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Joined: Mar 2010
Posts: 24,405 Likes: 18
Campfire Ranger
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Campfire Ranger
Joined: Mar 2010
Posts: 24,405 Likes: 18 |
I love big oil in America and a good deal of my portfolio is invested in energy stocks for the past six months. We'll see what OPEC does , but staying in for now and buying on drops. Big oil provides a lot of great jobs here in America. When world economies open up there is going to be a huge demand for oil hopefully by summer. Biden setting down oil exploration and drilling was a just a payback by the Dems to ruin the red states where most of the production occurs. biden cut the Keystone pipeline construction, is cutting all new drilling on government land, and is pissing off the Saudi's. Speculation alone will drive the price with news like that.
The other side of the coin is that producers with wells already down will now have the price up high enough to cover costs and make a buck.
A simple fact that escapes many here on this perpetually misunderstood subject. OPEC has also agreed to keep their production cuts in place through April, which helped send prices higher yet.
For 95% of consumers who simply and blindly want to believe that big oil is bad/end of story, all of this will fall on deaf ears while they scream about the price of a gallon of gasoline at the corner store just before they run in to buy a "cheap'" bottle of water so that they can stay hydrated on the way to work.  And probably none of them know or want to believe that oil is bought and sold on the commodity market based on supply and demand at the well head. This increased cost at the well head for a barrel of oil paid for by the refiner is logically passed on to the consumer through higher gas prices. That happens in all forms of business, and not just in the oil business, in a capitalist society. Nope.... Its just "big bad oil' taking advantage of them once again for no logical reason with higher gas prices. After all, we all know that we deserve cheap gas no mater what happens in the supply chain or with prices.in that supply chain..........
Last edited by ribka; 03/07/21.
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Joined: Feb 2011
Posts: 26,389 Likes: 6
Campfire Ranger
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Campfire Ranger
Joined: Feb 2011
Posts: 26,389 Likes: 6 |
Well its comments like this I don't get. Biden cut the Keystone pipeline construction, is cutting all new drilling on government land, and is pissing off the Saudi's. Speculation alone will drive the price with news like that.
If all the oil production and related pipelines in the US were ordered to a halt it seems the Saudi's would be thrilled, not pissed off. I have my doubts they like us being self sufficient and not OPEC dependent for our oil. We are such little players in the world oil market we don't amount to squat. Big oil in this country isn't going to hold prices down if OPEC skyrockets theirs, they'll follow suit. So I guess I just don't get where a US president can or ever has effected gas prices. It'd just be interesting to see a direct example of how that's done. He has the power to release our strategic oil reserves, that's just one direct example.
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Joined: Dec 2005
Posts: 3,019 Likes: 3
Campfire Tracker
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Campfire Tracker
Joined: Dec 2005
Posts: 3,019 Likes: 3 |
If you were one of the few Americans that voted biden, this is what you voted for. Biden didn't win. Who gives a f_uck about Biden. Just like the rest of them he's another suit to fill the seat. Presidents don't have the power or control many like to think. If they did a lot more would happen, look at all the things Trump tried to do that got shot down. Biden will be the same, just a different agenda. What they all do best is complicate issues, keeping things we need tied up in endless legal and political debate for no reason. But we accept it as modern day politics sigh and go on our way. Oh yeah, presidents are pretty good at giving media groups wowing headline material to screw with people's minds. I care a lot more about my country than I do about who happens to be president at any given time. But we were talking about gas prices here and who controls them. It doesn't appear many have a clue.
Padded VA Hospital Rooms for $1000 Alex My ignoree,s will never be Rock Stars on 24 hr campfire.....Like me!!!! What are psychotic puppet hunters?
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Joined: Dec 2005
Posts: 3,019 Likes: 3
Campfire Tracker
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Campfire Tracker
Joined: Dec 2005
Posts: 3,019 Likes: 3 |
Well its comments like this I don't get. Biden cut the Keystone pipeline construction, is cutting all new drilling on government land, and is pissing off the Saudi's. Speculation alone will drive the price with news like that.
If all the oil production and related pipelines in the US were ordered to a halt it seems the Saudi's would be thrilled, not pissed off. I have my doubts they like us being self sufficient and not OPEC dependent for our oil. We are such little players in the world oil market we don't amount to squat. Big oil in this country isn't going to hold prices down if OPEC skyrockets theirs, they'll follow suit. So I guess I just don't get where a US president can or ever has effected gas prices. It'd just be interesting to see a direct example of how that's done. He has the power to release our strategic oil reserves, that's just one direct example. Short lived thrill and not advisable.
Padded VA Hospital Rooms for $1000 Alex My ignoree,s will never be Rock Stars on 24 hr campfire.....Like me!!!! What are psychotic puppet hunters?
