Biden asks US energy companies to lower fuel costs … 😂

[lawpoke87]

Assume they will tell Brandon to pound sand after the last 18 months of being targeted by the Admin

White House asks U.S. oil-and-gas companies to help lower fuel costs -sources

The White House has been speaking with U.S. oil and gas producers in recent days about helping to bring down rising fuel costs, according to two sources familiar with the matter.

mobile.reuters.com

 

[astonmartin708]

Assume they will tell Brandon to pound sand after the last 18 months of being targeted by the Admin

White House asks U.S. oil-and-gas companies to help lower fuel costs -sources

The White House has been speaking with U.S. oil and gas producers in recent days about helping to bring down rising fuel costs, according to two sources familiar with the matter.

mobile.reuters.com

I mean, they will inherently lower oil prices (and NG) as they try to capitalize on high demand. Supplies will increase and prices will drop. They still have plenty of acreage to drill even with the federal lease sale stalling out under Biden.

 

[lawpoke87]

I mean, they will inherently lower oil prices (and NG) as they try to capitalize on high demand. Supplies will increase and prices will drop. They still have plenty of acreage to drill even with the federal lease sale stalling out under Biden.

You’re missing the point. Biden’s policies are aimed at producing higher energy costs outside of the free market forces which have existed for the last decade plus. Now that Biden sees high prices as politically harmful he is asking for lower prices but still pursuing those policies which promote the opposite. It’s hypocrisy at its finest and has little hope of long term success

Biden Tax Increases Show Higher Energy Costs Are A Goal, Not A Glitch

It is not an accident that this President’s response to a question last week about rising gasoline prices - which are up more than $1.00 per gallon since Election Day 2020 - was to immediately point to his plan to massively tax the industry that manufactures the gas.

www.google.com

 

[astonmartin708]

You’re missing the point. Biden’s policies are aimed at producing higher energy costs outside of the free market forces which have existed for the last decade plus. Now that Biden sees high prices as politically harmful he is asking for lower prices but still pursuing those policies which promote the opposite. It’s hypocrisy at its finest and has little hope of long term success

Biden Tax Increases Show Higher Energy Costs Are A Goal, Not A Glitch

It is not an accident that this President’s response to a question last week about rising gasoline prices - which are up more than $1.00 per gallon since Election Day 2020 - was to immediately point to his plan to massively tax the industry that manufactures the gas.

www.google.com

Meh. I think it’s a stop gap measure. I think you’re correct that on a long term macroscopic he wants to push some energy prices up (or it might be more accurately described as limiting demand) It will encourage people to get electric vehicles.

 

[aTUfan]

not a function of the government.

 

[lawpoke87]

Meh. I think it’s a stop gap measure. I think you’re correct that on a long term macroscopic he wants to push some energy prices up (or it might be more accurately described as limiting demand) It will encourage people to get electric vehicles.

Assume if you characterize making oil and gas prices in the US more expensive to the american people as limiting demand you would be correct. Not sure why he wasn’t astute enough to realize higher energy prices affects every aspect of our lives including an inflationary effect on almost every good we purchase. Or realize that the results of such a policy would be unpopular among the electorate and hurt the poor and middle classes the most. Not sure how you can now ask the same people you have done everything in your power to financial hurt over the last 18 months to now come to your aid.

Redirect Notice

www.google.com

 

[astonmartin708]

Assume if you characterize making oil and gas prices in the US more expensive to the american people as limiting demand you would be correct. Not sure why he wasn’t astute enough to realize higher energy prices affects every aspect of our lives including an inflationary effect on almost every good we purchase. Or realize that the results of such a policy would be unpopular among the electorate and hurt the poor and middle classes the most. Not sure how you can now ask the same people you have done everything in your power to financial hurt over the last 18 months to now come to your aid.

Redirect Notice

www.google.com

You act as though the effects of his administration are already being felt in the O&G marketplace. He got into office in January. No one was drilling in January and that's not his fault. They weren't drilling in December either. You're grossly mischaracterizing the effects we're seeing. Oil wells take time to plan, drill, frack, put on production and have refined. The actual effects of his lease ban won't be seen until next year. Current supply crunch was caused by the fact that Covid cut the rig count by about 75% from the month before Covid and by nearly 80% from the high rig count of the last 5 years. We had an oversupply at the time which is just now starting to dwindle. In the meantime, Biden's admin has approved more permits than any president since oilman GWB to help alleviate supply concerns.

 

[aTUfan]

we still have 3 more years of this BS.

 

[astonmartin708]

we still have 3 more years of this BS.

Or maybe 7 depending on if Trump runs again.

 

[lawpoke87]

You act as though the effects of his administration are already being felt in the O&G marketplace. He got into office in January. No one was drilling in January and that's not his fault. They weren't drilling in December either. You're grossly mischaracterizing the effects we're seeing. Oil wells take time to plan, drill, frack, put on production and have refined. The actual effects of his lease ban won't be seen until next year. Current supply crunch was caused by the fact that Covid cut the rig count by about 75% from the month before Covid and by nearly 80% from the high rig count of the last 5 years. We had an oversupply at the time which is just now starting to dwindle. In the meantime, Biden's admin has approved more permits than any president since oilman GWB to help alleviate supply concerns.

To be fair, Biden only approved those permits after it became apparent he was going to lose the lawsuits which the energy producers were bringing due to the delays in the approvals.

