Way back in the late 70s, gas prices were going up

Discussion in 'Political Opinions & Beliefs' started by (original)late, Jun 14, 2022.

  1. Heartburn

    Heartburn Well-Known Member

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    In debate, Joe Biden said no more oil drilling and no new fracking, didn’t say shutdowns

    This is from a fact checker and was just the first hit I got but it does serve to show what he said. He in effect declared war on the petroleum industry. He did say it and he meant it too.
     
  2. Heartburn

    Heartburn Well-Known Member

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    Which producers would that be?
     
  3. Alwayssa

    Alwayssa Well-Known Member

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    All of them from OPEC to private oil-producing companies in the US, UK, and elsewhere. But especially OPEC.
     
  4. dairyair

    dairyair Well-Known Member

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    So, nothing in legislation. Nothing proposed in congress?
    Just some words said in a debate several years ago?

    Words spoken in a debate is a war?
     
    Last edited: Jun 19, 2022
  5. dairyair

    dairyair Well-Known Member

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    All that haven't upped production to increase their sales and revenue to capture the high prices they would be receiving at today's prices.

    In legit businesses, high demand means more more production. More production in high demand = more profits and increased market share.
     
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  6. crank

    crank Well-Known Member

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    interesting
     
  7. Heartburn

    Heartburn Well-Known Member

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    But that isn't an answer, I think you're just repeating misinformation. I worked in production for three major oil companies and I can't recall ever being told to cut production, especially when prices were high like they are today. There are some road blocks such as processing facilities. That starts at the field level and goes through the refining systems. My friend and I always noticed when we were doing poorly and cutting costs the country was doing very well. If oil went up and we started pushing to produce more the economy would slow down. Same pattern this time and every time.
     
  8. Heartburn

    Heartburn Well-Known Member

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    So when does the Keystone open up? Joe didn't need Congress, he used his edict pen and got right to work
     
  9. dairyair

    dairyair Well-Known Member

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    The number of producing wells in the United States reached a high of 1,029,588 wells in 2014 and steadily declined to 936,934 wells in 2020—mostly because of lower oil prices and less rig activity (Figure 1). The increase in the share of horizontal wells during the past decade from 4.4% to 16.9% (2010–20) shows the impact of technological change on well type (Figure 2). More than half of U.S. oil and natural gas production comes from wells that produce between 100 barrels of oil equivalent per day (BOE/d) and 3,200 BOE/d (Figures 3 and 4, respectively). The share of U.S. oil and natural gas wells producing less than 15 BOE/d has remained steady at about 80% from 2000 through 2020 (Figure 1).
    ...
    [​IMG]
    ...
    https://www.eia.gov/petroleum/wells/

    I never said production was cut recently. I said, with demand increased, production hasn't increased.
    In normal businesses, when demand increases, production increases to meet demand. Increases in production will lead to an increase in market share. Market sharte leaders, tend to be the leaders in the industry or will take over as the leader in the industry.

    But holding production down in spite of increased demand, is a form of price fixing, is it not?
     
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  10. dairyair

    dairyair Well-Known Member

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    Keystone is open.
    Just not a certain portion of it. The XL line? Which would add more pipeline capability, but not more production. For the oil that would go thru XL is already getting to market, just by the means it has always been getting to market.

    If you would stop being partisan on this topic, it would lead to a better quality of debate. But adding in RW or LW talking points is a distraction to the actual topic.
     
    Last edited: Jun 19, 2022
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  11. Heartburn

    Heartburn Well-Known Member

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    At today's prices, why would any oil producer cut production?
     
  12. crank

    crank Well-Known Member

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    Amazing. How did you retain that dreamscape, with respect? Was it an act of will, or just unconscious avoidance of anything 'upsetting'?
     
  13. crank

    crank Well-Known Member

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    Neither of which ... alone or together ... would have done even a fraction of the damage in a world not drunk on globalism.
     
  14. (original)late

    (original)late Banned

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    They wound up splitting the difference.
     
  15. dairyair

    dairyair Well-Known Member

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    Who said anything about cutting production?

    I am asking why are none of them increasing production to gain profit and market share?
     
    Last edited: Jun 19, 2022
  16. crank

    crank Well-Known Member

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    Who is 'they'? I was asking you.
     
  17. (original)late

    (original)late Banned

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    Yeah, don't see it..
     
  18. (original)late

    (original)late Banned

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    I said that.

    Do you not know what the Fed is??
     
  19. Heartburn

    Heartburn Well-Known Member

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    How do you know they aren't near capacity now?
     
  20. crank

    crank Well-Known Member

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    When individual nations are self-sufficient - as many largely were prior to globalism - the domino effect doesn't apply.
     
  21. crank

    crank Well-Known Member

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    I was asking you how you weren't able to 'predict' where things were going.
     
  22. Polydectes

    Polydectes Well-Known Member

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    I already explained why just accept the explanation.

    If I told you you could squeeze water out of a stone would you squeeze it for eternity?
     
  23. Polydectes

    Polydectes Well-Known Member

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    No answer at all.

    And I will never give you one so fuss about it until time stops.
     
  24. Polydectes

    Polydectes Well-Known Member

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    Because I wanted to. If you don't believe it then don't believe it I don't care.
     
  25. dairyair

    dairyair Well-Known Member

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