Orlando Tim Posted October 20, 2023 Share Posted October 20, 2023 44 minutes ago, John from Riverside said: There are literally drill permits in the United States. They’re being sat on, and not being used by those who own them Unless we nationalize oil, we have absolutely no control over it Why would they sit on them? 1 Link to comment Share on other sites More sharing options...
sherpa Posted October 20, 2023 Share Posted October 20, 2023 55 minutes ago, John from Riverside said: There are literally drill permits in the United States. They’re being sat on, and not being used by those who own them Unless we nationalize oil, we have absolutely no control over it Of course there are leases and permits that are not being used, and for very good reasons. It is nonsense to claim the gov has no control regarding price. Tax policy and the regulatory environment impact it immensely. In addition, the managing of the Strategic Petroleum reserve can have a significant impact. Remember when Biden sold off nearly half of it before the mid terms? Treasury estimated that brief supply dump lowered pump prices by 40 cents per gallon, though briefly. In addition, trying to strong arm OPEC and Saudi Arabia in particular has had impacts on supply in the past. Remember when Biden pleaded with SA to not limit production, then when they said no he asked them to wait until after the mid terms? They don't "control" the price. don't control the price, but they significantly impact it. 1 2 Link to comment Share on other sites More sharing options...
Pabstblueribbon Posted October 20, 2023 Share Posted October 20, 2023 The president has no control over gas prices.. Unless it's a midterm election year, in which case you simply drain the strategic oil reserves in order to lower them. Bonus points if the reserves run dry while simultaneously being engaged in a proxy war with a nuclear power. Or unless you relax oil sanctions imposed on hostile nation to increase global supply. Bonus points if the hostile nation uses the money to destabilize the region and fund jihad against a country you are aligned with, thus dragging you into a second proxy war. These would generally be considered outliers however. 1 1 1 Link to comment Share on other sites More sharing options...
John from Riverside Posted October 20, 2023 Share Posted October 20, 2023 1 hour ago, Orlando Tim said: Why would they sit on them? Because they don’t make more money by drilling them A quick Google search of this will confirm what I said. There are a bunch of land permits, particularly in Texas that are not be drilled on even though they have clearance. Whenever you look at it from this point of you oil companies, don’t care that gas is manageable for you. They only care about how much money they’re making. That’s why they jack up the price per barrel because they know that we will pay it. Personally, I think we’re going the wrong way with this whole electric car deal. They are not advertising it in a way that makes it positive to the consumer what they need to be doing is building cars that are both electrical and have a gas tank because electrical would make it cheaper per day while you’re commuting and gas tanks. Could be there for whenever you’re taking longer trips that’s the way I would like to see things going for new cars 2 Link to comment Share on other sites More sharing options...
Orlando Tim Posted October 20, 2023 Share Posted October 20, 2023 2 hours ago, John from Riverside said: Because they don’t make more money by drilling them A quick Google search of this will confirm what I said. There are a bunch of land permits, particularly in Texas that are not be drilled on even though they have clearance. Whenever you look at it from this point of you oil companies, don’t care that gas is manageable for you. They only care about how much money they’re making. That’s why they jack up the price per barrel because they know that we will pay it. Personally, I think we’re going the wrong way with this whole electric car deal. They are not advertising it in a way that makes it positive to the consumer what they need to be doing is building cars that are both electrical and have a gas tank because electrical would make it cheaper per day while you’re commuting and gas tanks. Could be there for whenever you’re taking longer trips that’s the way I would like to see things going for new cars Oil takes time to drill, get out of ground, and then refine. This administration has been openly hostile to the industry and why invest if you don't know you can make a profit, especially when this slow walk makes it more profitable per gallon. If you don't think they have been openly hostile I can't discuss with you because one of his campaign promises was to get rid of oil 3 Link to comment Share on other sites More sharing options...
