Oil prices to come down with OPEC increased production

[clearwater]

Looks like we are in for another oil price drop (with drop in gas prices and increase in natural gas prices likely) like the last two time Popus was in office. The downside is like the last times, we are losing drill rigs and refineries in the US because the price of oil is too low to make a profit. So much for drilling in ANWR, etc. Those in the oil industry may want to tighten belts now.

Then once again we will be looking at the highest gas prices ever in a year or two. And very high heating bills this winter.

 

[Vince]

I just love the negativity of your post.

You may be correct but then again you may not be. It’s all cyclical so enjoy the lower prices when they are available and realize that they won’t last forever.

Vince

 

[3 Meter Para Bellum]

I guess the question is whether the current ebb and flow we see makes the most sense? Me personally, I don't understand the economics well enough to really know what makes sense in the long run, I just wish there was more of an interest in general from people to actually understand economics for it's own sake, rather than tending to view it through an exclusively political lens. Economics are kind of interesting, but I don't know the last time I felt like someone could just speak to the economics itself without it being about how it will portray this or that political party.

 

[IdahoCTD]

Most likely Trump just asked OPEC to help lower the oil price to put pressure on Iran and Russia. They dont want wars or instability either and most likely agreed for a period of time. We never had the highest prices ever under Trump, that was Joe. Its going to pinch the oil industry but it will be worth it if it stops a war and denuclearizes Iran.

 

[clearwater]

Most likely Trump just asked OPEC to help lower the oil price to put pressure on Iran and Russia. They dont want wars or instability either and most likely agreed for a period of time. We never had the highest prices ever under Trump, that was Joe. Its going to pinch the oil industry but it will be worth it if it stops a war and denuclearizes Iran.

You know Russia is part of OPEC.
High gas prices under Biden were due to loss of refineries under Trump

 

[IdahoCTD]

I should of said the middle eastern OPEC nations, who he met with, my bad.

6 refineries closed at the end of Trump last term, or 4.5% of total refining capacity. That doesnt equal nearly double the gas prices that happened under Biden, but nice try. Biden fully attacked the oil and gas industry until it was killing him politically. It also drove up the price of everything and they would of lost every election without a course correction. You notice how they never talked about the fact that they increased oil production to a level even higher than Trump? Or used the national petroleum reserves to try and win elections, dropping its level to the lowest since 1984. He was sold out to the Green New Deal extremist. How about the billions allocated to charging stations all over the US as they tried to force feed electric vehicles on us and about 8 got built. Ask the car industries how much they lost on electric vehicles. That was a spectacular failure just like the inflation reduction act that didnt reduce inflation. The spike in oil prices that Biden caused gave Putin plenty of cash to invade Ukraine. Putin knew Biden wouldnt stop him after the minor incursion comment. How about slow rolling arms to Ukraine so he wouldnt upset Putin. Or not enforcing sanctions on Iran, allowing them to raise billions, and enabling them to fund terror proxys. What about letting in over 10 million illegals on purpose. That was solely to try and gain congressional seats after the next census. The blue states are bleeding seats to red states due to poor policies and over taxation. This was their attempt to reverse that. Democrats policies suck so this is another version of cheating, just like floating packing the Supreme Court, making Puerto Rico and DC states, etc. I could go on and on about the Biden admin failures.

We all know you hate Trump and try to blame him for everything but the reality is he is trying to fix all the messes the last administration caused. I say administration because we all know Joe wasnt running things, especially at the end. The list of messes is pretty extensive too. I bet you wont complain about lower reloading component cost that we will see under Trump, especially if he gets the Russia and Ukraine war stopped. Or the lower inflation, gases prices, interest rates, etc. You probably hate the idea of DOGE too because its attached to Trump.

 

[Vince]

Clearwater,

Pppsssssttttttt…………….Your TDS is showing.

Vince

 

[diverdown]

You know Russia is part of OPEC.
High gas prices under Biden were due to loss of refineries under Trump

Have to disagree with you on that. Trump had the oil sands in the Dakotas going full blast. He was having other areas opened up for drilling when Biden took over. The first thing Biden did was shut down the oil sands. Then the pipeline. Then he started shutting down the wells at the behest of the greenies groups. That's when you saw the gas prices start to creep up. When Trump left it was $1.80 a gallon. I could live with that.

 

[clearwater]

What pipeline was shut down? Anything actually carrying oil?

What wells?

Pandemic gas prices WERE pretty low.

Trumps first term started 2017, The Dakota boom peaked in 2012 and dropped off rapidly after 2015.

Trump is currently getting the Nations of Saudi Arabia and the UAE to invest heavily in US energy production. When our government controls the means of production, you call it socialism or communism depending on the rhectoric. What do you suppose you call it when a sometimes hostile nation controls our production?

 

[clearwater]

Clearwater,

Pppsssssttttttt…………….Your TDS is showing.

Vince

Only because he keeps breaking things that I and others use. Also checkout the potential medicare cuts in the OBBB.

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www.cbo.gov

 

[Vince]

Only because he keeps breaking things that I and others use. Also checkout the potential medicare cuts in the OBBB.

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www.cbo.gov

Lots of things need to be cut and 90% of the federal government needs to be abolished.

Vince

 

[diverdown]

What pipeline was shut down? Anything actually carrying oil?

What wells?

Pandemic gas prices WERE pretty low.

Trumps first term started 2017, The Dakota boom peaked in 2012 and dropped off rapidly after 2015.

Trump is currently getting the Nations of Saudi Arabia and the UAE to invest heavily in US energy production. When our government controls the means of production, you call it socialism or communism depending on the rhectoric. What do you suppose you call it when a sometimes hostile nation controls our production?

Off shore Oil leases were suspended, Any Federal land with oil producing equipment was stopped (and that was a lot of land). The oil sands (on Federal land) were shut down. Supposedly oil production was increased under Biden (if you believe MSN) is that why we now only have 46 percent of our oil reserves left???

 

[Vince]

Some people will never let facts get in the way of their misguided ideology.

Vince

 

[wvbuckbuster]

Prices going up with the IDF strike on Iran.

 

[Vince]

Up and down somebody is getting fornicated.

Whether it’s actual intercourse or mental flagellation somebody is always paying. I stopped worrying about the price of gas/diesel. It’s just a necessity that I have to pay for so I budget for it.

Whatever Israel wants to do I’ll support.

Vince