Idiot Biden blames oil and gas companies for the high price of gas

[Rufus T. Firefly]

You are going to have to buy an electric car. They will be coming in from China like everything else.

Actually, Tesla will have its plant in TX, Rivian in Illinois is already delivering, Ford is sort of delivering as I see theirs on the road around here, & GM....well, who knows. But there's lots of options now and we're looking at them.

[E7]

Why are we worrying about any of this? We will all be buzzing around in our battery powered cars!

[HONDO74]

Joe Biden landed at a Navy airfield in Ft Worth, Texas, on Tuesday he posed for a photograph with the assembled military officers there to greet him. Moments like that are great for the traveling press, because it gives an opportunity to shout questions at a president who is notoriously press-averse.

"Mr President, do you have a message for the American people on gas prices," a journalist asked.

His reply was one of those lines "They're going to go up."

The next question-and-answer didn't really help, either.

"What are you going to do about it?"

"Can't do much right now. Russia is responsible."

So one day he blames oil and gas companies for the high price of gas and the next day he blames Russia.

Just how the H E L L is Russia responsible for this. ????? Did they somehow put an embargo on all oil to to US including our own.

[gregj410]

The Biden family is an absolute embarrassment to this country. I’ve never seen such utter incompetence in my life and God help us if Kamala dip shit takes over. We are so *****.

[robert.]

How does it end? This wont be a month of bombing and then Putin says “opps sorry” with a punishment of living the rest of his life somewhere in New Jersey. This is something the whole world cant take. Coming out of a pandemic into www3. Mental depression will set in worldwide. I see it as a bad summer on the horizon. My mother-law’s country is shutting down business every day. They can’t handle the 700 percent increase in energy cost.

[gregj410]

https://www.nbcnews.com/news/us-news/us ... -rcna16159

The mentality of these fools.

[Mitch]

Geeze!! I thought Joe already had his 500K charging stations in place, considering he's been pushin' electric vehicles for months. Now "The Gig" says it'll take 5 years to get them in place. OK

In the mean time, the internal combustion engine is still king, and we need oil. Shouldn't have to pay through the nose for it when there is no alternative.

[G3750]

The Biden family is an absolute embarrassment to this country. I’ve never seen such utter incompetence in my life and God help us if Kamala dip shit takes over. We are so *****.

Totally agree.

But the truth is, the majority of liberals never understand the consequences of their actions. It's just not in their DNA. When emotion (i.e. caring) is the only thing, competence, capability, logic, i.e. adult behavior, is kicked to the curb.

They win elections by appealing to people's emotions (pretending to care and promising things). But govern competently? Not so much.

George

[up148]

The most interesting part of this thread, is the lack of support for Biden and the Dem party from our resident liberals. The silence is deafening.

They beat the h*** out of Trump for everything he did or didn't do, yet go silent when their own party is obviously "screwing the pooch" with every decision or indecision.

Proves to me they are just as embarrassed and disturbed with the current situation as all of us, so they choose to say nothing, rather than defend it. I guess I should applaud that.

I don't believe Trump was the answer (we haven't had a good candidate for a long time), but who knows how he would have done, had the media and the Democratic party not thrown roadblocks up almost daily. But, they accomplished what they wanted, they kept him so busy defending everything he did, that it completely interfered with his administration and pretty much guaranteed he would make more mistakes. And any president needs no help making mistakes......it just comes with the territory.

[healey36]

See here:

https://www.cnbc.com/2022/03/08/oil-producers-in-a-dire-situation-and-unable-to-ramp-output-says-oxy-ceo.html

"Energy companies have emerged from the pandemic within a wholly different industry. While in previous years, it was all about growth, now capital discipline is king. In the wake of the pandemic, companies focused on paying down debt, returning cash to shareholders and reining in spending.

"Hollub said investors view capital discipline as 'essentially no growth.' Neverthless, she said Oxy has a 'huge inventory of high-quality investments' that it could make around the world and especially in the U.S. shale basin, but for now it is focused on returning capital to shareholders. Last month, it announced plans to raise its quarterly dividend to 13 cents per share, up from 1 cent.

“'I feel now that we do need to return cash to the shareholders in the form of dividends or buybacks, especially during the better cycles,” she said, adding Oxy is positioning itself so that it’s breakeven at $40 per barrel of oil."

