Actually from 2018 onward due to low per barrel prices a lot of oil companies and oil services companies went bankrupt. Hundreds. For fracking to be profitable they do need higher prices.
Gas Prices Skyrocketing Thanks Biden!
- Thread starter Maple Grove MN Driver
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Up In Smoke
Well-Known Member
I don't remember every stock that I've owned, but I do remember the ones that burned me.
PT Stewie
"Big Fella"
Europe turning back from green ?
www.theguardian.com
Stop dismantling German windfarm to expand coalmine, say authorities
Activists say deconstruction of Keyenberg turbines undermines government’s climate pledge
oldngray
nowhere special
Biden says price of gas 'over five dollars' when he took office, data shows $2.39
Biden says price of gas 'over five dollars' when he took office, data shows $2.39
Biden made the comment while in Syracuse, N.Y., in a speech about the CHIPS Act.
justthenews.com
PT Stewie
"Big Fella"
What a Sh-t Bird he also said he was a football star !Biden says price of gas 'over five dollars' when he took office, data shows $2.39
Biden says price of gas 'over five dollars' when he took office, data shows $2.39
Biden made the comment while in Syracuse, N.Y., in a speech about the CHIPS Act.
Guess who's stock hit new 52 week highs this AM? Exxon and Chevron of course. And the head of Chevron was on CNBC this AM. Was he talking about supplying Wally, DIDO and their bros with the cheap gas they want so that they're style isn't cramped? No. All he talked about was improved margins, bigger dividends, stock buybacks, curtailed exploration and the pursuit of cleaner burning fuels.
That's the FREE MARKET system for you FREE MARKET advocates. Oh, so now that you've found yourself on the wrong side of the free market equation what do you want done? Nixon style price controls? How about nationalizing the oil industry?
Now that Big Oil has made it crystal clear that it simply refuses to bear the cost of pulling two barrels of oil out of the ground and sell those two barrels for $50 each when the can pull one barrel out of the ground and sell it for $100 isn't it about time that we focus on conservation, efficiency and the development of alternative sources of energy in an effort to finally break Big Oil's stranglehold?
DriveInDriveOut
Inordinately Right
That is a flat out lie.
Democrats promise to destroy the fossil fuel industry then declare it's "free market" when companies don't invest in it.
Why don't you people take credit for what you do? You want high gas prices. Just admit that you want Americans to suffer.
Alternatives are fine. Develop the grid that will support them first. Find the metals needed in adequate supply to build all those EV's. Keep in mind that EV's are already expensive and instead of prices coming down as they're mass produced the prices will rise due to a shortage of metals needed to build them. And we haven't even scratched the surface of renewable energy to supply all of those cars. If environmentalists/climate change warriors are serious they'll advocate for nuclear power and hydrogen powered cars. Until then it's not within the realm of current reality. But oil is.
DriveInDriveOut
Inordinately Right
The people pushing this stuff just want money making carbon credit schemes to enrich themselves.
They push their fear mongering to the climate change alarmism cult members about how the world is going to freeze over, the world is going to be too hot to be liveable, the ozone is gone, global warming is causing pandemics and super hurricanes, the world is ending in X number of years, blah blah blah.
The date of their death cult rapture keeps coming and going and they just come up with some new crap to push to their sheep.
newolddude
Well-Known Member
Add ExxonMobil to the record profits pile.
www.investors.com
www.reuters.com
Exxon Mobil Reports Record Profits, Chevron Tops Views
Exxon Mobil smashed its Q2 profit record Friday. XOM shares and CVX stock jumped early Friday.
www.investors.com
Exxon's record-smashing Q3 profit nearly matches Apple's
Exxon Mobil Corp on Friday smashed expectations as soaring energy prices fueled a record-breaking quarterly profit, nearly matching that of tech giant Apple.
And when the day comes that Russian oil is back online and the world supply is adequate then the internationally traded oil price per barrel will come down and their profits will diminish.Add ExxonMobil to the record profits pile.
Exxon Mobil Reports Record Profits, Chevron Tops Views
Exxon Mobil smashed its Q2 profit record Friday. XOM shares and CVX stock jumped early Friday.Exxon's record-smashing Q3 profit nearly matches Apple's
Exxon Mobil Corp on Friday smashed expectations as soaring energy prices fueled a record-breaking quarterly profit, nearly matching that of tech giant Apple.
Babagounj
Strength through joy
By then everyone will be back to using real horses to get around.
Exactly, Oil is a GLOBAL commodity and come 12-5 the full cutoff of Russian oil from the UE will be complete. The trouble is nobody knows for certain if or when it will again flow to the UE.
Right now UE LNG storage is at 93% of capacity and there are currently 60 loaded LNG tankers waiting offshore for a chance to offload. And if you noticed the price has gone from $9 down to $5.50.
In the meantime oil is and for the time being oil will remain a global commodity and if you don't want to pay pay the going rate.....somebody else will. And US oil companies will continue to stockpile record profits from the current geopolitical showdown for as long as it lasts.
Where were you when oil companies were losing money and had huge layoffs?
. Weren't you rejoicing when gas was dirt cheap and oil was selling for NEGATIVE $35 a barrel? Isn't this what you want?
As Scott Sheffield head of Pioneer has repeatedly stated , after 3 oil price collapses in the past 11 years , the industry has adopted a self discipline/supply management system all designed to keep earnings and balance sheets healthy while preserving stakeholder equity.
All of which is entirely in keeping with the free market system that you fully embrace.
No, I want a solid oil industry meeting our fuel needs and creating hundreds of thousands of jobs. And for government to get out of the way. Before Biden put the brakes on them there was enough production to keep prices reasonable.
Why don't you just for once look at the numbers? The USEIA has them and if you were to look at them you might be shocked to see that US domestic oil production is back to Pre COVID levels and is on track top set a new production record next year,
Now this is not the first time WTI was in the $80 range. The only difference is that retail gas prices in the current $80 range is $1 a gallon higher.
DriveInDriveOut
Inordinately Right
Biden draining our national emergency supply as a political tactic before the election.
Impeach him.
Impeach him.
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