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All-TigerNet [11623]
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Against advice Biden releases oil from SPR
Nov 23, 2021, 9:09 AM
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To try and ease record gas prices Biden has decided to release 50M barrels from the SPR.
https://www.usatoday.com/story/news/politics/2021/11/23/gas-prices-biden-release-50-m-barrels-strategic-oil-reserve/8722649002/
MSM has splashed across the outlets that Biden is doing everything he can to mitigate a price increase he created.
Meanwhile, no one is reporting that if the US, China and Japan release oil then OPEC+ will cancel their output increase next month of 400,000 Bpd. Go read energy sites to find that nugget.
And on top of that, the US will then refill the SPR with higher priced oil increasing demand and creating higher prices again.
You know it's bad when a dozen Dems are ranting about high prices to the POTUS.
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All-In [26968]
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I don't know much about it, but it seems to me
Nov 23, 2021, 9:12 AM
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this would not have a significant effect.
I don't think the President has much to do with the price of oil/gas. There are forces much larger than him at play, and until those forces are resolved, gas prices will stay high. Just need production to catch up with demand coming out of COVID, same as everything else.
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All-TigerNet [12975]
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Re: I don't know much about it, but it seems to me
Nov 23, 2021, 9:20 AM
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Wrong. OPEC cut supply the day after Biden signed all of his EO’s, on day one. They knew our production would never be as high as it was that day, and they can do to us as they wish. But keep regurgitating the narrative.
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All-In [26968]
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I don't know what EOs you're referring to
Nov 23, 2021, 9:33 AM
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but if you're saying the prices are high because of something OPEC did, then that's pretty much what I'm saying.
I don't think I'm regurgitating anything, because I haven't read/watched anyone say what I just said. I might be the only person who thinks that, I dunno.
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All-TigerNet [12975]
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Hall of Famer [23925]
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Re: I don't know much about it, but it seems to me
Nov 23, 2021, 11:23 AM
[ in reply to Re: I don't know much about it, but it seems to me ] |
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If OPEC knows the US is going to cut production and means of production, why wouldn't OPEC reduce supply to increase profit margins - especially as demand increases?
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Lot o points [155494]
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All-In [26968]
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Mainly logic.
Nov 23, 2021, 9:35 AM
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It's not about President Biden, it's about any President. I think it's unlikely that any of them ever have significant acute effects on something so complicated and global as the price of oil/gas.
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Lot o points [155494]
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Commodities markets rely on illogical emotion and
Nov 23, 2021, 9:40 AM
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Investor sentiment all the time….neither are complex or complicated, nor do they even have to be tied to actual facts and figures, and they can very much take their cue from something like the actions or tone of a President.
He may not have very much to do with the margins involved in turning the barrel of crude into refined petroleum, but he absolutely has sway over the price of that barrel.
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All-TigerNet [11623]
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The POTUS doesn't control oil/gas prices, but policies do...
Nov 23, 2021, 9:32 AM
[ in reply to I don't know much about it, but it seems to me ] |
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All the EOs he signed in his first month did nothing to help. The Biden Admin cancelled land leases. Put more land off limits. Put a strangle hold on natural gas production. All this decreases domestic supply.
Meanwhile, the global economy is improving, thus needing more energy. Therefore more demand.
So at a time when demand is increasing, we do everything in our power to decrease supply. This is simple economics.
Also, the first (and most likely last) land auction for Gulf rights just happened. It was a bidding frenzy as most exploration companies believe this will be the last auction under the Biden Admin. No more new oil opportunities for the next 3+ years. Think that doesn't impact prices?
The deficit increasing 'Infrastructure' bill (per the CBO) just increased inflation. Since Brent Crude is the benchmark and traded in US Dollars, inflation of our currency just further hurts our costs.
And lastly, if you haven't noticed, consumer natural gas rates have nearly tripled this year. This leads to more industry choosing coal over natural gas. The policies to 'help the environment' are making things worse for both the environment and our pockets.
