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Thread: It's Going to be a LONG Cold Winter

  1. #101
    God/dess Eric Stoner's Avatar
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    Default Re: It's Going to be a LONG Cold Winter

    Quote Originally Posted by eagle2 View Post
    You're greatly overstating the impact of labor contracts that include COLA, on the economy. Only approximately 10% of American workers belong to a union. Wages are up because of increased demand for labor due to strong economic growth. For decades a disproportionate amount of income has been going to millionaire and billionaire business owners and executives, while the many workers have been barely making enough to survive. After decades of unprecedented increases in income inequality, workers finally have leverage to improve their living standards. No matter what the results are, you and Eric will not be happy, if you don't like the government policies. If income increased zero percent in 2021, you would be bashing President Biden because wages are flat. Now that wages are increasing, you're bashing him for that.



    None of the above has anything at all to do with the increased price of oil. The Build Back Better bill hasn't even become law. Oil is up because demand is up, due to increased economic growth in the US and other countries. US domestic oil production has increased by 1/2 million barrels per day, since President Biden's inauguration.



    Oil producers are only producing oil on approximately 40% of federal land leased to them, so not leasing additional land to them will have zero impact on oil production. Only 25% of US domestic oil production comes from federal land. The freeze on leasing federal land to oil companies has no effect on privately held land.
    I have repeatedly posted that wages are NOT keeping up with inflation. Not since "What's His Name " took office.

    If you take the time to really READ the BBB Bill it is fairly clear that the biggest beneficiaries will be the highest earners. Those who have suffered and will suffer the most are the middle class and lower earners.

    Oil is up as a result of increased demand AND reduced U.S. production. The Alaska pipeline is running at 400,000 barrels per day. New drilling is down. Every well runs dry sooner or later. When "You Know Who " was in office oil producers would drill additional wells. Today they are doing so at a much lower rate.

    Eagle - How do YOU explain the reduction in domestic oil production of at least 2 million barrels per day ? According to your demand driven model , producers should be ramping up production to capitalize on the higher prices for crude and natural gas.
    A
    The credit belongs to the man who is actually in the arena... who, at the best, knows in the end the triumph of high achievement, and who, at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those timid souls who know neither.
    Teddy Roosevelt

  2. #102
    God/dess Eric Stoner's Avatar
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    Default Re: It's Going to be a LONG Cold Winter

    Quote Originally Posted by eagle2 View Post
    Again, oil production has increased by 1/2 million barrels a day since Biden became President.
    Production is still DOWN about 2 million barrels per day. We went from being a net exporter back to being a net importer. Why else would "What's His Name " beg OPEC and Putin to produce more oil ?
    Last edited by Eric Stoner; 11-22-2021 at 12:28 PM.
    A
    The credit belongs to the man who is actually in the arena... who, at the best, knows in the end the triumph of high achievement, and who, at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those timid souls who know neither.
    Teddy Roosevelt

  3. #103
    God/dess Eric Stoner's Avatar
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    Default Re: It's Going to be a LONG Cold Winter

    Now "What's His Name" is releasing 50 million barrels from the Strategic Petroleum Reserve. Brilliant !
    First of all, that reserve is designed and intended to provide oil in case of a major shut-off like a war in the Middle East or another Arab Oil Boycott.
    More importantly it represents only 4 to 5 days of domestic oil production. Any effect on oil prices will be minimal and short lived. Then what ?
    A
    The credit belongs to the man who is actually in the arena... who, at the best, knows in the end the triumph of high achievement, and who, at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those timid souls who know neither.
    Teddy Roosevelt

  4. #104
    God/dess rickdugan's Avatar
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    Default Re: It's Going to be a LONG Cold Winter

    Quote Originally Posted by Eric Stoner View Post
    Now "What's His Name" is releasing 50 million barrels from the Strategic Petroleum Reserve. Brilliant !
    First of all, that reserve is designed and intended to provide oil in case of a major shut-off like a war in the Middle East or another Arab Oil Boycott.
    More importantly it represents only 4 to 5 days of domestic oil production. Any effect on oil prices will be minimal and short lived. Then what ?
    Yup. The price of oil has actually gone up since that stupendous announcement.

    It was just more of the same political theatre for the masses, like his directive to the FTC to investigate price gouging and his pleas to domestic and overseas oil producers to pump more. This Administration and the oil traders all know the true cause of our predicament, which is this Administration's insistence on keeping its boot on the necks of U.S. oil producers. But they can't very well admit their own ongoing culpability in causing higher prices in pursuit of their social agenda, so instead they keep the smoke and mirrors show in full swing.

