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Consumption down? Things are slower than Arctic ice melt. I give it until July to break loose if it doesn't then we are in a recession, courtesy of the "the clueless organizer". Hopefully the great Trump can turn things around.
Obama was blamed for not allowing enough drilling. For halting production and putting obstacles in the way of business to produce. Now you're blaming HIM for the glut? And his detractors solution is remove restrictions, and "drill baby drill"? I'm not against oil (not at all, I make my living in that market), but that is just another example of Trump people not knowing WTeF they are talking about, and voting against their own interest.
The oil glut is a direct result of two things:
1. Initiated by the Saudi Directive over OPEC to maintain production, Saudis block OPEC output cut, sending oil price plunging | Reuters, and
2. US response was EXACTLY what does, and always has made America great, we responded with innovation, business vigor, and technology, and drove our cost to produce down, to compete with OPEC:
---I am at work, and don't have time to find links, but it is well documented WITHIN the oil industry (very RIGHT leaning, BTW) that the response was as described above. Innovation, and reducing the cost of oil production.
Like fracking or don't like it, that's another decision with valid arguments on both sides, but it has been being used for decades. It was just in the last 10 years that innovation made it economically viable at current oil prices. I am not giving Obama Credit for that (he does not deserve it) but it did happen under his clock. He certainly didn't PREVENT it from happening, like some would want you to believe.
And to put a cap on it, prices have stabilized. They were below $30/boe for a while, and are now currently at mid $50's for WTI and Brent Crude (the standard).
Additionally, Oil is a GLOBAL Commodity. If the US, or even Saudi (as proven by this thread itself) were to try to influence the price of global oil, they could only have limited (not zero) influence. If any one country held back production, others would step in. If any one country flooded the market, companies would retract production, as we did in the USA. Currently the oil production footprint is reduced in USA DUE TO ECONOMIC/PRICING REASONS. There are litterally tens of thousands of wells that are drilled, completed, and capped, ready for production as soon as the price supports it in the area they are located. Currently, in the US, Permian Basin and Eagles Ford are the two largest, economically viable major oil basins, and both are thriving, yet have much pent up production potential, not incumbered by anything other than economic conditions.
Yes, there were many other economic factors that effect the prices of oil, but the premise of this thread is a fail from the get-go.
Obama did not cause the oil glut. If anything, the arguments we've heard from the right since before he even took office would indicate that he may have helped keep prices up. I don't believe that to be very true, but what is said against him would support it.
Thank You Obama---Trump Was Right You Left Him "A Huge Mess"; Biggest Gasoline Glut In 27 Years Could Crash Oil Markets
Oh right. Because Obama, uniquely among american presidents, controlled the world's petroleum production and markets. And then the big meanie refused to let Trump in on it.
How lame can you get?
In fact, that a glut could crash markets and put a halt to production has been known and discussed for decades. It's one of the reasons why OPEC was formed, after all.
Again it is demonstrated how unaware the Right Winger Are and how much they worship the wealth chaser, until now they want the price of Oil to Skyrocket, because the Big Oil controlled by white men in suits, have told them this silliness. This is classical of the Confederate Mentality. It's flat out insane.
The Conservative Mind has always been a dangerous element to American prosperity and stability and a contributor to the madness in the social and economic spectrum... and still they can't see it.
Are they angling for Middle East Conflict to stifle the flow of fuel, and will they create more war just to slow down the fuel flow? One can NEVER put anything past the acts and actions that Conservative Money Gatherers will do to feed their greed.
Low cost fuel hurts no one in the general public arena. ((No one told Oil companies to pay outrageous salaries to the crooked executives. Tillerson, was paid... insidious amount for starting conflicts to extract oil. or the excessive spending they engaged based on stock ticker over inflated prices driven up by the war games in the middle east, these people should have been smart enough to know that level and price was not real and was not sustainable)) These companies crying now, because they were foolish, is their own fault. It's a classic repeat of the ignorance of society during the early years of Oil booms in this nation, 'waste went crazy and they began to pay each other like money was confetti...
The public needs to become smart and stop being led like a horse with a bit in its mouth. ..... that is very hard for Right Wing Conservatives to do, because they have always been groomed to be the pawns who go to battles to protect the looting engaged by the wealthy.
They fight against the Government for Decades because it imposed regulations to protect the public, and now they have a money gatherer in the whitehouse who will do anything to promote excessive greed in our system.
