Biden to continue depleting US oil reserves as OPEC slashes production

[Valletta]

The Biden White House on Wednesday lambasted OPEC and its allies for what it called a "shortsighted decision" to cut oil production by two million barrels per day. The move could lead to even higher gas prices in the United States.
BREAKING: Biden to continue depleting US oil reserves as OPEC slashes production

 

[Isilwen]

The Biden White House on Wednesday lambasted OPEC and its allies for what it called a "shortsighted decision" to cut oil production by two million barrels per day. The move could lead to even higher gas prices in the United States.
BREAKING: Biden to continue depleting US oil reserves as OPEC slashes production

What would you do if you were him and OPEC cuts production by 2 million barrels a day?

 

[Dave G.]

What would you do if you were him and OPEC cuts production by 2 million barrels a day?

Produce our own. Do the opposite of what the clowns did their first days in office. But they know that, so it's silly to even discuss it with closed eyes and minds. We can off set Opec and then they would squeal like little pigs instead of this show we see, because that's all it is. And a lousy show at that.

 

[Ignatius the Kiwi]

USA: Nice country there, it would be a shame if you were to cut oil production. You know what I was thinking about lately? I was thinking it's time for some Democracy of liberal kind in Saudi Arabia. If you catch my drift.

 

[wing2000]

Doesn't Iraq still owe us from the Iraq War? (where's Donald.....Rumsfeld?)

 

[wing2000]

USA: Nice country there, it would be a shame if you were to cut oil production. You know what I was thinking about lately? I was thinking it's time for some Democracy of liberal kind in Saudi Arabia. If you catch my drift.

Sure, we could invade in the name of Democracy and keep their oil.

 

[Ignatius the Kiwi]

Sure, we could invade in the name of Democracy and keep their oil.

And you would be okay with that?

 

[wing2000]

And you would be okay with that?

It was a joke. I don't want our armed forces invading more countries for some naive notion that democracy will bloom.

 

[Isilwen]

Produce our own. Do the opposite of what the clowns did their first days in office. But they know that, so it's silly to even discuss it with closed eyes and minds. We can off set Opec and then they would squeal like little pigs instead of this show we see, because that's all it is. And a lousy show at that.

Clowns? I see no clowns in office. Not even when Trump was in office.

 

[DaisyDay]

Produce our own. Do the opposite of what the clowns did their first days in office. But they know that, so it's silly to even discuss it with closed eyes and minds. We can off set Opec and then they would squeal like little pigs instead of this show we see, because that's all it is. And a lousy show at that.

The government does not own the means of production - it is in private hands.

 

[Sparagmos]

Produce our own. Do the opposite of what the clowns did their first days in office. But they know that, so it's silly to even discuss it with closed eyes and minds. We can off set Opec and then they would squeal like little pigs instead of this show we see, because that's all it is. And a lousy show at that.

Oil companies are choosing not to drill. Are you saying that Biden should force them somehow? How would he do that?

 

[disciple Clint]

What would you do if you were him and OPEC cuts production by 2 million barrels a day?

Maybe he should ask Trump how we seemed to have so much more product during his term and do what the Trump administration was doing. Little late to complain about a problem that Biden went out of his way to create.

 

[Bradskii]

Oil companies are choosing not to drill. Are you saying that Biden should force them somehow? How would he do that?

By nationalising the oil industry.

 

[Desk trauma]

By nationalising the oil industry.

SOCIALISM!!!!

 

[Gene2memE]

Gosh, there's some stuff and nonsense in that article. Does nobody do basic fact checking?

US oil production is now roughly 12 million barrels per day - or about the same as in early 2019. 2022 looks like it will be the 3rd or 4th highest year on record for US oil production, down somewhere between 6% and 9% on the 2019 peak.

4-Week Avg U.S. Field Production of Crude Oil (Thousand Barrels per Day)

However, to quote the US Energy Information: "Similar to recent quarters, [US oil] companies kept capital expenditure below historical levels and redirected their increased cash from operations toward debt reduction, share repurchases, and dividends. Other factors, including higher oilfield services costs and supply chain constraints, could be affecting E&P capital expenditure budgets."

This Week in Petroleum - U.S. Energy Information Administration (EIA)

US oil prices have rolled back more than 25% since the June-July peak. US oil futures (the price to buy more oil down the line) are now equal with 2021 levels.

US oil stocks are actually growing - yes there's some up and down with market turbulence, but the overall trend is upward.

US oil inventories fell to just under 400 million barrels in late March. Since then, they've climbed to about 425 million barrels, or a gain of about 7%. Oil inventories are back within their usual five year range (which for this time of year is between about 400 million and 480 million barrels).

Short-Term Energy Outlook - U.S. Energy Information Administration (EIA)

 

[FireDragon76]

Sure, we could invade in the name of Democracy and keep their oil.

Because that worked out so brilliantly the last time the US had a misadventure in the middle East....

 

[KCfromNC]

Maybe he should ask Trump how we seemed to have so much more product during his term

I'm not convinced that more covid lockdowns would actually be appreciated by the folks who criticize everything Biden tries.

 

[wing2000]

I'm not convinced that more covid lockdowns would actually be appreciated by the folks who criticize everything Biden tries.

Speaking of lockdowns, they are still happening in China...which is leading to less demand in the global oil markets (part of the motivation for the Saudi decision).

 

[wing2000]

Maybe he should ask Trump how we seemed to have so much more product during his term and do what the Trump administration was doing. Little late to complain about a problem that Biden went out of his way to create.

Yea, we know Trump and the Saudi Crown Prince seem to share the same values.

...and then there is this:

Six months after leaving the White House, Jared Kushner secured a $2 billion investment from a fund led by the Saudi crown prince, a close ally during the Trump administration, despite objections from the fund’s advisers about the merits of the deal.
.....

Mr. Kushner played a leading role inside the Trump administration defending Crown Prince Mohammed after U.S. intelligence agencies concluded that he had approved the 2018 killing and dismemberment of Jamal Khashoggi, a Saudi columnist for The Washington Post and resident of Virginia who had criticized the kingdom’s rulers.

https://www.nytimes.com/2022/04/10/us/jared-kushner-saudi-investment-fund.html

 

[Valletta]

Oil companies are choosing not to drill. Are you saying that Biden should force them somehow? How would he do that?

No. Joe needs to reverse course on his attack on fossil fuels and the restrictions that come along with that attack. He needs to dramatically increase the allowance of oil companies to drill offshore and on federal lands, something he has highly restricted, and allow pipeline projects to go forward. We have enough energy to supply all of Europe, but Joe won't move and allow us to do so. People in Europe will freeze to death as a result of Joe's policies. The Democrats need to reduce taxes on fossil fuels, not increase those taxes.