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  6. #105
    God/dess Zofia's Avatar
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    Default Re: It's Going to be a LONG Cold Winter

    Quote Originally Posted by rickdugan View Post
    Yup. The price of oil has actually gone up since that stupendous announcement.

    It was just more of the same political theatre for the masses, like his directive to the FTC to investigate price gouging and his pleas to domestic and overseas oil producers to pump more. This Administration and the oil traders all know the true cause of our predicament, which is this Administration's insistence on keeping its boot on the necks of U.S. oil producers. But they can't very well admit their own ongoing culpability in causing higher prices in pursuit of their social agenda, so instead they keep the smoke and mirrors show in full swing.
    One thing for sure, higher prices will bring much more production from sources that are not subject to OPEC's production quotas.

    Z

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  8. #106
    God/dess rickdugan's Avatar
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    Default Re: It's Going to be a LONG Cold Winter

    Quote Originally Posted by Zofia View Post
    One thing for sure, higher prices will bring much more production from sources that are not subject to OPEC's production quotas.

    Z
    Yes but the question is where and by how much? Most people don't realize this, but for a brief window in 2019 the U.S. became the top oil producing country in the world. This dramatically helped in keeping our energy costs down as domestic oil is cheaper than foreign oil due to, among other things, significant transportation costs. Shoot at one point we were a net exporter of oil because we were producing more than we could use here in the U.S.

    But now we are once again at the mercy of others and are paying a steep price for it. The Administration could fix this simply by revoking the executive orders regarding federal drilling leases and instructing the regulatory agencies to stand down with the new rules in the pipeline, but don't hold your breath as the climate activist wing of the party would lose its collective mind. So instead the absurd hypocrisy will continue, with the Administration keeping its boot on the neck of the U.S. oil industry while pointing its finger at anyone else who might be considered a remotely plausible culprit.

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  10. #107
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    Default Re: It's Going to be a LONG Cold Winter

    Trying to just stay factual and avoid the politics as much as possible, you're right. We WERE energy independent for a couple of years. We WERE a net exporter of oil and natural gas. Prices at the pump WERE $1.50 per gallon lower than now.

    We have Biden nominee Ms. Omarova saying that she wants our oil companies to go bankrupt. As she nationalizes our entire banking system. I wonder what Jamie Dimon and other big donors to What's His Name's campaign are saying NOW ? Granholm gets the giggles whenever she's asked about anything to do with energy prices. Clearly there are those who want us to pay AT LEAST $5 a gallon for gas nationwide and not just in LaLa Land.

    Btw, What's His Name can thank You Know Who for filling the SPR to the brim while he was in charge. Remember ?

    I am sorry and wish I was wrong but this will get worse as we go into the heart of the heating season. I have a bet with a friend as to how many mainstream media news stories there will be highlighting the hardships of ordinary Americans as they struggle to keep their cars gassed AND homes heated AND food on the table. She thinks there will be a lot. I say that the media will downplay it as much as possible. The cut-off is Groundhog Day.
    Last edited by Eric Stoner; 11-24-2021 at 08:30 AM.
    A
    The credit belongs to the man who is actually in the arena... who, at the best, knows in the end the triumph of high achievement, and who, at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those timid souls who know neither.
    Teddy Roosevelt

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  12. #108
    God/dess Eric Stoner's Avatar
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    Default Re: It's Going to be a LONG Cold Winter

    Quote Originally Posted by rickdugan View Post
    Yup. The price of oil has actually gone up since that stupendous announcement.

    It was just more of the same political theatre for the masses, like his directive to the FTC to investigate price gouging and his pleas to domestic and overseas oil producers to pump more. This Administration and the oil traders all know the true cause of our predicament, which is this Administration's insistence on keeping its boot on the necks of U.S. oil producers. But they can't very well admit their own ongoing culpability in causing higher prices in pursuit of their social agenda, so instead they keep the smoke and mirrors show in full swing.
    Let's just say there are "powers that be" that are doing everything they can to get us all into electric cars. Kicking and screaming if necessary.

    Just wait until we are forced to burn more coal to generate the juice to recharge all those cars.

    Btw why are U.S. contractors building more state of the art nuclear power plants in other countries than here ? Last time I checked we have a grand total of one (1) nuclear power plant under construction ( in Wyoming of all places ) while several existing plants are being phased out. As of April , 2021 we had shut down 39 plants in the U.S.
    A
    The credit belongs to the man who is actually in the arena... who, at the best, knows in the end the triumph of high achievement, and who, at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those timid souls who know neither.
    Teddy Roosevelt

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  14. #109
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    Default Re: It's Going to be a LONG Cold Winter

    Granholm was in rare form the other day. She does NOT know what our daily oil production is; what our daily consumption is nor how much we import.

