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

bourbon n blues

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Nov 20, 2019
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Because he took the wrong action
Removing clutter so you house is less likely to burn down if there's some accidental fire is good. Tossing a match on it is not good. Well, you wanted me to do something?
Not that you idiot. Doing the wrong and stupid thing is never good.
 

The Spin Meister

Well-Known Member
Nov 27, 2012
24,267
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An altered state
Oil Co profits up 225% over last year.
WTI price per barrel same as March @<$120/barrel
Price of gasoline up $.75 from March.
A) Prices quoted on March are for April delivery.
B) Takes a couple months for crude to be delivered, refined, end product distributed, and then sold.
C) Summer/holiday driving + spring planting season increases demand.
 

junior1

Well-Known Member
May 29, 2001
6,048
6,331
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Just for a point of reference:
There is a trend in the numbers.

WTI Oil Price Futures​

ContractLastChange
Jul 2022115.69+0.43
Aug 2022113.04+0.32
Sep 2022110.25+0.29
Oct 2022107.59+0.27
Nov 2022105.28+0.35
Dec 2022103.05+0.33
Jan 2023101.14+0.44
Feb 202399.47+0.60
Mar 202397.73+0.51
Apr 202396.47+0.73
May 202395.17+0.75
Jun 202393.82+0.59
Jul 202392.85+0.74
Aug 202391.05+0.95
all the numbers are great, but let's not forget the objective here. We need more oill, gas and refined products. Our energy department should have some idea, or even a guess, as to how much is needed based on historical norms adjusted for growth...they surely have some kind of model to go by.
Part of government's responsibility is to create the environment for business to provide "things" for the population...look at the latest "subsidy" for chip manufacturers.
In this case, it's hard to make a case that the biden administration is creating a positive environment for oil companies.....in fact, you might be able to make a case that the last few administrations didn't see the writing on the wall for the need for additional refining capacity and incentivize growth.
I see things a little differently than our politicians who talk about we're producing more oil than ever, or, a good one, we produced more in our first year of government than the last administration did in their first year. To me they are all deflections to avoid the true reality that we are not producing enough. And what Biden should be doing is identifying the root causes of the shortfall and developing both short and long term solutions to solve the problem. Calling out oil companies, refineries etc makes good political headlines, but doesn't put a drop of gas in the car of the guy who has to drive to the plant for work
 

Aardvark86

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Jan 23, 2018
7,693
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all the numbers are great, but let's not forget the objective here. We need more oill, gas and refined products. Our energy department should have some idea, or even a guess, as to how much is needed based on historical norms adjusted for growth...they surely have some kind of model to go by.
Part of government's responsibility is to create the environment for business to provide "things" for the population...look at the latest "subsidy" for chip manufacturers.
In this case, it's hard to make a case that the biden administration is creating a positive environment for oil companies.....in fact, you might be able to make a case that the last few administrations didn't see the writing on the wall for the need for additional refining capacity and incentivize growth.
I see things a little differently than our politicians who talk about we're producing more oil than ever, or, a good one, we produced more in our first year of government than the last administration did in their first year. To me they are all deflections to avoid the true reality that we are not producing enough. And what Biden should be doing is identifying the root causes of the shortfall and developing both short and long term solutions to solve the problem. Calling out oil companies, refineries etc makes good political headlines, but doesn't put a drop of gas in the car of the guy who has to drive to the plant for work
Yeah here’s the thing. When the first thing an administration resorts to is threats under the defense production act, it’s a pretty good indicator that (I) they don’t have a clue what they’re doing, and/or (ii) we’re ****ed.
 

DJ Spanky

Well-Known Member
Jul 25, 2001
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"There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,"

Once again doing everything in his power to shift the blame to someone else.

"My administration is prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied."

That's not possible. You can't just get a refinery to suddenly produce more finished product. And increasing refinery capacity? That has been bottlenecked for YEARS as environmentalists and other activists have fought tooth and nail to prevent new refineries from being built and existing refineries from expanding.

As always, this schmuck is just blowing smoke and trying to shift the blame.
 

Aardvark86

Well-Known Member
Jan 23, 2018
7,693
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The r’s really need to quickly refresh and update this old ad and get it on the media post haste.

I see it with Nancy and Paul pelosi in the car.
 
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LafayetteBear

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Dec 1, 2009
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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 .
Using your hypothetical:

1. Profit margin remains the same, but profits are way up (I.e., 225% up). What business would not like to maintain the same profit margin as sales volume expands?

2. You know their expenses are up how? That may well be the case, but my guess is that you have no data and are merely guessing.

3. Regarding the reports of record oil company profits, it would be useful to know if these are gross (I.e., top line) profits or net profits are taking expenses into account.
 

PaoliLion

Well-Known Member
Nov 2, 2003
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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.

LOL - wow, you are one big stupid son of a bitch
 

1Hammers1

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Jan 26, 2014
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It's getting to the point that Biden is going to use the defence production act to get another ice cream cone in his favorite flavor.
 
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Lion8286

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Sep 1, 2008
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Oil Companies Unload On Biden After His Thinly-Veiled Threats​

  • Oil companies responded in force after President Joe Biden threatened executive action over U.S. refinery capacity declines.
  • “Following on your campaign promise to ‘end fossil fuel,’ consider just some of the policy and investment signals being sent by various federal agencies and allied state governments to the market about our refining industry,” the American Petroleum Institute and American Fuel & Petrochemical Manufacturers wrote to Biden on Wednesday.
  • “What we have seen since January 2021 are policies that send a message that the Administration aims to impose obstacles to our industry delivering energy resources the world needs,” Chevron spokesperson Bill Turenne said.

 

1Hammers1

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Jan 26, 2014
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My guess is gasoline will have to hit 25 bucks a gallon before bidens dream comes true.