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Joined: Jan 2016
Posts: 96,093 Likes: 19
Campfire Oracle
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Campfire Oracle
Joined: Jan 2016
Posts: 96,093 Likes: 19 |
If you were one of the few Americans that voted biden, this is what you voted for. Biden didn't win. Crap. Dont tell me youve been listening to those stupid Qbers.  Just kidding. Yep, Trump said he wouldnt concede while knowing he won. I do believe he knows he will be proved right again, just as with his statement early in the China flu unpandemic about Hydroxychloroquine. I expect he has a few trump cards up his sleeve, too.
Ecc 10:2
The heart of the wise inclines to the right, but that of a fool to the left.
A Nation which leaves God behind is soon left behind.
"The Lord never asked anyone to be a tax collector, lowyer, or Redskins fan".
I Dindo Nuffin
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Joined: Aug 2005
Posts: 28,307 Likes: 20
Campfire Ranger
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Campfire Ranger
Joined: Aug 2005
Posts: 28,307 Likes: 20 |
It is irrelevant what you think. What matters is the TRUTH.
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Joined: Jul 2013
Posts: 3,327
Campfire Tracker
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Campfire Tracker
Joined: Jul 2013
Posts: 3,327 |
Just another reason for market speculators to be on their tippy-toes, Sparky.
It's official. I missed the selfie deadline so I'm Maser's sock puppet because rene and the Polish half of the fubar twins have decided that I am.
ΜOΛΩΝ ΛΑΒΕ μολὼν λαβέ
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Joined: Dec 2005
Posts: 3,019 Likes: 3
Campfire Tracker
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Campfire Tracker
Joined: Dec 2005
Posts: 3,019 Likes: 3 |
You obliviously have a better idea than most here as to what effects the price at the pump. I get news alerts on anything OPEC related, been following their meetings for years. I just made my post to encourage a few to run to their search engine in attempt to fire back with a snappy answer, I'm sure those not already aware didn't like what they found. Recent history has been interesting, OPEC flooding the world with cheap oil taking all the profit out of producing it really hurt the smaller OPEC countries, they had been begging for relief long before the effects that CV19 had on oil but they had no real voice. Some could be beyond recovery much like our smaller producers here in the USA.The world being flooded with cheap oil at the same time as they quit using it due to CV19 is why we've seen low prices at the pump. Oil production in our country is what I truly give a damn about and it's not on the greatest of trends. The number of producing wells in the United States reached a high of 1,029,700 wells in 2014 and steadily declined to 969,140 wells in 2019. This had everything to do with OPEC oil prices and NOTHING to do with who may have been our president at the time, they were just the suits in the seat as these events occurred. If a US president could effect gas price we'd be seeing 50 cents a gallon during a election year. As much as some like to think the USA has a bolstering effect on all worldwide matters, it doesn't when it comes to oil/gas prices. We're just a little player that has a very small effect.
Padded VA Hospital Rooms for $1000 Alex My ignoree,s will never be Rock Stars on 24 hr campfire.....Like me!!!! What are psychotic puppet hunters?
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Joined: Jun 2012
Posts: 4,584 Likes: 3
Campfire Tracker
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Campfire Tracker
Joined: Jun 2012
Posts: 4,584 Likes: 3 |
Paid 2.65 the other day for 87, was 1.89ish before election
I am sure glad I didn't opt for the 6.2 engine in my new truck, requires premium.
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Joined: Feb 2013
Posts: 111
Campfire Member
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Campfire Member
Joined: Feb 2013
Posts: 111 |
No one likes to pay more for anything that cost less a few months ago. But if you stretch the time horizon, the average price is gas in 1961 was $.33 gallon. Which is $2.71 in today’s dollars. So some states are holding steady while others are above the line, due to tax on gas in that state.
Last edited by Greatlaker; 03/08/21.
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Joined: Sep 2011
Posts: 61,315 Likes: 34
Campfire Kahuna
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Campfire Kahuna
Joined: Sep 2011
Posts: 61,315 Likes: 34 |
Too much like, Johnny Cash, "How high's the water mama." Rising.
These premises insured by a Sheltie in Training ,--- and Cooey.o
"May the Good Lord take a likin' to you"
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Joined: May 2003
Posts: 23,118 Likes: 16
Campfire Ranger
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Campfire Ranger
Joined: May 2003
Posts: 23,118 Likes: 16 |
MAC: Be more careful WHO you vote into office!
Hold into the wind
VarmintGuy
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Joined: Oct 2002
Posts: 2,338
Campfire Regular
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Campfire Regular
Joined: Oct 2002
Posts: 2,338 |
Well its comments like this I don't get.
[quote=Diesel]Biden cut the Keystone pipeline construction, is cutting all new drilling on government land, and is pissing off the Saudi's. Speculation alone will drive the price with news like that.
The comment about the Saudis being pissed is that biden is going after the Crown prince for the murder of that Khashoggi guy. But biden is so dumb, if he wants to hurt the Saudis cutting our oil production only helps the Saudis. And Russians and Iranians and Venezuelans. The Chinese will also have a bigger manufacturing advantage as low oil lets the US be competitive
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