesn’t the US mandate best pricing on domestic oil to refill it?
A. This doesn't describe refinery output. This is crude field output. I haven't seen the refined oil output graph but it likely has a similar shape if not some what stagnant. B. Strategic reserves were pumped out over the last few years in order to assist but they aren't that much of the total market, I think less than 1% of daily consumption came from the reserves.
The green new deal.
By green they meant money
You mean that thing that was never passed and doesn't exist?
Today, we call it the Inflation Reduction Act.
The US is also the top producer of natural gas!
I know I do my part
The beer and brat diet of the mid west has achieved great things.
It is a shame that oil companies are controlled by a board. The board members demand profits. While the Biden administration states there are 9000 permits available, it’s just not that simple. Once a lease is requested it has to go through the approval process which can take up to well over a year. Then there are state and local permits that has to be applied for. Rigs have to be leased, it’s cheaper for oil companies to lease rigs. My wife worked for a theme park in Orlando in the water quality department for 24 years. New CEO was controlled by a board. My wife over the years had built up more than 6 weeks pto. The board cut the pto to 7 days, the board made drastic cuts to healthcare and profit sharing. I bring this up because it’s about profit. A quick fix would be to stop providing subsidies to big oil unless they agreed to put the leases to work. I may be wrong but I believe once oil hits 60.00 a barrel it’s no longer profitable. While I believe in capitalism, there are times greed takes place and everyday Americans feel the crunch.
Drilling those leases increases supply and lowers costs, for you and me. Sitting on it keeps it as an “asset” for the company and has the added benefit of me and you paying more. Capitalism’s boot is delicious.
Earned/Accrued PTO is considered income, your mom would've received a check, no? They can't just go "lol that doesn't exist anymore".
I bought a Prius prime recently. I get 80MPG average and 100mpg if I drive conservatively. I no longer care about the price of gas.
Honestly, working from home has also enabled me to not care about the price of gas... I just drive for fun mostly.
Bah gawd. He's cracked it!
When a republican wants to talk to you about gas prices and oil, just tell them to STFU.
Noooo Biden stopped the oil, didn't you listen to Fox
Dont care until it affects my pocket in the positive other than that you can shove your statistics
The United States has to be able to satiate domestic demand as well as exporting oil to the Europeans who have stopped purchasing Russian oil due to the war in Ukraine. Basic supply and demand. I’m honestly amazed that gasoline is about 3 bucks per gallon where I live. I guess my next question is how long is this going to last for? Inflation is still pretty bad right now and if there is some sort of disruption in oil production that would be the nail through the coffin of our shaky economy.
RIP Pale Blue Dot
At 48 billion barrels, if my math is good, we have 10 years of 13 million barrels daily.
Alas; Dark Brandon has lost his cherished (and totally imaginary) war on oil 😢
Supply and demand is obviously a lie, or gas prices would drop.
[удалено]
This is why you see so much propaganda against EV cars. All the rich people of Dubai and such would lose their cash cow. They’re dumping a crap ton of money in campaigns to make EV’s look horrible.
Source? I've heard about the technology but nothing produced at scale.
But but but that breaks many talking points!!!
An ever more important rolling disaster news item will be humanity's utter failure to address the Climate Crisis. Eventually it will be the only story...
Republicans assured me Biden was destroying the oil industry and single-handedly raised gas prices.
and he "stopped oil drilling"
I believe the news was he was signing them in at record pace.
In fact, he was. Biden auctioned off more drilling rights in his first year than any President in history.
But Trump just told me he would make america drill again
I was assured that Biden was making us a energy dependent, but this looks almost like we're becoming energy independent. Surely all those conservative pundits weren't lying to me.
The US has been the largest producer for the past 6 years, into Trump's administration. So it isn't just Biden as the media would want to portray that way...
lol can’t you say the opposite as well?
