Humor me, what’s wrong with drilling?

I agree, low prices suck for oil companies, but are great for consumers

 

Ask the oil oligarchs. Stop chasing squirrels.

 

However, a low price of oil per barrel is also welcome news for refiners.

At a high price, Refiners become more selective, and they will basternize the prices. In addition, at a high price, refiners barely make a profit.

 

very true, thus the high prices we are seeing now

 

Indeed .. pay attention and learn.

Yes .. pretty much as long and still in the industry.

Trump was doing anything and everything to boost the GDP/Economy .. including massive deficit spending .. a nitrous oxide injection .. short term gain.. long term losses.. managed to boost the GDP from 2 to 3-3.5 for a little over a year .. just before Covid .. GDP back down to 2 .. manufacturing index negative for 5 consecutive months .. = quite bad..

The Shale oil Ponzi Scheme was just that .. Industry had never made money .. production costs way high 60 a barrel all in in some cases.. Russia and Opec tried to shut them down in 2014 .. lowering oil prices .. the money kept flowing in ..despite losing money every year. .. increasing production from 4 million bpd to 8-9 prior to Trump .. which was too much for an oversupplied market .. prices stayed low.

When Trump got in he went whole hog -- money flowed in - production increased at an even faster rate .. Infuriating OPEC Russia .. and for good reason .. screwing up the market .. which is not good for anyone long term .. only a moron thinks oil price at zero is going to last for any length of time .. happy day for 6 months .. but the carnage takes out the whole sector .. even good companies .. strengthens the oil Oilgopolies .. prices go back up ... but you have wiped out your oil sector .

Oil went from 8-9 to 13 million bpd .. in like 3 years .. which is just ridiculous .. and ridiculously stupid because the price was well below profitable as it was .. dumb and dumber . in 2018 .. after a decade of losing money .. capital was finally starting to dry up. In 2019 .. was running for the door .. The gig was up .. ponzi scheme nearing its end..

Then Covid hit .. demand slumps .. prices fall even further .. and thats when Russia Opec dropped a bomb and flooded the market further.
The ponzi scheme finally burst .. hundreds of billions lost over-night ... Occidental lost 80% of its value in a day..

So of course Trump wanted oil higher when it was zero dollars a barrel. as any person in his shoes would .. .. there is such a thing as too high .. such a thing as too low.

 

The oil companies oligopoly that own the refineries report record profits. Not revenue - PROFITS. We're getting screwed by kleptocratic oligarchs on a laughably embarrassing scale.

But it's all Brandon's fault. What a crock...

 

so you're saying Trump wanted to raise prices, but did not want to?

"only a moron thinks oil price at zero is going to last for any length of time"

then Trump was a Moron and should have left it alone

 

Is drilling bad? The real question is mining bad?
What is being overlooked is what is the impact on the environment of how a battery is mined, made, what environmental impact of it charging... the fact the power to charge them is a coal plant.... and how they are disposed of...

 

Actually, there is enough lithium to make 100 years worth of American battery needs in the remnants of the Salton Sea without pit mining, geothermal energy to power the manufacturing, and literally hundreds of square miles of otherwise useless land to build a manufacturing center on surrounding it. Home grown - screw importing it.

 

No clue what you are talking about .. should have left what alone .. go read what was written .. and respond as if you have comprehension of such.

 

Too many good points!

During Trump’s presidency, both drilling and service rigs, and third parties were told to reduce their cost, or else.

For example; In addition to accepting a pay cut, most on-shore Drilling/Service rigs ended up cutting their crew numbers, for example; From a 5 to a 4 man-crew, and then, let’s keep drilling.

Well, all the cuts and lay offs I witnessed do not reflect Bush’s Drill Baby Drill, Jobs Jobs Jobs......Republicans once chanted.

Trump’s Drill Baby Drill was just a market share war.

In Trump’s mind;

$45 a barrel.....too low
$55 a barrel.....too high, and Trump’s populist supporters started whining.

 

If only there was a way to use less oil...

