October surprise? Why OPEC's planned price hike could pummel Democrats

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ExpressLane

Verified User
The midterm elections are weeks away and OPEC+ is threatening to cut oil production. That’s not good news for you, the consumer; it’s also not good news for President Joe Biden and his fellow Democrats.

Biden’s bump up in the polls over the past few months tracked declining gasoline prices. For nearly 100 days, gas prices went down. They peaked at a record high of more than $5 per gallon in June and reached a low of $3.67. Now, at $3.80, they have begun to head back up.

According to the Real Clear Politics average of polls, Joe Biden’s "disapprove" rating peaked at the end of June at 57.3% and dropped to 53.1% in mid-September, along with the slide in gasoline prices. Since then, the percentage of voters expressing disapproval of Biden has inched higher, and GOP chances are looking brighter......

https://www.foxnews.com/opinion/october-surprise-opec-planned-price-hike-pummel-democrats


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OPEC + (+=Russia) announced a 2,000,0000 barrel a day cut . That along with America's decline in production as a result to Biden's anti fossil fuel policies and the closing of the construction XL Pipeline which would be pumping 900,000 barrels a day to Texas refineries and now the Strategic Oil Reserve is down to 40% capacity. All bad signs for future oil prices . Buckle up.
 
It's always an interesting topic to discuss what makes voters tick. On a board like this almost everyone here is voting for the candidate from their party no matter the position. But clearly there are people who vote for both parties and thus, in theory, can be persuaded. And of those, how many may have already decided or don't give it much thought until right before they go in the voting booth?
 
ExpressLane said:
The midterm elections are weeks away and OPEC+ is threatening to cut oil production. That’s not good news for you, the consumer; it’s also not good news for President Joe Biden and his fellow Democrats.

Biden’s bump up in the polls over the past few months tracked declining gasoline prices. For nearly 100 days, gas prices went down. They peaked at a record high of more than $5 per gallon in June and reached a low of $3.67. Now, at $3.80, they have begun to head back up.

According to the Real Clear Politics average of polls, Joe Biden’s "disapprove" rating peaked at the end of June at 57.3% and dropped to 53.1% in mid-September, along with the slide in gasoline prices. Since then, the percentage of voters expressing disapproval of Biden has inched higher, and GOP chances are looking brighter......

https://www.foxnews.com/opinion/october-surprise-opec-planned-price-hike-pummel-democrats


==============================================


OPEC + (+=Russia) announced a 2,000,0000 barrel a day cut . That along with America's decline in production as a result to Biden's anti fossil fuel policies and the closing of the construction XL Pipeline which would be pumping 900,000 barrels a day to Texas refineries and now the Strategic Oil Reserve is down to 40% capacity. All bad signs for future oil prices . Buckle up.
Click to expand...

Wait wait wait...so now you are agreeing with me in that OPEC controls the global market and can increase or decrease the price per barrel at their will, and there's nothing we in the US can do about it.

ISN'T THAT WHAT I'VE BEEN SAYING THIS ENTIRE FUCKING TIME??????

And now you're gonna pretend like you made this revelation to everyone's surprise...even though I've been saying that same thing for years and you've been arguing with me about it.

FFS, are all Conservatives just full of shit like this? Well, we know they all want to stare at naked kids.
 
I believe voters are smart enough to see this for what it is. Saudis like Trumpublicans because they embrace the same ideas, taking away personal freedoms.
 
cawacko said:
It's always an interesting topic to discuss what makes voters tick. On a board like this almost everyone here is voting for the candidate from their party no matter the position. But clearly there are people who vote for both parties and thus, in theory, can be persuaded. And of those, how many may have already decided or don't give it much thought until right before they go in the voting booth?
Click to expand...
The economy (Which includes oil prices) is very high on the voter's minds.
 
ExpressLane said:
The economy (Which includes oil prices) is very high on the voter's minds.
Click to expand...

Which is why it would be stupid to vote for Republicans since they plunged manufacturing into a recession for all of 2019, and then the rest of the economy followed the month before any COVID lockdowns.

All with a tax cut that was supposed to lead to growth of "at least 3%".

Actual growth: 2.85%, which was lower than Obama's best annual growth of 2.89%.

So even with a $2.5T tax cut you still couldn't beat Obama.
 
LV426 said:
Wait wait wait...so now you are agreeing with me in that OPEC controls the global market and can increase or decrease the price per barrel at their will, and there's nothing we in the US can do about it.

ISN'T THAT WHAT I'VE BEEN SAYING THIS ENTIRE FUCKING TIME??????

And now you're gonna pretend like you made this revelation to everyone's surprise...even though I've been saying that same thing for years and you've been arguing with me about it.

FFS, are all Conservatives just full of shit like this? Well, we know they all want to stare at naked kids.
Click to expand...

FFS don't you understand that the amount of oil that the US produces has an effect on the world oil supply.
 
ExpressLane said:
The economy (Which includes oil prices) is very high on the voter's minds.
Click to expand...

No question but the economy hasn't really gotten better yet Biden's poll numbers have improved slightly and projections show Republican chances decreasing slightly. All of this is fluid of course.
 
ExpressLane said:
The midterm elections are weeks away and OPEC+ is threatening to cut oil production. That’s not good news for you, the consumer; it’s also not good news for President Joe Biden and his fellow Democrats.

Biden’s bump up in the polls over the past few months tracked declining gasoline prices. For nearly 100 days, gas prices went down. They peaked at a record high of more than $5 per gallon in June and reached a low of $3.67. Now, at $3.80, they have begun to head back up.

