$7/gallon gas is coming
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Anonymous
Yep Biden decided to get into the oil trader game and used spr not for truly strategic purposes but purely for political short term gains in the midterm Now he’s eaten his seed corn and the Arabs are going to bugger him till he walks like John Wayne From FT: “ The pain is already plain at US petrol stations, where prices have climbed by almost a quarter this year to $3.80 a gallon. That remains below the record high of more than $5 reached last summer — but still 60 per cent above their level when Biden entered office in January 2021.” The fuel price inflation — visible in shining lights along major roads across the country — has provided Biden’s Republican opponents with attack lines ahead of next year’s presidential election. They blame the White House for prioritising climate policy over domestic oil output. “ Biden implored shale drillers to pump more oil and then authorised record volumes of crude stored in federal emergency stockpiles to be unleashed on the market, helping to tame a sharp oil price rise. But those levers are less effective now. The once-prolific shale sector is growing slowly these days and the Strategic Petroleum Reserve has been drawn down to its lowest level since 1983. The combination has helped to tighten oil markets as global fuel demand soars, giving Saudi Arabia more sway over prices.” |
Anonymous
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Price at my pump today: $3.69
I can live with that. If it goes a lot higher, the shale oil production will ramp up. |
Anonymous
Wrong You clearly don’t trade oil markets Yes, American shale is profitable at drilling over 60/barrel but this isnt 2014 1. Shale e&p are very debt financed — interest rate environment is painful for them to finance drilling. If you track rig count you know rigs have been taken offline and falling for years now. Oil patches are not switches that go on off. 2. Shareholders want returns to capital first and foremost in this cycle — not capex growth. That’s money going towards dividends and not extra drilling. Now unless there is a hot war in ME, I don’t see oil breaking 120/bl but gas over $4/gallon sinks biden and he has ceded control over this to the saudis and Russians. |
Anonymous
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Last week it was confirmed that the Administration will cancel seven oil and gas leases in the Arctic National Wildlife Refuge.
The Administration also proposed a rule on Wednesday that would protect 13 million acres in a different part of Alaska. "These decisions are illegal, reckless, defy all common sense, and are the latest signs of a incoherent energy policy from President Biden,” said Senator Lisa Murkowski. https://www.murkowski.senate.gov/press/release/delegation-alaska-leaders-biden-administration-puts-american-energy-security-at-risk-harms-the-state-and-alaska-native-communities |
Anonymous
At this rate Biden should cede Ukraine to Russia and break opec once and for all by colonizing the Arabian peninsula. It’s a new century - time for great powers to act like great powers I don’t want us drilling in Alaska so Biden is right but I also don’t want a bunch of you know what’s in the desert dictating anything. No power could stop an American colonization of Arabia. It’s different from Iraq and Afghanistan where there was no clear objective. In this case the objective is clear - breaking opec, taking the oil, either accept the terms we give or cease to exist. |
Anonymous
Alaska is dependent on oil exploration. Let it be exploration on something other than a national wildlife refuge. BTW $7 gas did not come. It's about half of that today. |
Anonymous
| Gas is not even remotely $7 a gallon and US oil production is at all time highs under Biden. It's time we just stop listening to the right wing - they have been wrong about literally everything. |
Anonymous
You realize that these are not active sites being canceled right? These are sites that MIGHT be mined in like 10-20 years. Has ZERO impact on today's oil production or oil prices. The Saudi's and Russians are ramping up their prices to impact the global markets simply to stick it to the US and Europe. This is why the US HAS to decouple its fossil fuel dependence to renewables and domestic productions. Oh ya, and domestic production is at all time highs. No shortage of oil and gas jobs in the US. |
Anonymous
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Let's remember that our SPR is at historic lows and there are no imminent plans to replenish it with the prices as high as they are.
Let's hope that we don't have a REAL emergency in the near future. https://www.reuters.com/business/energy/us-crude-spr-hits-lowest-level-since-january-1985-2022-08-22/#:~:text=Stockpiles%20in%20the%20Strategic%20Petroleum,lowest%20level%20since%20January%201985. |
Anonymous
The first post is from 2022. Gas did spike to $6-7 in areas of CA and WA after Russia invaded. |
Anonymous
Citation needed 
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Anonymous
Murkowski just wants the oil money to keep flowing to Alaska residents or they won’t vote for her. |
Anonymous
The national average never got close to $7 and...this is a DC message board. Who cares what the gas prices are in CA and WA? I mean, I can get gas here for about 3.60 per gallon, which on an inflation adjusted pricing is pennies. |
Anonymous
| We need to protect our last remaining wild places much more than we need to drill for more fossil fuel. This is the only planet we have. |