America is headed for a crash, not because of oil, but because of the greed of the executives and corporate manipulators and the criminal conduct of the people at the top of the Stock Market system. Now with the aid of an Administration that is devote to creating a culture of ravaging greed, the downfall of the American economy may fall like someone placed dynamite in the side of a cliff.... and lit the fuse.
Oil likely never should have been traded on the Stock Market, it should be considered a National Security Asset, and not a "gambling object for the greed makers and chaser of the stock market system". It should be controlled by the governments of countries, that adhere to base agreements of this being a "world energy source"; not by the wealthy greedy elites. But we are not smart enough to understand the value of that concept and base factors.
Consumption down? Things are slower than Arctic ice melt. I give it until July to break loose if it doesn't then we are in a recession, courtesy of the "the clueless organizer". Hopefully the great Trump can turn things around.]
LOL, If posters are going to use the word "clueless" then CD should make sure they know what it means,becuase in the context used it makes them look clueless.See how that works?
Why not end all subsidies so that the the choices are nobody's business?
Start with fuel subsidies, & this time please consider externalities involved:
"Other credible estimates of annual United States fossil fuel subsidies range from $10 billion to $52 billion annually – yet none of these include costs borne by taxpayers related to the climate, local environmental, and health impacts of the fossil fuel industry."
Thank You Obama---Trump Was Right You Left Him "A Huge Mess"; Biggest Gasoline Glut In 27 Years Could Crash Oil Markets
Oh right. Because Obama, uniquely among american presidents, controlled the world's petroleum production and markets. And then the big meanie refused to let Trump in on it.
How lame can you get?
In fact, that a glut could crash markets and put a halt to production has been known and discussed for decades. It's one of the reasons why OPEC was formed, after all.
So was obama lying when he said energy prices would necessarily skyrocket under his, yet to be revealed, energy plan?
His energy czar said the US gasoline prices must rise to prices paid in Europe.
Low gasoline and energy prices apparently are a failure of obama's promise.
Why would voters re-elect a president who promised skyrocketing energy prices?
Again it is demonstrated how unaware the Right Winger Are and how much they worship the wealth chaser, until now they want the price of Oil to Skyrocket, because the Big Oil controlled by white men in suits, have told them this silliness. This is classical of the Confederate Mentality. It's flat out insane.
The Conservative Mind has always been a dangerous element to American prosperity and stability and a contributor to the madness in the social and economic spectrum... and still they can't see it.
Are they angling for Middle East Conflict to stifle the flow of fuel, and will they create more war just to slow down the fuel flow? One can NEVER put anything past the acts and actions that Conservative Money Gatherers will do to feed their greed.
Low cost fuel hurts no one in the general public arena. ((No one told Oil companies to pay outrageous salaries to the crooked executives. Tillerson, was paid... insidious amount for starting conflicts to extract oil. or the excessive spending they engaged based on stock ticker over inflated prices driven up by the war games in the middle east, these people should have been smart enough to know that level and price was not real and was not sustainable)) These companies crying now, because they were foolish, is their own fault. It's a classic repeat of the ignorance of society during the early years of Oil booms in this nation, 'waste went crazy and they began to pay each other like money was confetti...
The public needs to become smart and stop being led like a horse with a bit in its mouth. ..... that is very hard for Right Wing Conservatives to do, because they have always been groomed to be the pawns who go to battles to protect the looting engaged by the wealthy.
They fight against the Government for Decades because it imposed regulations to protect the public, and now they have a money gatherer in the whitehouse who will do anything to promote excessive greed in our system.
America is headed for a crash, not because of oil, but because of the greed of the executives and corporate manipulators and the criminal conduct of the people at the top of the Stock Market system. Now with the aid of an Administration that is devote to creating a culture of ravaging greed, the downfall of the American economy may fall like someone placed dynamite in the side of a cliff.... and lit the fuse.
Oil likely never should have been traded on the Stock Market, it should be considered a National Security Asset, and not a "gambling object for the greed makers and chaser of the stock market system". It should be controlled by the governments of countries, that adhere to base agreements of this being a "world energy source"; not by the wealthy greedy elites. But we are not smart enough to understand the value of that concept and base factors.
(note: none of that changed the last eight years).
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PLEASE,PLEASE explain to us why???
