BIDEN BLOWS UP OIL PRICES BY CANCELLING DRILLING IN U.S. NOW BEGS OPEC

[Fred's Myth]

So how will an SPR going to help any?

I wasn't arguing the necessity, or not, of the SPR.

I was simply pointing out that the predicted hurricane season could easily disrupt fuel stocks to the point that you could end up bicycling to work. The refineries being mostly in Texas. Which you impotently tried to joke that hurricanes don't affect.

 

[Non liberal]

@Up In Smoke is an extreme partisan masquerading as a honest middle of the road person. He will defend anything his side of the aisle does even if it doesn’t make sense.

Which is exactly the way the suits want it, and why they made it that way.

 

[Non liberal]

If we get hit with ICBM's nothing is going to matter.

lol, yeah they’d be blown out of the sky over top of the country that launched them. It’s germ and chemical warfare you have to worry about now.

 

[Non liberal]

I would be more worried about the terrorists that attacked the Capitol on January 6th.

You mean the terrorists that stole the election from trump. Or the terrorists that burnt our country down in 2020?

 

[PT Car Washer]

You mean the terrorists that stole the election from trump. Or the terrorists that burnt our country down in 2020?

Thought that was Jewish space lasers. Or so the right believes.

 

[bacha29]

Time you finally get to the facts.
A couple of weeks back Jim Cramer had Vicki Hollub CEO and mineral engineer of Occidental Petroleum on the show.
And Vicki showed you where the bear recently had a bowel movement in the woods.

According to Hollub and speaking for the record on one of the nation's biggest financial and business news network.....97% of the crude oil we are pulling out of the ground is coming from oil fields that were discovered prior to the year 2000.

Moreover for every 2 barrels of oil we're drawing out of the ground we are only replacing it with 1 barrel. The reason being is that all of the major oil fields have been discovered and developed. All that remains are smaller, lower yielding fields that due to their lower yields will result in a higher per barrel cost. In addition US crude oil production is at an all time high.

Now despite the fact that Vicki Hollub CEO of the very large and publicly traded Occidental Petroleum was speaking for the record and in behalf of her company, you people can dismiss what she has to say if you think it will make a difference. The only question is.....can you disprove it?

Unfortunately, the situation is not as simple as those industry analysists at Fox News try to make it out to be. Then again Fox News has no choice but to break information down to the simplest components possible If not it's viewership unable to understand what it's saying would get up out of their recliners and leave. And for Fox News...that would be a bad thing.

 

[Thebrownblob]

Time you finally get to the facts.
A couple of weeks back Jim Cramer had Vicki Hollub CEO and mineral engineer of Occidental Petroleum on the show.
And Vicki showed you where the bear recently had a bowel movement in the woods.

According to Hollub and speaking for the record on one of the nation's biggest financial and business news network.....97% of the crude oil we are pulling out of the ground is coming from oil fields that were discovered prior to the year 2000.

Moreover for every 2 barrels of oil we're drawing out of the ground we are only replacing it with 1 barrel. The reason being is that all of the major oil fields have been discovered and developed. All that remains are smaller, lower yielding fields that due to their lower yields will result in a higher per barrel cost. In addition US crude oil production is at an all time high.

Now despite the fact that Vicki Hollub CEO of the very large and publicly traded Occidental Petroleum was speaking for the record and in behalf of her company, you people can dismiss what she has to say if you think it will make a difference. The only question is.....can you disprove it?

Unfortunately, the situation is not as simple as those industry analysists at Fox News try to make it out to be. Then again Fox News has no choice but to break information down to the simplest components possible If not it's viewership unable to understand what it's saying would get up out of their recliners and leave. And for Fox News...that would be a bad thing.

So you and Jim Cramer are going to give us the facts?

 

[DriveInDriveOut]

So you and Jim Cramer are going to give us the facts?

View attachment 478496

So many words to say so little.
Angry lefties just turning their faces up at the sky and wailing.

 

[vantexan]

Time you finally get to the facts.
A couple of weeks back Jim Cramer had Vicki Hollub CEO and mineral engineer of Occidental Petroleum on the show.
And Vicki showed you where the bear recently had a bowel movement in the woods.

According to Hollub and speaking for the record on one of the nation's biggest financial and business news network.....97% of the crude oil we are pulling out of the ground is coming from oil fields that were discovered prior to the year 2000.

Moreover for every 2 barrels of oil we're drawing out of the ground we are only replacing it with 1 barrel. The reason being is that all of the major oil fields have been discovered and developed. All that remains are smaller, lower yielding fields that due to their lower yields will result in a higher per barrel cost. In addition US crude oil production is at an all time high.

Now despite the fact that Vicki Hollub CEO of the very large and publicly traded Occidental Petroleum was speaking for the record and in behalf of her company, you people can dismiss what she has to say if you think it will make a difference. The only question is.....can you disprove it?

