Oil down again proving oil prices don't always go up

2lion70

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Talk about the ultimate insult. You voted for this.

Screen-Shot-2021-03-25-at-9.40.13-AM.jpg
Changing the topic is truly a useless practice. There were more than 7 million votes more for Biden than trump. Just accept your guy lost and move on. Do something to help better our country.
 

2lion70

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Are you seriously suggesting that proof is needed for that statement?
Yes, according to all the media, especially Fox, always pointing out new higher oil/gas prices. The folks in the media are really stupid when it comes to matters econ.
 

Lion8286

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Yes, according to all the media, especially Fox, always pointing out new higher oil/gas prices. The folks in the media are really stupid when it comes to matters econ.

Still waiting. And you wonder why we call you 2Lyin?? lol
 
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bdgan

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Yes, according to all the media, especially Fox, always pointing out new higher oil/gas prices. The folks in the media are really stupid when it comes to matters econ.
Funny, I watch Fox Business and they talk about oil prices every day regardless of which direction they move.
 

2lion70

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So tell me again why companies should spend billions of dollars.....that take six months to a couple years to earn any returns .........expanding production. Add in the fact they can’t get new pipelines approved, build new refineries, even get leases on quality lands. Do all that just to see prices collapse again.
The energy companies elected to not increase refining capacity. Those 'quality lands' you speak of are in many cases on US Gov land (owned by the people of the USA) many of whom don't want the pristine sreas spoiled just for the sake of $$$$.
Oil prices, as well as other commodities, have always had variable prices over time - nature of the beast.
 

The Spin Meister

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An altered state
The energy companies elected to not increase refining capacity. Those 'quality lands' you speak of are in many cases on US Gov land (owned by the people of the USA) many of whom don't want the pristine sreas spoiled just for the sake of $$$$.
Oil prices, as well as other commodities, have always had variable prices over time - nature of the beast.
Why do either when they can’t get pipelines built?
 

BicyclePete

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Changing the topic is truly a useless practice. There were more than 7 million votes more for Biden than trump. Just accept your guy lost and move on. Do something to help better our country.
Yeah sure. 81,000,000 votes. The most of any president, but he also did that by winning the least number of counties in any presidential election.

 
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junior1

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Oil prices dropped when the COVID pandemic put the brakes on the worldwide economy. WTI went so low that producers went bankrupt and were paying to have their oil stored. Now we have a huge uptick in demand in a recovery - oil prices up. Then we have a recession looming with worldwide implication - viola oil prices drop.
Now we have projections of $85 per barrel by the end of July with a lot of year end WTI at $65/barrel.
Too many people want to make economic fluctuations political without ever saying what they would do to correct what they bitch about.
Pardon me, but who is president driving us to this recession? The high gas price, inflation didn’t need to be this severe. Biden was warned about the inflation causing $1.9 trillion rescue, he ignored the warning.
Let’s not forget, high oil prices were Putin fault, corporate greed, gas station owner’s fault,etc. So lower prices, we can now thank Putin? Or big oil became more patriotic?

not a bitch, but if you want bigger supply, get out of big oil’s way.
 

2lion70

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Pardon me, but who is president driving us to this recession? The high gas price, inflation didn’t need to be this severe. Biden was warned about the inflation causing $1.9 trillion rescue, he ignored the warning.
Let’s not forget, high oil prices were Putin fault, corporate greed, gas station owner’s fault,etc. So lower prices, we can now thank Putin? Or big oil became more patriotic?

not a bitch, but if you want bigger supply, get out of big oil’s way.
They haven't increased refining capacity in decades. The US produced more oil than the domestic refineries could refine so we had to export crude oil now for at least 3 months. Increasing production will not solve the entire problem.
The oil companies and refiners are the problem.
 
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SR108

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They haven't increased refining capacity in decades. The US produced more oil than the domestic refineries could refine so we had to export crude oil now for at least 3 months. Increasing production will not solve the entire problem.
The oil companies and refiners are the problem.
The oil companies and refiners are the problem.
Why?

For selling their oil for a profit on the world free market?


Producing more oil will increase supply and eventually reduce the price of oil. It seems to be working now.

What type of government hoops do the oil companies have to jump through to build more refineries?
 

The Spin Meister

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An altered state
They haven't increased refining capacity in decades. The US produced more oil than the domestic refineries could refine so we had to export crude oil now for at least 3 months. Increasing production will not solve the entire problem.
The oil companies and refiners are the problem.
Shell is building a cracker plant near me that will take the ethane that comes out with nat gas and convert it into ethylene which is a key ingredient in plastics. They bought an old zinc plant and started an environmental cleanup that cost $250 million dollars removing tons of toxic metals and chemicals...which they did without having permits to build the cracker plant......a huge risk.