John from Riverside Posted October 20, 2023 Share Posted October 20, 2023 17 minutes ago, Orlando Tim said: Oil takes time to drill, get out of ground, and then refine. This administration has been openly hostile to the industry and why invest if you don't know you can make a profit, especially when this slow walk makes it more profitable per gallon. If you don't think they have been openly hostile I can't discuss with you because one of his campaign promises was to get rid of oil Oh no I agree that we have been openly hostile to it. We’re trying to get away from it. 2 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted October 20, 2023 Share Posted October 20, 2023 Oil: the problem is our friends, the Saudis. They control OPEC, and manipulate production (and hence prices) in a cartel that would be illegal in the United States under antitrust laws. Right now, they're restraining production to raise prices. Ordinarily this would give U.S. producers and incentive to drill, drill, drill in oil fields where the cost of production is higher; with high oil prices, higher cost oil from those fields would still be profitable. But what will the Saudis do if U.S. (Canadian and other too) oil production starts to spike? They'll open the Saudi spigot (and get Russia and others to go along) and lower oil prices, making all those investments in U.S. higher cost oil a waste of money. The solution would lie in expanding something like antitrust laws to OPEC. It wouldn't be antitrust, but a sizable tariff on OPEC oil could provide the certainty U.S. drillers need by incentivizing U.S. production. But neither party will do that because in the short run it would mean higher price oil. Yes, our friends the Saudis have us over a barrel ... 2 Link to comment Share on other sites More sharing options...
sherpa Posted October 20, 2023 Share Posted October 20, 2023 Can we stop thjs nonsense? We can blame the Saudis until sunset, and it makes no sense and doesn't matter. We can be completely energy independent if we had the desire to do so. This administration has been father to grossly incoherent and inconsistent energy policy. Campaign promise to end all drilling. Further promise to end all drilling on Federal land, and then approving the Willow project in Alaska. Gross delays in getting permits on existing, approved leases, then claiming that this situation is the result of oil companies. Altering refining and transportation regulations. Nonsense. It takes years, sometimes near a decade, to bring an existing lease/permit to production, and immense capital expenditure. The people who make those decisions are not stupid nor unpatriotic. They deal with a current Federal Gov and regulatory environment that is a windsock based on perceived voter response, hence the stupid release of 40% of the SPR prior to the midterms when polling indicated people were getting angry. The energy industry is extremely complex. From exploration, to discovery to lease and permit applications, to building infrastructure, to production and refining decisions regarding crack spreads, (for the uninitiated, that is the decision to refine crude to it's final product of light/medium or heavy final product, which means deciding to refine it to gas/jet fuel/diesel/heating oil/propane/grease ect.), to transportation, and hedging all of that with options and futures, which those companies and those that are heavily dependent on energy costs do is a very complicated and risky business. Engaging in it is made much more difficult when the next gov edict is anyone's guess. The people who do that are not evil. It is the environment in which they work. 1 3 Link to comment Share on other sites More sharing options...
Orlando Tim Posted October 20, 2023 Share Posted October 20, 2023 5 hours ago, John from Riverside said: Oh no I agree that we have been openly hostile to it. We’re trying to get away from it. So if you knew the real reason then why pretend it was something else? 2 Link to comment Share on other sites More sharing options...
sherpa Posted October 20, 2023 Share Posted October 20, 2023 1 hour ago, Orlando Tim said: So if you knew the real reason then why pretend it was something else? And whine about the results they desired and guaranteed. Ignorance or stupidity, one or the other, and we pay the price, as always. 1 Link to comment Share on other sites More sharing options...
B-Man Posted October 22, 2023 Share Posted October 22, 2023 YIPES ! History may not repeat itself, but it does seem to rhyme Inflation is following an ‘eerily similar’ path as the one taken in 1966-1982 https://www.marketwatch.com/story/inflation-is-following-an-eerily-similar-path-as-the-one-taken-in-1966-1982-36a91f5 1 Link to comment Share on other sites More sharing options...
