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Cali: When Biden Blames Putin for Gas Prices

clob94

Well-Known Member
Aug 25, 2014
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I want you to refer to this chart. The sooner you realize that Biden is completely fvcking full of shit, and that gas prices were already out if control BEFORE Putin invaded Ukraine, the sooner you'll realize that his incompetence, threats directed at Big Oil, and the oil companies not wanting to over extend themselves like they did in 2014-- are the issue here. But mostly President Houseplant.



 
I want you to refer to this chart. The sooner you realize that Biden is completely fvcking full of shit, and that gas prices were already out if control BEFORE Putin invaded Ukraine, the sooner you'll realize that his incompetence, threats directed at Big Oil, and the oil companies not wanting to over extend themselves like they did in 2014-- are the issue here. But mostly President Houseplant.



Don’t think we ever doubted the geriatric patient was full of doo doo. Your target audience will never be persuaded even with objective facts.
 
Do any of yall do research to truly inform yourself about the multitude of factors that contribute to complex issues or just hang out in the echo chamber. Talk about conformation bias. One person, even the president of the United States can not significantly affect the price of a global commodity.

What was global oil production in April 2020? - 82.57 million barrels per day.
What is current global oil production? 79.75 million barrels per day.

Why doesn't OPEC+ want to increase oil production?
Because their budgets are set around $100 per barrel and they were having to dip into their sovereign wealth funds and were having to cut back on social programs while trying to deal with loss of market share from US Shale Oil Producers

Why won't domestic producers increase production?
Because they don't have to worry about losing market share to OPEC+ producers so they can therefore maximize shareholder profits.

The second that an oil producing nation starts to increase production in an attempt to capture more market share then you will see other follow suit.
 
Do any of yall do research to truly inform yourself about the multitude of factors that contribute to complex issues or just hang out in the echo chamber. Talk about conformation bias. One person, even the president of the United States can not significantly affect the price of a global commodity.

What was global oil production in April 2020? - 82.57 million barrels per day.
What is current global oil production? 79.75 million barrels per day.

Why doesn't OPEC+ want to increase oil production?
Because their budgets are set around $100 per barrel and they were having to dip into their sovereign wealth funds and were having to cut back on social programs while trying to deal with loss of market share from US Shale Oil Producers

Why won't domestic producers increase production?
Because they don't have to worry about losing market share to OPEC+ producers so they can therefore maximize shareholder profits.

The second that an oil producing nation starts to increase production in an attempt to capture more market share then you will see other follow suit.
You had me at shareholder. 😂
 
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Do any of yall do research to truly inform yourself about the multitude of factors that contribute to complex issues or just hang out in the echo chamber. Talk about conformation bias. One person, even the president of the United States can not significantly affect the price of a global commodity.

What was global oil production in April 2020? - 82.57 million barrels per day.
What is current global oil production? 79.75 million barrels per day.

Why doesn't OPEC+ want to increase oil production?
Because their budgets are set around $100 per barrel and they were having to dip into their sovereign wealth funds and were having to cut back on social programs while trying to deal with loss of market share from US Shale Oil Producers

Why won't domestic producers increase production?
Because they don't have to worry about losing market share to OPEC+ producers so they can therefore maximize shareholder profits.

The second that an oil producing nation starts to increase production in an attempt to capture more market share then you will see other follow suit.
So you are saying that an administration being completely anti-oil in all
It’s actions have no impact on the amount of oil being produced in the US?
 
So you are saying that an administration being completely anti-oil in all
It’s actions have no impact on the amount of oil being produced in the US?
Check you conformation bias and do a little research. Most of the oil in the US sits on private land so the moratorium on federal leases didn't affect most of the available leases. Biden's moratorium was challenged in court and If you go look at the data on the department of energy you will see that there were more leases on federal land during Biden's first year than there were during Trumps last year.

So what isn't oil production rebounding after to COVID demand destruction?