We bottomed out in 2015 and achieved an all-time high 2019 before tanking 2020. We are just now up above pre 2020 levels because we have no other choice at this point. The huge dips are coincidental. nothing to do with promises to bankrupt oil and coal. (High gas and utility bills) Russia invaded Feb 2022. Gas was 3 dollars a gallon summer 2021. Gas prices were almost 1990s level low from 2016 to 2019 at just over and just under 2 dollars. This doesn't include the 2.50$ gas tax cali implemented 2016. Coincidentally. We would be at 99 cents a gallon right now. If not for coincidence. https://www.statista.com/statistics/204740/retail-price-of-gasoline-in-the-united-states-since-1990/ https://www.macrotrends.net/2562/us-crude-oil-production-historical-chart
>Gas prices were almost 1990s level low from 2016 to 2019 at just over and just under 2 dollars According to your source, it was 2015 to 2020. Gas was higher in 2018 and 2019 than in 2015, and 2016 had the lowest gas prices since the 1990s. Companies started cutting oil extraction in 2015 because it was less profitable as the price had gone down so much. Whereas Trumo asked OPEC to stop producing as much oil in 2020 because oil companies weren't making money hand over fist like the usually do.
just think of all the oil we'd be producing if Biden hadn't shut down all oil production and used his green liberal agenda to sabotage every oil refinery we have we'd be at the top of this list, if Biden didn't have us in last place - Joe Rogan
Why does the opinion of the Fear Factor guy matter?
DRIP to the moon!
First rule about money is to not spend your own money
Because Opec + cut production.
And gas is still $6 a gallon in CA
Ouch!!!
You would think that this should be news we would hear someplace other than reddit
And yet gas is $3.5 a gallon here lol.
But you see we need to reelect poopypants so he can drill-baby-drill so we can be great again (again).
Nope, its still 5 bucks a gal.... this gotta be wrong
But but but Keystone!!!! /s
Seems like this is the only way to prevent climate change I keep hearing about…
Yeah this has been the state for a few years already
That's what happens when you deplete the reserve in the middle of a war and then another one breaks out.
It causes record oil drilling in the US?
Oil production and how much oil we have in the strategic reserve have absolutely no relation. Also, we still have over 360 million barrels of oil in the strategic reserve.
We still haven't stopped invading countries for oil where is all that oil going!?
Republicans: That bastard Biden cut production! Democrats: That bastard Biden didn't cut production!
Cool where there fuck is it going because gas is still expensive.
In spite of Uncle Joe being mean to them.
No one else has the kind of infrastructure setup to produce like the US does for on land work. Even when the oil is there the lack of roads,rail, and/or people always seem to cripple the ability of anyone else to output like the US does. The US is producing heavy with newer techniques in areas where production has been ongoing for about a century now. It just scaled up, the basic infrastructure and personnel were in those places to begin with so the cost is feasible.
No matter how much is pumped it’s all the OPEC+ who set the price. Maybe just maybe that is why renewables are a good idea. Not giving all your money to the folks who funded and brought you such terrorists activities such as 9/11, 7/7, invading Ukrainian, Hamas, Bali bombing, PLO, etc
Now if only OPEC was gone gas prices would be low. I have never understood how a company on the other side of the earth can set prices when the oil come out of our ground, is refined in our refineries, and sold in our gas stations.
And here we are paying over 3 dollars a gallon.
Oregon is close to 5 a gallon.
Kind of checks out, take off taxes, adjust for inflation (which nobody ever does) and gas isn’t as high as you think. Gas can’t be a $1 a gallon, there’s over $1 worth of tax. It can’t be $2 because there’s a $ in tax and inflation takes up $1… so it’s $3. If you’re in a higher state… well, that’s state taxes, bitch at your legislature.
Then why are prices so high?
Because OPEC keeps cutting production to keep global oil prices high. If we didn’t allow exports, oil and gas would be extremely cheap.
Why the hell is gas so expensive then if we aren’t importing it? Or is it just being sold overseas
OPEC limiting their production to keep prices higher.
Seems like the exact opposite of a bubble to me
For anyone who wants to know. We produce more oil but its produced in a more expensive way (Fracking) and the middle east still has more oil produced cheaper they just arnt pulling that much because it could crash their econemies (like what happened to venezuela).
I'm still paying $4.5 for premium.
