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Lol stop being a fool It’s at its lowest level since 1984 all so joe could get the prices down a few cents to help his midterm chances (what a failure that turned out to be)
Yes the reserves are down, but there is still plenty of oil in the reserves. And what about the rest of my post, about how OPEC+ weren't producing to their former quota? Or that we export more oil than we import. Why are we exporting any oil if we have shortages?
In addition, oil companies are showing record profits. So clearly they are not suffering from supposedly higher prices per barrel.
Yes the reserves are down, but there is still plenty of oil in the reserves. And what about the rest of my post, about how OPEC+ weren't producing to their former quota? Or that we export more oil than we import. Why are we exporting any oil if we have shortages?
In addition, oil companies are showing record profits. So clearly they are not suffering from supposedly higher prices per barrel.
Higher prices per barrel? It’s 85 ish a barrel. That’s a bargain. 2008 it topped 140 a barrel.
Why do we export? Simple. Money. It’s a global economy.
Opec is cutting production to raise the cost of oil. Why? Because they can and will laugh at us unfortunately
Last edited by 94nasupra; 10-16-2022 at 07:03 PM..
Higher prices per barrel? It’s 85 ish a barrel. That’s a bargain. 2008 it topped 140 a barrel.
Why do we export? Simple. Money. It’s a global economy.
Opec is cutting production to raise the cost of oil. Why? Because they can and will laugh at us unfortunately
We also are short on crucial refining capacity due to insane “green” environmental regulations, it’s extremely expensive and difficult to build more, much cheaper to just export, another thing Sabbathunter doesn’t seem to understand. To him Big Oil=Bad
Higher prices per barrel? It’s 85 ish a barrel. That’s a bargain. 2008 it topped 140 a barrel.
Why do we export? Simple. Money. It’s a global economy.
Opec is cutting production to raise the cost of oil. Why? Because they can and will laugh at us unfortunately
As I have stated, and shown before, OPEC+ is not truly cutting anything. They are cutting their quotas, but they weren't producing to the old quotas. In fact they were producing 3 million barrels of oil a day below the quotas. They cut quotas by 2 million, that means they are now only producing 1 million barrels a day below the quota, instead of 3 millon.
We also are short on crucial refining capacity due to insane “green” environmental regulations, it’s extremely expensive and difficult to build more, much cheaper to just export, another thing Sabbathunter doesn’t seem to understand. To him Big Oil=Bad
Refineries are running below capacity, at about 89%. There are also over 200 refineries sitting idle, in order to keep supplies tight, and increase corporate profits.
Most of our exports are refined oil, not crude. So obviously it isn't a matter of what is cheaper, it is a matter of what will line the pockets of ExxonMobile, TexacoChevron, BP, etc. If that refined product was kept domestically, our prices would drop, causing less profit to the oil companies, who by the way are showing record profits, at the consumers expense.
Refineries are running below capacity, at about 89%. There are also over 200 refineries sitting idle, in order to keep supplies tight, and increase corporate profits.
Most of our exports are refined oil, not crude. So obviously it isn't a matter of what is cheaper, it is a matter of what will line the pockets of ExxonMobile, TexacoChevron, BP, etc. If that refined product was kept domestically, our prices would drop, causing less profit to the oil companies, who by the way are showing record profits, at the consumers expense.
Sigh. You don’t even have a clue what you are posting. We could have 5 refineries but need 10 yet those 5 refineries won’t necessarily all be at 100%. Stop with the random charts that mean nothing.
Begging Saudi to hold off on their announcement till after the midterm elections would seem an open invitation to meddle in our elections. Not to mention the start of a quid pro quo. Interesting Saudi Arabia said no.
Sigh. You don’t even have a clue what you are posting. We could have 5 refineries but need 10 yet those 5 refineries won’t necessarily all be at 100%. Stop with the random charts that mean nothing.
3 of your links are paywalled, so I have no idea what they say in the articles.
The one that isn't paywalled, pretty much said what I already posted. That we have refineries sitting idle, that should be brought back on line to increase supply. That oil companies are gouging consumers, and are showing record profits. My articles show that refineries are currently running at 89% of capacity, below what it was early this summer. It is an artificial panic/shortage by the big oil companies so they can boost profits t our expense.
And so far no one has contradicted my point that OPEC+ was already producing well below their old quotas. The new quotas just bring them closer in line with what they are actually producing.
3 of your links are paywalled, so I have no idea what they say in the articles.
The one that isn't paywalled, pretty much said what I already posted. That we have refineries sitting idle, that should be brought back on line to increase supply. That oil companies are gouging consumers, and are showing record profits. My articles show that refineries are currently running at 89% of capacity, below what it was early this summer. It is an artificial panic/shortage by the big oil companies so they can boost profits t our expense.
And so far no one has contradicted my point that OPEC+ was already producing well below their old quotas. The new quotas just bring them closer in line with what they are actually producing.
That’s the problem it’s not that easy or even economically feasible to just “bring closed refineries back on line” for a variety of reasons you don’t seem to grasp that, just Big oil is bad.
That’s the problem it’s not that easy or even economically feasible to just “bring closed refineries back on line” for a variety of reasons you don’t seem to grasp that, just Big oil is bad.
I know it isn't always easy to bring the refineries back on line. But economically feasible? Bull. The oil companies are showing record profits. They can afford to spend a little bit of those record profits on bringing them online.
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