Big Blitz Posted June 15, 2022 Author Share Posted June 15, 2022 Wooooooooooo hoooooooooooooo! Thanks Covidiots Link to comment Share on other sites More sharing options...
Jauronimo Posted June 15, 2022 Share Posted June 15, 2022 2 hours ago, Chef Jim said: I heard that this morning and I’ve had ice on my forehead all day from banging it against the wall. Good lord. How much production in terms of BOE has been taken off the table due to Biden's disastrous energy policies. I'll give you a hint, next to nothing. Meanwhile super majors are reaping whirlwind profits. What incentive do they have to increase production? https://www.chevron.com/-/media/chevron/stories/documents/1Q22-earnings-press-release.pdf Link to comment Share on other sites More sharing options...
Doc Posted June 15, 2022 Share Posted June 15, 2022 7 hours ago, Tiberius said: Wasn't he also a one term president like Trump? Yup. And just like Joke will be. Except without fake scandals and a pandemic that no one knew how to fight. 1 Link to comment Share on other sites More sharing options...
Chef Jim Posted June 15, 2022 Share Posted June 15, 2022 1 minute ago, Jauronimo said: How much production in terms of BOE has been taken off the table due to Biden's disastrous energy policies. I'll give you a hint, next to nothing. Meanwhile super majors are reaping whirlwind profits. What incentive do they have to increase production? https://www.chevron.com/-/media/chevron/stories/documents/1Q22-earnings-press-release.pdf The numbers have zero to do with this. It's the fact that Biden campaigned on greatly reducing us oil production and then when prices skyrocket he "begs" the oil companies to raise their output. If that doesn't make you bash your head against the wall I can't help you. But why are oil companies showing record profits? Well it could be because with an all out war on fossil fuels they may be seeing their business model becoming extinct. The whole make hay as the sun shines. To be honest I don't know if I blame them even though we are all the ones that suffer. We may get to a point where both EV's and gas powered EV's become too expensive to operate. Fun times. 1 Link to comment Share on other sites More sharing options...
All_Pro_Bills Posted June 15, 2022 Share Posted June 15, 2022 24 minutes ago, Chef Jim said: The numbers have zero to do with this. It's the fact that Biden campaigned on greatly reducing us oil production and then when prices skyrocket he "begs" the oil companies to raise their output. If that doesn't make you bash your head against the wall I can't help you. But why are oil companies showing record profits? Well it could be because with an all out war on fossil fuels they may be seeing their business model becoming extinct. The whole make hay as the sun shines. To be honest I don't know if I blame them even though we are all the ones that suffer. We may get to a point where both EV's and gas powered EV's become too expensive to operate. Fun times. If you check US DOE EIA stats you'll find daily domestic production average is down 8 percent from the 2020 inauguration week vs. the latest reported week of June 2022. Companies are not investing as much in new capacity. Why do that when governments tell you that your industry is being phased out by their decree? Why not let the market decide that? No, climate activists decide. Because the science is settled. One things about science is its never settled as new and sometimes contradictory and sometimes supportive information and discoveries happen by researchers and scientists The industry, through the API, has responded to Biden's threats with a letter outlining 10 specific things the administration can do right now to assist the industry. Doubtful they'll do any of them. Biden is set to go begging the Saudi's for more production. Why the same level of green house gas emissions produced by consumption of Saudi oil is somehow different if its produced through use of domestic oil production must be one of those "settled science" mysteries. 1 Link to comment Share on other sites More sharing options...
Jauronimo Posted June 16, 2022 Share Posted June 16, 2022 1 hour ago, Chef Jim said: The numbers have zero to do with this. It's the fact that Biden campaigned on greatly reducing us oil production and then when prices skyrocket he "begs" the oil companies to raise their output. If that doesn't make you bash your head against the wall I can't help you. But why are oil companies showing record profits? Well it could be because with an all out war on fossil fuels they may be seeing their business model becoming extinct. The whole make hay as the sun shines. To be honest I don't know if I blame them even though we are all the ones that suffer. We may get to a point where both EV's and gas powered EV's become too expensive to operate. Fun times. The numbers have everything to do with it when people keep parroting talking points about how he put a moratorium on drilling as if that explains a doubling in gasoline prices. It could also be because of global supply and demand. That happens to be the largest determinant of the price of oil and gas and distillates. Production doesn't just turn on and off based on spot prices. Oil companies survived the shale boom and bust, weathered the storm of Covid, and they're sticking with their long-term plans to reign in spending and return earnings to shareholders. This isn't new. This has been the mandate of Wall Street and investors after watching the industry spend like drunken sailors on new acreage to the point where spot prices turned negative and ports were packed with full tankers paying obscene day rates in hopes that oil prices might get above $30 per barrel. I was on the phone with a multi-billion dollar energy infra fund the other day. They are harvesting the rest of their legacy investments and looking toward renewables. Their words "we realized in 2017, which was earlier than most, that legacy energy is dead". Take from that what you will. Link to comment Share on other sites More sharing options...
