Biden's oil nightmare
American Thinker,
by
Kevin Cochrane
Original Article
Posted By: Magnante,
2/10/2022 9:05:03 AM
If you think the highest overall inflation rate in 40 years of 7% is bad, get ready for a real shock coming to a pump near you. Oil prices are surging so much that, ironically, even the "Green New Deal" president is begging global and domestic producers alike to ramp up production and pump, pump, pump! And despite his releasing millions of barrels of crude from the strategic oil reserve and pleading with oil-rich nations to increase their output, prices continue to climb.
In early December, oil was trading at $65 per barrel. Today, it's over $90
Reply 1 - Posted by:
mobyclik 2/10/2022 9:11:37 AM (No. 1067578)
Hey, are you crazy socialist libs enjoying your heating and gasoline bills? Pat each other on the backs for this disaster.
26 people like this.
Reply 2 - Posted by:
Jethro bo 2/10/2022 9:23:00 AM (No. 1067595)
It will be interesting to see the Libs, Dems, fascist and socialist spin this when gas is $10 a gallon in Nov. Nothing can stop the coming price crush. The ramping up of production, transportation, refining and such can't correct the current trend in less than 8 months. I'm sure the socialist Media and Kneepad media will parrot Biden's claim that its Trump and Covids fault. One wonders how many brain dead Dems will drink that Kool -aid.
19 people like this.
Reply 3 - Posted by:
downnout 2/10/2022 9:28:45 AM (No. 1067598)
That release from the Strategic Oil Reserve was barely enough to supply 3 days of our oil usage. Biteme is an idiot. I’m still waiting to find out why pumping more oil in Saudi Arabia and Russia is better than pumping it here. Does he have any idea how much fuel it takes to get that oil here to the U.S?
28 people like this.
Reply 4 - Posted by:
FunOne 2/10/2022 9:29:01 AM (No. 1067599)
It is a mistake to identify the outrageous gasoline price to Biden alone. This punitive situation needs to be assigned to ALL democrats running for election or re-election. Democrats OWN this economy!
30 people like this.
Reply 5 - Posted by:
Sanchin 2/10/2022 9:34:01 AM (No. 1067611)
How much longer will the American people allow this government (it is not JUST the Biden administration) to destroy this country? The past couple of years have been absolutely fascinating (And NOT in a good way) to see how people easily allow themselves to be controlled and manipulated by tyrannical psychopaths. This administration, along with the complicity of the GOP, has transformed this country beyond recognition. The consequences of what this administration has set out have yet to be felt.
15 people like this.
Not his nightmare, OUR NIGHTMARE pResident (?). Bumbling Brandon, of the Biden Syndicate.
8 people like this.
Reply 7 - Posted by:
marbles 2/10/2022 9:58:42 AM (No. 1067650)
Higher fuel costs means everything goes up in price. Food and other goods don't magically appear in the stores.Even if you buy on line, everything comes from somewhere and it's not your back yard.
16 people like this.
Reply 8 - Posted by:
3XALADY 2/10/2022 10:16:26 AM (No. 1067670)
Before the snow storm last week, gas was $3.06. I was out yesterday and see that gas is $3.19. You have to wonder where it will end.
5 people like this.
Reply 9 - Posted by:
bighambone 2/10/2022 10:39:21 AM (No. 1067722)
Well you have to figure that Russia will give Biden a little more gasoline and oil, but only after he surrenders to Russia on the Ukraine issue.
But instead, at least right now Biden has been muttering that if Russia invades Ukraine he will somehow stop natural gas from coming through Russia’s Nordstream 2 pipeline that runs under the Baltic Sea from Russia to Germany? Since Germany and other European countries need that Russian natural gas to heat their homes and energize their businesses, will they will go along with Biden somehow turning off that Russian natural gas pipeline is anyone’s guess.
7 people like this.
Reply 10 - Posted by:
rikkitikki 2/10/2022 10:55:10 AM (No. 1067750)
Oil prices are the product of global supply-demand dynamics...a relationship that is very inelastic: small changes in either one are reflected in huge swings in gasoline prices at the pump.
The collapse of oil prices in 1Q-20, which no one anticipated, therefore quickly led to cheap gasoline...but also caused major hardship for every American oil company, big and small...many went broke, but all had to reduce staff, stop leasing and drilling, mothball rig fleets and frac equipment, and furlough 10,000 ancillary service companies and their 1,000,000 employees (mechanics, technicians, roustabouts, clerks, accountants, etc.). Most of those furloughed workers have had to find other work.
No drilling, and the existing wells continue their declines...which is why US production is down by 1.2 million b/d...which is why gasoline prices are surging.
