Click here to close
New Message Alert
List Entire Thread
Msg ID: 2745843 Why gas prices are high - Trump: Read on +5/-3     
Author:bladeslap
10/6/2022 12:40:25 AM

High Gas Prices Are Donald Trump’s Fault

Trump demanded that Saudi Arabia cut back production back in 2020. According to Trump, he worked out a deal where OPEC producers would all agree to reduce their output. The reason we now have high oil prices is that they have not returned their production to pre-pandemic levels. Hey, by the media’s standards of what makes a politician responsible for an event in the world, this is practically airtight.

It’s more than a bit bizarre that Donald Trump literally boasted about getting oil producers to cut production, but somehow President Biden is held responsible for high gas prices.

 

 
Thank you Trump


Return-To-Index  
 
Msg ID: 2745924 Please, something truthful would be nice +2/-3     
Author:Old Guy
10/6/2022 9:11:38 AM

Reply to: 2745843

Dan Vergan really!

Bladeslap, your life must be a real mess.  Posting made up story telling and then log on with different names to give your self thumbs up.

My first though when I read your post was if OPEC made a deal with Trump then they do not even consider Biden worthy of a conversation.

Then I realized it was all made up.



Return-To-Index  
 
Msg ID: 2745955 Oil Nations, Prodded by Trump, Reach Deal to Slash Production +3/-0     
Author:TheCrow
10/6/2022 12:48:43 PM

Reply to: 2745924
The final line of the article says it all:

Oil Nations, Prodded by Trump, Reach Deal to Slash Production

Trump has no firm philosophy and no regard for America, Americans. 
 
It must loosen your bowels to realize that Trump opponents are numerous- in fact the majority of Americans. The one and only Trump presidency is past. He gave America record unemployment, the sharpest economic contraction since the Great Depression and allowed an epidemic to establish itself and kill more than a million Americqns.
 

"You know, a lot of people think that goes away in April with the heat — as the heat comes in. Typically, that will go away in April."

President Trump
February 10, 2020
 
He explained “I don’t want people to be frightened," Trump said Wednesday, explaining why he admitted in a March interview with the veteran journalist Bob Woodward that he intentionally downplayed the danger posed by COVID-19, despite understanding the true threat. "I don’t want to create panic."

Somehow, in Trump's and TrumpeRINO frog boy 'minds' a million+ dead Americans is better than creating unease and discomfort in an election year....

 
 

The deal will reduce output by 9.7 million barrels a day. While significant, the cut falls far short of what is needed to bring oil production in line with demand.

A gas pipeline in Siberia. Thousands of Soviet-era oil and gas wells in western Siberia make the math complicated for Russia to shut down production.

A gas pipeline in Siberia. Thousands of Soviet-era oil and gas wells in western Siberia make the math complicated for Russia to shut down production.Credit...Maxim Shemetov/Reuters
 
 
Published April 12, 2020Updated Nov. 16, 2020
 
HOUSTON — Oil-producing nations on Sunday agreed to the largest production cut ever negotiated, in an unprecedented coordinated effort by Russia, Saudi Arabia and the United States to stabilize >oil prices and, indirectly, global financial markets.

Saudi Arabia and Russia typically take the lead in setting global production goals. But President Trump, facing a re-election campaign, a plunging economy and American oil companies struggling with collapsing prices, took the unusual step of getting involved after the two countries entered a price war a month ago. Mr. Trump had made an agreement a key priority.

It was unclear, however, whether the cuts would be enough to bolster prices. Before the coronavirus crisis, 100 million barrels of oil each day fueled global commerce, but demand is down about 35 percent. While significant, the cuts agreed to on Sunday still fall far short of what is needed to bring oil production in line with demand.

The plan by OPEC, Russia and other allied producers in a group known as OPEC Plus will slash 9.7 million barrels a day in May and June, or close to 10 percent of the world’s output.

While the planned cut is slightly smaller than a tentative pact reached last Thursday, the deal should bring some relief to struggling economies in the Middle East and Africa and global oil companies, including American firms that directly and indirectly employ 10 million workers. Analysts expect oil prices, which soared above $100 a barrel only six years ago, to remain below $40 for the foreseeable future. The American oil benchmark price was just over $23 a barrel on Sunday night.

“This is at least a temporary relief for the energy industry and for the global economy,” said Per Magnus Nysveen, head of analysis for Rystad Energy, a Norwegian consultancy. “The industry is too big to be let to fail.”

