Biden Calls Reporter A "Stupid SOB"

[Sociopathicsteelerfan]

(02-03-2022, 01:38 PM)GMDino Wrote: The narrative about Biden cutting production is a bit off.

https://www.dailymail.co.uk/news/article-10453597/Climate-activists-hit-Biden-issuing-drilling-permits-public-land-Trump.html


There is much more to it that just "Biden's policies".  As there always is.

Sure thing, except wrong.

https://www.cnn.com/2021/01/27/business/fracking-ban-biden-federal-leasing/index.html

Even in a very pro-Biden article from CNN you have these little tidbits;

Longer term, less production at home means the United States may have to buy more oil from the Middle East and elsewhere overseas.

"The highpoint for US oil production is likely in the rearview mirror," Fitzmaurice said.

Rapidan Energy projects the United States will produce about 1 million fewer barrels per day in 2023 than if Trump had won a second term.


You're right, 1 million fewer barrels a day won't affect the supply at all.  And yes, I know that's projected into 2023.  It doesn't dry up overnight, but give it a good year, which we have and you get decreased supply, hence higher prices.   Remember when Biden took that bold, presidential action to ease gas prices by releasing 50 million barrels from the reserve?

https://www.whitehouse.gov/briefing-room/statements-releases/2021/11/23/president-biden-announces-release-from-the-strategic-petroleum-reserve-as-part-of-ongoing-efforts-to-lower-prices-and-address-lack-of-supply-around-the-world/

Well, that's less than two months production under Trump.  But no one could possibly think that this diminished supply would cause a rise in price.  Right?

[masonbengals fan]

So to date the things we have learned recently in P&R are Biden/Dem's border is secure (And if you point out it isn't you're a racist), Biden/Dems energy policy has played no role in higher gas prices henceforth only contributing to 40 year high overall inflation & Biden/Dems have fully supported our law enforcement all along.

That pretty much sums it up in a nutshell...

[GMDino]

(02-03-2022, 02:25 PM)masonbengals fan Wrote: So to date the things we have learned recently in P&R are Biden/Dem's border is secure (And if you point out it isn't you're a racist), Biden/Dems energy policy has played no role in higher gas prices henceforth only contributing to 40 year high overall inflation & Biden/Dems have fully supported our law enforcement all along.

That pretty much sums it up in a nutshell...

With a record like that they should have no problem holding on in the next election cycle.

Who said you were racist?  That's a violation around here.

No one said "no role" just not the "only role".

I believe someone (me?) asked what the gop plan was to reduce inflation...not to deny it is a problem.

I don't know if they have "fully supported" but they aren't the lawless group some would insist.

Maybe what we have "learned" is that nuanced positions and discussions get internalized into personal feelings getting hurt when none of that was intended or in some cases ever happened.

[NATI BENGALS]

(02-03-2022, 01:55 PM)Sociopathicsteelerfan Wrote: Sure thing, except wrong.

https://www.cnn.com/2021/01/27/business/fracking-ban-biden-federal-leasing/index.html

Even in a very pro-Biden article from CNN you have these little tidbits;

Longer term, less production at home means the United States may have to buy more oil from the Middle East and elsewhere overseas.

"The highpoint for US oil production is likely in the rearview mirror," Fitzmaurice said.

Rapidan Energy projects the United States will produce about 1 million fewer barrels per day in 2023 than if Trump had won a second term.


You're right, 1 million fewer barrels a day won't affect the supply at all.  And yes, I know that's projected into 2023.  It doesn't dry up overnight, but give it a good year, which we have and you get decreased supply, hence higher prices.   Remember when Biden took that bold, presidential action to ease gas prices by releasing 50 million barrels from the reserve?

https://www.whitehouse.gov/briefing-room/statements-releases/2021/11/23/president-biden-announces-release-from-the-strategic-petroleum-reserve-as-part-of-ongoing-efforts-to-lower-prices-and-address-lack-of-supply-around-the-world/

Well, that's less than two months production under Trump.  But no one could possibly think that this diminished supply would cause a rise in price.  Right?

On another note.

Oil companies seem to be doing pretty well financially.

https://www.cnn.com/2022/02/01/business/exxonmobil-earnings/index.html
"In 2021, ExxonMobil posted its largest profit in seven years, as soaring energy prices added more than $100 billion in revenue to the company's top line." "The company announced it would use its windfall to start a $10 billion share repurchase program. "

https://www.reuters.com/business/chevron-kicks-off-oil-industrys-fourth-quarter-results-with-miss-2022-01-28/
"Full-year earnings of $15.6 billion were the best since 2014 and compare with a $5.5 billion loss in 2020. " "The company said it will buy back about $1.25 billion in shares during the first quarter, at the higher end of its guidance. Chevron this week raised its dividend by 6% to $1.42 per share."

