Domestic oil production booming under Biden

[LV426]

The permits allow drilling, dumbass.

But drilling more lowers the price, thus lowering profits.

That's why they don't drill on the permits they already have.

 

[Into the Night]

Yes, they absolutely are.

OPEC has so much control over the global oil markets that they can bankrupt US oil and gas companies simply by increasing production so much that the price per barrel drops 50%.

In fact, that's exactly what happened in 2015.

OPEC has no control of the oil market. They cannot dictate prices. It never happened...ever.

 

[LV426]

Biden curtailed production.

Nope.

Wrong.

Only oil companies can ramp up or curtail production, and if they're curtailing production it's because they want to cut back on the supply in order to drive up the price.

 

[Into the Night]

Yes they can and they have, most recently in 2015 when they increased production so much it dropped the price per barrel by 50%, resulting in over $100B in US oil and gas bankruptcies, and a federal bailout of TX, ND, and OK.

No, they can't.

 

[Into the Night]

LMAO!

So back in 2015, OPEC increased production and it resulted in a 50% decline in the price-per-barrel.

That resulted in $100B of US oil and natural gas bankruptcies.

You don't know much about the markets if you think OPEC doesn't have control.

OPEC cannot dictate oil market prices. Not in 2015 or in any other year.

 

[LV426]

OPEC does not control the oil market.

It sure does.

It has such strong control over the oil markets that it can ramp up production and drive its competitors into bankruptcy, which actually happened in 2015.

 

[Into the Night]

You don't seem to know what either of those two words mean.

Supply and Demand is the economic principle you refuse to accept because you don't believe in anything.

Inversion fallacy. Psychoquackery.

 

[LV426]

They were cancelled, by Biden, dumbass.

Wait - why didn't they drill on them BEFORE Biden "canceled" them? Because drilling more lowers the price and thus, lowers their profits.

 

[Into the Night]

But drilling more lowers the price, thus lowering profits.

No. Quite the opposite.

That's why they don't drill on the permits they already have.

The permits were cancelled by Biden, dumbass.

 

[Into the Night]

Nope.

Wrong.

Only oil companies can ramp up or curtail production, and if they're curtailing production it's because they want to cut back on the supply in order to drive up the price.

Lie.

 

[LV426]

You are not describing capitalism.

I am describing it exactly and the reason you don't believe it is because you don't believe in *anything*.

 

[Into the Night]

Wait - why didn't they drill on them BEFORE Biden "canceled" them? Because drilling more lowers the price and thus, lowers their profits.

They were scheduled to be drilled, dumbass.
Drilling oil does not lower profit.

 

[LV426]

You don't even know what it is. You don't know anything about markets either.

You're the idiot who thinks that corporate profits will increase if they drive down the price.

 

[Into the Night]

I am describing it exactly and the reason you don't believe it is because you don't believe in *anything*.

Redefinition fallacy (capitalism<->dictatorship). Psychoquackery.

 

[LV426]

Sure there is. You're living in it.

Prove it.

Show us where increased supply leads to higher profits. In fact, I'll let you use ANY commodity you want...show us where lowering the price leads to higher profits.

I'll wait.

 

[Into the Night]

You're the idiot who thinks that corporate profits will increase if they drive down the price.

They don't 'drive down the price'. Prices are set according to market forces, which you just simply deny.

 

[LV426]

Strawman fallacy. OPEC does not control the oil market. OPEC cannot dictate oil prices.

OPEC controls the market so tightly that in 2015, they increased production so much that it drove down the price per barrel by 50% and practically killed the US shale industry while forcing dozens of oil companies into brankruptcy.

How could that have happened???? According to you, those oil companies should have seen record profits, not bankruptcy.

So what gives?

 

[LV426]

Ever hear of a sale price?

Not one single oil company controls the price of oil, so they can't offer a sale.

And why would they? The goal is to make the most PROFIT, not produce the most oil.

 

[Into the Night]

Prove it.

Show us where increased supply leads to higher profits. In fact, I'll let you use ANY commodity you want...show us where lowering the price leads to higher profits.

I'll wait.

Cars.
Computers.
Steel.
Oil.
Natural gas.
Wheat.
Walmart.
Amazon.
Cosco.
Electronic components.
Illegal drugs.

...just to name a few.

 

[LV426]

They can.

Then show us or shut the fuck up.