The agreement reached on Sunday was the result of more than a week of telephone conversations involving Mr. Trump; the Saudi crown prince, Mohammed bin Salman; and President Vladimir V. Putin of Russia. Mr. Trump praised the deal, saying on Twitter that it “will save hundreds of thousands of energy jobs in the United States.”

 

Negotiations hit a snag when Mexico refused to go along with an agreement fashioned by Russia and Saudi Arabia, saying it would cut just 100,000 barrels a day and not 400,000. Saudi Arabia strongly resisted Mexico’s position, worrying that if Mexico could balk others would follow.

Mr. Trump supported President Andrés Manuel López Obrador, giving vague promises he would make up the difference, and helped coax the Saudis and Russians not to abandon the tentative agreement.

Daily business updates  The latest coverage of business, markets and the economy, sent by email each weekday. 

 

It was not immediately clear if the Trump administration made a formal commitment to cut production in the United States, but with prices plummeting, many companies in the country have already reduced output. There is no international mechanism to strictly enforce such production agreements and cheating is common.

Big oil nations that are not members of OPEC Plus, like Canada, Brazil and Norway, along with the United States, have been cutting production. The Energy Department has said that American oil production will fall by at least two million barrels a day by the end of the year. Other analysts say the eventual cut could be three million barrels a day out of the 13.3 million barrels a day produced at the beginning of the year. President Trump has expressed interest in buying oil to fill the Strategic Petroleum Reserve to further reduce supplies.

The oil crisis began a month ago when Russia refused to go along with cuts promoted by Saudi Arabia and other OPEC producers. In response, Saudi Arabia said it would increase production by three million barrels a day and flood the market. Oil prices and global stock markets fell sharply on the news.

 
Image
Oil tanks at Saudi Aramco facility in Abqaiq. A crisis in oil markets began a month ago, when Saudi Arabia said it would increase production by three million barrels a day and flood the market.
Oil tanks at Saudi Aramco facility in Abqaiq. A crisis in oil markets began a month ago, when Saudi Arabia said it would increase production by three million barrels a day and flood the market.Credit...Maxim Shemetov/Reuters
 
 

The Russian and Saudi reversal in the last few days was an acknowledgment that their gamble was causing self-inflicted economic wounds.

“There were miscalculations on both sides,” said Ben Cahill, a senior energy fellow at the Center for Strategic and International Studies. “The Russians miscalculated how sharp the Saudi response would be and they might have been taken aback by how deep the price drop was.” 

The change in course should give a lifeline to American companies as they invest far less in exploration and production.

“Hopefully, the American oil industry has avoided a worst-case scenario,” said Amy Myers Jaffe, an energy and Middle East expert at the Council on Foreign Relations. “There still will be bankruptcies, but for the time being, the fears that there would be a wholesale destruction of the industry can now be put aside, because the worst of the price war has passed.”

It is possible oil prices will sink again in the coming days if traders are not satisfied with the new cuts. In fact, on Thursday, the last day that oil futures traded, the price fell sharply even though a deal was close.

“The agreement provides the expectation of stability,” Rene Ortiz, Ecuador’s energy minister and a former secretary general of OPEC, said in an interview on Sunday. “But whether the markets react accordingly is a different ballgame.”

With the pandemic crushing economies around the world, few buyers were available in recent weeks to buy the cheap Saudi crude. The kingdom stored some oil in Egypt and was forced to let unsold crude sit in tankers along its coasts.

The mounting glut became a threat to Saudi government finances. At a projected average price of $34 a barrel this year, Rystad Energy estimated the kingdom’s revenues would drop by 50 percent compared with 2019, a loss of $105 billion.

Saudi Arabia still has foreign reserves of $500 billion, but that has shrunk from $740 billion in 2013. Several years of depressed oil prices had already forced the kingdom to borrow money and reduce energy subsidies for citizens. Prince Mohammed is now counting on his reserves to help diversify the Saudi economy for the future.

Russia is in far better shape financially than Saudi Arabia, especially with a flexible exchange rate — as the ruble depreciates, the value of its exports rises. While it would also lose billions of dollars in revenues with the drop in oil prices, the government has a much lower fiscal deficit than Saudi Arabia and has $550 billion in foreign reserves.

