I own no oil stocks at all. My portfolio is almost entirely into computer technology.
Gas @ $3.99 and increasing to $4.25+
- Thread starter TheGunner
- Start date
Along those same lines, all the fence that we bought for $Millions for the Southern Border is lying there rusting. Meanwhile, we're paying the contractor $Millions to NOT put up the fence. The Big Guy is great at managing the taxpayers funds.
The Greens tied it up in court as long as they could. Both Obama and Biden stopped it, too. The question you have to ask yourself is why don't the Dems want the US to be energy independent? Do they want us buying oil from Russia, Iran, Venezuela & the Saudis? Why?
How would you know where the MAGA stuff is made, unless you have some? Now it comes out that PF1 is a closet Trump supporter. WOW
I have 20 years experiences working on reservations. Probably been physically on 40 plus. Here's something only a simpleton wouldn't realize but roads and train tracks also go through Reservation and Trust lands. Those roads and tracks transport oil. Probably some of the same oil that would have gone through via a state-of-the-art pipeline with multiple safety features. If you lived in a rural community would you want millions of barrels of oil coming through your community on trucks and trains? or a pipeline? Its probably worth a debate.
Now what a simpleton might also not realize is that these "groups" often don't speak for the community as a whole, but rather are a proxy of an outside group who may be funded by a competitor or even a foreign government. But they fund somebody to file suit. They may even put a bunch of people on a payroll. But simpletons read a story about some group with a catchy name and formulate their opinion from that. Nobody asks the other community members/groups who would have benefitted from the recurring revenue from the leases for the pipeline. Do they? That's kinda what a simpleton does.
Now some people may call me a simpleton, but I sat in an old warehouse in the first days of a newly Federally recognized Tribe with the founders of what is now one of the most wealthy tribes in the country. At their inception their gaming compact was being blocked by a "public interest groups" who was concerned about gambling near their community. Would you like to guess who was bankrolling these concerned citizens?
House liberals to urge Biden to declare climate emergency, ban drilling on federal lands
The Woke
I actually believe that you really have no idea why we want that pipeline. You've proven a lack of intelligence before and now you've done it again.
The pipeline was designed to bring oil to the US refineries. Perhaps most of it will be sold to other countries. I don't know. The important issue is that we have a secure source of oil coming into our country. In a wartime situation or when there is geopolitical instability, maintaining energy independence is huge. Having a supply coming from Canada in a pipe is a lot more secure than virtually any other means imaginable, beyond producing it in the US.
I don't care how old you are, you should realize that fossil fuels will still be used for the rest of everyone's lifetime on this board.
Another inconvenient truth for some of you. Not one person alive today will EVER die from Climate Change.
The price of gas always goes up faster, than it goes down.
Having the oil leases is just part of the issue. There are a ton of permits that are required, as well. Permits to put a road in to your lease. Permits to drill. I'm sure there have to be some Environmental Impact permits. Essentially any petty bureaucrat in State and Federal Govt wants to be involved and get some oil money. If they're Green, they'll drag their feet and try to make the leaseholders crawl through 100 yds of broken glass to get the approvals.
You obviously have no idea how much cash those oil companies spend to locate oil deposits, buy leases, develop oil fields, drill and eventually get a return on that investment, nor how many people are employed by oil companies. They're not the enemy.
As I understand it, he wanted to, but Biden wouldn't allow him to use it, so Abbott had to buy new fence. Petty on Biden's part and a screw-job for the Texas taxpayers, since they get to pick up the tab.
So Mexico “isn’t” paying for the wall after all? You mean you were duped again by a conman? Is Abbott wheeling himself over to Home Depot to buy fencing and nails? Per usual, your understanding of anything is wrong.
Ahhh theres the old energy independence nonsense. You should really look up what that means vs your interpretation of it.
I agree that fossil fuels will still be used for the rest of our lifetimes. I never said otherwise and I’m not sure why you even said that but you were rapid fire posting so go off I guess.
Again, the kind of oil coming through was most likely never going to be used for fuel. It has been well-documented that the pipeline would not have any substantial impact on gas prices. I would ask why you keep thinking that it will, but it’s just because some random blogger said so.