Unfortunately, the situation is not as simple as those industry analysists at Fox News try to make it out to be. Then again Fox News has no choice but to break information down to the simplest components possible If not it's viewership unable to understand what it's saying would get up out of their recliners and leave. And for Fox News...that would be a bad thing.

I pointed out recently that there wasn't a lot of new drilling as claimed here. The major oil companies have thousands of capped wells that they reopened after prices rose to take advantage of the high prices. Where we're getting hurt is closing down all Federal lands to exploration and drilling that is done by primarily small oil companies. And the Bakken oil field in North Dakota and Montana is a prime example of a newer huge oil field being discovered. Plus the advent of tracking has made it possible to go after oil in already played out oilfields that couldn't be gotten to with the older technology. As is there's over 200 years worth of oil in the U.S. at present usage and that doesn't count any oil yet to be discovered.

 

[bacha29]

I pointed out recently that there wasn't a lot of new drilling as claimed here. The major oil companies have thousands of capped wells that they reopened after prices rose to take advantage of the high prices. Where we're getting hurt is closing down all Federal lands to exploration and drilling that is done by primarily small oil companies. And the Bakken oil field in North Dakota and Montana is a prime example of a newer huge oil field being discovered. Plus the advent of tracking has made it possible to go after oil in already played out oilfields that couldn't be gotten to with the older technology. As is there's over 200 years worth of oil in the U.S. at present usage and that doesn't count any oil yet to be discovered.

I know that there is a ton of shut in gas wells around here. Why are they shut in? The price is too low. If you know of so many shut in oil wells chances are they are low yielding expensive to transport oil wells that need a higher price in order to justify the cost of transportation. Now that refinery is only going to bid so much for the type of crude it's setup can refine and if it can get all it needs for a better price than what those shut in wells can deliver profitably then it will stay there until the price improves.

When oil spiked 2 years ago the SPR oil was bringing $95 a barrel. The energy department is not going to jump is a stressed market and buy up a bunch of oil and in doing so put even more upward pressure on oil. Last year when the SPR was taking bids at around 70 a barrel there weren't many takers because traders rolled the dice and chanced that the price of oil would improve back into the 80-90 range where the Saudi's wanted it and they cut production until they got it.

 

[vantexan]

I know that there is a ton of shut in gas wells around here. Why are they shut in? The price is too low. If you know of so many shut in oil wells chances are they are low yielding expensive to transport oil wells that need a higher price in order to justify the cost of transportation. Now that refinery is only going to bid so much for the type of crude it's setup can refine and if it can get all it needs for a better price than what those shut in wells can deliver profitably then it will stay there until the price improves.

When oil spiked 2 years ago the SPR oil was bringing $95 a barrel. The energy department is not going to jump is a stressed market and buy up a bunch of oil and in doing so put even more upward pressure on oil. Last year when the SPR was taking bids at around 70 a barrel there weren't many takers because traders rolled the dice and chanced that the price of oil would improve back into the 80-90 range where the Saudi's wanted it and they cut production until they got it.

Then let's cut out the Saudis as much as possible. Open up all Federal land including ANWR. Was working just fine under Trump. The majors capping wells because the price isn't high enough will be offset by the minors drilling on Federal land. No matter how you slice it, Trump got us cheaper prices than under Obama, and as soon as Biden reversed Trump's policies prices began to climb. And those higher prices affect the cost of everything else.

 

[PT Car Washer]

Then let's cut out the Saudis as much as possible. Open up all Federal land including ANWR. Was working just fine under Trump. The majors capping wells because the price isn't high enough will be offset by the minors drilling on Federal land. No matter how you slice it, Trump got us cheaper prices than under Obama, and as soon as Biden reversed Trump's policies prices began to climb. And those higher prices affect the cost of everything else.

Oil companies are not going to crash the price of oil so you can have cheap gas for your car.

 

[vantexan]

Oil companies are not going to crash the price of oil so you can have cheap gas for your car.

If there's a glut then prices have to come down to move it. Small oil companies depend on exploration and drilling on Federal land to produce oil. They aren't going to stop just because the major companies cut back. We had high prices under Obama too and they came down under Trump because he opened up the areas that Obama had shut down.

 

[bacha29]

I pointed out recently that there wasn't a lot of new drilling as claimed here. The major oil companies have thousands of capped wells that they reopened after prices rose to take advantage of the high prices. Where we're getting hurt is closing down all Federal lands to exploration and drilling that is done by primarily small oil companies. And the Bakken oil field in North Dakota and Montana is a prime example of a newer huge oil field being discovered. Plus the advent of tracking has made it possible to go after oil in already played out oilfields that couldn't be gotten to with the older technology. As is there's over 200 years worth of oil in the U.S. at present usage and that doesn't count any oil yet to be discovered.