But Russia has other liabilities. It has limited processing capacity and its refineries have insufficient storage facilities. European demand has collapsed, and while China is still buying oil, at bargain prices, its storage will be filled up in another month or so, leaving Russian crude stranded.

With thousands of Soviet-era oil and gas wells in western Siberia, Russia would have faced the prospect of shutting down and later turning back on wells that are costly to manage, and in the process might permanently limit the amount of oil recoverable in the future.

Uncertainties abound for the industry as the pandemic disrupts global economies.

Members of OPEC and their allies entered talks last week hoping that the United States, Canada and other Western producers would agree to explicit cuts, adding up to four million or five million barrels a day. Instead, American officials just made assurances that crude output would be reduced over time, on top of voluntary reductions that have already begun at some U.S. companies. The agreement announced on Sunday will taper into a 7.7-million-barrel-a-day cut from July to December and then to 5.8 million barrels a day from January 2021 to April 2022.

 
Image
Drilling for oil near Midland, Texas. American oil companies are already cutting jobs and output in preparation for the worst downturn in more than a generation.
Drilling for oil near Midland, Texas. American oil companies are already cutting jobs and output in preparation for the worst downturn in more than a generation.Credit...Nick Oxford/Reuters
 
 

American oil companies are already eliminating thousands of jobs, plugging old wells and decommissioning rigs and fracking equipment in preparation for the worst downturn in more than a generation. While American consumers are saving at the gas pump, oil-producing states like Texas, Oklahoma and North Dakota are expecting deep losses in jobs and tax revenue.

Industry executives predict a wave of consolidation, in which small, indebted companies are either bought by larger ones or merge.

“There will be some companies that won’t survive,” said Trent Latshaw, president of Latshaw Drilling, an oil service company active in Texas and Oklahoma. “But the industry in general will survive and come out of this stronger. We will have to make hard decisions, innovate and we’ll become smarter because of this.”

The American industry was last shaken up in 2014, when Saudi Arabia and its OPEC allies flooded the market with oil in an effort to undercut American shale producers who were grabbing market share from them. Prices crashed and hundreds of American companies went out of business, and 170,000 jobs were lost. While American production briefly dropped, it quickly recovered and grew.

The coronavirus is a new and bigger challenge, and it was magnified last month when Russia and Saudi Arabia began their feud. Russian oil executives said they were tired of losing market share to American producers. Saudi Arabia retaliated by promising to pour more oil on the market, taking prices to roughly $20 a barrel for a time, less than half the level at the beginning of the year.

But a complete free fall of oil prices into the single digits — something not seen in two decades — appears to have been avoided. President Trump’s recent public lobbying of Russia and Saudi Arabia to lower production helped raise prices several dollars a barrel, allowing many American companies to limit their losses.

Energy experts acknowledged Mr. Trump’s role in the deal.

“President Trump, who spent the last three years criticizing OPEC, became the de facto president of the producer group,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.



Return-To-Index  
 
Msg ID: 2745960 Truth hurts eh? +3/-1     
Author:bladeslap
10/6/2022 1:22:14 PM

Reply to: 2745924

Old guy: "This story is inconvenient, so I'll just call it fake news"

Sorry Old guy, please let us know why you think this is "fake news"

Special Report: Trump told Saudi: Cut oil supply or lose U.S. military support - sources | Reuters

From Reuters -- Probably the least partisan of anything or anybody

You automatically say "They're lying "...

How do you arrive at that conclusion?

It destroys your narrative?

You have proof otherwise?

Gain some credbility and make a real argument rather than ... 



Return-To-Index  
 
Msg ID: 2745965 HOW CAN YOU BE SO STUPID  +3/-3     
Author:Old Guy
10/6/2022 2:13:01 PM

Reply to: 2745960

Do you really believe Trump could make such a deal,  He is not the Camander in Chief.  

That alone should be proof enough this is all a lie.

Trump has not been in office for quite a while.  His deal days are long gone.  

But anything truthful is wasted on you.



Return-To-Index  
 
Msg ID: 2745967 HOW CAN YOU BE SO STUPID  +3/-1     
Author:TheCrow
10/6/2022 2:28:20 PM

Reply to: 2745965

Do you really believe Trump could make such a deal,  He is not the Camander in Chief.  

That alone should be proof enough this is all a lie.

Trump has not been in office for quite a while.  His deal days are long gone.  

But anything truthful is wasted on you.

Exactly- "HOW CAN YOU BE SO STUPID"   TrumpeRINO frog boys must work constantly at it....

