Economy

[Dr. Strangelove]

25 minutes ago, Archy1221 said:

Hit reply to jj on accident  

 

Oil companies collectively lost ~$300 billion during the 2010s oil boom, with many small shale oil companies going bust.

 

Completing pipeline projects is fine, but would not help supply since a pipeline does not pump new oil out of the ground, it simply moves it. Oil companies want to move their oil for cheaper prices, but it's not going to dramatically affect the price of gas even if they were magically completed ahead of schedule. 

 

The real reason oil companies don't want to build new refineries or start new drilling projects is because they would lose money long term. Oil and gas is a slowly dying business, just like coal in the 20th Century. Oil and gas executives know it, political leaders from both sides know it, everybody knows it. 

[JJ Husker]

47 minutes ago, Archy1221 said:

Hit reply to jj on accident  

 

Huh? You mean to tell me that a huge oil company that is taking record profits wants the government to relax regulations and provide “support” (aka subsidy) for infrastructure that will take a decade or more to complete. And that’s their solution for the current problems. Well knock me over with a feather. What a f#&%ing joke….and somebody is taking it hook, line and sinker.

[teachercd]

1 minute ago, JJ Husker said:

Huh? You mean to tell me that a huge oil company that is taking record profits wants the government to relax regulations and provide “support” (aka subsidy) for infrastructure that will take a decade or more to complete. And that’s their solution for the current problems. Well knock me over with a feather. What a f#&%ing joke….and somebody is taking it hook, line and sinker.

They are taking a page out of the farmers playbook!

 

 

[BigRedBuster]

24 minutes ago, JJ Husker said:

Huh? You mean to tell me that a huge oil company that is taking record profits wants the government to relax regulations and provide “support” (aka subsidy) for infrastructure that will take a decade or more to complete. And that’s their solution for the current problems. Well knock me over with a feather. What a f#&%ing joke….and somebody is taking it hook, line and sinker.

Yeah.  We obviously had the infrastructure in place before the pandemic to be producing more.  At that point, we were producing around 13 million barrels per day.  Now we are producing around 12 million per day.  We also obviously had the refining capacity at that point also.  Prior to the pandemic, that oil was reaching refineries, being refined and reaching the world market.

 

And, the pipeline argument is idiotic.  The pipeline that was halted was transporting Canadian oil to refineries on the gulf to be exported.  That oil is still being transported to the US and the pipeline wasn't supposed to be completed till sometime in 2023.  We are importing from Canada just as much as we ever have and, even without that pipeline, its projected to increase over time.

[Born N Bled Red]

1 hour ago, Dr. Strangelove said:

Oil companies collectively lost ~$300 billion during the 2010s oil boom, with many small shale oil companies going bust.

 

Completing pipeline projects is fine, but would not help supply since a pipeline does not pump new oil out of the ground, it simply moves it. Oil companies want to move their oil for cheaper prices, but it's not going to dramatically affect the price of gas even if they were magically completed ahead of schedule. 

 

The real reason oil companies don't want to build new refineries or start new drilling projects is because they would lose money long term. Oil and gas is a slowly dying business, just like coal in the 20th Century. Oil and gas executives know it, political leaders from both sides know it, everybody knows it. 

 

Kind of like how, in that article I shared, Trump demanded the Saudis pump more oil which killed the shale producers and lower prices while he was in office. Then when the oil companies complained, he demanded they cut production. Now Biden is expected to fix both problems Trump created. 1) Bring back all the producers Trump killed and 2) Repair relations with the Saudis who Trump threatened to end our protection with in order to get his way. 

 

http://www.milwaukeeindependent.com/thom-hartmann/price-gas-trumps-manipulation-oil-policies-reaped-profits-putin-fossil-fuel-benefactors/

 

By the way, screw Exxon. This is like Walmart saying they need to be subsidized because all those small town mom and pop grocery and hardware stores went bankrupt. Stupid argument. 

[Dr. Strangelove]

3 hours ago, Born N Bled Red said:

 

Kind of like how, in that article I shared, Trump demanded the Saudis pump more oil which killed the shale producers and lower prices while he was in office. Then when the oil companies complained, he demanded they cut production. Now Biden is expected to fix both problems Trump created. 1) Bring back all the producers Trump killed and 2) Repair relations with the Saudis who Trump threatened to end our protection with in order to get his way. 

 

http://www.milwaukeeindependent.com/thom-hartmann/price-gas-trumps-manipulation-oil-policies-reaped-profits-putin-fossil-fuel-benefactors/

 

By the way, screw Exxon. This is like Walmart saying they need to be subsidized because all those small town mom and pop grocery and hardware stores went bankrupt. Stupid argument. 

But Cheeto Man good, Biden man bad.

 

Gas is Bidens fault. Vote for Republicans, the American Experiment of liberal Democracy is a 250 year old dying fad anyway.

[Dr. Strangelove]

4 hours ago, JJ Husker said:

Huh? You mean to tell me that a huge oil company that is taking record profits wants the government to relax regulations and provide “support” (aka subsidy) for infrastructure that will take a decade or more to complete. And that’s their solution for the current problems. Well knock me over with a feather. What a f#&%ing joke….and somebody is taking it hook, line and sinker.

Republican voters.

 

Not their politicians mind you, they know full well its all bulls#!t.

[DevoHusker]

 

 

 

[teachercd]

I remember thinking my 4.25 rate sucked...then I refied to 2.25

 

Good luck getting a house now.

 

 

[Archy1221]

We have those that think an industry is going to invest more when those in government power are on record of actively trying to put them out of current business.   Hmmmmm…it’s almost as if rhetoric matters.  

[Stumpy1]

9 hours ago, Dr. Strangelove said:

Oil companies collectively lost ~$300 billion during the 2010s oil boom, with many small shale oil companies going bust.

 

Completing pipeline projects is fine, but would not help supply since a pipeline does not pump new oil out of the ground, it simply moves it. Oil companies want to move their oil for cheaper prices, but it's not going to dramatically affect the price of gas even if they were magically completed ahead of schedule. 

 

The real reason oil companies don't want to build new refineries or start new drilling projects is because they would lose money long term. Oil and gas is a slowly dying business, just like coal in the 20th Century. Oil and gas executives know it, political leaders from both sides know it, everybody knows it. 

Building refineries and drilling holes aren't exactly an easy task.   It takes roughly 5-7 years to build a refinery to meet government specs and that is even after it takes FOREVER to get the permits to build one. 

 

Oil and gas may die down when it comes to the automotive industry, which is where most of the profits come from, but it will never fade away like coal has.  There are way to many products that we use in our daily lives that get produced from oil and gas.  

[JJ Husker]

3 hours ago, teachercd said:

I remember thinking my 4.25 rate sucked...then I refied to 2.25

 

Good luck getting a house now.

 

 

My first house in the late 80’s was at 10%. Of course it was under $100k too. Can’t find anything under about $350k today.

[teachercd]

15 minutes ago, JJ Husker said:

My first house in the late 80’s was at 10%. Of course it was under $100k too. Can’t find anything under about $350k today.

Yeah, my parents first house, I think they said was like 17%

[BigRedBuster]

11 hours ago, JJ Husker said:

My first house in the late 80’s was at 10%. Of course it was under $100k too. Can’t find anything under about $350k today.

My first home around 1992 was 7.875%. The housing market was really hot at the time partly because rates had come down from when you bought. 
 

We’ve moved twice and refinanced several times since. The last rate we had was somewhere around 2%. We were finally able to get it paid off. 

[BigRedBuster]