Why don’t You ever question the energy companies? No one on the right ever questions the energy companies who, as has been mentioned multiple times, are taking in record profits. That’s just fine and dandy to you all because you’re somehow unable to connect the dots from their names to the pump you’re using to fill your gas guzzler up with.
Please, after all the bullshit going on in Ukraine, you don’t see the value of being energy independent? Like it or not, we were under Trump - a net exporter of oil and natural gas.
Now Brandon is begging Venezuela and OPEC to ramp up production. And we’re likely still buying from Russia. It’s insanity. This is a matter of national security to some degree.
So, I'm assuming you support actions that would help alleviate the future of climate change, correct? So please explain to me why we would go to countries who don't even come close to having the environmental regulations in place that the US does for drilling oil? It makes no logical sense why we're making things more difficult for oil companies to drill and transport oil in the US. Russia has the dirtiest oil on the planet. We should be doing everything possible to flood the market with cleaner oil and drive Russia out of the oil and gas business they're doing with the EU.
The effect of a pipeline.......not new wells......means nothing to the futures when demand is at an all time high, supply is still recovering and there is a war in Europe.
Could the Keystone XL pipeline help lower U.S. gas prices?
As prices at the pump surge, GOP leaders see the suspended oil pipeline as a solution. But the answer isn't so simple.
www.cbsnews.com
Could the Keystone XL pipeline help lower U.S. gas prices?
The punishing economic sanctions imposed by the West on Russia for its invasion of Ukraine have roiled global energy markets, with a U.S. ban on Russian oil imports further pushing up gas prices for Americans. Now, GOP leaders are blaming surging fuel costs in part on a decision by President Biden early in his administration to block the Keystone XL Pipeline.
Texas Rep. Dan Crenshaw, who has urged the Biden administration to ramp up domestic oil production, said in a tweet the day before Russia's February 24 attack that the Keystone project would have produced 830,000 barrels of crude per day.
"Stop importing from Russia, start producing more," he tweeted in early March.
South Dakota Gov. Kristi Noem went a step further than Crenshaw, writing in a February 24 op-ed for Fox News that in halting the Keystone XL pipeline Mr. Biden was "signaling to the world that American energy independence is no longer a priority."
"Keystone would have helped ease those fears while giving America the flexibility to counter Russian aggression by expanding energy exports to Europe," she wrote.
With Americans facing the worst inflation in 40 years, would expanding Keystone offer much relief at the pump?
Root of the problem
It's important to understand what's contributing to the high prices of oil in the first place. Gregory Nemet, professor of public affairs at the University of Wisconsin-Madison's Wisconsin Energy Institute, pointed out that the cost of oil has steadily increased since last fall, when it was around $70 a barrel, to more than $130 last week before settling back at around $100 a barrel on Tuesday. That initial jump in the cost of crude was driven by the ongoing economic recovery, which boosted demand by consumers and businesses that had been dampened by the COVID-19 pandemic.
"A lot more transportation and people flying around, people driving, more demand for oil," he said. "And supply doesn't always quickly respond to that kind of shock in demand."
The war in Ukraine also plays a role, although it was not the instigator of the increase.
"Whenever there is political instability in places that produce a lot of oil, markets react," Nemet said. "And it's not necessarily that they're saying, 'Oh there's not enough oil.' It's, 'Oh, there's a lot more risk now than there was before.'"
Russia is the world's second-largest exporter of crude oil, according to the U.S. Energy Information Administration. But the U.S. imported an average of 209,000 barrels of crude oil per day from Russia in 2021, according to the American Fuel and Petrochemical Manufacturers, as well as 500,000 barrels per day of other petroleum products. This amount makes up 3% of U.S. crude oil imports and about 1% of the crude oil processed in U.S. refineries.
Keystone XL, an expansion of an existing North American pipeline, would have carried 830,000 barrels of crude oil from Alberta, Canada, to Nebraska daily at its peak. At the time Mr. Biden halted its construction, the $8 billion expansion was only about 8% complete, according to Reuters.