Jauronimo Posted June 16, 2022 Share Posted June 16, 2022 50 minutes ago, All_Pro_Bills said: If you check US DOE EIA stats you'll find daily domestic production average is down 8 percent from the 2020 inauguration week vs. the latest reported week of June 2022. Companies are not investing as much in new capacity. Why do that when governments tell you that your industry is being phased out by their decree? Why not let the market decide that? No, climate activists decide. Because the science is settled. One things about science is its never settled as new and sometimes contradictory and sometimes supportive information and discoveries happen by researchers and scientists The industry, through the API, has responded to Biden's threats with a letter outlining 10 specific things the administration can do right now to assist the industry. Doubtful they'll do any of them. Biden is set to go begging the Saudi's for more production. Why the same level of green house gas emissions produced by consumption of Saudi oil is somehow different if its produced through use of domestic oil production must be one of those "settled science" mysteries. Where are you seeing that? https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M https://www.eia.gov/petroleum/production/ I see daily production as of March is down ~10% compared to year end 2019 or January 2020 (which was the highest domestic production ever) after an 8% decline in fiscal 2020, but that wasn't the inauguration. Daily production is up ~5% since the inauguration in January 2021. Link to comment Share on other sites More sharing options...
Doc Posted June 16, 2022 Share Posted June 16, 2022 1 hour ago, All_Pro_Bills said: If you check US DOE EIA stats you'll find daily domestic production average is down 8 percent from the 2020 inauguration week vs. the latest reported week of June 2022. Companies are not investing as much in new capacity. Why do that when governments tell you that your industry is being phased out by their decree? Why not let the market decide that? No, climate activists decide. Because the science is settled. One things about science is its never settled as new and sometimes contradictory and sometimes supportive information and discoveries happen by researchers and scientists The industry, through the API, has responded to Biden's threats with a letter outlining 10 specific things the administration can do right now to assist the industry. Doubtful they'll do any of them. Biden is set to go begging the Saudi's for more production. Why the same level of green house gas emissions produced by consumption of Saudi oil is somehow different if its produced through use of domestic oil production must be one of those "settled science" mysteries. Because it fools his constituents into sleeping better at night. "We're not producing that nasty oil. Hooray for us!" Link to comment Share on other sites More sharing options...
Chef Jim Posted June 16, 2022 Share Posted June 16, 2022 35 minutes ago, Jauronimo said: The numbers have everything to do with it when people keep parroting talking points about how he put a moratorium on drilling as if that explains a doubling in gasoline prices. It has NOTHING to do with MY point. I'm not a parrot. I understand it's a very complex situation. My point was this, and this only, that a mere 2 years ago he was saying how difficult he was going to make drilling on us soil and offshore. Now he's changed his tune. You know. You're typical politician who will say anything to get elected. Nothing more nothing less. Link to comment Share on other sites More sharing options...
ALF Posted June 16, 2022 Share Posted June 16, 2022 Much of that dip in output can be blamed on refinery closures such as the one in Houston, with the report noting that five facilities shuttered during 2021, including the Shell refinery in Convent, Louisiana. Other states that saw a refinery closure include New Mexico, California, North Dakota, and Wyoming. While some refinery closures have been blamed on pandemic market conditions that led to a decrease in demand for fuel, others believe the closures will only accelerate in the future. Phil Flynn, a senior account executive/market analyst at the Price Futures Group and FOX Business contributor, warned that strict regulation under the Biden administration will continue to put pressure on refineries to stay in business. "It wasn't too long ago the country was clamoring for the industry to buy and build new refineries because they couldn't keep up with demand," Flynn said Monday. But government pressure to wean the country off of fossil fuels has made business difficult, with Flynn arguing that "refineries are getting squeezed out of business because of stricter regulations from the Biden administration and the pressure by the government" to "reduce demand for gasoline." https://www.foxbusiness.com/politics/oil-refineries-shutter-amid-hostile-fossil-fuel-policies-pain-at-the-pump Published April 28 Link to comment Share on other sites More sharing options...
