Biden sent letters to Marathon Petroleum Corp, Valero Energy Corp, ExxonMobil, Phillips 66, Chevron, BP and Shell.

[JR4PSU]

Threatens use of EMERGENCY POWERS if they don't increase refinery outputs.

https://www.foxbusiness.com/politics/biden-threatens-oil-companies-emergency-powers-supply-inflation

First, how do you increase output at the refineries if the product supplied to the refineries for refining, you know, oil, is coming in at a rate insufficient to cause an increase in output?

Second, the companies he sent this threatening letter to account for less than 20% of the oil taken out of the ground in the US. Why doesn't Biden do something to ease the financial/regulatory burden of the oil and gas producers in the US that account for over 80% of the oil extracted in the US? It's always "The Big Oil Companies". But the Big Oil Companies make most of their profit and spend most of their capital outside the US.

Biden has shut down oil extraction in the US by placing too high a financial burden on the little guys that are providing the bulk of US produced oil. The "Big Oil Companies" are doing just fine by doing the bulk of their business outside the US. Why should they care what Biden is going to do?

This is all nothing more than political theatre for the masses that don't understand who is actually drilling in the US. It ain't Exxon, Shell, Phillips, Marathon. It's Billy Bobs drilling LLC.

 

[Lesgo_Brandon]

The white house needs an oil tsar. Maybe send in Kamala after she fixes the border.

 

[The Spin Meister]

The white house needs an oil tsar. Maybe send in Kamala after she fixes the border.

Maybe the scariest post ever!

 

[interrobang]

So does Joe expect them to build new refineries?

 

[JR4PSU]

So does Joe expect them to build new refineries?

Yeah, for oil they ain't gettin'.

Who is John Galt?

 

[The Spin Meister]

Threatens use of EMERGENCY POWERS if they don't increase refinery outputs.

https://www.foxbusiness.com/politics/biden-threatens-oil-companies-emergency-powers-supply-inflation

First, how do you increase output at the refineries if the product supplied to the refineries for refining, you know, oil, is coming in at a rate insufficient to cause an increase in output?

Second, the companies he sent this threatening letter to account for less than 20% of the oil taken out of the ground in the US. Why doesn't Biden do something to ease the financial/regulatory burden of the oil and gas producers in the US that account for over 80% of the oil extracted in the US? It's always "The Big Oil Companies". But the Big Oil Companies make most of their profit and spend most of their capital outside the US.

Biden has shut down oil extraction in the US by placing too high a financial burden on the little guys that are providing the bulk of US produced oil. The "Big Oil Companies" are doing just fine by doing the bulk of their business outside the US. Why should they care what Biden is going to do?

This is all nothing more than political theatre for the masses that don't understand who is actually drilling in the US. It ain't Exxon, Shell, Phillips, Marathon. It's Billy Bobs drilling LLC.

And how do they increase output when they are already at 96% capacity?
And how do they get any increased output to market when they cannot build pipelines?
And there is a shortage of trucks and drivers?
And how do they do any of this when ESG and RGGI dominate the industry?
How do they do this when they cannot get financing?
And how they do it quickly with massive regulations?

 

[BUFFALO LION]

Can Biden scream any louder “I ADMIT MY ENERGY POLICIES ARE STUPID!!!!!!!!!!!!!!!!!!

 

[interrobang]

All Biden is doing is setting the stage for someone else to blame for his failures

 

[2lion70]

Oil Co profits up 225% over last year.
WTI price per barrel same as March @<$120/barrel
Price of gasoline up $.75 from March.

 

[bourbon n blues]

Can Biden scream any louder “I ADMIT MY ENERGY POLICIES ARE STUPID!!!!!!!!!!!!!!!!!!

What’s worse are his idiot voters.

 

[bourbon n blues]

Oil Co profits up 225% over last year.
WTI price per barrel same as March @<$120/barrel
Price of gasoline up $.75 from March.

You’re a special breed of idiot . If you can’t explain why what you posted is stupid , you’re worse than I thought.

 

[KnightWhoSaysNit]

Biden is an idiot. Oil company profits are high not because of refining but because reserves are more valuable. His domestic policies did that and even his sanctions against Russia did that. The chemical operations of the integrated companies are probably taking a hit due to high crude prices.

If he taxes oil company profits he will cut into share holder dividends but he will make the long term picture for production worse at the same time. The two go hand in hand.

If he enacts "war powers" I guess that is a way of circumventing his own regulatory policies. I'm not in the business anymore but I would be shocked if refineries are not already operating at full capacity.

This administration is so clueless that we have to classify them as "stupid." What has our Energy Secretary done to address any problem facing our country other than to make our government appear more "diverse?"

 

[bourbon n blues]

If my business grossed $100 one year and my profit is $100 I made 10% profit. If next year I gross $225 dollars and $22.5 is my profit I made 10% profit.
My profits are also up 225% however I’m still only making the same % of total profit compared to my gross.
Try not to be such a lying piece of crap. Their expenses are up too .

