Personal opinion and observation

[hislegacy]

I noted the following the day before joe took office. then compared them to today.

Gas is currently $1.95per gallon, (in Tulsa, OK).

Interest rates are 2.25 percent for a 30 year mortgage.

The stock market closed at 30829.40

Our GDP growth for the 3rd Qtr was 33.1 percent.

Unemployment sits at 6.7%

So, how are we on March 13?​

Gas in Tulsa has increased from $1.95 to $2.57 A rise of .62 a gallon.

Interest rates on a 30 yr fixed mortgage have risen to 3.25% a rise of 1%

The Stock Market closed at 32,354 a rise of 1,525

GDP fourth quarter was 4% Down but better than normal.

Unemployment was 6.2% down .5%


Observation: Being your average middle class person, it effects me in a number of ways. My 401k for retirement is better than it ever has been because the stock market continues to rise.

The cost of purchasing a home has risen and become a bit harder than before.

The biggest thing is my gas prices. I use and average of 45 gallons a week between two cars.
My weekly gas has gone from about 85.00 a week to 115 - 120.

 

[civilwarbuff]

The biggest thing is my gas prices. I use and average of 45 gallons a week between two cars.
My weekly gas has gone from about 85.00 a week to 115 - 120.

Expect it to go much higher if Biden follows the progressive agenda......

 

[Rachel20]

Observation: Being your average middle class person, it effects me in a number of ways. My 401k for retirement is better than it ever has been because the stock market continues to rise.

The cost of purchasing a home has risen and become a bit harder than before.

The biggest thing is my gas prices. I use and average of 45 gallons a week between two cars.
My weekly gas has gone from about 85.00 a week to 115 - 120.

So the face value of your 401K is up, but its purchase power is down. I think the only explanation for the stock markets continual rise is devaluation of the dollar.

 

[Hank77]

Gas in Tulsa has increased from $1.95 to $2.57 A rise of .62 a gallon.

With people going back to work and beginning to travel again demand is going up so cost will go up.
2020 prices were really low because of a lack of demand caused by Covid.
U.S. average gasoline prices and vehicle travel fell to multiyear lows in 2020 - Today in Energy - U.S. Energy Information Administration (EIA)

 

[Hank77]

Interest rates are 2.25 percent for a 30 year mortgage.

In 2019 the rate was 4% we got a way to go yet.

https://www.cnbc.com/2020/12/10/hou...-it-hasnt-done-since-the-bubble-achuthan.html

 

[iluvatar5150]

So the face value of your 401K is up, but its purchase power is down. I think the only explanation for the stock markets continual rise is devaluation of the dollar.

The purchase power of his 401k is not down. Assuming it's pegged to the DJIA, it's risen 4.9% since Biden took office. Inflation isn't remotely that high.

In 2019 the rate was 4% we got a way to go yet.

https://www.cnbc.com/2020/12/10/hou...-it-hasnt-done-since-the-bubble-achuthan.html

Better chart:
30 Year Mortgage Rate

Expect it to go much higher if Biden follows the progressive agenda......

It's like you guys don't know OPEC exists.

 

[civilwarbuff]

It's like you guys don't know OPEC exists.

Or Biden keeps signing EO's shutting down pipelines......

 

[iluvatar5150]

Or Biden keeps signing EO's shutting down pipelines......

The Keystone XL was never put into operation, and thus never had a chance to impact oil prices.

But even if it had been, it was only designed to handle 830,000 barrels a day. Global oil production is over 90 million barrels a day. At best, it could’ve increased global production capacity by 0.9%.

You guys believe a fantasy based on propaganda. Again, it’s as if you’re unaware that OPEC exists. They cut production but 9.7 million barrels a day last year - over 11x what the Keystone XL could have carried.
OPEC again cuts 2021 oil demand view, sees second half pickup

 

[The Barbarian]

With people going back to work and beginning to travel again demand is going up so cost will go up.
2020 prices were really low because of a lack of demand caused by Covid.