    Nothing like having an Energy Secretary who doesn't know what she should know. No wonder she laughs every time she's asked about it.
    A
    The credit belongs to the man who is actually in the arena... who, at the best, knows in the end the triumph of high achievement, and who, at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those timid souls who know neither.
    Teddy Roosevelt

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    Default Re: It's Going to be a LONG Cold Winter

    Quote Originally Posted by Eric Stoner View Post
    Production is still DOWN about 2 million barrels per day. We went from being a net exporter back to being a net importer. Why else would "What's His Name " beg OPEC and Putin to produce more oil ?
    Sorry, but you have your facts wrong. Oil production is up by 1/2 million barrels a day.

    https://www.eia.gov/dnav/pet/hist/Le...s=WCRFPUS2&f=W TV in

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  17. #111
    God/dess rickdugan's Avatar
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    Default Re: It's Going to be a LONG Cold Winter

    Quote Originally Posted by eagle2 View Post
    Sorry, but you have your facts wrong. Oil production is up by 1/2 million barrels a day.

    https://www.eia.gov/dnav/pet/hist/Le...s=WCRFPUS2&f=W TV in
    Did you read your own chart? We're talking about since pre-pandemic highs. Put your mouse pointer on that line and track the ball to the peak right before the pandemic. Given the higher prices and spiking demand, we should be producing even more oil now than we we pre-pandemic, not less. The fact that we squeezed out another 500k barrels per day recently does not mean that we aren't dramatically under-producing from where we could and should be.

  18. #112
    Featured Member minnow's Avatar
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    Default Re: It's Going to be a LONG Cold Winter

    Quote Originally Posted by Eric Stoner View Post
    Let's just say there are "powers that be" that are doing everything they can to get us all into electric cars. Kicking and screaming if necessary.
    Who are those "powers that be" ? Would some of them be auto company execs ? It seems to me that US auto companies are moving towards putting everyone in either SUV/Crossovers, Pickup Trucks, or electric sedans. Witness the discontinuance of several long time sedan lines. Almost like a bean counters wet dream- steer everyone towards either high unit profit SUV's, or cookie cutter electric cars. (less models, lower manufacturing costs.)
    I'm right 96% of the time. I don't sweat the other 5% .......................

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  20. #113
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    Default Re: It's Going to be a LONG Cold Winter

    I hardly consider GM's $100,000 electric Hummer "cookie cutter".

    Americans don't need to be dragged kicking and screaming into buying electric vehicles. They're willing to wait months to buy one. People who believe Americans have to be dragged kicking and screaming into buying electric vehicles, generally have a very poor understanding of them, and are basing their views on their capabilities from 10 years ago.

  21. #114
    God/dess Zofia's Avatar
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    Default Re: It's Going to be a LONG Cold Winter

    Quote Originally Posted by rickdugan View Post
    Yes but the question is where and by how much? Most people don't realize this, but for a brief window in 2019 the U.S. became the top oil producing country in the world. This dramatically helped in keeping our energy costs down as domestic oil is cheaper than foreign oil due to, among other things, significant transportation costs. Shoot at one point we were a net exporter of oil because we were producing more than we could use here in the U.S.
    As of January 2020, there were 700 oil rigs in production in the U.S. By June, 2020, that number fell to below 200. Remember, the price of crude went negative for a brief time in March and April of 2020. Then there was a brief oil price war between Saudi Arabia and Russia. The price rebounded, but oil rigs take time to go out of production and more time to resume production. By the end of Q2, 2021, we were back up to 445 rigs in production. As the price rises, rigs owned by bankrupt oil companies will find their way to solvent companies and go back into production. The same numbers are true in most of the non-OPEC world. Rising prices will bring about more production the world around. There is only a little that the U.S. government can do about it. They could streamline leasing on federal lands, they could re-open ANWAR. But, most of our short term production capability is from existing wells that are out of production at the moment.

    The Biden administration would do well to remember that energy independence is a good idea, and has been the stated policy goal of the U.S. for forty five years. Using the resources at hand will make it easier to build the so-called green energy future. However, there is a lot of money to be spent between now and then and the problem of energy density is a long way from being solved. So, we need to get back to producing U.S. oil and developing future sources of energy. Not throttling U.S. oil and gas production while daydreaming about windmills and solar panels.

    Z

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