You have to go back to 2010. Technology developed lead to a shale boom and sometime in 2013-2014 the US becomes the largest crude oil producer in the world. This is also a time when OPEC cant keep its members in line and everyone is producing more than their agreed upon quotas. Oil prices start to fall and no one wants to cut off the taps because they don't want to lose market share. In Later 2014 to early 2016 the Saudis flood the market in an attempt to drive the shale oil producers out of business because the Saudis know that shale oil is financed on a mountain of debt. But it doesn't work. Lots of projects are profitable around $35 per barrel

Things change in 2017. The Saudis get together with Russia to form OPEC+ and start to reign in production. The OPEC Major General starts having regular meetings in Houston with execs from private oil producers so they can "understand" the financing of shale oil projects. In 2019 your start to see wall street punish the stock of energy companies who were spending on infrastructure, exploration, and drilling which lead to a decrease in stock prices. The flip side was true for companies who were using profits on dividends and buybacks. So the stages were set during the latter part of the Trump administration for our current situation.

Here is an article about the last meeting between OPEC+ and Shale Producers. Its a pretty easy read

 
Do any of yall do research to truly inform yourself about the multitude of factors that contribute to complex issues or just hang out in the echo chamber. Talk about conformation bias. One person, even the president of the United States can not significantly affect the price of a global commodity.

What was global oil production in April 2020? - 82.57 million barrels per day.
What is current global oil production? 79.75 million barrels per day.

Why doesn't OPEC+ want to increase oil production?
Because their budgets are set around $100 per barrel and they were having to dip into their sovereign wealth funds and were having to cut back on social programs while trying to deal with loss of market share from US Shale Oil Producers

Why won't domestic producers increase production?
Because they don't have to worry about losing market share to OPEC+ producers so they can therefore maximize shareholder profits.

The second that an oil producing nation starts to increase production in an attempt to capture more market share then you will see other follow suit.
Love ya like a brother, but our rate of new Wells slowed for a multitude of reasons that have nothing to do with shareholders.

Yes, a big reason we didn't see another wild west surge is partly because of the companies themselves. It was somewhere near 3/4s of all the industries companies went *poof* during the last big bust. This caused the survivors to reevaluate their volatile business models to reduce risk for a more predictable future.

Now, a major reason we aren't seeing a flat surge at these prices is because they are having trouble getting the financing. Everything is funded and insured from outside institutions which have been heavily restricted and/or gave in to political pressure to not back fossil fuel companies. So, these companies are now working with their own budgets. This slows everything down considerably but exposes them to much less risk. There's a chit ton of new wells on the books but they are scheduled out over years, not upon completion of the previous well.
If it was as easy as turning a valve to solve all our problems, somebody would have done it already. There's too much bureaucracy and political influence behind the scenes.
Everything has been scaled down.
 
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Love ya like a brother, but our rate of new Wells slowed for a multitude of reasons that have nothing to do with shareholders.

Yes, a big reason we didn't see another wild west surge is partly because of the companies themselves. It was somewhere near 3/4s of all the industries companies went *poof* during the last big bust. This caused the survivors to reevaluate their volatile business models to reduce risk for a more predictable future.

Now, a major reason we aren't seeing a flat surge at these prices is because they are having trouble getting the financing. Everything is funded and insured from outside institutions which have been heavily restricted and/or gave in to political pressure to not back fossil fuel companies. So, these companies are now working with their own budgets. This slows everything down considerably but exposes them to much less risk. There's a chit ton of new wells on the books but they are scheduled out over years, not upon completion of the previous well.
If it was as easy as turning a valve to solve all our problems, somebody would have done it already. There's too much bureaucracy and political influence behind the scenes.
Everything has been scaled down.
Yes I believe I referenced that. This started back in 2017 with the formation of OPEC+ and OPEC+ actually sticking to production quotas. That changed global market dynamics and wall street reassessed the value of companies based on those new dynamics.

