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

[UnionStrong]

I guess Canada will have to figure out how to move their muck then.

8% complete. Not close at all.

Redirect Notice

Yeah we’re better off! SMH

 

[bbsam]

Yet another economics professor! Why aren’t you working at a college with all your education?

Doesn’t take an economics professor. Just attention to history. A lot of it is on the internet. Not hard to find.

 

[bbsam]

Yeah we’re better off! SMH

Meh. Canada probably isn’t. Probably doesn’t do anything one way or another in the US.

 

[UnionStrong]

Doesn’t take an economics professor. Just attention to history. A lot of it is on the internet. Not hard to find.

So we’re better off without the pipeline? Explain why if so

 

[UnionStrong]

Meh. Canada probably isn’t. Probably doesn’t do anything one way or another in the US.

You really have no clue or your just trolling

 

[bbsam]

You really have no clue or your just trolling

Not at all. The pipeline was being built to move Canadian oil to the gulf coast for overseas transport.

But you already knew that, right?

 

[bbsam]

So we’re better off without the pipeline? Explain why if so

I didn’t say we’re better off. I said it makes little difference for the US one way or the other.

 

[vantexan]

That’s not how oil markets work. You probably know it, but facts don’t really fit your narrative.

Oil is a global commodity. In your scenario, the US supplied all of its fuel needs and then sold off the rest. That never happened. Mideast oil tankers never stopped supplying US markets.

The fact of cheap oil under Trump had more to do with Saudi Arabia attempting to cripple US production. They could survive $20 per barrel oil far longer than any company in the US.

You couldn't be more wrong. Putin didn't want to go along with OPEC and Saudi Arabia opened the floodgates to hurt him. Meanwhile the U.S. with fracking had opened up the Bakken oilfield in mostly western North Dakota as well as new drilling in the Permian basin and on Federal land. Our oil storage facilities in Cushing, OK were full up. The prices before the pandemic were already dropping and that wasn't because of Mideast oil. But the oil glut last year really lowered them.

 

[bbsam]

You really have no clue or your just trolling

Perhaps a picture will help explain.

 

[UnionStrong]

View attachment 348000
Perhaps a picture will help explain.

I know where it is professor

 

[UnionStrong]

View attachment 348000
Perhaps a picture will help explain.

Only proves my point. And are we better off without it?

 

[floridays]

I didn’t say we’re better off. I said it makes little difference for the US one way or the other.

Take a little time and do a little research, you are intelligent enough to find the correct answer.

 

[bottomups]

Uh it was under construction and oil futures are based on….wait for it….future projected supply. SMFH

Canadian oil. Just how does that make us energy independent?

 

[bottomups]

I remember when they blamed higher fuel prices on a lack of hazmat qualified CDL drivers to deliver the fuel to the stations. Now it’s a sign of a good economy?

Demand goes up in a booming economy and prices follow.

 

[UnionStrong]

Canadian oil. Just how does that make us energy independent?

Magic

 

[UnionStrong]

Demand goes up in a booming economy and prices follow.

Yeah we’re booming! Inflation at over 5%

 

[refineryworker05]

No just no, we didnt have an American gasoline explosion in 2008 to 2016 when we were coming out of the great recession

Hopefully that's sarcasim because we absoulutely did.

 

[refineryworker05]

Biden put a moratorium on drilling on Federal land. Where do you think much of America's production comes from. The U.S. still uses X amount of oil. It was a combination of lower demand due to the pandemic and Saudi Arabia ramping up production to hurt Russia that caused a glut. But prices had come way down under Trump with America become self sufficient and even had oil to export.

So what about drilling on federal land. That is not why drilling production cut back. No the US was not using X amount of oil. Again the US for all of last year was using less gasoline, diesel fuel, jet fuel. Where I work was not running a max capacity because it had now where to put the stuff. These oil and gas companies lost money last year and for part of this year.

 

[vantexan]

So what about drilling on federal land. That is not why drilling production cut back. No the US was not using X amount of oil. Again the US for all of last year was using less gasoline, diesel fuel, jet fuel. Where I work was not running a max capacity because it had now where to put the stuff. These oil and gas companies lost money last year and for part of this year.

Sigh...

 

[PT Car Washer]

So what about drilling on federal land. That is not why drilling production cut back. No the US was not using X amount of oil. Again the US for all of last year was using less gasoline, diesel fuel, jet fuel. Where I work was not running a max capacity because it had now where to put the stuff. These oil and gas companies lost money last year and for part of this year.

Which is also why American oil producers are not going to over produce again during a temporary price hike just to crash the market.