 

this... learn some history

"only a moron thinks oil price at zero is going to last for any length of time"

then Trump was a Moron and should have left it alone

 

We want to be producing .. but do so profitably .. what was going on in shale was a money driven mania based on pipe dreams of being profitable at 60 dollar a barrel all in production cost. Notice that even with the price way up .. we are still at 11.6 million bpd .. not yet gotten back to Trump era highs .. 13.5 or there abouts. and some time has passed .. each year the world consumes more oil .. increasing roughly so we have added 2 or 3 million bpd to the demand side so we are looking at an over all 5 million bpd supply deficit from where we were at.. want to keep the global market stable .. right now too high obviously .. but the supply glut ..might be real given the lack of investment in new production each year . needed to maintain level as there is depletion every year..

From an environmental perspective we should be producting as much is realistically (meaning profitably) possible .. this includes Canada which is part of Domestic Production .. rather than outsourcing to "Namibia" which is what is causing the increase in CO2 and Ocean Pollution.

 

Your rambling nonsense .. far out to sea .. far out of your depth ... you don't even realize that I am making your argument for you .. just one that makes sense.. and always remember in general that my arguments against Trump are way better than yours .. .. just assume that from the outset. go back and read .. along with the convo that followed .. and learn something.

 

lol, keep trying

you asked me to show you where Trump was trying to raise oil prices, I did just that

you said "Can you .. do show how Trump tried to raise oil prices"

http://www.politicalforum.com/index.php?posts/1073447833/

 

and you didn't show how Trump tried to raise prices .. gave no actions of Trump to raise prices .. just showed that Trump desired for higher prices when they went to zero-rock bottom. Wishing for something to happen .. and doing something to make that thing happen .. are two different things.

None of this matters however, as the point of asking the question was not to show Trump didn't do anything ... the point which went deer in headlights .. and seems to remain there .. The point was not to make you wrong .. even though you are.

Trump actions .. as you were shown .. were to lower prices. What part of that did you not understand ? When the market Crashed .. he "desired" prices go up .. not sure if he took any concrete actions.

So what -- what do you have to say about it .. nothing coherent .. as you are stuck trying to figure out that saying you would like something to happen and engaging in actions that make the thing happen .. are two different things.

 

I gave it to you in his own words from his own tweets

here is a couple more links

"Trump told Saudi: Cut oil supply or lose U.S. military support"

https://www.reuters.com/article/us-...se-u-s-military-support-sources-idUSKBN22C1V4

"Trump threatens 'very substantial' tariffs on imported oil if Saudi Arabia and Russia can't reach a deal to push prices back up"

https://www.insider.com/trump-threatens-saudi-arabia-russia-oil-tariffs-2020-4

 

What is the environmental impact with this Salton Sea project (Preliminary studies indicate this region potentially holds enough lithium to meet all of America’s domestic battery needs) Do they drill like the OP was asking?

and then there is the obvious..

 

Good that you found some support for part claim but .. what part of "It doesn't matter" .. did you not understand ?? .. what part of "When the market Crashed .. he "desired" prices go up .. not sure if he took any concrete actions." was not clear to you

What part of .. So what is your point .. did you not understand ?

 

so first you deny it happened, then when shown otherwise, it's what does it matter?

supply was reduced during covid, now that demand is up, the global supply is not there, prices are higher

and right now, the oil companies are in no hurry to increase supply as they want to make up for loses during covid

 

I did not deny it happened . You seriously need to try harder to understand what you are reading. and what do your jarbled comments above have to do with Trump.

When prices crashed to zero - causing major economic havoc and massive economic losses - Trump took actions to increase prices.

So What .. What point are you trying to make .. was this good, bad, neutral ? a coherent thought por favor.

 

Sounds great to me! I would love to retire and just live off of oil royalties!

 

Do you think it is greed on the oil companies part, or the fact the Biden administration has canceled oil and gas lease sales.

Can you say keplocr..... errr.... klctroccy...... err .....kloctrity... err...... kocktrecoty... you know, the word, the one never used in the last decade but sudden dementia crime boss Joe and you suddenly use in it a sentence.
Do you think Joe will seize their yachts

 

For what it’s worth, oil companies are doing quite well. But if any oil company is going to do well it should be American oil companies. Why should our money go to Saudi Arabia?


Saudi oil giant Aramco reports 82% rise in quarterly profits

https://www.theguardian.com/busines...-82-rise-in-quarterly-profits-to-record-395bn