03-03-2022, 06:45 PM
(03-03-2022, 06:39 PM)Stewy Wrote: I'm a geoscientist. I never believe in absolutes, but I do have opinions backed by data and correlation.
i do agree that the current oil price situation is not the POTUS' fault nor is there anything he can really do IN THE SHORT TERM. However, everything he is doing to make it better is either a bad look (begging OPEC to increase production, while hampering O&G production back home), pointless (releasing strategic reserves) or makes him look like an idiot (now asking the US Companies he's ignored and hampered to increase production).
On a side note, having oil prices this high is bad for everyone (except maybe OPEC). It damages economies....makes people angry and increases their cost of living. A good oil price that is a nice balance is 60-80$ per barrel. High enough to keep the oil companies looking for more oil is exotic hard to reach places, but low enough to a medial energy cost for everyone. 110$ oil is bad for everyone. What everyone would like, including the leaders of our industry is some stability, which history shows really doesn't exist in oil prices.
An excellent response to my obviously tongue in cheek post. I always love having a subject matter expert on hand. I can tell you first hand that many people will claim to know a lot about a profession and how it operates and then demonstrate absolutely zero knowledge of how it actually works. My main point, and please tell me if I'm wrong, is that Biden's obvious hostility to the industry, and limiting their ability to operate, will drive speculators to raise the price of oil through their investment patterns, hence the higher prices we are seeing now. Or at least that's a significant factor.