 

[2lion70]

You’re a special breed of idiot . If you can’t explain why what you posted is stupid , you’re worse than I thought.

What I posted shows there is no connection recently between the price of WTI crude at the price at the pump. The oil companies are reaping huge profits while we all suffer.

Added note:
WTI July Futures @ $117/barrel
WTI FAug Futures @ $114/barrel

These facts all indicate the price of gas should be going down from current levels.

 

[2lion70]

Oil Co stocks are also down today.

 

[Aardvark86]

The white house needs an oil tsar. Maybe send in Kamala after she fixes the border.

...the operative words being "after she fixes the border."

I see what you did there.

 

[m.knox]

Threatens use of EMERGENCY POWERS if they don't increase refinery outputs.

https://www.foxbusiness.com/politics/biden-threatens-oil-companies-emergency-powers-supply-inflation

First, how do you increase output at the refineries if the product supplied to the refineries for refining, you know, oil, is coming in at a rate insufficient to cause an increase in output?

Second, the companies he sent this threatening letter to account for less than 20% of the oil taken out of the ground in the US. Why doesn't Biden do something to ease the financial/regulatory burden of the oil and gas producers in the US that account for over 80% of the oil extracted in the US? It's always "The Big Oil Companies". But the Big Oil Companies make most of their profit and spend most of their capital outside the US.

Biden has shut down oil extraction in the US by placing too high a financial burden on the little guys that are providing the bulk of US produced oil. The "Big Oil Companies" are doing just fine by doing the bulk of their business outside the US. Why should they care what Biden is going to do?

This is all nothing more than political theatre for the masses that don't understand who is actually drilling in the US. It ain't Exxon, Shell, Phillips, Marathon. It's Billy Bobs drilling LLC.

Hard to believe clowns like Ned and @RoyalT12 can't figure out who is the party of authoritarians.

 

[m.knox]

What I posted shows there is no connection recently between the price of WTI crude at the price at the pump. The oil companies are reaping huge profits while we all suffer.

Added note:
WTI July Futures @ $117/barrel
WTI FAug Futures @ $114/barrel

These facts all indicate the price of gas should be going down from current levels.

Now is a good time to remind you that the state run oil company of Mexico is charging $4.37 a gallon....

https://www.globalpetrolprices.com/Mexico/gasoline_prices/

Why is the Mexican government making HUGE PROFITS while its people suffer??

 

[2lion70]

Hard to believe clowns like Ned and @RoyalT12 can't figure out who is the party of authoritarians.

First you want Biden to take action. Then when he does you complain.
Typical MAGA con.

 

[2lion70]

Now is a good time to remind you that the state run oil company of Mexico is charging $4.37 a gallon....

https://www.globalpetrolprices.com/Mexico/gasoline_prices/

Why is the Mexican government making HUGE PROFITS while its people suffer??

Because they can. Oil is a worldwide commodity where the price of oil is the same in Mexico as it is in the USA.

 

[Obliviax]

Threatens use of EMERGENCY POWERS if they don't increase refinery outputs.

https://www.foxbusiness.com/politics/biden-threatens-oil-companies-emergency-powers-supply-inflation

First, how do you increase output at the refineries if the product supplied to the refineries for refining, you know, oil, is coming in at a rate insufficient to cause an increase in output?

Second, the companies he sent this threatening letter to account for less than 20% of the oil taken out of the ground in the US. Why doesn't Biden do something to ease the financial/regulatory burden of the oil and gas producers in the US that account for over 80% of the oil extracted in the US? It's always "The Big Oil Companies". But the Big Oil Companies make most of their profit and spend most of their capital outside the US.

Biden has shut down oil extraction in the US by placing too high a financial burden on the little guys that are providing the bulk of US produced oil. The "Big Oil Companies" are doing just fine by doing the bulk of their business outside the US. Why should they care what Biden is going to do?

This is all nothing more than political theatre for the masses that don't understand who is actually drilling in the US. It ain't Exxon, Shell, Phillips, Marathon. It's Billy Bobs drilling LLC.

Biden "I demonized you and am trying to crush your companies but I need this one small teeny favor. And if you don't I'll demonize and try to crush your company". Sounds like a democrat. Get yourself into trouble by lying, blame it on somebody else, use your power to harm.

 

[LionDeNittany]

Oil Co profits up 225% over last year.
WTI price per barrel same as March @<$120/barrel
Price of gasoline up $.75 from March.

Biden really sucks. Dang.

LdN

 

[KnightWhoSaysNit]

First you want Biden to take action. Then when he does you complain.
Typical MAGA con.

We do want Biden to take action. We want him to reverse everything he has done since taking office.

That would be constructive action. Blaming everybody but himself is not action.

 

[m.knox]

What I posted shows there is no connection recently between the price of WTI crude at the price at the pump. The oil companies are reaping huge profits while we all suffer.