It is an undisputable fact that as early as 2019 the stocks of companies who invested in lease acquisition exploration and infrastructure started to drop and the companies that increased dividends and by backs saw thier stock prices increase.

Did you take some time to read the article? There was a meeting with OPEC and Shale Producers in Houston on March 7th. The OPEC Secretary General said that Shale producers were focused on delivering profits to shareholders instead of pouring more cash into new drilling. Reps from the companies refused to go on record about the meeting.
 
Do any of yall do research to truly inform yourself about the multitude of factors that contribute to complex issues or just hang out in the echo chamber. Talk about conformation bias. One person, even the president of the United States can not significantly affect the price of a global commodity.

What was global oil production in April 2020? - 82.57 million barrels per day.
What is current global oil production? 79.75 million barrels per day.

Why doesn't OPEC+ want to increase oil production?
Because their budgets are set around $100 per barrel and they were having to dip into their sovereign wealth funds and were having to cut back on social programs while trying to deal with loss of market share from US Shale Oil Producers

Why won't domestic producers increase production?
Because they don't have to worry about losing market share to OPEC+ producers so they can therefore maximize shareholder profits.

The second that an oil producing nation starts to increase production in an attempt to capture more market share then you will see other follow suit.
If true then why is Biden and the WH telling everyone that it is Putin's fault? Would he be lying?
 
Cost push inflation is here to stay until they push us into an economic depression and the Federal Reserve has no choice now.

They are engineering the implementation of a blockchain dollar. They have to create an economic environment bad enough that we will beg for it. Think inflationary depression. The M2 monetary base is parabolic. Cost push inflation is everywhere.

https://fred.stlouisfed.org/series/WM2NS
 
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Yes I believe I referenced that. This started back in 2017 with the formation of OPEC+ and OPEC+ actually sticking to production quotas. That changed global market dynamics and wall street reassessed the value of companies based on those new dynamics.

It is an undisputable fact that as early as 2019 the stocks of companies who invested in lease acquisition exploration and infrastructure started to drop and the companies that increased dividends and by backs saw thier stock prices increase.

Did you take some time to read the article? There was a meeting with OPEC and Shale Producers in Houston on March 7th. The OPEC Secretary General said that Shale producers were focused on delivering profits to shareholders instead of pouring more cash into new drilling. Reps from the companies refused to go on record about the meeting.
I can tell you first hand the Shale producer I work for who is one of the largest holders of hbp shale acreage in Texas wasn’t at that meeting
 
Cost push inflation is here to stay until they push us into an economic depression and the Federal Reserve has no choice now.

They are engineering the implementation of a blockchain dollar. They have to create an economic environment bad enough that we will beg for it. Think inflationary depression. The M2 monetary base is parabolic. Cost push inflation is everywhere.

https://fred.stlouisfed.org/series/WM2NS
Although I believe there is an effort to digitize US currency to allow for greater "control" of the masses and their access to resources, I doubt the digital currency will be a "blockchain" dollar. Any link to Blockchain would reduce the Fed's ability to manipulate supply and release additional "dollars" at will.
 
Although I believe there is an effort to digitize US currency to allow for greater "control" of the masses and their access to resources, I doubt the digital currency will be a "blockchain" dollar. Any link to Blockchain would reduce the Fed's ability to manipulate supply and release additional "dollars" at will.
That’s a good point
 
Although I believe there is an effort to digitize US currency to allow for greater "control" of the masses and their access to resources, I doubt the digital currency will be a "blockchain" dollar. Any link to Blockchain would reduce the Fed's ability to manipulate supply and release additional "dollars" at will.
When has the fed ever been audited?
 
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Yes I believe I referenced that. This started back in 2017 with the formation of OPEC+ and OPEC+ actually sticking to production quotas. That changed global market dynamics and wall street reassessed the value of companies based on those new dynamics.

It is an undisputable fact that as early as 2019 the stocks of companies who invested in lease acquisition exploration and infrastructure started to drop and the companies that increased dividends and by backs saw thier stock prices increase.

