Originally posted by: David Miller

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 The reality --  Thinking back before brain dead Biden took office, gas was $ 2.10/ gallon at the pump, oil reserves were full and America was exporting oil. It has only taken the current administration 3+ years bring oil production to where we find it today, with the current cost of gas at the pump being $3.25 after averaging over $3/gallon since 2020. Millions of Americans have paid the price, costing them untold extra millions. - Gasoline prices hit at an all-time high of more than $5 per gallon in the summer of 2022. This historic rise in gasoline prices helped push inflation as measured by the Consumer Price Index (CPI) to 9.1 percent in June, the highest rate of U.S. inflation in more than 40 years. - there really is no good news about the cost of gas since Biden took office.

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Originally posted by: David Miller

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          Eventually everyone must accept the premise  that "the truth is the truth". Your eventuality is coming. . . 

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Originally posted by: MaxFlavor

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MAGA platitudes, no facts, no information, just talking points that float away in air as soon as they're said.

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Originally posted by: David Miller

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   Your response brings to mind the axiom - Euripides — 'Talk sense to a fool and he calls you foolish.'

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Originally posted by: MaxFlavor

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Your response reminds me of a quote as well, "A fool takes no pleasure in understanding, but only in expressing his opinion.

 

And, of course, there's this, if you don't mind me quoting myself:

 

"Your thought process:

 

 

My thought process:

 

"Rig count is down, oil production is up. Proved reserves are up and Biden can't be in office for more then a little more then 4 years, so I'm pretty sure it's going to be OK.

 

This report was released April 29th, 2024

 

"U.S. crude oil and lease condensate proved reserves increased 9% from 44.4 billion barrels to 48.3 billion barrels at year-end 2022 (Table 1)."

 

Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2022 (eia.gov)

 

By the way did you know that oil is a global market and just because Exxon or whomever pumps it in the USA doesn't mean they have to sell it in the USA? With capitalism they can sell it to whomever they want, they can also adjust their production so that they reduce costs, hopefully maintain higher prices and realize the greatest profit? The President has little impact on that. 

 

Exxon beats estimates, ends 2023 with a $36 billion profit | Reuters

 

Occidental beats profit estimates on higher oil prices | Reuters

 

Pioneer reports lower profit ahead of its takeover by Exxon | Reuters

 

Chevron profit sinks but beats estimates, shares up | Reuters

 

ConocoPhillips misses quarterly profit estimates on lower gas prices | Reuters

 

Mild winter, production up, and lower natural gas prices all come into play.

 

Why doesn't MAGA not believe in free enterprise and capitalism? Weird."

 

 

 

 

 

This report was released April 29th, 2024

 

"U.S. crude oil and lease condensate proved reserves increased 9% from 44.4 billion barrels to 48.3 billion barrels at year-end 2022 (Table 1)."

 

Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2022 (eia.gov)

 

By the way did you know that oil is a global market and just because Exxon or whomever pumps it in the USA doesn't mean they have to sell it in the USA? With capitalism they can sell it to whomever they want, they can also adjust their production so that they reduce costs, hopefully maintain higher prices and realize the greatest profit? The President has little impact on that. 

 

Exxon beats estimates, ends 2023 with a $36 billion profit | Reuters

 

Occidental beats profit estimates on higher oil prices | Reuters

 

Pioneer reports lower profit ahead of its takeover by Exxon | Reuters

 

Chevron profit sinks but beats estimates, shares up | Reuters

 

ConocoPhillips misses quarterly profit estimates on lower gas prices | Reuters

 

Mild winter, production up, and lower natural gas prices all come into play.

 

Why doesn't MAGA not believe in free enterprise and capitalism? Weird."

 

 

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Originally posted by: David Miller

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This report was released April 29th, 2024

 

"U.S. crude oil and lease condensate proved reserves increased 9% from 44.4 billion barrels to 48.3 billion barrels at year-end 2022 (Table 1)."

 

Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2022 (eia.gov)

 

By the way did you know that oil is a global market and just because Exxon or whomever pumps it in the USA doesn't mean they have to sell it in the USA? With capitalism they can sell it to whomever they want, they can also adjust their production so that they reduce costs, hopefully maintain higher prices and realize the greatest profit? The President has little impact on that. 

 

Exxon beats estimates, ends 2023 with a $36 billion profit | Reuters

 

Occidental beats profit estimates on higher oil prices | Reuters

 

Pioneer reports lower profit ahead of its takeover by Exxon | Reuters

 

Chevron profit sinks but beats estimates, shares up | Reuters

 

ConocoPhillips misses quarterly profit estimates on lower gas prices | Reuters

 

Mild winter, production up, and lower natural gas prices all come into play.

 

Why doesn't MAGA not believe in free enterprise and capitalism? Weird."

 

 

  This comment you posted reminds me of you -  "A fool takes no pleasure in understanding, but only in expressing his opinion.

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Originally posted by: tom

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While proven deposits of oil are increasing it doesn't mean that we are drilling that oil.  Oil production is up, but only because the remaining rigs are able to produce more oil efficiently.  What happens when the remaining rigs are empty?  The US is not accessing those reserves.

 

In March 2020 the US had 793 rigs; we now have 605 rigs; a 24% decrease.  Gas prior to the pandemic in Jan 2020 was $2.58.  It is now $3.63 a 41% increase. Oil was $61.57.  It is now $80 a 30% increase.

 

We have less rigs & higher prices.  As shown above, the biden gang's anti oil policy is at the heart of the issue

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Originally posted by: MaxFlavor

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My point exactly, which I already mentioned, at this point the rig count is down, and production is up, technology is cool. Is there an industry that wouldn't like to produce more products with less input? Seems like a very nice capitalistic win!

What will happen when the current rigs are empty, you ask, how about permitting more wells with the existing federal oil leases that have already been granted?

 

Energy Wire January 30, 2024

 

ENERGYWIRE | President Joe Biden has approved nearly 50 percent more oil and gas drilling permits for wells on federal land since taking office than former President Donald Trump did in his first three years, according to newly released data from the Interior Department.

 

Data from the Interior Department’s Bureau of Land Management showed it granted 3,377 permits to drill on public land in 2023.

 

POLITICO Pro | Article | Biden administration oil drilling permits outpace Trump

 

You believe Biden gang's anti-oil policy is at the heart of pricing, I'm not going to take the time to list it out for you, so I'll ask you, what else in the world has happened over the last 4 years that would impact that? 

If you believe there's nothing else, well so be it, some people are so biased that they're completely unwilling to look at a broader picture. Or maybe they're intellectually unable to.

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