Look at the date of the article- Published April 12, 2020Updated Nov. 16, 2020

Trump was POTUS and the COVID-19 epidemic was kicking into high gear at that time. 



Return-To-Index  
 
Msg ID: 2745968 And we were self sufficient with low prices (NT) +1/-3     
Author:Old Guy
10/6/2022 2:30:51 PM

Reply to: 2745967


Return-To-Index  
 
Msg ID: 2745970 No more 'Kool-Aid' for you! U.S. Energy Independence Has Grown +4/-1     
Author:TheCrow
10/6/2022 2:43:32 PM

Reply to: 2745968

Pertinent point in article posted:

"It is true that we achieved both of those energy independence milestones under President Trump. What isn’t true, is that it was because of anything special that he did. His energy policies may have helped a bit, but the primary cause was a surge in domestic oil and gas production that occurred as a result of the fracking boom." 

America was 'energy independent' in spite of Trump, not because of anything he did., Or, I could say that he caused American energy production's decline:

"... 2019 was a record year and 2020 production declined because of the pandemic."

Trump's denial, inaction and statements diminishing the threat of COVID-19 caused that decline.

 

Oct 1, 2022,06:00am EDT
 
 
President Trump Speaks At Double Eagle Energy Rig In Midland, Texas

MIDLAND, TX - JULY 29: President Donald Trump speaks to city officials and employees of Double Eagle ... [+]

GETTY IMAGES

I am often asked if the U.S. is energy independent, or whether we have ever been energy independent. A claim I frequently encounter is that President Trump made us energy independent, and we lost that under President Biden."

Before addressing such a claim, you must ensure that everyone is speaking the same language. When someone makes that claim to me, I ask them to define energy independence.

If energy independence means we don't import oil, then that hasn’t been true since the 1940s. If it means we export more energy than we import, then we became energy independent in 2019 (following a decade of soaring oil and gas production), but we remain energy independent today.

Others may define energy independence as producing more than we consume. In that case, we reached that milestone in 2020. It was primarily a result of a sharp drop in consumption because of the Covid-19 pandemic, accompanied by a smaller drop in energy production that year. But, that milestone remained intact in 2021.

It is true that we achieved both of those energy independence milestones under President Trump. What isn’t true, is that it was because of anything special that he did. His energy policies may have helped a bit, but the primary cause was a surge in domestic oil and gas production that occurred as a result of the fracking boom.

From 2006 to 2016, U.S. energy production increased from 70.7 quadrillion British thermal units (quads) to 84.3 quads. The U.S. experienced record energy production in 2015, but 2016 production pulled back because of the oil price collapse.

During Trump’s term — 2017 through 2020 — U.S. energy production increased by another 11.3 quads (although, again, 2019 was a record year and 2020 production declined because of the pandemic). The rate of increase was a bit higher under President Trump, which you can see in the graphic below. But the trend of surging energy production and falling energy imports since 2006 is also clear.

chart-title
So President Trump didn’t make us energy independent. In fact, the gap between supply and demand substantially shrunk when President Obama was in office (again, because that’s when fracking really ramped up). But it would be fair to argue that President Trump’s energy policies slightly sped up the timeline in getting to the finish line of energy independence.

However, what isn’t true is that we lost that energy independence under President Biden.

Using the definition of exports minute imports, 2021 was our highest level of energy independence in history. In other words, we are even more energy independent than we were in 2019. (You can see all the data in U.S. Energy Facts Explained at the EIA website, which is also the source of the above graphic).

You can see the proof at the link. In 2019, our energy exports were greater than our imports by 0.61 quadrillion Btus (quads). In 2020, that excess grew to 3.47 quads (mainly because imports fell as Covid hit demand) and in 2021 it grew to a new record of 3.82 quads. By that measure, we are more energy independent than we have ever been.

If you prefer the definition of production minus consumption, then we are also still energy independent. In 2020 the U.S. produced 2.7 more quads than we consumed. In 2021, that excess shrank to 0.45 quads on the back of strong post-shutdown demand. So you could argue that by that measure our level of energy independence declined from 2020 to 2021, but it didn’t disappear.

If your preferred definition of energy independence is that we don’t import energy, as you can see from the graphic we haven’t come close to meeting that metric at any point since the 1950s.

So, on an apples-to-apples comparison, depending on your definition we are either still energy independent, or we never were.