Now where did you get this 200 years number? Oh if you counted in the easy to strip mine but expensive to refine and limited use tar sands and the few smaller and expensive to develop fields remaining and combined with severe conservation you might get close....but at what price per barrel? Oh you might get close to 200 years....at what $200 a barrel?

After the collapse of the oil market during COVID where oil price was $-35 a barrel....that's right NEGATIVE 35 bucks a barrel the entire industry agreed to better supply management. Better forecasting in demand trends creating a better balance.

The ongoing increase in both Brent and WTI has NOTHING to do with opening federal land drilling. You can open up every single acre of federal lands and it won't mean a thing if what's there cannot be located and developed profitably.

According to the EIA global demand will increase by 1.4 million barrels a day both this year and next and WTI will average $82 a barrel next year and supplies will remain tight....HOWEVER....Mandated OPEC supply cuts among members will expire that may result a slight drawback but still within OPEC's desired price line.

 

[vantexan]

Now where did you get this 200 years number? Oh if you counted in the easy to strip mine but expensive to refine and limited use tar sands and the few smaller and expensive to develop fields remaining and combined with severe conservation you might get close....but at what price per barrel? Oh you might get close to 200 years....at what $200 a barrel?

After the collapse of the oil market during COVID where oil price was $-35 a barrel....that's right NEGATIVE 35 bucks a barrel the entire industry agreed to better supply management. Better forecasting in demand trends creating a better balance.

The ongoing increase in both Brent and WTI has NOTHING to do with opening federal land drilling. You can open up every single acre of federal lands and it won't mean a thing if what's there cannot be located and developed profitably.

According to the EIA global demand will increase by 1.4 million barrels a day both this year and next and WTI will average $82 a barrel next year and supplies will remain tight....HOWEVER....Mandated OPEC supply cuts among members will expire that may result a slight drawback but still within OPEC's desired price line.

There are billions of barrels in ANWR alone. And I've seen the hundreds of years estimates numerous times.

 

[Non liberal]

Thought that was Jewish space lasers. Or so the right believes.

No, no. It was losers who know that the left has their back and they can do as they please if they claim it was because of racism. Losers who need to invent a crutch in order to get ahead in life. Or just plain old losers who don’t want to work because they’re ing lazy!

 

[bacha29]

There are billions of barrels in ANWR alone. And I've seen the hundreds of years estimates numerous times.

Estimates coming from who? And Trump tax law of 2017 mandates drilling in ANWR with approved leases by the end of 2024. So who currently holds those leases? Alaska's state owned oil company They hold them despite fierce opposition from Alaska's native population....and even with maximum output the region does not hold enough projected output to once again give you the cheap gas you seem addicted to.

 

[vantexan]

Estimates coming from who? And Trump tax law of 2017 mandates drilling in ANWR with approved leases by the end of 2024. So who currently holds those leases? Alaska's state owned oil company They hold them despite fierce opposition from Alaska's native population....and even with maximum output the region does not hold enough projected output to once again give you the cheap gas you seem addicted to.

"Business Insider" for one. A publication that's very anti Trump. And Alaska's natives aren't against ANWR oil production but Biden has shut down production there. There are billions of barrels there. Seriously man, do you just make up?

 

[Non liberal]

Oil companies are not going to crash the price of oil so you can have cheap gas for your car.

Then why was gas 1.85 a gallon in my region under trump? And hasn’t been under $3 gallon under Biden? You’re a talking head for the leftist media. How does it feel to spout nothing other then utter nonsense 24/7?

 

[Non liberal]

Time you finally get to the facts.
A couple of weeks back Jim Cramer had Vicki Hollub CEO and mineral engineer of Occidental Petroleum on the show.
And Vicki showed you where the bear recently had a bowel movement in the woods.

According to Hollub and speaking for the record on one of the nation's biggest financial and business news network.....97% of the crude oil we are pulling out of the ground is coming from oil fields that were discovered prior to the year 2000.

Moreover for every 2 barrels of oil we're drawing out of the ground we are only replacing it with 1 barrel. The reason being is that all of the major oil fields have been discovered and developed. All that remains are smaller, lower yielding fields that due to their lower yields will result in a higher per barrel cost. In addition US crude oil production is at an all time high.

Now despite the fact that Vicki Hollub CEO of the very large and publicly traded Occidental Petroleum was speaking for the record and in behalf of her company, you people can dismiss what she has to say if you think it will make a difference. The only question is.....can you disprove it?

Unfortunately, the situation is not as simple as those industry analysists at Fox News try to make it out to be. Then again Fox News has no choice but to break information down to the simplest components possible If not it's viewership unable to understand what it's saying would get up out of their recliners and leave. And for Fox News...that would be a bad thing.

WTH are you talking about? The Marcellus shale alone could power our country for the next 50 years. They have found numerous deposits of natural gas and oil fields since. You are extremely misinformed.