Oil wells do take time to plan, finance and drill. Which is why the attack on oil will continue to play out of the next few years as producers are reluctant to devote financial assets into an uncertain and increasingly hostile environment. This is going to end poorly for the American people as we will feel the inflationary effects for years.

 

[astonmartin708]

To be fair, Biden only approved those permits after it became apparent he was going to lose the lawsuits which the energy producers were bringing due to the delays in the approvals.

Oil wells do take time to plan, finance and drill. Which is why the attack on oil will continue to play out of the next few years as producers are reluctant to devote financial assets into an uncertain and increasingly hostile environment. This is going to end poorly for the American people as we will feel the inflationary effects for years.

The high commodity prices will be an awfully big incentive for them to drill baby drill… and they have more than enough permits to drill. When I was with the Wyoming O&G commission a few years ago there was a permitting war in our state. We estimated that O&G companies had enough submitted permit capacity to drill for roughly 100 years given the same rig counts and drilling efficiency. Our state had the most federal permits in the country. There was still a great deal of unexplored fee acreage to be had as well. If you want to drill for oil, I know where you can do it without federal intervention. Lol

The only thing that will keep commodity prices high long term for O&G will be lack of investment from people who were already burned by the industry. At some point though there will just be too much financial benefit to ignore for someone wanting to make money though.

 

[lawpoke87]

Probably the most comprehensive article I’ve read regarding the current energy crisis and the causes of the same. Basically what we’re seeing in Europe

Behind the Energy Crisis: Fossil Fuel Investment Drops, and Renewables Aren’t Ready

The transition to cleaner energy sources isn’t far enough along to meet a surge in demand, forcing countries to rely on fossil fuels.

www.wsj.com

 

[astonmartin708]

Probably the most comprehensive article I’ve read regarding the current energy crisis and the causes of the same. Basically what we’re seeing in Europe

Behind the Energy Crisis: Fossil Fuel Investment Drops, and Renewables Aren’t Ready

The transition to cleaner energy sources isn’t far enough along to meet a surge in demand, forcing countries to rely on fossil fuels.

www.wsj.com

So what are we doing? We're removing incentives for renewables investment in the infrastructure bill (Thanks to Coal Mine owner Joe Manchin) which would help cope with increased demand.

There will be more investment in the fossil fuel sector due to increased commodity prices. In practice the be best case scenario would be to slightly underfund fossil fuels in efforts to increase maintain a steady demand for renewables without creating too much burden on consumers.

 

[lawpoke87]

The current problem is uncertainty. Companies don’t want to invest additional capital in an venture with tax and regulation uncertainty. Add to that all the negative rhetoric coming from Biden for the last few years and you have a negative climate for fossil fuel energy investments. Which is a problem since we don’t currently have the green energy capacity to make up for an significant decrease in fossil energy supply.

In practice we can’t afford any additional burden on the consumer. I’m not sure why people don’t understand this. We are facing an economic crisis brought on by rapidly rising inflation. We should be doing everything in our power to bring inflation down to a manageable 2% year over year range. Instead we seem to be doing everything in our power to increase inflationary pressures. This is by far the most reckless economic paths I’ve ever witnessed. Those in charge either don’t care or don’t understand.

 

[astonmartin708]

The current problem is uncertainty. Companies don’t want to invest additional capital in an venture with tax and regulation uncertainty. Add to that all the negative rhetoric coming from Biden for the last few years and you have a negative climate for fossil fuel energy investments. Which is a problem since we don’t currently have the green energy capacity to make up for an significant decrease in fossil energy supply.

In practice we can’t afford any additional burden on the consumer. I’m not sure why people don’t understand this. We are facing an economic crisis brought on by rapidly rising inflation. We should be doing everything in our power to bring inflation down to a manageable 2% year over year range. Instead we seem to be doing everything in our power to increase inflationary pressures. This is by far the most reckless economic paths I’ve ever witnessed. Those in charge either don’t care or don’t understand.

No offense, but easing rising inflation is not worth incentivizing fossil fuels beyond what is necessary to meet demand. Economic hardship now is less than it will be as we see more and more effects related to climate change.

Our automotive industry is in the middle of a full fledged shift to EV's. What you honestly remind me of is someone from the 1910's who is arguing that we need to prop up the Livery industry as automobiles are beginning to take hold.

 

[lawpoke87]

No offense, but easing rising inflation is not worth incentivizing fossil fuels beyond what is necessary to meet demand. Economic hardship now is less than it will be as we see more and more effects related to climate change.

Our automotive industry is in the middle of a full fledged shift to EV's. What you honestly remind me of is someone from the 1910's who is arguing that we need to prop up the Livery industry as automobiles are beginning to take hold.

No offense, but failing to address inflation now will result in immediate suffering of those most vulnerable and risk the economic stability of our republic. Not guaranteeing an adequate energy supply is beyond foolish. The lack of economic understand on this board at times astounds me. You can’t pull the rug out from the fossil fuel industry until you have sufficient and price competitive green energy to replace it. Especially in times of inflation.

You do understand as long as China keeps building their coal fired energy plants it doesn’t matter how much we wreck our economy the result is the same. An inflation wrecked US with the poor and middle class unable to buy the basic necessities, tens of millions out of work, half our tax revenue going to debt service, and a strong China taking advantage of our decline. Yes, it’s a bleak picture and you and WATU want to ignore the reality of the current situation and jump on board the path to the decline of this country. This is as real as it gets my friend. Look at what happens in countries who experience rapid inflation. Look at our debt structure. Let’s ignore everything.