So before long, Ted Cruz will be telling us that Trump's botching of the pandemic was actually economic genius, to hold down gas prices.

 

[The Barbarian]

The Keystone XL was never put into operation, and thus never had a chance to impact oil prices.

But even if it had been, it was only designed to handle 830,000 barrels a day. Global oil production is over 90 million barrels a day. At best, it could’ve increased global production capacity by 0.9%.

And the only way the US would have seen any of that oil was whenever the pipeline ruptured and spilled it.

 

[civilwarbuff]

And the only way the US would have seen any of that oil was whenever the pipeline ruptured and spilled it.

Sorry Barb, wrong again......
TransCanada Keystone Pipeline GP Ltd,[14] abbreviated here as Keystone, operates four phases of the project. In 2013, the first two phases had the capacity to deliver up to 590,000 barrels (94,000 m3) per day of oil into the Midwest refineries.[15] Phase III has capacity to deliver up to 700,000 barrels (110,000 m3) per day to the Texas refineries.[16] By comparison, production of petroleum in the United States averaged 9.4 million barrels (1.5 million cubic meters) per day in first-half 2015, with gross exports of 500,000 barrels (79,000 m3) per day through July 2015.[17]

The proposed Phase IV, Keystone XL (sometimes abbreviated KXL, with XL standing for "export limited"[18]) Pipeline, would connect the Phase I-pipeline terminals in Hardisty, Alberta, and Steele City, Nebraska, by a shorter route and a larger-diameter pipe.[19] It would run through Baker, Montana, where American-produced light crude oil from the Williston Basin (Bakken formation) of Montana and North Dakota would be added[12] to the Keystone's throughput of synthetic crude oil (syncrude) and diluted bitumen (dilbit) from the oil sands of Canada.
wiki......

 

[The Barbarian]

It was to be exported. As you might know, the U.S. is presently a petroleum-exporting nation.

In November 2019, the United States exported 772,000 barrels per day (b/d) more petroleum (crude oil and petroleum products) than it imported, marking the third consecutive month in which the United States was a net petroleum exporter.
Despite the U.S. becoming a net petroleum exporter, most regions are still net importers - Today in Energy - U.S. Energy Information Administration (EIA)

 

[civilwarbuff]

It was to be exported. As you might know, the U.S. is presently a petroleum-exporting nation.

In November 2019, the United States exported 772,000 barrels per day (b/d) more petroleum (crude oil and petroleum products) than it imported, marking the third consecutive month in which the United States was a net petroleum exporter.
Despite the U.S. becoming a net petroleum exporter, most regions are still net importers - Today in Energy - U.S. Energy Information Administration (EIA)

This is what you said:

And the only way the US would have seen any of that oil was whenever the pipeline ruptured and spilled it.

.....and I showed you were very wrong......nice try though......

 

[iluvatar5150]

And the only way the US would have seen any of that oil was whenever the pipeline ruptured and spilled it.

This is what you said:


.....and I showed you were very wrong......nice try though......

He was wrong - it would have carried crude.

But more important to the topic of the thread, you were wrong. The Keystone XL didn't have any impact on gas prices. You guys have blindly swallowed a bunch of propaganda without so much as a second thought.

 

[civilwarbuff]

He was wrong - it would have carried crude.

But more important to the topic of the thread, you were wrong. The Keystone XL didn't have any impact on gas prices. You guys have blindly swallowed a bunch of propaganda without so much as a second thought.

You are right, since it was never built it couldn't have any impact. However, I don't believe anyone here has claimed such. It's greatest impact would have been faster, cheaper, and safer transport of oil instead of by train (re: the train crashes over the past several years). So instead whatever oil Alberta cannot send through existing pipelines will most likely be shipped to Asia (read China) where the regulation of petro-chemical plants is far laxer than it is here. So Alberta makes money, China processes the oil and gets richer, and dumps far more pollution there (which will eventually get to us) than would ever be allowed here. So everyone wins......except us.