Did you take some time to read the article? There was a meeting with OPEC and Shale Producers in Houston on March 7th. The OPEC Secretary General said that Shale producers were focused on delivering profits to shareholders instead of pouring more cash into new drilling. Reps from the companies refused to go on record about the meeting.
Yep, that's all very true. I guess my point is it takes a bit more strategic planning in order to deliver profit when you no longer have open ended lines of credit to go hamm on speculation.
 
Do any of yall do research to truly inform yourself about the multitude of factors that contribute to complex issues or just hang out in the echo chamber. Talk about conformation bias. One person, even the president of the United States can not significantly affect the price of a global commodity. Yes-- yes one person can. The 2 strongest single individuals regarding O&G on the planet are- 1. Saudi Minister of Petroleum. 2. POTUS. Why? Because the POTUS has a bully pulpit that the speculators listen to. He said unequivocally that he plans to wreck oil companies in this country. This sent speculators scrambling.

What was global oil production in April 2020? - 82.57 million barrels per day.
What is current global oil production? 79.75 million barrels per day. global oil supply in Jan 2022 was 98.7 mbpd. As i said in a previous post, the world needs about 100 mbpd to keep spinning.
Why doesn't OPEC+ want to increase oil production?
Because their budgets are set around $100 per barrel and they were having to dip into their sovereign wealth funds and were having to cut back on social programs while trying to deal with loss of market share from US Shale Oil Producers
https://www.bloomberg.com/news/articles/2021-12-12/saudi-arabia-expects-first-budget-surplus-in-eight-years-in-2022#:~:text=“The budget breakeven is around,balance its budget next year. Not true. Saudi, because the share the money with citizens, had a break even point at around $65 bbl. Oil produced in SA in the cheapest in the world-- between 8-10 dollars a barrel. EOG spend $30 to recover a barrel of oil on a frac job and EOG beats down their service guys to give them free sh!t like lay flat and water and trucking. There's someone on here that can verify this.

Why won't domestic producers increase production?
Because they don't have to worry about losing market share to OPEC+ producers so they can therefore maximize shareholder profits. That's a factor, but not as big as you think. Do you think all OPEC members follow orders? Raise your hand, anybody, if you've met with an actual OPEC member minister. (Clob slowly raises hand) 2 of them, actually. Algeria and Angola. I can assure you with 100% certainty, they are trying to increase their production as quickly and by as much as possible. Yes, they are the medium sized dogs at the OPEC table-- but they're still at the table. Everybody is fighting for market share. Everybody.

The second that an oil producing nation starts to increase production in an attempt to capture more market share then you will see other follow suit. The reason you're seeing high prices are 3 fold-- Everybody ready? 1. In 2014, oil companies got hammered. They over extended themselves. Because of that, reason 2 comes into play. But before we get to #2, let's play a little trivia game. Dud the Royal Bank of Saud make more money in 2013 when oil was $100 a barrel, or in 2014 after oil collapsed. The answer is the latter. Why? How? Simple- the Royal Bank knew the Saudi oil company ARAMCO was going to flood the market with oil to crush the small to mid-size fracking companies in America. Market share baby! So, the bank SHORTED oil. Look it up. 2. After over extending themselves, the oil companies lowered their annual budgets devoted to finding new formations for development. They stopped looking for oil to save money. Well, if you don't look, you don't find. If you don't find, you don't drill. If you don't drill, you don't produce. Simple. 3. POTUS has sent his emissaries around the globe to threaten banks NOT to give production or bridge loans to oil companies. John Kerry has met with BofA, Chase, Deutsche, Credit Swiss, RBS-- all the big hitters and basically shamed them into not dealing with oil companies. Raise your hand if you know commodity equity bankers that work for Credit Swiss that were in the room while Kerry admonished them and pushed for green energy (loss leaders) investments that he said the IMF and USAID would help cover.... (Clob slowly raises his hand, again)

Click your statement to see my response please sir.
 
