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Post by ferris1248 on Nov 3, 2024 11:54:14 GMT -5
We are kicking ass and taking names in the oil pumping industry. "The US is pumping a record amount of oil. But that may not be welcome news to other crude-producing nations." "Domestic output reached 13.4 million barrels a day in August, eclipsing all previous monthly records. According to US Energy Information Administration data, firms in Texas and New Mexico led the surge." "That level of production puts the US at odds with the plans of other oil-producing nations. OPEC+, an alliance led by Saudi Arabia and Russia, has said it plans to begin in December a sequence of monthly output increases. But given the decline in the price of crude oil — down 20% from an April high — continued record production from the US, and weakening demand, oil traders believe OPEC+ will delay its program for a second time." "It's the culmination of a multi-year period that saw OPEC+ members cut production to support higher market prices, only to be undercut by expanding production from non-OPEC exporters." "Looking into 2025, analysts speculate that global demand will continue sliding, especially given China's decelerating oil consumption. That's one reason the global oil surplus could swell to 1.2 million barrels per day next year, according to JPMorgan. Otherwise, expanding outflows from the US, Brazil, Guyana and Canada will also play a part." "OPEC+ increasingly appears to be searching for El Dorado: an oil market where demand is strong enough that it can increase output and prices stay above $80 per barrel," wrote Bill Weatherburn, senior climate and commodities economist at Capital Economics. "We suspect that this won't be found in 2025 either as China's demand growth will remain soft and more oil supply from non-OPEC+ producers will enter the market." www.msn.com/en-us/money/markets/the-us-is-pumping-more-oil-than-ever-and-it-s-complicating-things-for-other-crude-exporting-countries/ar-AA1tnYxu?ocid=anaheim-ntp-feeds&pc=u531&cvid=498307a8a6b949589c1e4ca2eb0bcfb6&ei=22 |
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Post by mapper on Nov 3, 2024 12:09:57 GMT -5
Time to fill up the reserves, "buy it cheap, stack it deep"
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Post by luapnor on Nov 3, 2024 12:38:44 GMT -5
Time to fill up the reserves, "buy it cheap, stack it deep" Can't do that, it would make us too strong. |
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Post by Captj on Nov 3, 2024 12:50:47 GMT -5
The US is now producing more energy than it uses. Good job Joe!
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Post by cadman on Nov 3, 2024 13:12:25 GMT -5
I saw gas was $2.99 the other day. I figured oil prices must be down.
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Post by tonyroma on Nov 3, 2024 14:00:53 GMT -5
$2.89 today, probably trying to rig the election.
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Post by ferris1248 on Nov 3, 2024 19:04:23 GMT -5
Crickets from everybody but the Russian.
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Post by illinoisfisherman on Nov 3, 2024 19:07:37 GMT -5
And we will begin to pump much much more very soon!
We need to pump at our maximum capacity not 50%
AMERICA can and should control the price of oil in the world. Let’s “Drill baby Drill”
God Bless America 🇺🇸
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Post by illinoisfisherman on Nov 3, 2024 19:08:42 GMT -5
I saw gas was $2.99 the other day. I figured oil prices must be down. Let’s see gas below $2 for a decade or more |
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Post by resinhead on Nov 3, 2024 19:12:26 GMT -5
About time. Guess they know Trumps coming back too. Drill baby drill!