Yet many experts agree that moving ahead with the pipeline wouldn't have prevented U.S. gas prices from climbing to a record high. Expanding the Keystone would have increased global oil production by less than 1%, an amount, they explained, is "almost negligible."
"I can see why people make that connection," Nemet said."But in terms of gasoline prices and global oil prices, it's just something it's better to just ignore because it would have no impact."
More production, but higher costs for Americans
Even if the pipeline was already built, it wouldn't help with the price at the pump, Nemet added, noting that the U.S. has already doubled its oil production over the last 15 years. "And yet, we still have $100 per barrel oil."
With inflation soaring, gas prices have been increasing for months — hitting an average of $4.33 a gallon on March 11, according to AAA.
"The key lesson there is the U.S. is not the whole story here. It's a global market," Nemet said. "And so we've got 8 billion people that are consuming oil and many countries that are producing it, and it all goes into one market."
The Biden administration has repeatedly pushed back against proposals to revive the pipeline expansion. On March 7, Fox News' Peter Doocy asked White House Press Secretary Jen Psaki whether Mr. Biden would "ever undo his executive order that stopped the construction of the Keystone XL" in an effort to lower gas prices.
"The Keystone was not an oilfield — it's a pipeline," she responded. "The oil is continuing to flow in, just through other means. So, it actually would have nothing do with the current supply imbalance."
Psaki added the Department of Energy predicts that in 2023 the U.S. will "produce more oil... than ever before."
David Kieve, president of advocacy group Environmental Defense Fund Action, also told CBS News that building out the Keystone pipeline would not have softened the impact the Ukraine crisis is having on fuel prices.
"The Keystone pipeline, under the best of circumstances if you were a proponent of seeing it completed, wouldn't be completed yet," he said. "It wouldn't be online and wouldn't be pumping oil until the year 2023. ... So the idea that somehow the president's position on the pipeline that would still not be pumping oil emboldened Vladimir Putin to invade Ukraine is so far-fetched as to be incredible."
Even if the Biden administration were to immediately offer new oil leases to drillers, it wouldn't help with the costs Americans are bearing today. It would take six to 10 years for oil from a new lease to hit the global market, Kieve said.
Less oil, clean energy fans say
By contrast, Mr. Biden's decision with the International Energy Agency to release 30 million barrels of oil from the nation's Strategic Petroleum Reserve puts downward pressure on gas prices in the short-term, Kieve said. The agency will release a total of 60 million barrels of crude to help ease some of the supply disruptions caused by the war Ukraine.
"You won't see a lot of environmental organizations jumping up and down and saying, 'Hey, this is the best thing ever,'" Kieve said. "But there is a recognition that those types of actions may have some impact on the prices that Americans are paying at the pump."
Being energy independent DOES NOT MEAN we don't have to import oil for freaking sakes. Educate yourself.
And my dad can beat up your dad FFS.
At least google something....... and provide anything that shows "energy independence" means what you think it means........that we are no longer dependent on anybody else for the means to produce all the energy we need.
I doubt it. My dad’s been dead for almost 8 years. However, back in the day, I bet that’s not true at all. He was not a violent man, but he was a tall, strong dude who could protect himself if need be. If your dad was anything like you, I doubt it would have been much of a fight at all. 🙄🤡
If you want to avoid the topic then just don't reply........and try to pick up on it when I'm mocking your impotent reply.
Again, at least google something....... and provide anything that shows "energy independence" means what you think it means........that we are no longer dependent on anybody else for the means to produce all the energy we need.
Oh my Bob! Hook-LIne-Sinker.The effect of a pipeline.......not new wells......means nothing to the futures when demand is at an all time high, supply is still recovering and there is a war in Europe.
Could the Keystone XL pipeline help lower U.S. gas prices?
As prices at the pump surge, GOP leaders see the suspended oil pipeline as a solution. But the answer isn't so simple.
Could the Keystone XL pipeline help lower U.S. gas prices?
The punishing economic sanctions imposed by the West on Russia for its invasion of Ukraine have roiled global energy markets, with a U.S. ban on Russian oil imports further pushing up gas prices for Americans. Now, GOP leaders are blaming surging fuel costs in part on a decision by President Biden early in his administration to block the Keystone XL Pipeline.
