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

LV426 said:
It's not our fucking oil you dipshit.

The oil belongs to the private companies that extract and/or refine it, and they are free to sell it to whomever they want on the global markets.
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That isn't even MARGINALLY how oil is sold and traded. Even internally.

Newsweek said:
The main factors impacting gasoline prices at the pump, according to the American Petroleum Institute (API), are the cost of global crude oil (61 percent), refining costs (14 percent), distribution and marketing costs (11 percent) and federal and state taxes (14 percent).

https://www.newsweek.com/who-controls-oil-gas-prices-united-states-1710982
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Perry Phimosis said:
This is PRECISELY how so many good oil field jobs in the Dakotas came and went in a flash. America started producing more, prices overall dropped, OPEC+ increased production and shut down the US fields tout de suite!
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Exactly...in 2015, OPEC ramped up production in an attempt to kill Shale extraction and it worked because 100+ US oil companies went bankrupt between 2015-2016, and we had to bail out several states (including TX and OK) who were overly reliant on fossil fuel revenues in their budgets, so those states went through exactly what Venezuela went through, except that the US federal government could bail the states out...WHICH OBAMA DID AND GOT NO THANKS FOR SAVING THOSE SHITHOLE STATES.
 
Perry Phimosis said:
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.
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Shouldn't you change your screen name to Peter Phimosis?
 
Concart said:
Thanks for your full throated admission that Biden doesn't control oil/gas prices.
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Seriously, can you believe these Conservative shitheads?

I've been saying for years that OPEC controls the markets and any US production is cancelled out by them. I said it over and over and over, and ExpressLane and his "very fine people" all argued with me about it.

Fast forward to today and now we have ExpressLane saying exactly what I've been saying this whole time like it's some massive and unexpected breakthrough or something.

It reminds me of when Brian Kemp went on TV on 4/1/20 and said that he just found out that COVID was airborne...which everyone else knew for two months. He made it sound like he discovered it in a lab or something and was trying to impress people with this knowledge everyone else already had.
 
Perry Phimosis said:
In that 2/3 of the Alberta Tar Sands derived oil that gets processed in the Gulf Coast refineries WILL BE EXPORTED.
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Actually MAY BE EXPORTED is more correct. Basically we export sweet crude then process sour that we buy at a discounted price. We sell refined products wherever we can make the most money. If that is in the US they go to the US. Of course shipping costs also play a factor.
 
LV426 said:
OPEC does not care about US production AT ALL.

Any production increases by the US are cancelled out by equal production cuts by OPEC, thus maintaining the current price per barrel.

What is so hard for you to understand about that?

Why are you struggling to grasp this?

Probably because you're a fucking idiot.
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:rofl2: So why did they increase production to decrease the price of oil lower than it could be produced by the oil shale industry?

https://www.theguardian.com/busines...n-kill-us-shale-oil-price-down-seven-year-low
Oil prices have slumped by 5% after the latest attempt by Saudi Arabia to kill off the threat from the US shale industry sent crude to its lowest level since the depths of the global recession almost seven years ago.
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ExpressLane said:
So why did they increase production to decrease the price of oil lower than it could be produced by the oil shale industry?
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TO BANKRUPT THE SHALE INDUSTRY AND GET THAT COMPETITION OUT OF THE MARKET.

And they succeeded in that in 2015-16 by bankrupting over 100 US oil companies with ease:

At least 67 U.S. oil and natural gas companies filed for bankruptcy in 2015, according to consulting firm Gavin/Solmonese.

That represents a 379% spike from the previous year when oil prices were substantially higher.

With oil prices crashing further in recent weeks, five more energy gas producers succumbed to bankruptcy in the first five weeks of this year, according to Houston law firm Haynes and Boone.

https://money.cnn.com/2016/02/11/investing/oil-prices-bankruptcies-spike/
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Oil bankruptcies: 100 down, maybe 100 more to go
Roughly 100 North American oil and gas companies have filed for bankruptcy since the start of a two-year oil price rout, and the industry may be only halfway done, according to restructuring specialists.
https://www.cnbc.com/2016/09/28/oil-bankruptcies-100-down-maybe-100-more-to-go.html
 
Perry Phimosis said:
This is PRECISELY how so many good oil field jobs in the Dakotas came and went in a flash. America started producing more, prices overall dropped, OPEC+ increased production and shut down the US fields tout de suite!
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Yep and yet he says OPEC does not care about US oil production AT ALL. Crazy I know.
 
LV426 said:
TO BANKRUPT THE SHALE INDUSTRY AND GET THAT COMPETITION OUT OF THE MARKET.

And they succeeded in that in 2015-16 by bankrupting over 100 US oil companies with ease:




Oil bankruptcies: 100 down, maybe 100 more to go
Roughly 100 North American oil and gas companies have filed for bankruptcy since the start of a two-year oil price rout, and the industry may be only halfway done, according to restructuring specialists.
https://www.cnbc.com/2016/09/28/oil-bankruptcies-100-down-maybe-100-more-to-go.html
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But yet you said they don't care about US oil production AT ALL. Another one of your obvious lies.
 
ExpressLane said:
But yet you said they don't care about US oil production AT ALL. Another one of your obvious lies.
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Shale production isn't just in the US you goddamned motherfucking idiot.

Seriously, do you have long COVID brain? Because it seems like you do.

OPEC isn't looking at US production because the US doesn't produce any oil, multinational corporations do.

They are the ones who own that oil, and they are the ones OPEC cares about.

So they don't give a shit about "US production" because oil production is globalized by the oil companies, and they own every drop of the oil that they extract.

Wow.

I always knew Conservatives were a bunch of brain-dead perverts who want to stare at naked kids, but their ignorance of the global oil markets exceeds those perversions.
 
Perry Phimosis said:
You suggested I change my name to Peter Phimosis. Which made me think you actually got the joke of my name. But apparently I was mistaken. And even worse: you appear to lack basic google skills.

Sorry! Didn't mean to confuse.
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I knew exactly what phimosis meant. I spent almost every Saturday of my residency doing 10-15 anesthetics for pediatric phimosis surgeries. That is why I suggested Peter (or perhaps Dick) might have been better. I'm not sure why you chose Perry or Peri though.
 
LV426 said:
Shale production isn't just in the US you goddamned motherfucking idiot.

Seriously, do you have long COVID brain? Because it seems like you do.

OPEC isn't looking at US production because the US doesn't produce any oil, multinational corporations do.

They are the ones who own that oil, and they are the ones OPEC cares about.

So they don't give a shit about "US production" because oil production is globalized by the oil companies, and they own every drop of the oil that they extract.

Wow.

I always knew Conservatives were a bunch of brain-dead perverts who want to stare at naked kids, but their ignorance of the global oil markets exceeds those perversions.
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You are done. I just can talk to a moron like you so long.

Reported your 12b violation
 
with demand dropping thanks to the recession nobody should be surprised that supply would be dialed back. they've been talking about it for months now.

and it does not hurt that it cranks the prices, their mommas need a new pair of shoes as well.
 
ExpressLane said:
You are done. I just can talk to a moron like you so long.
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You're such a fucking moron who doesn't want to admit you don't know anything about this topic because you know I will just extrapolate that ignorance out to EVERYTHING YOU SHIT FORTH HERE.

So your obstinance is just a defense mechanism.
 
My prediction if Trumpublicans win in 2022, suddenly, the economy will be AMAZING, though little will change, if not get worse, under them in 2023.
 
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