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Heisman Winner [119511]
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Prod is a fence sitter, he's not gonna agree or disagree
Nov 23, 2021, 9:40 AM
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with anything....
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All-In [26968]
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Lot of truth there.
Nov 23, 2021, 9:41 AM
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Thanks for noticing.
I'm learning in this thread...very productive.
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All-In [26968]
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CU Medallion [59967]
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Like shutting down a pipeline
Nov 23, 2021, 9:35 AM
[ in reply to I don't know much about it, but it seems to me ] |
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that brings millions of barrels to the US everyday from Canada? Like that kind of influence the President can have on policy? Yeah, that wouldn't fall on the Administration at all.
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110%er [6692]
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Re: Like shutting down a pipeline
Nov 23, 2021, 9:40 AM
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Keystone? I don't believe it was ever open. I read that what hurt is the lack of fracking now and the huge increase in demand.
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Heisman Winner [119511]
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Phase 1 from canada to Illinois opened in July 2010...***
Nov 23, 2021, 9:43 AM
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All-In [26968]
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And is still operational, right?
Nov 23, 2021, 9:47 AM
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Isn't it only the proposed extension that had its permit revoked by the President?
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110%er [6692]
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CU Medallion [59967]
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this is not what I am even talking about
Nov 23, 2021, 9:51 AM
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I am talking about Enbridge Line 5 out of Canada that runs through MI. Huge issue up here, especially when you have a Governor and President wanting to shut it down.
You know what is hilarious though, when POTUS was here, they refueled with line 5 provided jet fuel. Then when MI Governor snuck off to Florida during the Pandemic, they fueled her plane with line 5 provided jet fuel. Its comical. There is a reporter here that did all the digging and found it all. Hilariously hypocritical.
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All-In [26968]
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I may be missing something...but a quick google search
Nov 23, 2021, 9:53 AM
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indicates that pipeline is open and operational.
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CU Medallion [59967]
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If you read and understand the premise of your own
Nov 23, 2021, 10:00 AM
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post, they (POTUS and Gov MI) are wanting to shut it down. They are saying it poses environmental hazards at which Enbridge is willing to mitigate their requests, but the MI Admin and Biden Admin are hell bent on closing it to appease their lunatics.
540,000 barrels a day
22.6mm gallons a day
You said you felt the President didn't have that much impact. I am showing where he does, can and probably will have an impact.
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All-In [26968]
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Sorry, I understood you to say that he had shut down
Nov 23, 2021, 10:02 AM
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a pipeline, in the past tense, and that had contributed to the gas prices. I see I was mistaken in interpreting your post that way.
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CU Medallion [59967]
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All-TigerNet [12533]
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Re: Against advice Biden releases oil from SPR
Nov 23, 2021, 9:14 AM
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It remains to be seen when and how much natural gas Biden will release.
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Lot o points [155494]
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Depends on what he had for dinner I would assume.***
Nov 23, 2021, 9:34 AM
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Oculus Spirit [97633]
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Nice. 3 days of oil? Gas will drop 1%.
Nov 23, 2021, 9:15 AM
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He's racking up the symbolic political gestures. Saw the EO on federal contract workers yesterday.
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110%er [6692]
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Re: Against advice Biden releases oil from SPR
Nov 23, 2021, 9:22 AM
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Will it make much of a difference?
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110%er [8871]
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Re: Against advice Biden releases oil from SPR
Nov 23, 2021, 9:27 AM
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we can manipulate the price of gas/oil by just staying home one day per month to create a surplus
but we wont
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110%er [6692]
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Re: Against advice Biden releases oil from SPR
Nov 23, 2021, 9:32 AM
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Maybe less flying too? I was going to say that I rarely drive, but I catch a flight every month or two somewhere.
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Orange Blooded [4356]
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Brilliance***
Nov 23, 2021, 9:33 AM
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All-In [34501]
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could we have a dumber POS president?***
Nov 23, 2021, 10:28 AM
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Lot o points [155494]
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maybe....maybe
Nov 23, 2021, 5:35 PM
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CaptCrash
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