American oil tycoon and Opec accused to conspire to inflat oil prices

So your saying it was the pandemic that caused it…..

 

Yeah, it’s $74 under Biden bacause of supply and demand……..the same as under Trump…..

And How does “American oil die” because of the Saudis ?

 

Of course, and the DEMAND for crude oil/petroleum products started declining early January 2020

WTI Price

Jan 6 2020…..$70.25
Jan 13………..$64.14
Jan 20……….$64.63
Jan 27………..$58.54
Feb 03………..$54.00
Feb 10………..$53.39
Feb 17………..$57.83
Feb 24………..$56.71
Mar 02………..$52.52
Mar 09………..$35.33
Mar 12………..$31.02

Bloomberg, Mar 12, 2030-- For at least the second time this week, President Donald Trump described the plunge in oil prices as being great for Americans, saying the ensuing decline in pump prices are “like a tax cut.”

“Frankly that’s like a big tax cut, not a little tax cut for the consumer,” Trump told reporters Thursday at the White House. “So there’s something about that that I like”

HUUUUUUMMM, CERTAINLY NOT GREAT FOR SHALE PRODUCERS WHO ARE OPERATING AT A LOSS, and getting deeper in debt.

Mar 16…….$28.96
Mar 23…….$23.33
Mar 30…….$14.00
April 02…….Trump’s phone call to save our oil& gas industry, AND 20 days after Trump told reporters that a plunge in oil prices was great for Americans, it’s like a big tax cut.

Next; Bankruptcies

 

So again, how does Trump get credit for this ?

 

https://www.politico.com/news/2024/05/08/oil-industry-orders-trump-day-one-00156705

Looks like the oil companies are dictating to Trump about policy. Pretty sure Trump would do it for a price.

 

Very True..
Trump is in the pocket of Big Oil...
TRUMP ASKED OIL CEOS AT MAR-A-LAGO TO RAISE $1 BILLION FOR HIS CAMPAIGN, VOWED TO TARGET EVS -
https://twitter.com/carlquintanilla/status/1788541185407033675

 

Not sure why RWers are so anti technology.

 

Capitalism certainly don’t deserve credit, before and after the oil crash.

 

I’ve been wondering why 2021’s domestic crude oil production was dragging;

Supply chain disruptions?

Shortage of labor?

Reviving the wells that were shut-in at pre-pandemic production level?

Wells that remained inactive due to Chapter 13?

Texas Deep Freeze?

Hurricane Ida?

Yes, all of the above have in fact slowed 2021’s production, PLUS Sheffield & Co.’s COLLUSION.

However, according to the mentally retarded, there’s only one reason; Biden’s “Day One” Executive Orders.

 

This happens all the time. It is interesting how they did it the illegal way for once, instead of via interlocking corporate directorates like how its usually (and legally) done.

 

Here were OPEC/Non-OPEC’s agreed and scheduled production cuts;

1. MINUS 10 million bpd, May to June 2020

2. PLUS 2 million bpd, July to December 2020, thus, still down 8 million bpd

3. PLUS another 2 million bpd, Jan 2021 to April 2022, thus, still down 6 million bpd.

The collusion occurred at number 3, when demand picked up early April, 2021, and primarily due to re-opening of the economy, and full vaccination.

OPEC Crude oil production;

End of Dec 2020…..27.20 million bpd
End of Dec 2021…..28.86 million bpd
Up 6.1%
https://ycharts.com/indicators/us_crude_oil_field_production


U.S. Crude oil production

End of December 2020; 11.10
End of December 2021; 11.80
Up 6.3%
https://ycharts.com/indicators/us_crude_oil_field_production

Question; In 2021, how come domestic producers haven’t ramped up production to meet demand?

Answer; So as OPEC!!!!!!

 

I noticed the ratios are almost identical from your numbers. Not sure if that means anything, but something I noticed.

 

Same here, and unlikely “just a coincidence”

 

Ummm, it kinda does….

Supply and demand are part of a capitalist system….

 

No doubt the carnival barker . P01135809, would sell his son for some money.
Oh wait, he almost did when running to his favorite past time with women whom he will pay to have sex.
Then sell, to the ultra-christians, lol, a signed bible.
Some how I always was led to believe some one by the name of Yahweh/God , was the thing they believed.
They must be a bit confused now.

Certainly it does. It is and has been done legally and it is shocking that when another entity does things legally to get a financial gain, it is looked upon as a horrible thing.

 

Let’s see how long it takes for maga to blame it on Biden.

 

First they need to find the lie that the Maga crowd will try to conjure up.

 

Texas and New Mexico aren’t producing 11 million barrels per day combined.

 

Kind of like the labor unions, but more legitimatly?.

 

You are correct, my mistake.