Oil price hell is coming

[46zilzal]

The Hubbert peak theory is based on the observation that the amount of oil under the ground in any region is finite, therefore the rate of discovery which initially increases quickly must reach a maximum and decline. In the US, oil extraction followed the discovery curve after a time lag of 32 to 35 years. The theory is named after American geophysicist M. King Hubbert, who created a method of modeling the production curve given an assumed ultimate recovery volume.

And you wonder why the price continues to increase along with the fact that the MAJOR auto companies SEE the future and are moving IN MASS, to electic and hybrid cars.

[JustRalph]

Originally Posted by 46zilzal

The Hubbert peak theory is based on the observation that the amount of oil under the ground in any region is finite, therefore the rate of discovery which initially increases quickly must reach a maximum and decline. In the US, oil extraction followed the discovery curve after a time lag of 32 to 35 years. The theory is named after American geophysicist M. King Hubbert, who created a method of modeling the production curve given an assumed ultimate recovery volume.

And you wonder why the price continues to increase along with the fact that the MAJOR auto companies SEE the future and are moving IN MASS, to electic and hybrid cars.

Yep…..there’s only enough oil in west Texas for the next 200 years.

They better hurry……

[elysiantraveller]

Biden Administration going to announce easing of sanctions on Venezuela. Will allow Chevron to pump and ease pressure in US/EU markets.

We really need to nationalize our refineries though, leverage the strategic reserve to fix prices, and subsidize drilling.

[garyscpa]

Originally Posted by elysiantraveller

Biden Administration going to announce easing of sanctions on Venezuela. Will allow Chevron to pump and ease pressure in US/EU markets.

We really need to nationalize our refineries though, leverage the strategic reserve to fix prices, and subsidize drilling.

Yes, socialism's the answer.

[Stevecsd2]

Originally Posted by elysiantraveller

Biden Administration going to announce easing of sanctions on Venezuela. Will allow Chevron to pump and ease pressure in US/EU markets.

We really need to nationalize our refineries though, leverage the strategic reserve to fix prices, and subsidize drilling.

You mean like Venezuela???:confuse d:

[elysiantraveller]

Originally Posted by garyscpa

Yes, socialism's the answer.

Noooo...

You don't understand production.

You nationalize refineries because we have a strategic interest in the amount of crude refinement. We can also refine more of it than anyone in the world... its not even close.

Then you fix prices and provide subsidies so that domestic production of crude can actually get off the ground before the Saudis and OPEC+ can kill it off by ramping production to where it's not a profitable investment.

[elysiantraveller]

Originally Posted by Stevecsd2

You mean like Venezuela???:confuse d:

No. Like Saudi Arabia.

See above.

What happens to oil prices is whenever competitors begin to crop up the Saudis just start pumping more. That lowers the prices and domestic producers get taken to the cleaners on their investment.

It's actually breaking a monopoly.

[mostpost]

Originally Posted by Tom

Biden has depleted our STRATEGIC oil reserves to new low levels and id going to release more. We will have to replace it with$100+ a barrel oil. Trump had found a deal to top it off for $24 a barrel, but UpChuck Schumer killed it.

After severley hurting oil ability to supply our own oil, Biden buddied up to the Saudi's worst enemy, Iran, which is pushing SA closer to Russia and China, and then attacked the Saudi Prince calling him a murdere and pissing him off royally, all before going there, hat in hand, kneeling and groveling, begging for oil. Duh.

The man is a traitor, he should be impeached Day 2 of the next congress.

Strangely enough in 2021 we imported 2.231 Trillion barrels of oil. Fewer than any Trump year except the pandemic year of 2020 and the fewest since 1992. We also produced 4.115 trillion barrels domestically. That is above the Average for four years of Trump.

Finally, in 2021 64.8% of our crude oil was produced domestically. A higher % than 3 of 4 Trump years.

By the way, the Saudi Prince is a murderer. And the next Congress will be more Democratic than this one.
WHICH IS GOING TO MAKE ME LAUGH!!!!!

[elysiantraveller]

Originally Posted by mostpost

Strangely enough in 2021 we imported 2.231 Trillion barrels of oil. Fewer than any Trump year except the pandemic year of 2020 and the fewest since 1992. We also produced 4.115 trillion barrels domestically. That is above the Average for four years of Trump.

Finally, in 2021 64.8% of our crude oil was produced domestically. A higher % than 3 of 4 Trump years.

By the way, the Saudi Prince is a murderer. And the next Congress will be more Democratic than this one.
WHICH IS GOING TO MAKE ME LAUGH!!!!!

The issue is... and always has been refining the stuff.

Strategically it is too important to let the market determine it.

Instead of letting OPEC set the price of crude Uncle Sam can instead.

[TJDave]

Originally Posted by elysiantraveller

The issue is... and always has been refining the stuff.

Strategically it is too important to let the market determine it.

Instead of letting OPEC set the price of crude Uncle Sam can instead.

Markets set the price. OPEC controls supply side, somewhat.

US crude stocks are privately owned. Don’t see how the government could set prices.

[Tom]

Originally Posted by TJDave

Markets set the price. OPEC controls supply side, somewhat.

US crude stocks are privately owned. Don’t see how the government could set prices.

By not hobbling the domestic supply.

Make no mistake, the high gas prices are EXACTLY what Dipshit Joe and the dems WANT. Them and their little dog mostpost.

[elysiantraveller]

Originally Posted by TJDave

Markets set the price. OPEC controls supply side, somewhat.

US crude stocks are privately owned. Don’t see how the government could set prices.

Futures and speculation sets the price... somewhat... but still overwhelmingly tied to how much of the stuff the producing countries suck out of the ground.

[xtb]

Originally Posted by 46zilzal

The Hubbert peak theory is based on the observation that the amount of oil under the ground in any region is finite, therefore the rate of discovery which initially increases quickly must reach a maximum and decline. In the US, oil extraction followed the discovery curve after a time lag of 32 to 35 years. The theory is named after American geophysicist M. King Hubbert, who created a method of modeling the production curve given an assumed ultimate recovery volume.

And you wonder why the price continues to increase along with the fact that the MAJOR auto companies SEE the future and are moving IN MASS, to electic and hybrid cars.

Theories on the origin of crude oil has ranged from mass vegetation die offs to marine life, no one knows for sure. There is evidence now that oil seeps up from the Earth's core and depleted oil fields are being replenished. I can remember in third grade being taught that all crude oil will be gone by the year 2000. Also was taught that year "Global Cooling" was "real" and we were entering an ice age due to pollution. Not coincidentally, it was the year of the first "Earth Day" in 1970. Fear mongering was happening then too.


Auto manufacturers are being forced to develop electric cars. Are you not aware of legislation banning the sale gasoline combustion engines? What is finite is Lithium, you know, that stuff electric car batteries are made from. And it is mostly controlled by China. And mining it is environmentally disastrous.

[Tom]

Here is a fact.
We do not have the infrastructure to support mostly electric cars.

Some states can barely handle heat waves.

[Inner Dirt]

Originally Posted by Tom

Here is a fact.
We do not have the infrastructure to support mostly electric cars.

Some states can barely handle heat waves.

That is because all the heat waves are now RECORD BREAKING due to CLIMATE CHANGE. Of course the definition of RECORD BREAKING has also changed.