Lying Joe Biden & the Dems to eliminate fossil fuels making America Energy Dependent

[LV426]

A decline in revenue made them forgot how to produce oil? Silly assumption.

It's posts like this that make me not respect you at all; you're playing dumb (a form of sophistry) because you ultimately have no well thought out or reasonable argument to make here.

So instead, you just post stupid shit and bait because you're worthless.

The decline in revenue didn't make them forget how to produce oil, it made them realize that if they pumped more of it, that would only drive the price down further and create bigger deficits.

You can't drill or pump your way to higher prices and thus, higher revenue.

The more you extract, the lower the price and the lower the revenue.

What has more value: 1000 barrels sold at $100/barrel or 10,000 barrels sold at $1/barrel? Now I know that is advanced math for you, but I think you can do it.

 

[Flash]

Stop being a sophist.

A decline in revenue as a result of OPEC increasing production which drove down the price per barrel because of supply & demand, a principle you don't seem to accept because you can't bOThSIdEs it.

If Venezuela increased production when OPEC did, then the value of what Venezuela extracted drops like a fucking rock and there is no way for Venezuela to stop that because they don't control the market. You can't dig yourself out of a hole, and you can't pump enough oil to make up for the losses in the price per barrel without driving the price down further.

Again, this is me explaining capitalism to a moron.

The issue has nothing to do with supply and demand which you keep explaining again and again.

The issue is that Venezuela does not have the ability to produce oil from its own reserves which is why it is bringing in companies from other nations to assist them. Venezuela is too incompetent to do so.

When you don't know anything about the problem you choose another issue to beat to death that has nothing to do with the original problem. You then insult others because you can't address the real issue.

 

[LV426]

The issue has nothing to do with supply and demand which you keep explaining again and again.

It is 100% about supply and demand because the deficits that erupted in Venezuela's budget were caused by the drop in oil revenues thanks to OPEC increasing supply.

To say supply and demand has nothing to do with capitalism is absurd and you know it's absurd, you're just making the argument because you're a reactionary contrarian and you can't stand it when I'm right.

 

[Flash]

The decline in revenue didn't make them forget how to produce oil, it made them realize that if they pumped more of it, that would only drive the price down further and create bigger deficits.

They aren't trying to produce less, they are seeking help to produce more because state-owned oil companies care more about politics than producing oil.

You still don't grasp the problem so you just explain something unrelated.

 

[LV426]

The issue is that Venezuela does not have the ability to produce oil from its own reserves which is why it is bringing in companies from other nations to assist them. Venezuela is too incompetent to do so.

IT USED TO, but then it couldn't because its budgets were hammered by the decline in revenue thanks to OPEC increasing the supply.

Guess which parts of Venezuela's budgets were hammered? The oil parts because it was no longer a net-revenue producer, so there was no reason to continue funding it.

So they have to ask for outside help today because they cut spending like you wanted them to earlier.

It just seems to me that you're picking on Venezuela to distract from the fact that you don't know a goddamn thing about it.

You're complaining about something for which your guiding personal principles are the cause.

 

[LV426]

When you don't know anything about the problem you choose another issue to beat to death that has nothing to do with the original problem. You then insult others because you can't address the real issue.

Flash...the problem isn't Venezuela's capacity to pump oil, the problem is that no matter how much or how little they pump, OPEC controls the price.

So if Venezuela wanted more oil revenues to cover its budget, they wouldn't get there by increasing production because that would just drive the price DOWN.

Nothing else matters here...Venezuela has no issue extracting oil because it did so for about a decade before OPEC chose violence.

 

[LV426]

When you don't know anything about the problem you choose another issue to beat to death that has nothing to do with the original problem. You then insult others because you can't address the real issue.

The main issue you have Flash, is that you refuse to accept what the original problem actually was.

It wasn't socialism, it was capitalism because capitalism is what caused the price of oil to drop, and thus, drop VZ's revenues and create budget deficits.

For about a decade, Venezuela extracted a shitload of oil and sold it at prices high enough that Maduro or Chavez or whomever could use those revenues to fund social programs. That is what happened for about a decade right up until OPEC cratered the price per barrel.

So the institutional problem isn't socialism, it's supply and demand...meaning, the more oil you pump, the less value it has. So if you double your production, you cut your projected revenues in half. State-owned oil companies don't have that issue because they aren't concerned with making profit. All they are concerned with is giving access to consumers.

 

[LV426]

They aren't trying to produce less

It depends on the market, Flash.

They will absolutely produce less if it means higher prices on the global exchanges.

No oil company is going to pump oil for the sake of pumping it. They will only pump and extract the exact amount of oil necessary to achieve the highest possible profit. Now they may increase their share of the market by pumping more, but that is a no-win situation because simply increasing production will drive the price down unless there are compensatory production cuts elsewhere, which would obviously happen because of OPEC.