Texas Rep. Dan Crenshaw, who has urged the Biden administration to ramp up domestic oil production, said in a tweet the day before Russia's February 24 attack that the Keystone project would have produced 830,000 barrels of crude per day.
"Stop importing from Russia, start producing more," he tweeted in early March.
South Dakota Gov. Kristi Noem went a step further than Crenshaw, writing in a February 24 op-ed for Fox News that in halting the Keystone XL pipeline Mr. Biden was "signaling to the world that American energy independence is no longer a priority."
"Keystone would have helped ease those fears while giving America the flexibility to counter Russian aggression by expanding energy exports to Europe," she wrote.
With Americans facing the worst inflation in 40 years, would expanding Keystone offer much relief at the pump?
Root of the problem
It's important to understand what's contributing to the high prices of oil in the first place. Gregory Nemet, professor of public affairs at the University of Wisconsin-Madison's Wisconsin Energy Institute, pointed out that the cost of oil has steadily increased since last fall, when it was around $70 a barrel, to more than $130 last week before settling back at around $100 a barrel on Tuesday. That initial jump in the cost of crude was driven by the ongoing economic recovery, which boosted demand by consumers and businesses that had been dampened by the COVID-19 pandemic.
"A lot more transportation and people flying around, people driving, more demand for oil," he said. "And supply doesn't always quickly respond to that kind of shock in demand."
The war in Ukraine also plays a role, although it was not the instigator of the increase.
"Whenever there is political instability in places that produce a lot of oil, markets react," Nemet said. "And it's not necessarily that they're saying, 'Oh there's not enough oil.' It's, 'Oh, there's a lot more risk now than there was before.'"
Russia is the world's second-largest exporter of crude oil, according to the U.S. Energy Information Administration. But the U.S. imported an average of 209,000 barrels of crude oil per day from Russia in 2021, according to the American Fuel and Petrochemical Manufacturers, as well as 500,000 barrels per day of other petroleum products. This amount makes up 3% of U.S. crude oil imports and about 1% of the crude oil processed in U.S. refineries.
Keystone XL, an expansion of an existing North American pipeline, would have carried 830,000 barrels of crude oil from Alberta, Canada, to Nebraska daily at its peak. At the time Mr. Biden halted its construction, the $8 billion expansion was only about 8% complete, according to Reuters.
Yet many experts agree that moving ahead with the pipeline wouldn't have prevented U.S. gas prices from climbing to a record high. Expanding the Keystone would have increased global oil production by less than 1%, an amount, they explained, is "almost negligible."
"I can see why people make that connection," Nemet said."But in terms of gasoline prices and global oil prices, it's just something it's better to just ignore because it would have no impact."
More production, but higher costs for Americans
Even if the pipeline was already built, it wouldn't help with the price at the pump, Nemet added, noting that the U.S. has already doubled its oil production over the last 15 years. "And yet, we still have $100 per barrel oil."
With inflation soaring, gas prices have been increasing for months — hitting an average of $4.33 a gallon on March 11, according to AAA.
"The key lesson there is the U.S. is not the whole story here. It's a global market," Nemet said. "And so we've got 8 billion people that are consuming oil and many countries that are producing it, and it all goes into one market."
The Biden administration has repeatedly pushed back against proposals to revive the pipeline expansion. On March 7, Fox News' Peter Doocy asked White House Press Secretary Jen Psaki whether Mr. Biden would "ever undo his executive order that stopped the construction of the Keystone XL" in an effort to lower gas prices.
"The Keystone was not an oilfield — it's a pipeline," she responded. "The oil is continuing to flow in, just through other means. So, it actually would have nothing do with the current supply imbalance."
Psaki added the Department of Energy predicts that in 2023 the U.S. will "produce more oil... than ever before."
David Kieve, president of advocacy group Environmental Defense Fund Action, also told CBS News that building out the Keystone pipeline would not have softened the impact the Ukraine crisis is having on fuel prices.