[HONDO74]

Trump warned Europe and especially Germany about relying on Russian oil and gas. Germany was all in for it they were going to supply Europe with the GAS and make money doing it. They and France are heavily invested in them. Trump even put sanctions on Russia over those pipelines. What did Biden do he waved those sanctions and gave it the go ahead

After the Fukushima nuclear disaster in 2011. Germany started shutting down their nuclear power plants and went back to burning coal and using gas. They are up $hit creek without that Russian gas.

Trump was also pushing Germany to pay what they were supposed to for NATO. They were pissed with Trump over that. So what happened the other day. Germany's defense minister said they were ill prepared to deal with anything going on. They were supposed to be paying 2%. They were only paying 1 1/2% Now they are going to up it to about 3%

We are the backbone of NATO and pay more than all the rest of them.

Trump was also pushing for companies to come back and build products here. He even put tariffs on China. The liberals had a come apart about that. He's going to raise the price of everything. He was promoting America first.

Biden is now pushing buy American. He wants the companies to come back and and create high paying union jobs. That's why many of them left in the first place.....

[healey36]

Or this:

https://www.politico.com/news/2022/03/07/oil-industry-production-hikes-russia-00014778

"U.S. oil production had plunged during the early months of the pandemic, driving dozens of oil companies into bankruptcy and forcing others to retrench and shut down new drilling. But since August 2020, it has roared back, adding 2 million barrels per day to reach 11.6 million barrels per day by late February, and forecasters expect that figure to climb by another 1 million barrels by the end of the year."

[up148]

Gas prices and oil production is all smoke and mirrors and serious BS.......political fabrication at it's best. No one and I mean NO ONE, cares about the general public on either side of the aisle. It's been this way forever, just not as visible as today with internet and media. The rich get richer and the general public gets the shaft.

[healey36]

Or perhaps most pertinent:

https://www.nasdaq.com/articles/the-real-reason-big-oil-is-refusing-to-boost-production

"...the real reason that Big Oil won’t raise production is a matter of simple economics. Keeping the supply tight is just too good for the bottom line. And if it’s President Biden who will take the heat for high prices at the pumps, that’s just the cherry on top of a very, very lucrative cake. In fact, according to figures from Deloitte LLP, oil explorers in the United States are making more money now than at any other point in the more-than decade-long history of the nation’s shale revolution. “And this may just be the beginning,” Bloomberg Markets reported this week. “Free cash flow, the key metric watched by investors, probably will increase by 38% next year, presuming oil prices remain elevated.”

"This kind of restraint is a new development for the shale industry, and it is clearly paying off. Historically, the Permian Basin has been unable to resist a “drill, baby, drill” mentality when oil prices are high, ultimately flooding the market and deflating prices. This would then be followed up by a period of production cuts and austerity measures until oil prices recovered, and then companies would buck production caps and the process would start all over again in an amazingly predictable boom and bust cycle.

"But no longer. “After effectively subsidizing consumers through the 2010s with break-neck drilling that depressed global oil prices, the shale industry appears to have struck a winning formula: moderating production, limiting reinvestment in new wells and shaving debt,” Bloomberg writes. As such, U.S. shale is digging its heels in and refusing to pump despite any amount of begging and pleading from the White House. Despite the fact that global energy demand has bounced back to pre-pandemic levels, U.S. oil production has stubbornly remained 12% lower than they were in February 2020, right before the impact of the pandemic was felt around the world. This represents a huge volume of supply -- a 12% contraction is the equivalent of nixing the entire oil output of the Gulf of Mexico."

[healey36]

Gas prices and oil production is all smoke and mirrors and serious BS.......political fabrication at it's best. No one and I mean NO ONE, cares about the general public on either side of the aisle. It's been this way forever, just not as visible as today with internet and media. The rich get richer and the general public gets the shaft.

Agreed. This country has no energy policy, never has. Just a constant kneejerk to cycles of "supply crisis".

The discipline has held this time, so far, but usually someone cracks, knowing that if they just pump a bit more while everyone else holds to the agreed production levels, their profits will go through the roof. Eventually the others figure it out, the whole thing falls apart, and everyone starts pumping like mad.