Your problem is that you aren't looking at the big picture, you are myopically focused on this shit which ultimately proves what I've been saying this whole time that I'm sure you're going to take credit for eventually because that's just the type of shitheel you are.

 

[LV426]

they are seeking help to produce more because state-owned oil companies care more about politics than producing oil.

Assumption not backed by any facts at all.

They are seeking help because they spent a decade cutting spending on things like this because you wanted them to, Mr. Austerity.

You wanted them to cut spending, so they did and now you're trying to say the reason they are asking for help is because of...competency?

VZ had no issue pumping oil for about a decade...it was only when OPEC started meddling in the market that their oil revenues dropped.

This is what I mean when I say you don't know what you're talking about.

 

[LV426]

Venezuela is too incompetent to do so.

So you think the problem is the competency of specifically Venezuelans; so how come they had no problem competently pumping oil for a decade before these problems started?

Sounds to me like you're looking for an easy answer because you're a lazy motherfucker. Of course, VZ had no issue pumping oil for a decade; Flash just wants to be a little bit racist here by implying Latinx people can't do things competently like his Nazi pals can:

The Keystone pipeline leaked in Kansas. What makes this spill so bad?
https://www.npr.org/2022/12/17/1142675809/cleanup-for-keystone-pipeline-oil-spill-kansas

Five of the oil and gas industry’s biggest scandals
https://www.offshore-technology.com/features/oil-gas-industry-scandals/

World’s Largest Oil Traders Caught In Global Corruption Scandal
https://oilprice.com/Energy/Energy-...ders-Caught-In-Global-Corruption-Scandal.html

Oops.

What were you saying about corruption and incompetence?

 

[LV426]

They aren't trying to produce less, they are seeking help to produce more because state-owned oil companies care more about politics than producing oil.

Implying corruption.

The thing I really love about you, Flash, is just how oblivious you are to everything that doesn't fit within your myopia:

Oil company on trial in $1.1bn corruption case given access to top EU officials to lobby for gas
https://www.independent.co.uk/news/business/eni-oil-company-bribery-gas-lobbying-eu-b1817502.html

World’s Largest Oil Traders Caught In Global Corruption Scandal
https://oilprice.com/Energy/Energy-...ders-Caught-In-Global-Corruption-Scandal.html

Oil industry rocked by global corruption scandals
https://www.thestar.com/business/2018/02/02/oil-industry-rocked-by-global-corruption-scandals.html

Exxon contractors linked to biggest corruption scandals in oil industry
https://www.kaieteurnewsonline.com/...-biggest-corruption-scandals-in-oil-industry/

Boy, it sure seems that private corporations are the corrupt ones here...whereas Flash can only imagine hypothetical corruption by the state.

I love how Flash thinks all government-run things are corrupt, and all private run things are not but every example of corruption is an oil company paying a bribe to a government official, not the other way around.

 

[LV426]

The issue is that Venezuela does not have the ability to produce oil from its own reserves which is why it is bringing in companies from other nations to assist them.

Well, it used to have the ability, but then something happened...geee...hmmm...what happened that caused Venezuela to cut back its oil production around 2015ish...

https://tradingeconomics.com/venezu... averaged 2265.65 BBL/D/1K,1K in July of 2020.

Sure seems like Venezuela never had a problem with competency when it came to oil production, having maintained a static rate for about 15 years.

But when you look at the chart you see production start to fall off in 2015...why do you think that is? Anything to do with this, which turned Venezuela into collateral damage:

Oil prices keep plummeting as OPEC starts a price war with the US
https://www.vox.com/2014/11/28/7302827/oil-prices-opec

I've been describing the exact scenario above for the last couple weeks here...OPEC going to war with other oil producers over supply. JUST LIKE I FUCKING SAID.

As I've been saying this entire time, it doesn't fucking matter how much or how little oil companies produce here because OPEC ultimately controls the market and sets the price.

You all have been arguing against capitalism.

Once again, LV is right.

 

[LV426]

The issue is that Venezuela does not have the ability to produce oil from its own reserves which is why it is bringing in companies from other nations to assist them.

Venezuela has more than enough ability to produce oil since it did so for over 15 years: https://tradingeconomics.com/venezu... averaged 2265.65 BBL/D/1K,1K in July of 2020.

Production took a nosedive in 2015.

The challenge you face, Flash, is explaining that 2015 nosedive without taking OPEC production increases into account.

Oh and be sure to show your work since you never do.

 

[Flash]

Well, it used to have the ability, but then something happened...geee...hmmm...what happened that caused Venezuela to cut back its oil production around 2015ish...

Sure seems like Venezuela never had a problem with competency when it came to oil production, having maintained a static rate for about 15 years.

Venezuela's problems have been written about extensively. Mismanagement, corruption, maintenance failures, Maduro's disastrous policies and political purges, driving off workers and managers and replacing them with political appointees without knowledge and experience in the oil industry, diverting funds from oil operations, and giving operation of the oil sector to the military.