"The Keystone pipeline, under the best of circumstances if you were a proponent of seeing it completed, wouldn't be completed yet," he said. "It wouldn't be online and wouldn't be pumping oil until the year 2023. ... So the idea that somehow the president's position on the pipeline that would still not be pumping oil emboldened Vladimir Putin to invade Ukraine is so far-fetched as to be incredible."
Even if the Biden administration were to immediately offer new oil leases to drillers, it wouldn't help with the costs Americans are bearing today. It would take six to 10 years for oil from a new lease to hit the global market, Kieve said.
Less oil, clean energy fans say
By contrast, Mr. Biden's decision with the International Energy Agency to release 30 million barrels of oil from the nation's Strategic Petroleum Reserve puts downward pressure on gas prices in the short-term, Kieve said. The agency will release a total of 60 million barrels of crude to help ease some of the supply disruptions caused by the war Ukraine.
"You won't see a lot of environmental organizations jumping up and down and saying, 'Hey, this is the best thing ever,'" Kieve said. "But there is a recognition that those types of actions may have some impact on the prices that Americans are paying at the pump."
Release the reserves and lower the price.
How many gallons of fuel does the US use per day BOB?
A Biden administration official says----You lost me right there Bob.
When did I say I didn’t want to be energy independent? You act like we import every drop and that’s simply not true
We import a lot more than we need to, many times from despotic regimes in Venezuela and OPEC.
So being “less energy dependent “ is the answer? Lol
It was trending in the opposite direction under the previous administration, just sayin’. Would we have become completely independent - no, but we would have been closer…..
I
Thinking there is one answer to our current and future energy needs is too.
Understanding what the term actually means is required before you even start talking about the answers. Otherwise the questions are just freaking stupid.
Thinking there is one answer to our current and future energy needs is too.
Yes, since forever. But maybe we should think about changing that now???
We don't need Saudi Arabia's oil. So maybe let's stop protecting them? We don't need Venezuela's oil, so maybe we don't enable an authoritarian masquerading as a socialist?
Why U.S. Oil and Gas Producers Aren’t Solving the Energy Crisis
The crash of 2020 and the pressure of climate-change politics led them to reconsider their business models.
By Paul H. Tice Wall Street JournalMarch 15, 2022 12:30 pm ET
Pump jacks in a Midland, Texas, oilfield in 2020.
On the back of Russia’s invasion of Ukraine, crude oil prices jumped above $100 a barrel, and the average cost of U.S. gasoline has surpassed $4 a gallon. Yet domestic oil production has barely budged over the past two years and remains stuck below 12 million barrels a day, 10% to 15% below the pre-pandemic high.The total U.S. oil rig count has bounced back, but only to roughly 75% of the recent peak in March 2020. Major U.S. shale producers, particularly ones in the Permian Basin of Texas, have a break-even oil price close to $30 a barrel, so why isn’t American supply responding to price signals from the global market?
First and foremost, U.S. shale got a wake-up call about its business model in 2020. That’s when the combination of an OPEC+ oil-market-share battle and pandemic lockdowns briefly turned crude oil prices negative and decimated the energy sector, driving more than 100 North American oil and gas companies into bankruptcy by year end.
After largely giving lip service to shareholder activists following the 2014 shale crash, almost every U.S. energy company has also embraced the need for capital spending restraint and generating free cash flow rather than simply expanding production. Flat or up slightly (5% or less) is the new production growth paradigm, and living within cash flow is paramount. This fiscal discipline held through 2021 even as crude oil prices doubled and continues to hold despite a roughly $30-a-barrel price jump since the beginning of 2022.
Last year energy rebounded from the annus horribilis of 2020 and became the best-performing sector in the U.S. equity and debt markets. Energy-company management teams don’t want to rock this boat, especially given regulatory clouds looming over the industry.
Feeding into the U.S. industry’s self-imposed choke valve on aggregate oil volumes is the outlook for restricted drilling growth and market access in coming years, which is where the Biden administration’s anti-fossil-fuel policies come into play.
U.S. oil and gas producers need to extend their drilling inventories and permit runways further into the future because the Biden White House is canceling or slow-walking leases on federal lands while clawing back acreage for national monuments. The administration also is taking advantage of environmental and endangered-species statutes to curtail drilling on private land. New energy infrastructure projects—including interstate pipelines and liquefied natural gas export facilities—are subject to a global climate test, a charge for the social cost of carbon and environmental-justice standards. All this will have a chilling effect on new projects and further reinforce industry consolidation.
