October surprise? Why OPEC's planned price hike could pummel Democrats

[Saint Guinefort]

Shouldn't you change your screen name to Peter Phimosis?

No, this is the opposite of that. Peri.

[ExpressLane]

In that 2/3 of the Alberta Tar Sands derived oil that gets processed in the Gulf Coast refineries WILL BE EXPORTED.

Actually MAY BE EXPORTED is more correct. Basically we export sweet crude then process sour that we buy at a discounted price. We sell refined products wherever we can make the most money. If that is in the US they go to the US. Of course shipping costs also play a factor.

[ExpressLane]

No, this is the opposite of that. Peri.

[ExpressLane]

Thanks for your full throated admission that Biden doesn't control oil/gas prices.

Then why did he sell off so much of the Strategic Oil Reserve. Did he do that to just put us at a strategic disadvantage?

[ExpressLane]

OPEC does not care about US production AT ALL.

Any production increases by the US are cancelled out by equal production cuts by OPEC, thus maintaining the current price per barrel.

What is so hard for you to understand about that?

Why are you struggling to grasp this?

Probably because you're a fucking idiot.

So why did they increase production to decrease the price of oil lower than it could be produced by the oil shale industry?

https://www.theguardian.com/business...seven-year-low

Oil prices have slumped by 5% after the latest attempt by Saudi Arabia to kill off the threat from the US shale industry sent crude to its lowest level since the depths of the global recession almost seven years ago.

[Saint Guinefort]

You suggested I change my name to Peter Phimosis. Which made me think you actually got the joke of my name. But apparently I was mistaken. And even worse: you appear to lack basic google skills.

Sorry! Didn't mean to confuse.

[LV426]

So why did they increase production to decrease the price of oil lower than it could be produced by the oil shale industry?

TO BANKRUPT THE SHALE INDUSTRY AND GET THAT COMPETITION OUT OF THE MARKET.

And they succeeded in that in 2015-16 by bankrupting over 100 US oil companies with ease:

At least 67 U.S. oil and natural gas companies filed for bankruptcy in 2015, according to consulting firm Gavin/Solmonese.

That represents a 379% spike from the previous year when oil prices were substantially higher.

With oil prices crashing further in recent weeks, five more energy gas producers succumbed to bankruptcy in the first five weeks of this year, according to Houston law firm Haynes and Boone.

https://money.cnn.com/2016/02/11/inv...uptcies-spike/

Oil bankruptcies: 100 down, maybe 100 more to go
Roughly 100 North American oil and gas companies have filed for bankruptcy since the start of a two-year oil price rout, and the industry may be only halfway done, according to restructuring specialists.
https://www.cnbc.com/2016/09/28/oil-...ore-to-go.html

[ExpressLane]

This is PRECISELY how so many good oil field jobs in the Dakotas came and went in a flash. America started producing more, prices overall dropped, OPEC+ increased production and shut down the US fields tout de suite!

Yep and yet he says OPEC does not care about US oil production AT ALL. Crazy I know.

[ExpressLane]

TO BANKRUPT THE SHALE INDUSTRY AND GET THAT COMPETITION OUT OF THE MARKET.

And they succeeded in that in 2015-16 by bankrupting over 100 US oil companies with ease:




Oil bankruptcies: 100 down, maybe 100 more to go
Roughly 100 North American oil and gas companies have filed for bankruptcy since the start of a two-year oil price rout, and the industry may be only halfway done, according to restructuring specialists.
https://www.cnbc.com/2016/09/28/oil-...ore-to-go.html

But yet you said they don't care about US oil production AT ALL. Another one of your obvious lies.

[LV426]

But yet you said they don't care about US oil production AT ALL. Another one of your obvious lies.

Shale production isn't just in the US you goddamned motherfucking idiot.

Seriously, do you have long COVID brain? Because it seems like you do.

OPEC isn't looking at US production because the US doesn't produce any oil, multinational corporations do.

They are the ones who own that oil, and they are the ones OPEC cares about.

So they don't give a shit about "US production" because oil production is globalized by the oil companies, and they own every drop of the oil that they extract.

Wow.

I always knew Conservatives were a bunch of brain-dead perverts who want to stare at naked kids, but their ignorance of the global oil markets exceeds those perversions.

[ExpressLane]

You suggested I change my name to Peter Phimosis. Which made me think you actually got the joke of my name. But apparently I was mistaken. And even worse: you appear to lack basic google skills.

Sorry! Didn't mean to confuse.

I knew exactly what phimosis meant. I spent almost every Saturday of my residency doing 10-15 anesthetics for pediatric phimosis surgeries. That is why I suggested Peter (or perhaps Dick) might have been better. I'm not sure why you chose Perry or Peri though.

[ExpressLane]

Shale production isn't just in the US you goddamned motherfucking idiot.

Seriously, do you have long COVID brain? Because it seems like you do.

OPEC isn't looking at US production because the US doesn't produce any oil, multinational corporations do.

They are the ones who own that oil, and they are the ones OPEC cares about.

So they don't give a shit about "US production" because oil production is globalized by the oil companies, and they own every drop of the oil that they extract.

Wow.

I always knew Conservatives were a bunch of brain-dead perverts who want to stare at naked kids, but their ignorance of the global oil markets exceeds those perversions.

You are done. I just can talk to a moron like you so long.

Reported your 12b violation

[Celticguy]

with demand dropping thanks to the recession nobody should be surprised that supply would be dialed back. they've been talking about it for months now.

and it does not hurt that it cranks the prices, their mommas need a new pair of shoes as well.

[LV426]

You are done. I just can talk to a moron like you so long.

You're such a fucking moron who doesn't want to admit you don't know anything about this topic because you know I will just extrapolate that ignorance out to EVERYTHING YOU SHIT FORTH HERE.

So your obstinance is just a defense mechanism.

[Phantasmal]

My prediction if Trumpublicans win in 2022, suddenly, the economy will be AMAZING, though little will change, if not get worse, under them in 2023.