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Post by PolarsStepdad on Nov 3, 2024 19:27:02 GMT -5
About time. Guess they know Trumps coming back too. Drill baby drill! This has been the case for a while now. It didn't just start this week. |
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Post by tonyroma on Nov 3, 2024 19:27:49 GMT -5
I saw gas was $2.99 the other day. I figured oil prices must be down. Let’s see gas below $2 for a decade or more How does that happen? Drill enough to drive your profit down? |
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Post by resinhead on Nov 3, 2024 19:43:06 GMT -5
About time. Guess they know Trumps coming back too. Drill baby drill! This has been the case for a while now. It didn't just start this week. You’re right. 45 had it flowing and then Sleepy Joe and the Cackler almost destroyed it. Come election time and shitty Dem approvals and the oil flows. |
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Post by PolarsStepdad on Nov 3, 2024 19:47:55 GMT -5
This has been the case for a while now. It didn't just start this week. You’re right. 45 had it flowing and then Sleepy Joe and the Cackler almost destroyed it. Come election time and shitty Dem approvals and the oil flows. No. It's steadily been increasing during Joe's term. The problem is no matter how much we pump its put on the world market. So if we ad 10 barrels and Saudi cuts 10 there's no net gain and reduction in price. Which is pretty much whats happened. Our numbers have gone up but other suppliers have cut back. It's really hard for U.S. oil to hang in at $2/gal. So if somebody else ups their production and prices drop then look for our production and rig count to drop. Mr. Global is an excellent source of info on this and what the oil markets and production looks like domestically and internationally. But as of now we are producing more oil than anybody anywhere at any time. |
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Post by resinhead on Nov 3, 2024 19:51:28 GMT -5
lol. Ok.
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Post by cadman on Nov 3, 2024 20:25:35 GMT -5
I saw gas was $2.99 the other day. I figured oil prices must be down. Let’s see gas below $2 for a decade or more It will mean we've been in a recession for a decade or more. Below $2 is not sustainable or profitable for domestic producers. They shut down if oil gets that cheap |
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Post by cadman on Nov 3, 2024 20:26:24 GMT -5
Let’s see gas below $2 for a decade or more How does that happen? Drill enough to drive your profit down? Demand collapse due to a major recession. |
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Post by cadman on Nov 3, 2024 20:29:32 GMT -5
And we will begin to pump much much more very soon! We need to pump at our maximum capacity not 50% AMERICA can and should control the price of oil in the world. Let’s “Drill baby Drill” God Bless America 🇺🇸 We are pumping as much as we can. Trump is full of shit with his claims. It was about this same price during his term until Covid hit and collapsed demand. Then domestic producers shut down instead of losing money. |
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Post by tonyroma on Nov 3, 2024 20:49:07 GMT -5
We are pumping as much as we can can refine.
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Post by luapnor on Nov 3, 2024 20:50:21 GMT -5
You’re right. 45 had it flowing and then Sleepy Joe and the Cackler almost destroyed it. Come election time and shitty Dem approvals and the oil flows. No. It's steadily been increasing during Joe's term. The problem is no matter how much we pump its put on the world market. So if we ad 10 barrels and Saudi cuts 10 there's no net gain and reduction in price. Which is pretty much whats happened. Our numbers have gone up but other suppliers have cut back. It's really hard for U.S. oil to hang in at $2/gal. So if somebody else ups their production and prices drop then look for our production and rig count to drop. Mr. Global is an excellent source of info on this and what the oil markets and production looks like domestically and internationally. But as of now we are producing more oil than anybody anywhere at any time. Again, not true. US oil production collapsed after joey took office. |
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Post by tonyroma on Nov 3, 2024 22:51:52 GMT -5
So we are not extracting and refining a record amount of petroleum products?
