Oil

[GMDino]

(03-03-2022, 11:03 AM)StrictlyBiz Wrote: Good information, but let's be honest and not pin it on one party. I find it amusing when people only tell half of the story, conveniently leaving out the obvious second 1/2. Dead give-away that you're dealing with a partisan political hack.


https://www.investors.com/news/oil-export-ban-lift-needs-obama-ok/

(03-03-2022, 12:30 PM)michaelsean Wrote: Why did he only mention the oil bribed GOP congress?  Who bribed Obama?

Sorry I wanted to come back to this after getting time to read the entire article:

Quote:President Obama signed the 2016 spending bill Friday, including a provision that would allow the export of U.S. crude for the first time in more than 40 years.


The bill passed through Congress quickly, with politicians eager to start their holiday vacations, even though some Democrats were upset it included the provision to lift the crude export ban and didn't allow Puerto Rico to declare bankruptcy. But the legislation, which included a tax credit for wind and solar energy, included enough for Democrats to push it through.


First Solar (FSLR) shares fell 1.7% to close at 63.41 in the stock market today. SunPower (SPWR) shares closed up 3.5%. SunEdison (SUNE) share jumped 4.2% after making large gains earlier this week.


The $1.1 trillion omnibus budget got President Obama's signature late afternoon Friday, even though he threatened to threatened to veto legislation lifting the ban.


Now Continental Resources (CLR), EOG Resources (EOG) and other shale players, along with oil majors like Exxon Mobil (XOM) and Chevron (CVX), can start exporting crude extracted from U.S. oilfields.

The ban started in the 1970s as an attempt to protect Americans from price spikes, some of which were caused by Middle Eastern countries using oil as a political weapon.


But shale producers have long argued the ban is outdated, and since oil prices have plunged, they have also said allowing exports would help support continued drilling activity.


The Energy Department also has said lifting the ban would boost the U.S. economy and could help lower gasoline prices, echoing what economists have being saying for years.


Oil prices have been falling on worries over a supply glut, and U.S. crude futures settled down Friday.


Continental shares plunged 6% to 22.71. EOG shares were down 2.6%. Cabot Oil & Gas (COG) shares climbed 0.9%. Exxon shares fell 0.9%. Chevron shares were down 0.8%.

So it looks like a little "bipartisanship" got that through with the tax breaks for alternative energies too.

Still not saying I agree with it.  And my main point remains that when gas prices go up there is something we could do...but that might cut into profits.