According to the Real Clear Politics average of polls, Joe Biden’s "disapprove" rating peaked at the end of June at 57.3% and dropped to 53.1% in mid-September, along with the slide in gasoline prices. Since then, the percentage of voters expressing disapproval of Biden has inched higher, and GOP chances are looking brighter......

https://www.foxnews.com/opinion/october-surprise-opec-planned-price-hike-pummel-democrats


==============================================


OPEC + (+=Russia) announced a 2,000,0000 barrel a day cut . That along with America's decline in production as a result to Biden's anti fossil fuel policies and the closing of the construction XL Pipeline which would be pumping 900,000 barrels a day to Texas refineries and now the Strategic Oil Reserve is down to 40% capacity. All bad signs for future oil prices . Buckle up.
Click to expand...

Yeah, saw this this morning. It's a tough one, though. OPEC+ wants to hedge their bets against a possible recession and decrease in demand which would crater the prices for them. Can't really blame capitalists for being capitalists I suppose. (And this has nothing to do with Keystone which was meant to pump Alberta tar sands oil down to ports to be exported and sold elsewhere. That oil wasn't intended for the US and won't see the US)

But by the same token if the Middle East and associated folks (including Russia) want America controlled by the Right again this is the best possible time to do this. It will definitely aid the GOP in retaking the legislature.

This might actually work to Russia's goals given the GOP's current preference for Russian autocrats, but I don't think it will be great for most of the other OPEC+ members.

Driving by the gas station the other day made me glad I went EV.
 
ExpressLane said:
It's the economy stupid.
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Yes! Let's talk about the economy.

Specifically, let's talk about how you and your Nazi "very fine people" ended the longest economic expansion in American history a month before any COVID lockdowns started.

Let's talk about how Conservatives and their Nazi pals lost 30M jobs because you called COVID a hoax.

Let's talk about how your shitty tax cuts cost 300,000 manufacturing jobs in 2019, and only thanks to Biden did we recover all those jobs and added some more.

Let's talk about how Conservative Presidents haven't created a single net private sector job in 30 years.

Let's talk about how The US dollar is at its strongest in 20 years during Biden, while during Trump, it fell to its weakest point in 50 years.

So yeah, it is the economy...and when it comes to the economy, Republicans always fail to deliver.

That's why the last 5 Republican Presidents left behind stinking economies in their wake for Democrats to fix.
 
ExpressLane said:
FFS don't you understand that the amount of oil that the US produces has an effect on the world oil supply.
Click to expand...

It isn't as simple as how much WE produce vs how much OPEC+ produces. The oil price is a function of BOTH of those things and OPEC+ probably has a MUCH bigger lever. If they slash production it drives up the cost ACROSS THE BOARD>
 
ExpressLane said:
FFS don't you understand that the amount of oil that the US produces has an effect on the world oil supply.
Click to expand...

And what you don't seem to understand is that OPEC can match those production increases or decreases, thereby controlling the price per barrel on the global market, YOU FUCKING BRAIN DEAD IDIOT.

It's what they did in 2015, and doing so ended up bankrupting over 100 US oil companies, and lead to a bailout of TX, OK, and ND because they all rely heavily on fossil fuel revenues...so when those revenues fall because OPEC ramps up production, states like TX turn into Venezuela and it's the federal government that has to step in and save those states with socialism.
 
LV426 said:
Which is why it would be stupid to vote for Republicans since they plunged manufacturing into a recession for all of 2019, and then the rest of the economy followed the month before any COVID lockdowns.

All with a tax cut that was supposed to lead to growth of "at least 3%".

Actual growth: 2.85%, which was lower than Obama's best annual growth of 2.89%.

So even with a $2.5T tax cut you still couldn't beat Obama.
Click to expand...

U.S. manufacturing output for 2019 was $2,366.30B, a 1.63% increase from 2018.

https://www.stlouisfed.org/publicat...ints-challenge-resurgent-manufacturing-sector
 
ExpressLane said:
The economy (Which includes oil prices) is very high on the voter's minds.
Click to expand...

Definitely. Possibly even moreso than the GOP's attempted Talibanization of Reproductive Politics here in the US.

But the economy is precisely why OPEC+ is slashing production. They see a possible recession, too, and that will decrease demand and crater their prices. It's basic economics and 100% perfect capitalism.

If we don't like it we should definitely NOT screech "Free Market" everytime someone disagrees with us.
 
Perry Phimosis said:
It isn't as simple as how much WE produce vs how much OPEC+ produces. The oil price is a function of BOTH of those things and OPEC+ probably has a MUCH bigger lever. If they slash production it drives up the cost ACROSS THE BOARD>
Click to expand...

You're wasting your time because he doesn't understand how the global oil markets work and who controls them.

They stupidly think that by lettng private companies drill in the Grand Canyon they can somehow control the price per barrel, but OPEC can just cut their production to prevent the price per barrel from decreasing...doing so will bankrupt some US oil companies, like what happened in 2015 that everyone seems to be forgetting.
 
Perry Phimosis said:
It isn't as simple as how much WE produce vs how much OPEC+ produces. The oil price is a function of BOTH of those things and OPEC+ probably has a MUCH bigger lever. If they slash production it drives up the cost ACROSS THE BOARD>
Click to expand...
OPEC + does have a bigger lever but the US was the single largest producer , and consumer, in the World.
 
ExpressLane said:
U.S. manufacturing output for 2019 was $2,366.30B, a 1.63% increase from 2018.
Click to expand...

U.S. manufacturing was in a mild recession during 2019, a sore spot for the economy
https://www.washingtonpost.com/busi...mild-recession-during-2019-sore-spot-economy/

imrs.php


How embarrassing for you that you don't understand what you're posting.
 
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