No company can simply flip a switch and start drilling again overnight....even if the Biden admin was friendly...which they are anything but.
Sorry folks, but gasoline prices will stay at current high levels, if anything, but may go even higher... ramping up the domestic oil industry to pre-covid levels will take several years, if not more.
And, no, no amount of govt dictats or face-planting, desperation pleas by the idiot in the White House will make a difference.
11 people like this.
Reply 11 - Posted by:
TJ54 2/10/2022 11:36:59 AM (No. 1067811)
Grifter Joe could reverse his decision on the pipeline and oil leases. That would also help reverse inflation
7 people like this.
Reply 12 - Posted by:
Bur Oak 2/10/2022 11:58:56 AM (No. 1067828)
A person only needed to be somewhat informed to be able to predict where the Biden Administration and the Democrat controlled Congress would send this country.
11 people like this.
Reply 13 - Posted by:
Hugh Akston 2/10/2022 12:17:50 PM (No. 1067849)
...pleading with oil-rich nations to increase their output...
In addition to #10's post with regard to the larger macro view of oil, and the reality of bringing production back on line (and being comfortable, politically, with that business decision), I've read numerous articles that state we, the US of A, have the largest oil reserves under our feet in the world, combined with technological improvements in drilling, both horizontal and vertical, we should have all the oil we need, especially from a national security stand point, let alone our ability to impact, smooth out, oil price spikes and fluctuations. It's a geopolitical hammer we should be using.
And then there are the massive natural gas reserves in tandem with our massive oil reserves. None of these require ships (and their expense + fuel costs) to bring here.
And if these 'green' idiots were serious and think we can have a feasible electric vehicle fleet/infrastructure (maybe where there is no winter, or we stay within 1 hour of our house), or want to reduce our dependence on 'fossil' fuels...can you say NUCLEAR.
9 people like this.
Reply 14 - Posted by:
subman47 2/10/2022 3:11:39 PM (No. 1067992)
November 2020 oil was $49 dollars a barrel. And we were energy independent. Oil is now $90 dollars a barrel and the disaster in the Whitehouse is begging the oil producing countries to pump more oil to help us. I guess orange man is still bad and dementia man is ok. Really? Wake up America. Vote their rear ends out in November.
5 people like this.
Reply 15 - Posted by:
TexaTucky 2/10/2022 3:59:38 PM (No. 1068025)
So to wean us from gas and save the planet, they are enriching oil companies with even fatter profit margins.
Cool
2 people like this.
Reply 16 - Posted by:
rikkitikki 2/10/2022 4:34:20 PM (No. 1068067)
To clarify post by #13, America does have among the world's largest oil accumulations.
Trouble is, America's accumulations are the expensive kind...needing many more wells, each with expensive hydraulic fracture stimulations to produce that oil.
America has plenty of oil, but only at progressively higher oil prices. The days of cheap American oil (think, Spindletop) are long past. And whenever oil prices slump, the industry slumps.
Between taxes, mineral owners, and costs to drill and produce, the break-even price to drill for oil in America is far higher than that in Saudi Arabia.
0 people like this.
Reply 17 - Posted by:
rikkitikki 2/10/2022 4:48:30 PM (No. 1068086)
To #15:
If oil company profits were as obscene as you seem to think, then why not quit griping, and get your own piece of the action...just buy into Exxon's 7% return over the long haul?
Or, you could simply gripe about the profits that really are obscene...think Gates, Zuckerberg, and Bezos, all of whose companies have smoked any oil company that ever existed.
0 people like this.
Reply 18 - Posted by:
Proud Texan 2/10/2022 4:54:44 PM (No. 1068090)
Our nightmare,
Biden's fantasy!
We have plenty of oil and gas here and we should be using it. Fracking cost has come down tremendously over the last few years so that it really isn't that big of a deal anymore. Taxes and EPA's environment destroying policies are a big deal.
This is not about reducing CO2. (We actually need more CO2 to be greener). This is about destroying American business. The really gig oil companies most people hear of can branch out into other areas and end up just fine. This is about destroying small businesses, of which there are thousands, from a small shop like me to a shops with hundreds of employees will be deprived of our livelihoods. The employees will have nowhere to go because Biden's invaders are taking that away.
Hurting Americans - THAT is the Biden dream.
2 people like this.
Reply 19 - Posted by:
Venturer 2/10/2022 5:10:58 PM (No. 1068106)
It's all so easily solved.
Go back to 1-20-21 and tear up every Executive order you signed dipstick
3 people like this.
Reply 20 - Posted by:
homefry 2/11/2022 8:33:13 AM (No. 1068732)
WOW!! If ONLY we could somehow become energy independent!!!
0 people like this.
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