SoCal Deek Posted June 16, 2022 Share Posted June 16, 2022 (edited) I hear an awful lot about oil companies making record profits but a deeper dive into that generalized statement is most definitely required. Oil companies don’t make oil. They refine it into other products, like gasoline. So I’m guessing that their profit margin hasn’t changed all that much. But when the price they pay to buy crude oil goes up, their total profit does as well. The same is true for almost every industry. Again, I don’t know this for a fact, but I’d hesitate to make the blanket statements Biden likes to make. And…if Exxon makes even a 10% profit, how much impact does that really have on your price at the pump? Answer….50 cents…maximum! Edited June 16, 2022 by SoCal Deek 1 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted June 16, 2022 Share Posted June 16, 2022 15 hours ago, Chef Jim said: The numbers have zero to do with this. It's the fact that Biden campaigned on greatly reducing us oil production and then when prices skyrocket he "begs" the oil companies to raise their output. If that doesn't make you bash your head against the wall I can't help you. But why are oil companies showing record profits? Well it could be because with an all out war on fossil fuels they may be seeing their business model becoming extinct. The whole make hay as the sun shines. To be honest I don't know if I blame them even though we are all the ones that suffer. We may get to a point where both EV's and gas powered EV's become too expensive to operate. Fun times. I can't even guess at what this is supposed to mean. What is a "gas powered EV?" And in what economic model does a moribund industry (your take on fossil fuel companies) have the market power to do what you're accusing them of doing? You do see that you are essentially agreeing with Biden here - that the oil companies are taking advantage of the Russia-Ukraine war to price-gouge? It's nonsense when he says it, and nonsense on stilts when you say it. And finally: "the whole make hay as the sun shines." Is this a bad google translate of some foreign idiom? Link to comment Share on other sites More sharing options...
Chef Jim Posted June 16, 2022 Share Posted June 16, 2022 15 minutes ago, The Frankish Reich said: I can't even guess at what this is supposed to mean. What is a "gas powered EV?" And in what economic model does a moribund industry (your take on fossil fuel companies) have the market power to do what you're accusing them of doing? You do see that you are essentially agreeing with Biden here - that the oil companies are taking advantage of the Russia-Ukraine war to price-gouge? It's nonsense when he says it, and nonsense on stilts when you say it. And finally: "the whole make hay as the sun shines." Is this a bad google translate of some foreign idiom? Sorry adds EV after gas powered instead of vehicle. No they are seeing Biden’s policies as their death knell and they are making money for their investors while they can. You know what publicly traded companies goal is. Sorry you don’t know what that that saying means. 🙄 2 hours ago, SoCal Deek said: I hear an awful lot about oil companies making record profits but a deeper dive into that generalized statement is most definitely required. Oil companies don’t make oil. They refine it into other products, like gasoline. So I’m guessing that their profit margin hasn’t changed all that much. But when the price they pay to buy crude oil goes up, their total profit does as well. The same is true for almost every industry. Again, I don’t know this for a fact, but I’d hesitate to make the blanket statements Biden likes to make. And…if Exxon makes even a 10% profit, how much impact does that really have on your price at the pump? Answer….50 cents…maximum! $ vs % is very confusing to the uneducated. Link to comment Share on other sites More sharing options...
B-Man Posted June 16, 2022 Share Posted June 16, 2022 2 Link to comment Share on other sites More sharing options...
Chef Jim Posted June 16, 2022 Share Posted June 16, 2022 3 minutes ago, B-Man said: New campaign song? Running on Empty. Look around for the friends that I used to turn to to pull me through Looking into their eyes, I see them running too Yeah that’s about right. 3 Link to comment Share on other sites More sharing options...
B-Man Posted June 16, 2022 Share Posted June 16, 2022 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted June 16, 2022 Share Posted June 16, 2022 1 hour ago, Chef Jim said: No they are seeing Biden’s policies as their death knell and they are making money for their investors while they can. You know what publicly traded companies goal is. In other words, you think they are colluding, as evil capitalists are wont to do. I think I heard that one somewhere before. Bernie Sanders? Karl Marx? I've mentioned the Horseshoe Theory of Politics before - the far left and the far right weirdly converging. And that's what we have here. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 16, 2022 Share Posted June 16, 2022 24 minutes ago, B-Man said: He looks like Beavis at 80. 😂 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted June 16, 2022 Share Posted June 16, 2022 1 hour ago, Chef Jim said: $ vs % is very confusing to the uneducated. Not to be rude here, just honest: I take it your training is in the culinary arts. I don't know a hell of a lot about that, so I'm not about to critique your understanding of cooking. Maybe you should follow the same rule when it comes to economics? Link to comment Share on other sites More sharing options...
Chef Jim Posted June 16, 2022 Share Posted June 16, 2022 1 minute ago, The Frankish Reich said: In other words, you think they are colluding, as evil capitalists are wont to do. I think I heard that one somewhere before. Bernie Sanders? Karl Marx? I've mentioned the Horseshoe Theory of Politics before - the far left and the far right weirdly converging. And that's what we have here. Those evil capitalists. 😂😂😂 How’s your 401k done since you first set it up? You know who you can thank for that. Oooooh evil. I’m not converging. I’m evil. Make me money. Just don’t kill any babies. But then again I hear that’s good business practice these days 5 minutes ago, The Frankish Reich said: Not to be rude here, just honest: I take it your training is in the culinary arts. I don't know a hell of a lot about that, so I'm not about to critique your understanding of cooking. Maybe you should follow the same rule when it comes to economics? Not rude. Just clueless. 😂😂 Link to comment Share on other sites More sharing options...
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