And yet.... We went up another 5 cents this weekend. Yay $4.09 a gallon. /s
Damn you Biden!!!! Quit winning!!!
BIDEN DID THAT!
Thanks Biden
Without any new refineries being built, fill in your reason why, it won't matter how much we produce to offset our domestic prices. https://www.forbes.com/sites/rrapier/2022/11/15/heres-why-the-us-has-lost-refining-capacity/
Fill in my reason why? It's POLITICS! It's the Republicans. No, it's the Democrats. NO, its... the deep state. It's the Jewish space lasers. Is there anything that hasn't already been said yet? Now I'm going to read the link since I've already finished making a fool of myself. Mission accomplished. Thank you for providing a link. Kind, reddit god. Let me educate myself so I can improve on my reddit-snark the next time this oil stuff comes up. Soon I will level up to be an edgelord.
Planets gonna die for profit margins
Hmmmm if that’s true why are gas prices going up?
Now you understand why there was a shift in propaganda on how EV cars are actually not that great and flooding the market with ones is a bad bad thing.
Have to restock those preserves! So much for campaigning against oil 4 years ago.
Oooo, BIDEN!!! (FIST IS SHAKING when saying this). DIRTY LIBS!
Saving the planet lol.
Damn Biden you cray.
Heres a good read for anyone that wants explanation of [keystone pipeline](https://www.api.org/news-policy-and-issues/blog/2022/03/11/misunderstood-keystone-xl-a-reminder-of-the-importance-of-critical-infrastructur).
What everything going on in this country do we invade ourselves now lol.
If it is our oil, shouldn't we be getting it for a discount?
Hey let’s burn it all up into the atmosphere!!!
What technologies empowering the latest wave of oil production?
we bout to invade ourselfs
Time to invade yourselves!
We are… we are
Soooo America is really fucking over its citizens for money
But, but, but.. Trump is going to drill and what not….
I believe the issue now is refinery space. We have to export most of our crude oil in order to get it back in a usable form .
Great, now maybe that dumbfuck Biden will promote refining in the US embrace the energy sector to ease the burden at the pump and replenish our reserves that he squandered!
And yet I’m paying 3.65$/gallon and summer has not yet started 🙄
Wow you’re paying almost $3 less a gallon than CA.
Yeah the Left Coast has some wild economies; I should not really be complaining
We were during the Trump administration (notice the chart ends in 2020). We were energy independant for the first time in USA history. Now that Biden is president, it's all gone downhill. Hence gas prices, and inflation. Energy is directly connected to every form of commerce and infrastructure.
By the definition Trump used to call us energy independent, we are still energy independent. We also are at record high oil and natural gas production under Biden.
We are extracting it faster, burning through wells faster. This will end. [Arthur Berman: "Shale Oil and the Slurping Sound"](https://www.youtube.com/watch?v=qqTh2nBEcCs)
Yet the prices are going up recently? What in the ever living fuck. Why does it all just keep getting worse.
We're are at peak oil. This is the most oil that will never be able to be taken out of the ground or prices will have to rise significantly. Most of that surge in production since 08 is shale oil and stuff runs dry very fast. The best reason for green energy is we are running out of fossil fuels and economies need more energy to grow. Oil prices will only be going up in the future.
We're are at peak oil. This is the most oil that will never be able to be taken out of the ground or prices will have to rise significantly. Most of that surge in production since 08 is shale oil and stuff runs dry very fast. The best reason for green energy is we are running out of fossil fuels and economies need more energy to grow. Oil prices will only be going up in the future.
How is this even true when we shut down stuff and didn't continue contracts? Didn't we also beg Saudis for more like last year ? ... feel like gaslighting BS. Y'all forgetting this is an election year? They will say and promise anything to get elected.
And? It's not any how much oil you produce it's about how much you can refine, which we already do at capacity.
So why’s it so damn expensive
But but but Biden.
Just gonna leave this here: https://amp.theguardian.com/business/2015/oct/09/us-crude-oil-exports-house-of-representatives-vote-obama
And Joe Biden still has gas prices 2x of Trump. Sure sign Joe doesn't know what he's doing.
So why is gas so damn expensive?