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If the US was producing more like we did a few years ago - what Saudis did would not matter much and probably would not have restricted supply. In CA, gas is still above $5, in NV it is over $4.
The US is producing within 100,000 barrels per day of what it was in 2019. What the Saudis do matters a lot. If the Saudis open up the flow, then US production will drop, as it becomes less economic at lower prices.
The US is producing within 100,000 barrels per day of what it was in 2019. What the Saudis do matters a lot. If the Saudis open up the flow, then US production will drop, as it becomes less economic at lower prices.
So that’s why it’s fine for Biden to go begging MBS to open the spigots but everyone is horrified that LIV golfers would take blood money to play the sport.
If the US was producing more like we did a few years ago - what Saudis did would not matter much and probably would not have restricted supply. In CA, gas is still above $5, in NV it is over $4.
You don’t understand the global market for oil at are and most likely are unaware of the US production. The Saudi production cuts matter and our production rate is near historic records
So that’s why it’s fine for Biden to go begging MBS to open the spigots but everyone is horrified that LIV golfers would take blood money to play the sport.
Situational ethics.
Impact to a country collectively vs a game. It’s pretty easy why it’s justified for both groups
The US is producing within 100,000 barrels per day of what it was in 2019. What the Saudis do matters a lot. If the Saudis open up the flow, then US production will drop, as it becomes less economic at lower prices.
You kind of missed the point - the Saudi restrictions mainly work because of the hesitation to explore and add refining capacity brought on by the administration's actions.
Quote:
Originally Posted by Lowexpectations
You don’t understand the global market for oil at are and most likely are unaware of the US production. The Saudi production cuts matter and our production rate is near historic records.
Not at all true - they know fully well what the US production is and the impact of their cuts - they are taking advantage to raise prices.
BTW - I used to work in the Middle East.
If people are paying higher prices for everything, then someone is making money. That money does not just disappear into thin air back where the money comes from.
If people are paying higher prices for everything, then someone is making money. That money does not just disappear into thin air back where the money comes from.
If everything is higher cost/prices then that is inflation. The money doesn't disappear but because the costs of everything is higher it is kind of a wash. No one is really getting rich and profits may be lower.
- they know fully well what the US production is and the impact of their cuts - they are taking advantage to raise prices.
BTW - I used to work in the Middle East.
I think you’ve misread my post. Go back and reread it because your response makes absolutely zero sense
You kind of missed the point - the Saudi restrictions mainly work because of the hesitation to explore and add refining capacity brought on by the administration's actions.
Not at all true - they know fully well what the US production is and the impact of their cuts - they are taking advantage to raise prices.
BTW - I used to work in the Middle East.
Hesitation to explore and add refinery capacity is driven by economics, not any actions by the administration.
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