https://www.cnbc.com/2022/02/03/shell-earnings-q4-2021.html
"The British oil major posted adjusted earnings of $19.29 billion for the full-year 2021. That compared with a profit of $4.85 billion the previous year." "Shell also announced an $8.5 billion share buyback program in the first half of 2022 and said it expects to increase its dividend by 4% to $0.25 per share in the first quarter. Share buybacks totaled $3.5 billion in 2021."

https://finance.yahoo.com/news/conocophillips-reports-fourth-quarter-full-120000748.html
"Full-year 2021 earnings were $8.1 billion, or $6.07 per share, compared with a full-year 2020 loss of $2.7 billion, or ($2.51) per share." "In addition, ConocoPhillips today announced a $1 billion increase in expected 2022 return of capital to shareholders to a new total of $8 billion, an increase of more than 30% over 2021. The company declared both an ordinary dividend of 46 cents per share and a second-quarter variable return of cash (VROC) payment of 30 cents per share, a 50% increase over the first-quarter VROC. Combined, the targeted 2022 ordinary dividend and VROC represent a more than 50% increase in cash return to shareholders compared to 2021."

It's probably just easier to blame Biden though. Wouldn't want to confuse the base with numbers and stuff. When we can just say Biden policies are responsible for inflation.

I would think the oil company executives prefer republicans. I'm not even a rocket surgeon, but I think putting the squeeze on the American people is a good way to have influence.

[Sociopathicsteelerfan]

(02-03-2022, 05:34 PM)NATI BENGALS Wrote: On another note.

Oil companies seem to be doing pretty well financially.

https://www.cnn.com/2022/02/01/business/exxonmobil-earnings/index.html
"In 2021, ExxonMobil posted its largest profit in seven years, as soaring energy prices added more than $100 billion in revenue to the company's top line." "The company announced it would use its windfall to start a $10 billion share repurchase program. "

https://www.reuters.com/business/chevron-kicks-off-oil-industrys-fourth-quarter-results-with-miss-2022-01-28/
"Full-year earnings of $15.6 billion were the best since 2014 and compare with a $5.5 billion loss in 2020. " "The company said it will buy back about $1.25 billion in shares during the first quarter, at the higher end of its guidance. Chevron this week raised its dividend by 6% to $1.42 per share."

https://www.cnbc.com/2022/02/03/shell-earnings-q4-2021.html
"The British oil major posted adjusted earnings of $19.29 billion for the full-year 2021. That compared with a profit of $4.85 billion the previous year." "Shell also announced an $8.5 billion share buyback program in the first half of 2022 and said it expects to increase its dividend by 4% to $0.25 per share in the first quarter. Share buybacks totaled $3.5 billion in 2021."

https://finance.yahoo.com/news/conocophillips-reports-fourth-quarter-full-120000748.html
"Full-year 2021 earnings were $8.1 billion, or $6.07 per share, compared with a full-year 2020 loss of $2.7 billion, or ($2.51) per share." "In addition, ConocoPhillips today announced a $1 billion increase in expected 2022 return of capital to shareholders to a new total of $8 billion, an increase of more than 30% over 2021. The company declared both an ordinary dividend of 46 cents per share and a second-quarter variable return of cash (VROC) payment of 30 cents per share, a 50% increase over the first-quarter VROC. Combined, the targeted 2022 ordinary dividend and VROC represent a more than 50% increase in cash return to shareholders compared to 2021."

It's probably just easier to blame Biden though. Wouldn't want to confuse the base with numbers and stuff. When we can just say Biden policies are responsible for inflation.

Wait, you mean the oil companies make more money when the price of oil is high?  I, for one, am shocked.  Shocked, I tell ya!

[masonbengals fan]

(02-03-2022, 02:51 PM)GMDino Wrote: Who said you were racist?  That's a violation around here.

No one said "no role" just not the "only role".

I believe someone (me?) asked what the gop plan was to reduce inflation...not to deny it is a problem.

I don't know if they have "fully supported" but they aren't the lawless group some would insist.

Maybe what we have "learned" is that nuanced positions and discussions get internalized into personal feelings getting hurt when none of that was intended or in some cases ever happened.

 Whew... that's a lot to unpack. I've told you before it's nothing personal. I don't know you. So please stop trying to twist my post into such.

 If anyone's feelings are easily hurt then maybe P&R isn't the best place to hang out. IMHO

[GMDino]

(02-03-2022, 09:10 PM)masonbengals fan Wrote:  Whew... that's a lot to unpack. I've told you before it's nothing personal. I don't know you. So please stop trying to twist my post into such.

 If anyone's feelings are easily hurt then maybe P&R isn't the best place to hang out. IMHO

I didn't twist anything.  I asked questions and clarified.

You posted what "we learned" and it wasn't what was actually posted...that's all.

[GMDino]

(02-03-2022, 05:34 PM)NATI BENGALS Wrote: On another note.