Thurmal34 Posted October 23, 2023 Share Posted October 23, 2023 We hate socialism! Hey government, make things cheaper! uhhh… 2 1 Link to comment Share on other sites More sharing options...
Pabstblueribbon Posted October 23, 2023 Share Posted October 23, 2023 (edited) Declares war on an entire sector of the US economy and then implies youre a socialist if you tell them to stop it so you can afford to heat your home. Edited October 23, 2023 by Pabstblueribbon 1 2 Link to comment Share on other sites More sharing options...
Doc Posted October 23, 2023 Share Posted October 23, 2023 8 hours ago, Pabstblueribbon said: Declares war on an entire sector of the US economy and then implies youre a socialist if you tell them to stop it so you can afford to heat your home. Yeah. It's not "Hey government, make things cheaper!" it's "Hey government, stop making things more expensive!" 1 Link to comment Share on other sites More sharing options...
Irv Posted October 23, 2023 Share Posted October 23, 2023 Demented Biden and his buddies. What a mess. 1 Link to comment Share on other sites More sharing options...
BillStime Posted October 23, 2023 Share Posted October 23, 2023 What are House Republicans doing about inflation? What have they done to help the economy? Oh wait 1 Link to comment Share on other sites More sharing options...
B-Man Posted October 24, 2023 Share Posted October 24, 2023 BOO: Cost Of Halloween Candy Is Up 13% This Year. UCLA supply-chain expert Professor Christopher Tang says candy is so expensive because of the cost of ingredients. It’s also because these products are mainly made in the United States. “The labor cost has gone up a lot because of inflation,” Tang said. “The workers need to have a higher income so that they can survive.” “All the ingredients from wrapping paper to the basic ingredients like sugar, and also the cocoa beans that we have imported from Africa. So as a result, every single ingredient, element, and the wages are going up.” According to the National Retail Federation, the average household will spend about $31.93 on candy this year – up from $25.91 last year. https://abc7chicago.com/halloween-candy-cost-prices-inflation/13955494/ All the smartest people had assured me inflation was over. 1 1 Link to comment Share on other sites More sharing options...
BillStime Posted October 24, 2023 Share Posted October 24, 2023 11 minutes ago, B-Man said: All the smartest people had assured me inflation was over. Did you actually read what you copy and pasted? So, offshore the jobs that create the ingredients and let's hear you bich about jobs. They never think. 1 1 Link to comment Share on other sites More sharing options...
B-Man Posted October 30, 2023 Share Posted October 30, 2023 Candy Inflation Hits Double Digits for Second Halloween in a Row U.S. consumers are dealing with double-digit Halloween candy inflation for the second year in a row, with prices being an average of 13 percent higher this month compared to last October. Retail price tracker Datasembly’s latest Grocery Price Index, based on “data collected from over 150,000 stores that represent 200+ retail banners” across the nation, revealed the spooky numbers on October 11. The index shared that sweet treats inflation “over-indexes the entire Grocery category at 6.7 percent for the same time period.” https://datasembly.com/grocery-price-index/ 1 Link to comment Share on other sites More sharing options...
Tommy Callahan Posted October 30, 2023 Share Posted October 30, 2023 13 minutes ago, B-Man said: Candy Inflation Hits Double Digits for Second Halloween in a Row U.S. consumers are dealing with double-digit Halloween candy inflation for the second year in a row, with prices being an average of 13 percent higher this month compared to last October. Retail price tracker Datasembly’s latest Grocery Price Index, based on “data collected from over 150,000 stores that represent 200+ retail banners” across the nation, revealed the spooky numbers on October 11. The index shared that sweet treats inflation “over-indexes the entire Grocery category at 6.7 percent for the same time period.” https://datasembly.com/grocery-price-index/ Horde the cash. when this corrects, there is going to be some good buying opportunities. And not just candy. Link to comment Share on other sites More sharing options...
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