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Post by PolarsStepdad on Nov 3, 2024 23:07:20 GMT -5
No. It's steadily been increasing during Joe's term. The problem is no matter how much we pump its put on the world market. So if we ad 10 barrels and Saudi cuts 10 there's no net gain and reduction in price. Which is pretty much whats happened. Our numbers have gone up but other suppliers have cut back. It's really hard for U.S. oil to hang in at $2/gal. So if somebody else ups their production and prices drop then look for our production and rig count to drop. Mr. Global is an excellent source of info on this and what the oil markets and production looks like domestically and internationally. But as of now we are producing more oil than anybody anywhere at any time. Again, not true. US oil production collapsed after joey took office. Care to post any data to backup your claim |
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Post by illinoisfisherman on Nov 3, 2024 23:19:46 GMT -5
And we will begin to pump much much more very soon! We need to pump at our maximum capacity not 50% AMERICA can and should control the price of oil in the world. Let’s “Drill baby Drill” God Bless America 🇺🇸 We are pumping as much as we can. Trump is full of shit with his claims. It was about this same price during his term until Covid hit and collapsed demand. Then domestic producers shut down instead of losing money. Care to post any information that will back up these claims? 😂🤣 |
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Post by PolarsStepdad on Nov 3, 2024 23:26:03 GMT -5
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Post by illinoisfisherman on Nov 3, 2024 23:28:34 GMT -5
Where does it say that we are at maximum production
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Post by tonyroma on Nov 3, 2024 23:51:00 GMT -5
Where does it say that we are at maximum production How many new refineries have been built in the last 40 years. This horse has been beat to death. Drill baby drill is a cultist catch phrase. I can buy 1,000 hamburgers but my grill only holds 35. Unless I invest in a larger grill I will not be able to produce more hamburgers. |
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Post by PolarsStepdad on Nov 4, 2024 1:02:47 GMT -5
Where does it say that we are at maximum production How many new refineries have been built in the last 40 years. This horse has been beat to death. Drill baby drill is a cultist catch phrase. I can buy 1,000 hamburgers but my grill only holds 35. Unless I invest in a larger grill I will not be able to produce more hamburgers. The easy answer here is you sell 9065 hamburgers to your neighbor and tell everybody else in your home they shut down the hamburger plant and prices remain high because we aren't hamburger independent anymore |
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Post by cadman on Nov 4, 2024 8:12:27 GMT -5
No. It's steadily been increasing during Joe's term. The problem is no matter how much we pump its put on the world market. So if we ad 10 barrels and Saudi cuts 10 there's no net gain and reduction in price. Which is pretty much whats happened. Our numbers have gone up but other suppliers have cut back. It's really hard for U.S. oil to hang in at $2/gal. So if somebody else ups their production and prices drop then look for our production and rig count to drop. Mr. Global is an excellent source of info on this and what the oil markets and production looks like domestically and internationally. But as of now we are producing more oil than anybody anywhere at any time. Again, not true. US oil production collapsed after joey took office. Bullshit, When Trump left office in January 2021, the U.S. was pumping 11.442 million barrels a day. in February it dropped to 9.938 million, in March it climbed to 11.372 million and climbed steadily every year after that. There was no collapse in oil production, it has increased under Biden. in 2022, 2023, and this year, we have produced more oil domestically than any year while Trump was in office. Covid was the thing that slowed it down to the price collapse and it being unprofitable to pump oil during that period. www.eia.gov/dnav/pet/hist/leafhandler.ashx?n=pet&s=mcrfpus2&f=m |
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Post by cadman on Nov 4, 2024 8:18:03 GMT -5
We are pumping as much as we can can refine. We refine very little of the oil we produce, most of the domestic oil is shipped to other countries. Our refineries are not set up to refine the shale oil we produce in the U.S. The U.S., as of 2024 can refine 18.4 million barrels a day (operable capacity). We only operate at around 90% to 95% of capacity most of the time. |
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Post by cadman on Nov 4, 2024 8:26:55 GMT -5
We are pumping as much as we can. Trump is full of shit with his claims. It was about this same price during his term until Covid hit and collapsed demand. Then domestic producers shut down instead of losing money. Care to post any information that will back up these claims? 😂🤣 Believe the CEO of Exxon www.cnbc.com/2024/11/01/exxon-ceo-says-us-election-wont-affect-oil-production.htmlShale oil is pumping all it can. There is nothing Trump can do during his term to increase production. The shale oil industry is driven by economics, not presidential policy. If the price of oil is above $40 to $50 a barrel they will be pumping. It falls below that, they shut down until the price increases. Trump can open up more areas of the gulf or Alaska for oil production, but that will take a decade or more to get operational and who knows what any future President might do to change that. Trump can't affect oil prices in the short or medium term. It might help prices 10 or 15 years down the road, but nothing Trump does is going to drop prices in the next 4 years. Well, he could put us in a recession and that might lower prices as demand drops. Also, Alaska, Florida, and a few other states might have some opposition to plans to drill more in certain areas. |
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