Added note:
WTI July Futures @ $117/barrel
WTI FAug Futures @ $114/barrel

These facts all indicate the price of gas should be going down from current levels.

Seems like a pretty good connection to me.

You can read the whole article if you like.

https://www.nytimes.com/interactive/2022/06/14/business/gas-prices.html

 

[m.knox]

First you want Biden to take action. Then when he does you complain.
Typical MAGA con.

LOL... What action is Biden taking to assure BIG OIL that will encourage them to invest in increased supply?

 

[m.knox]

Because they can. Oil is a worldwide commodity where the price of oil is the same in Mexico as it is in the USA.

Weren't you saying there is no relationship between gas and oil, and that gas is expensive only because of GREEDY OIL COMPANIES?

 

[Fayette_LION]

And how do they increase output when they are already at 96% capacity?
And how do they get any increased output to market when they cannot build pipelines?
And there is a shortage of trucks and drivers?
And how do they do any of this when ESG and RGGI dominate the industry?
How do they do this when they cannot get financing?
And how they do it quickly with massive regulations?

I can't wait to se how the national Guard runs these refineries better than the oil companies do. FJB.

 

[michnittlion]

And how do they increase output when they are already at 96% capacity?

By taxing all their "windfall profits." Obviously.

 

[The Spin Meister]

I can't wait to se how the national Guard runs these refineries better than the oil companies do. FJB.

Ask Venezuela how that turned out!

 

[The Spin Meister]

Because they can. Oil is a worldwide commodity where the price of oil is the same in Mexico as it is in the USA.

And what is the price of a gallon of gas in Mexico?

 

[junior1]

Oil Co profits up 225% over last year.
WTI price per barrel same as March @<$120/barrel
Price of gasoline up $.75 from March.

Aren't you the guy who posted about supply and demand? What happens to prices when demand exceeds supply? Want the price to come down? Increase supply!

 

[Sullivan]

Oil Co profits up 225% over last year.

And yet Apple makes more than Exxon.

 

[Sullivan]

And how do they increase output when they are already at 96% capacity?

Biden wants the oil companies to stop doing maintenance on their equipment.

 

[2lion70]

Just for a point of reference:
There is a trend in the numbers.

WTI Oil Price Futures​

Contract	Last	Change
Jul 2022	115.69	+0.43
Aug 2022	113.04	+0.32
Sep 2022	110.25	+0.29
Oct 2022	107.59	+0.27
Nov 2022	105.28	+0.35
Dec 2022	103.05	+0.33
Jan 2023	101.14	+0.44
Feb 2023	99.47	+0.60
Mar 2023	97.73	+0.51
Apr 2023	96.47	+0.73
May 2023	95.17	+0.75
Jun 2023	93.82	+0.59
Jul 2023	92.85	+0.74
Aug 2023	91.05	+0.95

 

[m.knox]

Just for a point of reference:
There is a trend in the numbers.

WTI Oil Price Futures​

Contract	Last	Change
Jul 2022	115.69	+0.43
Aug 2022	113.04	+0.32
Sep 2022	110.25	+0.29
Oct 2022	107.59	+0.27
Nov 2022	105.28	+0.35
Dec 2022	103.05	+0.33
Jan 2023	101.14	+0.44
Feb 2023	99.47	+0.60
Mar 2023	97.73	+0.51
Apr 2023	96.47	+0.73
May 2023	95.17	+0.75
Jun 2023	93.82	+0.59
Jul 2023	92.85	+0.74
Aug 2023	91.05	+0.95

You are seeing the Biden recession getting baked in.

 

[Sullivan]

Just for a point of reference:
There is a trend in the numbers.

WTI Oil Price Futures​

Contract	Last	Change
Jul 2022	115.69	+0.43
Aug 2022	113.04	+0.32
Sep 2022	110.25	+0.29
Oct 2022	107.59	+0.27
Nov 2022	105.28	+0.35
Dec 2022	103.05	+0.33
Jan 2023	101.14	+0.44
Feb 2023	99.47	+0.60
Mar 2023	97.73	+0.51
Apr 2023	96.47	+0.73
May 2023	95.17	+0.75
Jun 2023	93.82	+0.59
Jul 2023	92.85	+0.74
Aug 2023	91.05	+0.95

You seem pleased that oil will likely be $90+ a year from now....

 

[bdgan]

So does Joe expect them to build new refineries?

Just to get you through the midterm elections. Then he'll tax them for increased emissions.

 

[Aardvark86]

And yet Apple makes more than Exxon.

...and perhaps (given the way the stats are stated) the overall volume of consumption increased a little in the year after Covid?

 

[JR4PSU]

Because they can. Oil is a worldwide commodity where the price of oil is the same in Mexico as it is in the USA.

You mean the oil companies don't control it?

 

[Monlion]

First you want Biden to take action. Then when he does you complain.
Typical MAGA con.

Because he took the wrong action