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-Some denied that OPEC+ was going to have an unscheduled October surprise with a production cutback of 2 million barrels.
-Many believed Saudi propaganda that the kingdom had no spare capacity, when in fact the Saudis are 33% off production levels from two years prior, while refusing to release SPR inventory.
-These experts believed Riyadh’s pleas that a production cut was needed to maintain profitability, never appreciating that U.S. technology enables the Saudis to extract oil as far less than half the cost of Russian oil, with low break-evens of ~$22 a barrel.
-They forgot to figure in the massively higher shipping costs for getting Russian oil to Asia, buying into Putin’s “pivot to Asia” mythology. They likewise wrongly believed that gas was fungible and that Putin could pivot from selling piped gas to Europe to China—though he does not have the needed pipelines.
Obama/Biden made it legal to export crude oil.
Now someone wants us to think Biden did not participate in that decision. The Obama administration hid the provision in a medical transparency bill so that We, The People, would not notice it.
It is, a fact. We Americans do not need Saudi oil. If We, The People, were turned loose to explore and produce our own oil supplies and price our own oil, the price of gasoline and a lot else would plummet. Biden promises oil companies he is going to put them out of business.
It is better that Biden be put out of office.
Obama/Biden made it legal to export crude oil.
Now someone wants us to think Biden did not participate in that decision. The Obama administration hid the provision in a medical transparency bill so that We, The People, would not notice it.
It is, a fact. We Americans do not need Saudi oil. If We, The People, were turned loose to explore and produce our own oil supplies and price our own oil, the price of gasoline and a lot else would plummet. Biden promises oil companies he is going to put them out of business.
It is better that Biden be put out of office.
Jimmy Carter's administration put the export ban of crude in place.
The repeal of the ban in 2015 was bipartisan, exports did not cause the current problems, it's a cut back in refineries. But it is true we don't need Saudi Oil since we reduced our consumption 90% that doesn't mean that it won't impact world prices with their cut, we are still the worlds largest producer. Right now oil refiners are making a killing with a $30 a barrel refining cost. Oil prices aren't going to plummet but they will get lower as we get back to where we were in 2018, we are almost there.
We are slowly moving away from fossil fuels, that is also not the cause of our current problems.
Obama/Biden made it legal to export crude oil.
Now someone wants us to think Biden did not participate in that decision. The Obama administration hid the provision in a medical transparency bill so that We, The People, would not notice it.
Hey Listener. Did you know that the sponsor of that bill was Charles Dent, a Republican? Before it went to Obama to sign, it was passed by both the House and Senate. Both chambers were controlled by Republicans that year. Republicans in the House approved it 236-4!
So, if you don't like that law, fine. But don't blame Obama. Blame your own party.
Jimmy Carter's administration put the export ban of crude in place.
The repeal of the ban in 2015 was bipartisan, exports did not cause the current problems, it's a cut back in refineries. But it is true we don't need Saudi Oil since we reduced our consumption 90% that doesn't mean that it won't impact world prices with their cut, we are still the worlds largest producer. Right now oil refiners are making a killing with a $30 a barrel refining cost. Oil prices aren't going to plummet but they will get lower as we get back to where we were in 2018, we are almost there.
We are slowly moving away from fossil fuels, that is also not the cause of our current problems.
What is important to recognize is that "cutback in refineries" is due to Biden's new regulations on refineries that put several out of business.
Obama promised a war on the coal industry, and destroyed it.
Biden promised a war on oil companies and is destroying them.
Democratic policies bring nothing but death, destruction and misery.
What is important to recognize is that "cutback in refineries" is due to Biden's new regulations on refineries that put several out of business.
Obama promised a war on the coal industry, and destroyed it.
Biden promised a war on oil companies and is destroying them.
Democratic policies bring nothing but death, destruction and misery.
That’s a FACT. It’s embarrassing to TeamBiden that OPEC made it clear that TeamBiden is fine with the reduction in Oil Production…… as long as they postpone it until AFTER the Mid-Term Election.
What is important to recognize is that "cutback in refineries" is due to Biden's new regulations on refineries that put several out of business.
I think you're mistaken.
I don't know of any new regulations or refinery closing due to Biden-era regulations, but I could be wrong.
Please tell us what new regulations on refineries were put in place by the Biden administration, and which refinery closings are related to those regulations?
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
41,937 posts, read 36,951,955 times
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Quote:
Originally Posted by Thulsa
I think you're mistaken.
I don't know of any new regulations or refinery closing due to Biden-era regulations, but I could be wrong.
Please tell us what new regulations on refineries were put in place by the Biden administration, and which refinery closings are related to those regulations?
None. It's fantasy. Some refineries closed during covid as demand plummeted during Trump, and they haven't reopened. Not due to any new regulatiads. More to maintain high profits.
If Biden has a war on oil and gas its a failure as we are at or nearly at peak production of oil and natural gas for the last 20 years.
It's been a while since I have seen an article try so hard to twist the actions of a bumbling, mumbling, and inept administration into something that they want people to believe is actually something positive.
I think one of my favorite lines was this one...
Quote:
Biden’s new policy of replenishing the SPR through futures contracts, taking advantage of backward-dated futures markets where oil is hovering cheaply around $70 a barrel, locks in hefty profits for domestic oil producers for years to come—which Riyadh refused to do.
Interesting how it seemed to totally ignore the fact that Biden purged a significant amount of the SPR and is actually costing us billions to replenish something that Trump had done when prices were significantly lower. But apparently in this case, oil profits for years are totally acceptable...
The only thing missing from this report was to blame the Gas Stations for not lowering their prices like Biden wanted them to do.
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