Domestic oil production booming under Biden

[Into the Night]

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?

OPEC does not control the oil market.

 

[LV426]

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

Except it did happen in 2015.

Denial of history.

 

[Into the Night]

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.

They can issue a bid for their own price...no one else's. You can't make a profit in any business without a product or service.

 

[Into the Night]

All you can do is vaguely refer to "the markets", but you don't seem to know much about them which is why you think increasing the supply will lead to higher oil company profits.

So you deny the free market. Got it.

 

[LV426]

No, they can't.

But that's exactly what they did.

Why else did 100 US oil and gas companies go bankrupt starting in 2015?

 

[Into the Night]

Then explain to all of us here how increasing the supply of oil will result in a higher profit margin for the oil companies.

Show your work.

Competition.

I am not going to write an economics book for you. You wouldn't read it anyway.

 

[LV426]

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

Except that is what happened in 2015 thanks to OPEC increasing their production.

They did that, and then the price per barrel dropped by 50%

Denial of history.

 

[Into the Night]

Except it did happen in 2015.

Denial of history.

Never did. OPEC cannot dictate oil prices. You are calling fiction 'history'.

 

[LV426]

Inversion fallacy. Psychoquackery.

Nothing you say on JPP you are also willing to stand behind.

None of it.

So you just deny history, deny capitalism, and lie.

 

[Into the Night]

Except that is what happened in 2015 thanks to OPEC increasing their production.

They did that, and then the price per barrel dropped by 50%

Denial of history.

OPEC cannot dictate oil prices. You cannot use fiction as 'history'.

 

[LV426]

No. Quite the opposite.

Denial of economics.

The more you increase supply, the lower the price.

That's why you can't show your work here.

 

[Into the Night]

But that's exactly what they did.

Why else did 100 US oil and gas companies go bankrupt starting in 2015?

Poorly managed. Competition drove them out of business.
Pretty much like any industry.

 

[LV426]

The permits were cancelled by Biden, dumbass.

So Biden issued the permits, then canceled them?

 

[Into the Night]

Nothing you say on JPP you are also willing to stand behind.

None of it.

So you just deny history, deny capitalism, and lie.

Inversion fallacy.

 

[Into the Night]

Denial of economics.

The more you increase supply, the lower the price.

That's why you can't show your work here.

Inversion fallacy.

 

[LV426]

Lie.

Nope.

Denial of capitalism.

Denial of markets.

Denial of supply & demand.

Oil companies decide how much or how little oil they will extract depending on what will maximize their profits, and you don't maximize your profits by increasing supply and driving down the price of your product. You increase profits by increasing DEMAND for your product, and you do that by cutting the supply.

That's what Conservatives never comprehend, and it's why so many of you fail at starting a business.

 

[Into the Night]

So Biden issued the permits, then canceled them?

No. Trump issued the permits, and Biden cancelled them.

 

[Into the Night]

Nope.

Denial of capitalism.

Denial of markets.

Denial of supply & demand.

Oil companies decide how much or how little oil they will extract depending on what will maximize their profits, and you don't maximize your profits by increasing supply and driving down the price of your product.

Inversion fallacy.

 

[LV426]

They were scheduled to be drilled

Where is the proof that they were "scheduled to be drilled"?

 

[LV426]

Drilling oil does not lower profit.

Yes, it does by increasing the supply, thus driving down the price.

It's the most basic principle of supply and demand that you're denying.