The main risk to the industry over the next decade is not the potential for oil and gas demand to go down because of the global energy transition away from fossil fuels. It is the high likelihood of more energy supply-chain bottlenecks created by government officials. A supply-constrained scenario would be bullish for oil prices, giving producers even more incentive to keep hydrocarbon reserves in the ground now to produce them at higher realized prices down the road. As seen by the four legally paralyzed years of the Trump administration, even if Republicans regain the White House in 2024, not much would change with regard to the inexorable march toward 2030, the year of the climate rapture set by the United Nations.
U.S. energy companies have begun to wise up to the threat that the theory of man-made climate change poses to the industry. Since the Paris Agreement’s signing in 2015, the global goal of decreasing carbon emissions has provided moral justification for an all-out regulatory assault.
The latest front is the sustainable-investment movement sweeping Wall Street, which has climate action as its top environmental, social and governance objective. U.S. and European financial regulators are pushing through mandatory reporting standards on sustainability. This is the first step toward screening and excluding politically incorrect industries such as oil and gas from investment portfolios. As the intertwined climate-change and sustainability movements gain momentum between now and 2030, the lending and capital markets are likely to become more hostile toward traditional energy.
U.S. shale companies will need to ensure their ability to self-fund from operations and run with less balance-sheet debt to reduce their dependence on financing from the banking system and institutional investors. Consequently, corporate sustainability doctrine provides another strong argument for U.S. energy companies to maintain the status quo of slow to no production growth and to continue living within cash flow over the long term.
Ironically, all the defensive measures now being taken by the U.S. shale industry make it more attractive—and sustainable—from an investment perspective. On top of production and spending discipline and stronger energy commodity prices, some shale players are merging to build critical mass, both in operating scale and financial-market capitalization.
So why aren’t American oil and gas companies producing more barrels to help tamp down oil and gasoline prices during a global market shock when domestic inflation is rampant? The answer, as with everything that revolves around climate change, is complicated.
You have a fundamental misunderstanding of energy independence and how the oil market works.
We imported a half a million barrels a day from Saudi Arabia in 2020 when we were " energy independent" under Trump.
I have no "misunderstanding". If the US wanted to become independent, it could. That's the point I'm making. Its not what we have done in the past. Its what we could do...
I think you're the one who's misunderstanding what I'm saying...
Really?
Oil imports and exports - U.S. Energy Information Administration (EIA)
U.S. crude oil imports sources including OPEC and Persian Gulf, and top five source countries of U.S. oil imports and destinations of U.S. crude oil exports.
@BuilderBob6 is a moron. He probably won't be able to open the link...Really?
Oil imports and exports - U.S. Energy Information Administration (EIA)
U.S. crude oil imports sources including OPEC and Persian Gulf, and top five source countries of U.S. oil imports and destinations of U.S. crude oil exports.www.eia.gov
Says the guy who believes that Trump colluded with the Russians and the NY Post story about Hunter Biden's laptop was Russian disinformation.
Btw, Trump said a lot of things I didn't believe, but Biden has already said more things I don't believe and he still has three more years of lying ahead of him.
That's another issue that the Climate Activists seem to ignore. They would rather have a tanker from Russia export oil to the US, than have us drill it domestically. What do you think has a bigger Carbon footprint: A supertanker travelling thousands of miles or pipes/trucks/rail cars transporting oil a few hundred miles? Realize, when the tanker docks, it will still require pipes/trucks/rail cars to get the oil to the refinery.
We create a lot smaller carbon footprint by producing domestically. This should keep us producing local oil, unless the real objective is to destroy the US oil industry.
I don’t know, Pat. Have you asked? Did we just start working with them in January of 2021? Maybe we start looking at other energy alternatives as well?
Hey gramps. I have never, not once, said either of these things. By the way, if you’re still of the opinion that the election was stolen, you can stfu about, well, everything else. Rant elsewhere.