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Yes I believe I referenced that. This started back in 2017 with the formation of OPEC+ and OPEC+ actually sticking to production quotas. That changed global market dynamics and wall street reassessed the value of companies based on those new dynamics.

It is an undisputable fact that as early as 2019 the stocks of companies who invested in lease acquisition exploration and infrastructure started to drop and the companies that increased dividends and by backs saw thier stock prices increase.

Did you take some time to read the article? There was a meeting with OPEC and Shale Producers in Houston on March 7th. The OPEC Secretary General said that Shale producers were focused on delivering profits to shareholders instead of pouring more cash into new drilling. Because they spent the last 8 years not looking for oil as much as they used to. That sh!t is expensive. Reps from the companies refused to go on record about the meeting. My man, take everything you hear from OPEC with a grain of salt. Trust me on this one. Oil companies need MONEY to drill. If banks won't loan it, they have to get it from somewhere. That somewhere is by buying back their stock and selling it on the increase.
 
Check you conformation bias and do a little research. Most of the oil in the US sits on private land so the moratorium on federal leases didn't affect most of the available leases. Biden's moratorium was challenged in court and If you go look at the data on the department of energy you will see that there were more leases on federal land during Biden's first year than there were during Trumps last year. Know why? Because during his campaign, Biden threatened to shut down federl drilling (on and offshore) which constitutes 25-30% of ALL oil produced here. So, when Biden won in November you saw a MASSIVE surge of leases applied for in December. Like 10 times more than normal. Why? Because POTUS said he was shutting down drilling. But if you had that lease before he took office, you were grandfathered in. This is why you saw a surge in Biden's first year. Please tell me you understand this.

So what isn't oil production rebounding after to COVID demand destruction?

You have to go back to 2010. Technology developed lead to a shale boom and sometime in 2013-2014 the US becomes the largest crude oil producer in the world. This is also a time when OPEC cant keep its members in line and everyone is producing more than their agreed upon quotas. Oil prices start to fall and no one wants to cut off the taps because they don't want to lose market share. In Later 2014 to early 2016 the Saudis flood the market in an attempt to drive the shale oil producers out of business because the Saudis know that shale oil is financed on a mountain of debt. But it doesn't work. Lots of projects are profitable around $35 per barrel. This part is correct.

Things change in 2017. The Saudis get together with Russia to form OPEC+ and start to reign in production. The OPEC Major General starts having regular meetings in Houston with execs from private oil producers so they can "understand" the financing of shale oil projects. In 2019 your start to see wall street punish the stock of energy companies who were spending on infrastructure, exploration, and drilling which lead to a decrease in stock prices. The flip side was true for companies who were using profits on dividends and buybacks. So the stages were set during the latter part of the Trump administration for our current situation. This is partly correct. Forces inside the DC loop were already beginning to lean on banks that loaned to oil companies. Trump knew that energy independence and cheap energy were the keys to a thriving economy. But Trump couldn't control thr ass hats in the room.

Here is an article about the last meeting between OPEC+ and Shale Producers. Its a pretty easy read

Click above to see responses.
 
Click your statement to see my response please sir.
Detailed version of my Oilfield For Dummies post. 😆

Here's what it boils down to, ESG scores. Oil companies by nature will inherently take a big hit to their score. All big banks now use ESG to qualify investment & loans. Personal scores, like in China, are just around the corner. Pretty scary if you ask me.

 
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Detailed version of my Oilfield For Dummies post. 😆

Here's what it boils down to, ESG scores. Oil companies by nature will inherently take a big hit to their score. All big banks now use ESG to qualify investment & loans. Personal scores, like in China, are just around the corner. Pretty scary if you ask me.

The globalists want control at any price. They will not stop. We will literally have to kill them in order to keep our freedoms.
 
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The globalists want control at any price. They will not stop. We will literally have to kill them in order to keep our freedoms.
A modern day Robbin hood wont be revered for taking money but he will be for taking .....something.
 
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