There’s absolutely no way we are producing record oil in the US. But i cant find any articles disputing this. Biden on day one shut down keystone pipeline and started cancelling any expired drilling leases. You cant do this and have record production at the same time. Let alone higher gas. Can someone back me up with a link

Sumbitch doesn’t care about production. He’s a tree hugger.

You don't need an article. You can easily go to the source. This is where any article would get their production information. There's all sorts of data freely available.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M


Keep in mind the Keystone Pipeline was to bring crude oil from Alberta, Canada (another country) to the USA.

We already have a huge network of pipelines across this country. The environmental BS for the Keystone never made any sense to me. There was some some underlying motivation.

the largest producers (wells)in the US are on private, the most profitable are offshore.

He did try to curtail production in Texas with reinstating some methane restriction/mandates that trump dumped

Then why has gas been substantially higher the first week biden came in. Average is $3.60 today
And this is with him draining our emergency reserves to a 40 year low to lower the prices

I saw diesel for $3.25 today. Still got a way to go to get to $1.60 before JB.

Gasoline and related products are higher all over the world except in areas with specific price controls.

By emergency reserves, if you are referring to the strategic petroleum reserves, a politician might be able to influence the price of refined gasoline and related products in the USA by a few minor cents for a couple of weeks, by playing with the reserves. That's largely a political gesture as I understand.

If you are wanting to better understand the price of gasoline then you need to also look at refining capacity and production.

Timing is everything. This all started exactly when biden came in office. In fact he campaigned he was cutting back on fossil fuels. Not buying biden has nothing to do with it

Couple of weeks ago talked to a guy who's company rebuilds oil derricks. He said he is sending most of them to South America, Brazil and Argentina. I think he made the comment that OK has a pretty low count of active drilling now.

Rig count.

https://ycharts.com/indicators/us_rotary_rigs

Oh Ya! You the man Tbar!

That's more than I pay for non-ethanol 91 octane.
87 octane E10 is about a dollar less than you said.
Of course one could argue it's still too high...

I always watch the rig count. It was the lowest (254 rigs) in 8-2020 when I was laid off and just decided to retire early. I don`t think you can compare the rig count # today to the same count 10 years ago though. They are way more efficient at what they do today.

He didn’t just cancel any expired leases, on day one he also cancelled any future permits for offshore oil & gas production (what I do). I know what it looks like for this industry to be booming, and this ain’t it. No way we are producing record oil right now.

Turk, the chart is an eye opener. I was drinking the keystone kool aid. The usual question is demand vs supply. Thus , if we are producing a record amount and there is no shortage, the question is who is controlling prices. Big oil, Arabs, and other suppliers are colluding with the assistance or at least awareness of the US government.

I don’t care if the Keystone came mostly from Canada. The pipeline was built and the supply was here. This smacks of collusion between the US government and big oil world wide.

Current national average is $3.21. Thankfully we're about 60 cents below that in TX, but there are places around the country that are much higher. I was in Colorado last summer and was surprised to have to pay nearly $1/gal extra over TX prices. Shipping to locations distant from refineries is $$$.

JB, he's a good 'un ain't he! WPOS!!!!

Consider what .gov has done with the reporting of inflation, the consumer price index, and the cost of living...by changing the rules on how the calculations are done, they dramatically move the needle in their favor. At the risk of a ban, I'll also remind people about the apparent manipulation of hospital beds and death rates from a couple of years ago.

Does anyone think that a government agency called the "U.S. Energy Information Administration" might be changing the rules on how oils supply is calculated?

With regard to oil and gas prices: The current administration is working overtime to increase the cost of producing fossil fuel based energy. Additional environments regulations and restrictions are at the forefront of that, but permitting, additional reporting, and the like is also increasing cost. Rewinding a few years, there was a public comment by someone in the current administration that the plan was to increased the cost of gasoline $1/year until it forced the use of alternative energy.

Now factor in the the impact of inflation into the energy industries cost to produce that gallon of gasoline, fuel oil, or diesel. Depending on the source you choose, 19.2% to 21.3 are the "real" inflation numbers thrown around.

Honestly, I'm just glad the cost is not higher than it is today. We need a political shift to hope for any improvement in energy prices.

It never made sense to me that US oil producers would want tar oil in the market, refiners yes, producers no.

We do have record US crude oil production. Pipeline and refining capacity as mentioned above, are one reason prices aren't lower than they are.

He's a CCP puppet.

One could, since it was $1.89 in November of 20.

Good read on petro supply and demand

https://www.nasdaq.com/articles/ame...meet-its-needs-so-why-do-we-import-crude

Thanks

It’s more than just the USA president. Skinner’s post I believe explains well the Biden impact for the USA.