Follow me on Twitter or LinkedInCheck out my website or some of my other work here


Return-To-Index  
 
Msg ID: 2745972 Your article gives Trump credit +2/-3     
Author:Old Guy
10/6/2022 3:06:52 PM

Reply to: 2745970

Article is Fake, this is how!  It leaves out Information.

it gives Trumps policies some credit for energy independence, but then goes on say that it was really because of the fracking boom.  But does not explain that it was Trumps policies to frack.  Trump supported it and it went on because of Trumps executive orders and regulation reduction.

How much koolaid do you drink!

 



Return-To-Index  
 
Msg ID: 2745979 "It is true that we achieved both of those energy independence milestones u +4/-0     
Author:TheCrow
10/6/2022 4:02:33 PM

Reply to: 2745972

"It is true that we achieved both of those energy independence milestones under President Trump. What isn’t true, is that it was because of anything special that he did. His energy policies may have helped a bit, but the primary cause was a surge in domestic oil and gas production that occurred as a result of the fracking boom." 

 



Return-To-Index  
 
Msg ID: 2746003 You better be careful before you call people stupid ...  +3/-1     
Author:bladeslap
10/6/2022 7:53:52 PM

Reply to: 2745965

It's really a slap in the face to you that you never bothered to read the date of the article.

This happened when he was president....

You were asking again, how can "I" be so stupid? 

More projection?



Return-To-Index  
 
Msg ID: 2746004 Did you just get off the short bus ...  +2/-2     
Author:Old Guy
10/6/2022 8:03:54 PM

Reply to: 2746003

You started this by blaming Trump for the high gas prices, you even used some older article to prove your point.

Wrong!  None of what you posted has anything with the current gas prices.  How can you be so stupid?



Return-To-Index  
 
Msg ID: 2746076 More projection? +3/-1     
Author:bladeslap
10/7/2022 12:01:17 PM

Reply to: 2746004

Old guy,

We will collectively wait for you to come off your emotional tirade before we re-engage you

Pethaps some breathing exercises will help?

 



Return-To-Index  
 
Msg ID: 2745974 Why gas prices are high - Biden +1/-3     
Author:Old Guy
10/6/2022 3:19:51 PM

Reply to: 2745843

Try as you might but this is all on Biden.

Now that he has abut drained our oil reserves, pries will increase at a record rate.

Inflation is no we're close to slowing down.

 



Return-To-Index  
 
Msg ID: 2745980 Why gas prices are high - Biden +4/-0     
Author:TheCrow
10/6/2022 4:12:45 PM

Reply to: 2745974

Try as you might but this is all on Biden.

Now that he has abut drained our oil reserves, pries will increase at a record rate.

You traveling by elecftric car? Horseback? Hikiing? Wind-powered vehicle? 

 

Inflation is no we're close to slowing down.

Who was preaident before Biden? Who had 4 years to shape the economy? Oh yeah- Trump.

Who presided over the most severe economic contraction since the Great Depression? Economists predicted this contraction as a natural, inevitable result of the COVID-10 contraction and the Trump government throwing money at the economy... they had no choice in that, did they?

Biden has been POTUS almost 2 years. Figure it out.

 

Aren't you the same pucknutz who claimed the late economic expansion was 100% Trump's doing? No?

Economic cycles, inflation, etc. are cyclic. All governments can do is minimize the effects and delay them.




Return-To-Index  
 
Msg ID: 2745981 Why gas prices are high - Biden P.S. WORLD gas prices are climbing. +4/-0     
Author:TheCrow
10/6/2022 4:13:47 PM

Reply to: 2745980

Joe Biden must be right up there with GOD to be able to accomplish that...



Return-To-Index  
 
Msg ID: 2745988 It has been explained before, if you don’t understand just say so +2/-3     
Author:Old Guy
10/6/2022 5:14:37 PM

Reply to: 2745981

I bet the local library has some books on market forces, you could read.

But I recommend you start with some grade school books.



Return-To-Index  
 
Msg ID: 2745992 And Biden had nothing to do with the coincidence (NT) +3/-0     
Author:TheCrow
10/6/2022 6:26:53 PM

Reply to: 2745988


Return-To-Index  
 
Msg ID: 2745994 You must be special! (NT) +2/-2     
Author:Old Guy
10/6/2022 6:51:14 PM

Reply to: 2745992


Return-To-Index