Thus, the reason Venezuela is partnering with foreign oil companies to help them increase their oil production.

But, I'm sure you could have found this out with a little research. JPP posters will be happy to help you with those questions you can't answer.

 

[LV426]

Venezuela's problems have been written about extensively.

You mean propagandized extensively to cut off any discussion of nationalization, which is what you're truly afraid of not because it will fail but because it will succeed.

Venezuela wasn't a true nationalization in the sense that they kept everything they extracted for themselves. They didn't. They extracted enough to provide for oil revenues when the price per barrel was high. They relied on fossil fuel revenue, like TX and OK do, and predictably, when oil prices fall, so do oil revenues.

So VZ faced the same problem OK and TX did, the difference being that the Federal Government bailed TX and OK out, and VZ had no federal government to bail itself out. Instead, it had to take out loans which it could only get by cutting spending...so where did they cut spending? On oil production since that's what got them into this mess in the first place.

VZ tried to play in the global oil markets as a producer, whereas what I'm talking about is withdrawing the US from the global oil markets entirely, keeping everything we extract within our borders to be used by We The People exclusively. THAT is the kind of nationalization that permanently lowers the price of gas because the government isn't selling that oil in the global markets to make a profit.

 

[LV426]

Mismanagement, corruption, maintenance failures, Maduro's disastrous policies and political purges, driving off workers and managers and replacing them with political appointees without knowledge and experience in the oil industry, diverting funds from oil operations, and giving operation of the oil sector to the military

Nope.

Look at the 25Y chart, Flash...see how production dropped off a cliff in 2015? Why? It wasn't Maduro because he had been President since 2013.

So what happened in 2015 that caused VZ to drop their production? THIS:

Oil prices keep plummeting as OPEC starts a price war with the US
https://www.vox.com/2014/11/28/7302827/oil-prices-opec

So OPEC flooded the market, drove down the price per barrel, which forced US and VZ oil producers to cut their production to avoid bankruptcy.

Because let's not forget that when OPEC did that in 2014-16, over 100 US oil and gas companies went bankrupt to the tune of over $100B in debt.

We also had to create a bailout fund for TX, OK, and ND.

 

[LV426]

Thus, the reason Venezuela is partnering with foreign oil companies to help them increase their oil production.

Because they spent the last 10 years cutting it, like you wanted.

And BTW - production with these foreign companies will never, ever, ever, ever, ever reach the levels it did when it was run solely by the state.

Never.

 

[LV426]

But, I'm sure you could have found this out with a little research. JPP posters will be happy to help you with those questions you can't answer.

Stop projecting your personal failures on me, Flash.

I'm not the one who is ignoring the production data that shows a massive drop in 2015.

I'm not the one who is insisting that "incompetence" of Brown people is the reason they are asking for help, when the real reason is they cut production in order to get the loans because they didn't have Uncle Sam there to bail them out like Texas, Oklahoma, and North Dakota did.

I'm not the one who pretends there's government corruption and that's why we can't nationalize the industry after a year of reports of the biggest scandals in oil company history.

You should take your own advice and do some fucking research because everything you are saying is wrong and you don't know why.

 

[Flash]

Stop projecting your personal failures on me, Flash.

I'm not the one who is ignoring the production data that shows a massive drop in 2015.

I'm not the one who is insisting that "incompetence" of Brown people is the reason they are asking for help, when the real reason is they cut production in order to get the loans because they didn't have Uncle Sam there to bail them out like Texas, Oklahoma, and North Dakota did.

I'm not the one who pretends there's government corruption and that's why we can't nationalize the industry after a year of reports of the biggest scandals in oil company history.

You should take your own advice and do some fucking research because everything you are saying is wrong and you don't know why.

Show me where I did not recognize the drop in production in 2015. I explained to you why that drop occurred since you didn't seem to know.

Bringing up color was desperation at its worst. Any ethnic group would have experience declining oil production if they had the kind of political upheaval, corruption, and mismanagement. That was due to political policies and not color.

Wanting to nationalize the oil industry when we are the top producer in the world is just looking for a way to fail. But, we knew not to rely on your economic advice after you claimed governments cannot go bankrupt.

 

[LV426]

Show me where I did not recognize the drop in production in 2015. I explained to you why that drop occurred since you didn't seem to know.

No, *I* explained to *you* why that drop occurred; you refused to accept reality because you wanted to be racist.

The actual reason production dropped in VZ was because of this:

Oil prices keep plummeting as OPEC starts a price war with the US
https://www.vox.com/2014/11/28/7302827/oil-prices-opec

VZ was collateral damage in the price war between the US oil companies and OPEC that the US oil companies lost, resulting in bankruptcy for over 100 natural gas and oil companies.