 

[hislegacy]

So before long, Ted Cruz will be telling us that Trump's botching of the pandemic was actually economic genius, to hold down gas prices.

Pssstt..... the gas prices were falling BEFORE Covid ever hit.

 

[The Barbarian]

Pssstt..... the gas prices were falling BEFORE Covid ever hit.

Well, that's a testable belief:

Doesn't look like it.


Gas prices are expected to rebound from historic 2020 lows as the nation looks to continue to recover from the profound economic impact of the COVID-19 pandemic.

GasBuddy, a travel and navigation app used by North American drivers to save money on gas, predicts 2021 may feature a sharp rally in gas prices by year end, warning that the national average could rise to as high as $3 per gallon should the nation broadly recover from the COVID-19 pandemic.

While the risk exists for some pain at the pumps during the year, GasBuddy expects the yearly average will jump a more modest 27 cents per gallon in 2021.

The national average is forecast to rise as much as $1 per gallon from a low in January to a possible peak in July, as the nation continues to recover from the COVID-19 pandemic, boosting demand as Americans slowly return to pre-COVID behaviors.
Gas prices expected to rise in 2021 amid COVID recovery

Are they saying that a rise in demand would increase prices? Yes, they are. You're surprised to hear this?

 

[The Barbarian]

You are right, since it was never built it couldn't have any impact. However, I don't believe anyone here has claimed such. It's greatest impact would have been faster, cheaper, and safer transport of oil instead of by train (re: the train crashes over the past several years).

Well, that's a testable assumption.

Risk of spills:
For the amount of oil spilled per billion-ton-miles, it’s truck worse than pipeline worse than rail worse than boat (Congressional Research Service). Even more different is for environmental impact (dominated by impact to aquatic habitat), where it’s boat worse than pipeline worse than truck worse than rail.
Which Is Safer For Transporting Crude Oil: Rail, Truck, Pipeline Or Boat?

Crude-by-rail is the preferred method for oil producers to ship oil out of the North Dakota Bakken oil field, over pipelines.


Some 70 to 80 percent of crude oil loaded onto trains in the U.S. and Canada today is loaded in North Dakota. These oil producers have found that sending their crude to market by rail is a better deal than sending it by pipeline. As a result, two major pipeline projects that were designed to bring North Dakota crude to market (the Bakken Crude Express and the Dakota Express) have been cancelled for lack of interest from oil producers.


Interest from Bakken producers to take advantage of Keystone XL has waned because of rail’s rise, not because of the delay in the Keystone XL decision.


Keystone XL is a pipeline designed to bring tar sands crude from Alberta, Canada to the Texas Gulf Coast to feed refineries that are primarily focused on exporting diesel, gasoline and petcoke. While there was interest from some North Dakotan oil producers to fill a small percentage of the pipeline’s capacity via a branch into North Dakota, interest has waned as rail has proven to be a more convenient option over pipelines.
Pipelines vs. Rail: A False Choice - Oil Change International

 

[civilwarbuff]

From your article Barb:
While many have called for shutdown of pipelines and a moratorium on new pipeline construction, the correct reaction may just be the opposite. We really should be replacing old pipelines and building new ones, reducing the stress on each line. Particularly good is to supersize them - build bigger pipelines over old ones.
Uhhhhh, guess what? XL Keystone would have been one of those 'new pipelines'.

 

[The Barbarian]

While many have called for shutdown of pipelines and a moratorium on new pipeline construction, the correct reaction may just be the opposite. We really should be replacing old pipelines and building new ones, reducing the stress on each line. Particularly good is to supersize them - build bigger pipelines over old ones.
Uhhhhh, guess what? XL Keystone would have been one of those 'new pipelines'.

As the link shows, oil companies were moving away from pipelines and toward rail transportation before the pipeline was planned.

The accident rate and higher cost of moving the oil (due mostly to high maintenance and operating costs and to lower amounts of oil spilled) have shifted much of it to rail transport.