It took them three years just to get the permits. Been under construction for five years with 7000 construction workers on site. There will be 900 full time workers after completion. Plus ancillary companies building around it. All at a cost of $8 billion. That is EIGHT FREAKING BILLION DOLLARS!!! And hasn’t produced anything yet.

They built a new nat gas power plant to run the facility that is complete and running, selling electricity into the grid until the plant is running. They built an entirely new water treatment plant for the local municipality. Rebuilt five miles of highway around the plant. Built an entire loading facility on the Ohio River.

So what is the local tv news coverage now that it is nearing completion? They are bringing in environmentalists to talk about how bad plastic is, how much pollution it will have( less than the previous occupant).

Huge risk, long time line, constantly vilified, a hostile political environment......wonder why companies don’t build more?🤦🏻‍♀️
 
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JR4PSU

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SE PA
Changing the topic is truly a useless practice. There were more than 7 million votes more for Biden than trump. Just accept your guy lost and move on. Do something to help better our country.
The only proof that oil goes down needed is a look at oil price during the Trump administration.
 

Hotshoe

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They haven't increased refining capacity in decades. The US produced more oil than the domestic refineries could refine so we had to export crude oil now for at least 3 months. Increasing production will not solve the entire problem.
The oil companies and refiners are the problem.
That's not remotely accurate. We have added on to numerous plants over the years to increase capacity. It's far easier than building new plants due to regulations, legal matters, and environmental wackos. Permitting takes years for refineries.
 

bdgan

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  • Oil prices fell Tuesday as Wall Street weighed recession worries and a stronger dollar.
  • West Texas Intermediate crude sank 8.6% to $99.12 a barrel, and Brent crude tumbled 9% to $103.17.
  • The plunge came as Citibank said Tuesday that oil could dip as low as $65 on weak demand.

1 of 11 Photos in Gallery​
©Yasin Öztürk/Anadolu Agency via Getty Images


'Too big to sanction'? 10 key facts about Russia's oil and commodity exports


  • Sanctions on Russia are intensifying, sending the price of its key commodity exports through the roof.
  • Russia is the world's third-biggest oil producer and the top exporter of nickel, as well as a major coal producer.
  • The US and its European allies are considering a ban on its vast oil and gas sector.
Russia is a big player in the world's commodity markets. It is one of the world's largest exporters of some of the most vital raw materials, from wheat and grains, to oil, natural gas and coal, to gold and other precious metals.
The country's invasion of Ukraine led to a barrage of unprecedented sanctions aimed at isolating Moscow and choking off its access to international financial markets.
While sanctions have not directly targeted Russia's energy exports yet, the US said on Sunday it and its European allies are considering a ban on its imports of its oil. Russia is the world's third-largest producer of oil and one of the biggest producers of gas. A ban would send its customers scrambling for any kind of alternative at any price.
Just the potential for some kind of ban saw Brent crude futures surge to over $130 a barrel Monday, their highest since mid-2008.
But it's not that simple. Russia isn't just dominant in the oil trade. It's one of the biggest producers of wheat and coal. And some experts believe Western leaders will stop short of outright embargoes, given their economies could be too badly damaged by the ensuing price rises as a result.
"Russia is too big to sanction," Fereidun Fesharaki, chairman at energy consultancy company FGE, told Bloomberg last week.
"The global market cannot survive without Russian oil, and certainly Europe cannot survive without Russian gas."

Here are 10 key facts about Russia's energy and commodity exports:​

Read the original article on Business Insider

Oil fell sharply Tuesday as recession fears reverberated throughout Wall Street and the US dollar rallied.
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West Texas Intermediate crude sank 8.6% to $99.12 a barrel, dipping below $100 a barrel for the first time since April. Brent crude tumbled 9% to $103.17.
WTI back near $103 proving once again you're FOS
 

2lion70

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Why?

For selling their oil for a profit on the world free market?


Producing more oil will increase supply and eventually reduce the price of oil. It seems to be working now.

What type of government hoops do the oil companies have to jump through to build more refineries?
For not increasing refining capacity. For not drilling more. And, for being snowflakes that love to complain about government even while they reap huge tax benefits.
 

2lion70

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WTI back near $103 proving once again you're FOS
Daily variations are not all that meaningful. WTI is still down 13% from a month ago. The prices of $85/barrel by 8/1 and $65/barrel by year end were identified as being those of 'experts'. If you have an issue with them tell it to the pil industry experts that made them - I supplied the projections, they made.
 

2lion70

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That's not remotely accurate. We have added on to numerous plants over the years to increase capacity. It's far easier than building new plants due to regulations, legal matters, and environmental wackos. Permitting takes years for refineries.
Please provide the specifics to support that.