09-08-2023, 10:38 PM
(09-08-2023, 07:47 PM)KillerGoose Wrote: [*][*]
This has been beaten to death, but no, that isn't the reason. The Keystone Pipeline was not operational and was not supplying oil to the market. The United States right now is on track to drill more oil in a calendar year than we ever have in our history. It is recognized that oil is the backbone of the economy, hence high production. Oil prices started raising due to a production cut in the middle of COVID. Once lockdowns were released, demand recovered more than anticipated and the supply wasn't there to manage the prices. Oil reached a low price in April of 2020 and steadily climbed from that point on before spiking hard in February and March of 2022 - the Russian invasion of Ukraine.
Hydrocarbon markets are volatile and there are many, many factors that influence them. They are a global market. Biden cancelling the Keystone, and many other Biden policies, are not affecting current hydrocarbon prices in any significant way. Now, 5-10 years down the road, they might be, but they aren't right now. The U.S.A. is producing at an all-time high.
No. The amount we produce is only one factor… the main one is that it is not keeping up with the demand. We currently import 25% of our oil needs. The Keystone pipeline would have produced 830,000 barrels a day before moron castrated it. That is not an insignificant number considering we use 20 million a day. Not to mention, employed 11,000 people. When you add to that the fact that Biden paused new leases on federal land, added a lot of red tape for permits, spent so much time shit talking oil companies to the point where Saudi Arabia laughs their asses off when he begs them to produce more because he’s coming from a place of weakness… I mean, the dude has crippled us. If you don’t realize that, then sorry, I can’t help ya there.
It is mind blowing how much the media protects this guy. Trump made a typo on a tweet and they were saying he had dementia… Biden shakes hands with a ghost, all’s quiet on the western front. Trump says a positive thing about Putin, he’s “colluding.” Biden lets a spy balloon fly over military bases, all’s quiet on the western front again. He’s an absolute embarrassment in not only how he conducts himself but also his policies. I truly don’t get it.