Oil companies seem to be doing pretty well financially.

https://www.cnn.com/2022/02/01/business/exxonmobil-earnings/index.html
"In 2021, ExxonMobil posted its largest profit in seven years, as soaring energy prices added more than $100 billion in revenue to the company's top line." "The company announced it would use its windfall to start a $10 billion share repurchase program. "

https://www.reuters.com/business/chevron-kicks-off-oil-industrys-fourth-quarter-results-with-miss-2022-01-28/
"Full-year earnings of $15.6 billion were the best since 2014 and compare with a $5.5 billion loss in 2020. " "The company said it will buy back about $1.25 billion in shares during the first quarter, at the higher end of its guidance. Chevron this week raised its dividend by 6% to $1.42 per share."

https://www.cnbc.com/2022/02/03/shell-earnings-q4-2021.html
"The British oil major posted adjusted earnings of $19.29 billion for the full-year 2021. That compared with a profit of $4.85 billion the previous year." "Shell also announced an $8.5 billion share buyback program in the first half of 2022 and said it expects to increase its dividend by 4% to $0.25 per share in the first quarter. Share buybacks totaled $3.5 billion in 2021."

https://finance.yahoo.com/news/conocophillips-reports-fourth-quarter-full-120000748.html
"Full-year 2021 earnings were $8.1 billion, or $6.07 per share, compared with a full-year 2020 loss of $2.7 billion, or ($2.51) per share." "In addition, ConocoPhillips today announced a $1 billion increase in expected 2022 return of capital to shareholders to a new total of $8 billion, an increase of more than 30% over 2021. The company declared both an ordinary dividend of 46 cents per share and a second-quarter variable return of cash (VROC) payment of 30 cents per share, a 50% increase over the first-quarter VROC. Combined, the targeted 2022 ordinary dividend and VROC represent a more than 50% increase in cash return to shareholders compared to 2021."

It's probably just easier to blame Biden though. Wouldn't want to confuse the base with numbers and stuff. When we can just say Biden policies are responsible for inflation.

I would think the oil company executives prefer republicans. I'm not even a rocket surgeon, but I think putting the squeeze on the American people is a good way to have influence.

Just to add to this:  

ConocoPhillips is concerned about overall levels of U.S. oil production growth getting too big, especially after recent announcements of Permian Basin increases from Exxon and Chevron https://t.co/wlx8LpsUHe

— Bloomberg (@business) February 3, 2022

 

[GMDino]

https://www.axios.com/us-energy-independent-petroleum-2982ed18-9110-4c31-ad67-82abe643f661.html

Quote:[color=rgba(101,101,104,var(--text-opacity))]Updated 2 hours ago - Economy & Business
The U.S. is now energy independent
[/url]
[url=https://www.axios.com/authors/nirwin/]
Neil Irwin



[/color]
Data: Energy Information Administration. Chart: Axios Visuals
For decades, politicians have talked about the U.S. achieving energy independence, a seemingly elusive goal of producing enough fuels to avoid relying on the rest of the world to fill up gas tanks and keep electricity flowing.

The intrigue: It's elusive no more. The U.S. produced more petroleum than it consumed in 2020, and the numbers were essentially in balance in 2021, according to the Energy Information Administration.

Why it matters: The surge in oil prices taking place in 2022 has radically different implications for the U.S. economy — and for key geopolitical relationships in the Middle East and Russia — than in past episodes when energy prices have risen.
The big picture: In the past, when oil prices spiked, the impact on the U.S. economy was straightforward: It made America poorer, as more of our income went overseas to pay for imported energy.

• Now, after the shale gas revolution of the last 15 years, the impact is more subtle. Higher fuel prices disadvantage consumers and energy-intensive industries, yes. But there is a counteracting surge in incomes for domestic energy producers and their workers.
• Higher oil prices no longer depress overall measures of prosperity like GDP and national income, but rather shift it around toward certain regions. Texas and North Dakota win; Massachusetts and North Carolina lose.
  

By the numbers: As recently as 2010, America imported 9.4 million barrels a day of oil more than it exported. That had swung to a 650,000 barrel per day surplus in 2020, and preliminary numbers for 2021 show trade pretty much in balance last year.

Worth noting: To the degree the U.S. does still import oil, more of it is coming from our closest ally. Canada was the source of 51% of U.S. petroleum imports in the first 10 months of 2021, compared with 8% from the Persian Gulf.

• By contrast, the Gulf states supplied more than 30% of American petroleum imports in 2008.
  

Free idea for an international relations professor: Assign an essay question on how the changing economics of energy could affect America's stance in Middle Eastern diplomacy.


The impact on geopolitics extends to a potential Russian invasion of Ukraine. Disruptions to European energy supplies would have a less direct effect on the U.S. than they might have in an earlier era.

The bottom line: When oil prices spike, it's no longer a problem for overall growth—but because energy is a global market, it still means pain for American consumers and the sitting administration.

Editor's note: This screen originally published on Feb. 17.