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but oil companies make such small margins, man, you should give them more money....Crude is now $1.50/barrel LESS than it was on Jan. 1
Gasoline at my local is still about 60 cents a gallon higher than it was back then.
CA raised the gas tax last April by 3 cents a gallon, that must be the culprit.
Yes they are.Electric cars are the answer
Switzerland will BAN electric cars from roads during power shortages
Plans drawn up in the event Switzerland is hit by blackouts this winter call for all electric cars to be banned from the roads except for 'essential journeys' to limit power consumption.www.dailymail.co.uk
You're not mad that he picked your pocket for a couple years before relenting? How much was oil before Biden?Oil down to $73. Must be due to the continued increase of US production under President Joe Biden.
Sept. 2018 it was $73You're not mad that he picked your pocket for a couple years before relenting? How much was oil before Biden?
I drive an EV.You're not mad that he picked your pocket for a couple years before relenting? How much was oil before Biden?
You’re mistaking drilling with fracking. Below (about $49 is the fracking break even point).Sept. 2018 it was $73
Dec. 2022 it's now $72.
The reality is once it gets down into the $60s drilling activity ceases to be profitable and halts.
You think oil prices don’t affect you because you drive and electric car?I drive an EV
That wasn't the question I was asked.You think oil prices don’t affect you because you drive and electric car?
Commodity prices continued to rise after Biden became president because he vocalized the end of oil and gas production. The markets take the words of a president seriously. The commodity consumption numbers haven't changed significantly in the west and China's appetite is flatlining.....so blaming Coivid for high oil prices is silly. You could blame inflation for a part of it....but that was the fault of democratic lock down policies and the weakness of Trump who completely caved....thinking that doing the exact opposite of what won him an election was the way to win an election. That weakness cost the American taxpayer trillions of current and future wealth. Biden called for it as a candidate....claimed it was never enough...and doubled down once elected.I drive an EV.
But if you're going to ignore all of the impacts of Covid on the economy, where was unemployment before Biden? Where were wages before biden? Where was the stock market before Biden? Where was GDP before biden? Trump's numbers finished in the tank for all of those, yet somehow it's not his fault. Only when Biden became president did you expect someone to immediately fix all of the issues caused by Covid.
Shame so many frackers shut down under Trump's watch when he let oil become worthless.You’re mistaking drilling with fracking. Below (about $49 is the fracking break even point).
The break even point on “drilling” is variable because there so many more factors unique to each operation.
Too much in there to address, but I'm curious - you say we're increasing production because Europe has asked us to. Let's assume that's true. What specifically has Biden done recently to facilitate that?Commodity prices continued to rise after Biden became president because he vocalized the end of oil and gas production. The markets take the words of a president seriously. The commodity consumption numbers haven't changed significantly in the west and China's appetite is flatlining.....so blaming Coivid for high oil prices is silly. You could blame inflation for a part of it....but that was the fault of democratic lock down policies and the weakness of Trump who completely caved....thinking that doing the exact opposite of what won him an election was the way to win an election. That weakness cost the American taxpayer trillions of current and future wealth. Biden called for it as a candidate....claimed it was never enough...and doubled down once elected.
Now that the world is resuming some sense of normalcy the economies and markets aren't recovering in the same way. Sure people are going back to work but the damage that was done to the economy is decades from recovery.
The biggest factor in oil prices coming down is European leaders demanding us oil production. Due to sanctions currency and capital restraints Russian oil is going to be a fraction of what it was for several years. Once this transition is complete the oil market is going to settle between 70 and 80 bucks for the foreseeable future with dips and spikes of course. This is not a good thing. Oil was as low as negative value when Trump has US production blowing and going....this of course wasn't a good thing either. (remember when Shumer and the democrats wet their beds over Trump wanting to top off the strategic oil reserves when oil was in the high 20's? Brilliant minds those dems have in DC.) I'm not sure why your celebrating 72 dollar oil. Domestic energy policy should have oil settle in the 50-60 dollar range. It's never going to get there with Biden as president. It's going to take total failure to correct course...like it always does in DC...but it will correct in the future.
The Biden admin (and Trumps) have done some terrific things for the future of the US and North American economy. I'm not sure our kids will see it but the next generation is going to live through another economic revolution similar to the industrial revolution. You're going to see the North American continent as almost like an economic walled garden. If the Mexicans can keep corruption at bay they can be a wealthy first world economy. They have also had some significant wins in global politics... Afghanistan notwithstanding. Credit where credit is due there.... but to claim Biden admin has done anything positive for domestic energy pricing is silly.
He emptied the strategic petroleum preserve which took millions of gallons that were already produced and got it to refineries. When you dump that amount of oil on the market it's going to put downward pressure on oil prices. This all began when the europeans were screaming for oil and gas after the Russia supply was choked. As the reserves are emptied producers begin to divert oil back to them. The reason they aren't filling back up quickly is producers only have so much spare capacity to send that way. It's not that they can't produce more...it's that there isn't enough oil infrastructure to move what they can produce. Biden likes to say he has approved tens of thousands of oil leases. These are exploration leases. If you find oil you need to permit it for completion and then get another permit for production. None of this makes any difference if you can't move it. The Biden admin isn't approving any pipelines. The squeeze is only beginning there.Too much in there to address, but I'm curious - you say we're increasing production because Europe has asked us to. Let's assume that's true. What specifically has Biden done recently to facilitate that?