cannabineer
Ursus marijanus
Anecdote, thank you play again
Democrat virtue signaling = bad energy policy and inflation
- Thread starter GOT420
- Start date
MICHI-CAN
Well-Known Member
Cause Danna Nessel will pursue price gouging.
jimihendrix1
Well-Known Member
Gas prices were cheap a year and a half ago because of covid, and nobody was driving. There was no demand. They cut back production, and compaines havent kept up with demand. Simple as that. Along with stockholders not wanting to invest in more drilling, though were are producing more oil now, than prepandemic, supply is still not keeping up with demand. Also some refineries shut down because of the hurricanes in 2020, and 2021, and are still being repaired.
The real shortages were in the 70s.. Anyone remember the shortages in the 70s?? I do. Cars lined up for a mile in some locations, and also rationed.
The first gas shortage in the 1970s was sparked in October 1973 because of the Yom Kippur War. The Organization of Petroleum Exporting Countries, or OPEC, reduced the oil supply and placed an embargo on countries that supported Israel in the war.
In June of 1973, the price of a gallon of gasoline was under 50 cents. By May of 1974, it had skyrocketed to over $4.00 per gallon
Gas stations were selling gas on an odd/even day basis. If your license plate number ended in an even number, you could buy gas on certain days and the same concept applied to odd numbered license plate numbers. If your car had vanity tags, you could only buy gas on odd days
I remember many times being in the car, waiting in the gas line which stretched out of the parking lot and at times about ¼ of a mile, or more down the road. People even lined up with their gas-powered lawn mowers. It wasn’t unheard of to wait in line for a couple of hours only to find out that the pumps were empty when you finally made it to the front of the line.
Gas stations limited the amount of gas that could be purchased on any one visit. The shortage was so dire that some gas stations couldn’t even buy gas and had to close because they had no gas to sell. President Nixon had asked gas station owners not to sell gas on Saturday nights or at all on Sundays. Most complied with the conservation request but plenty did not.
At the height of the 1970's gas shortage, alternative and renewable energy sources were being explored. Now, we have more fuel-efficient vehicle and even vehicles that run on electricity. At the time, we would never have dreamed of an electric car! Unfortunately, after the gas shortage leveled out, most of us went back to business as usual as far as our gas usage
And the reTHUGliKLANS have been fighting alternative energy for over 40 years, leaving us at the mercy of the middle east.
This shit didnt start in 2018 like the lying senator ties to make people believe. It started in the 70s. When Ray Guns got in office the first thing he did was dismantle Carters solar program, and in my neck of the woods in eastern Kentucky, they shut down the H Coal Plant. It was designed to turn coal into oil, and for the production of synthetic fuels.
The real shortages were in the 70s.. Anyone remember the shortages in the 70s?? I do. Cars lined up for a mile in some locations, and also rationed.
The first gas shortage in the 1970s was sparked in October 1973 because of the Yom Kippur War. The Organization of Petroleum Exporting Countries, or OPEC, reduced the oil supply and placed an embargo on countries that supported Israel in the war.
In June of 1973, the price of a gallon of gasoline was under 50 cents. By May of 1974, it had skyrocketed to over $4.00 per gallon
Gas stations were selling gas on an odd/even day basis. If your license plate number ended in an even number, you could buy gas on certain days and the same concept applied to odd numbered license plate numbers. If your car had vanity tags, you could only buy gas on odd days
I remember many times being in the car, waiting in the gas line which stretched out of the parking lot and at times about ¼ of a mile, or more down the road. People even lined up with their gas-powered lawn mowers. It wasn’t unheard of to wait in line for a couple of hours only to find out that the pumps were empty when you finally made it to the front of the line.
Gas stations limited the amount of gas that could be purchased on any one visit. The shortage was so dire that some gas stations couldn’t even buy gas and had to close because they had no gas to sell. President Nixon had asked gas station owners not to sell gas on Saturday nights or at all on Sundays. Most complied with the conservation request but plenty did not.
At the height of the 1970's gas shortage, alternative and renewable energy sources were being explored. Now, we have more fuel-efficient vehicle and even vehicles that run on electricity. At the time, we would never have dreamed of an electric car! Unfortunately, after the gas shortage leveled out, most of us went back to business as usual as far as our gas usage
And the reTHUGliKLANS have been fighting alternative energy for over 40 years, leaving us at the mercy of the middle east.
This shit didnt start in 2018 like the lying senator ties to make people believe. It started in the 70s. When Ray Guns got in office the first thing he did was dismantle Carters solar program, and in my neck of the woods in eastern Kentucky, they shut down the H Coal Plant. It was designed to turn coal into oil, and for the production of synthetic fuels.
Lmao, I’ll be telling you I told you so when it reaches 5-6-7-8 a gallon. This was intentionally caused by this administration and their trash policies. Green energy technology is not enough. The power plants are reverting back to coal because of the price of natural gas is too high. They are on track to burn 23% more coal this year than last. That’s not a good greenhouse energy policy IMO. The price of plastics and everything we have is going to go through the roof if this is sustained for a few months.
They blocked the keystone pipeline on day one causing gas to rise. They allowed one of our own pipelines to get hacked and price increased. Then he even lifted sanctions on the Russian Nord stream 2 pipeline in May last year. They finished it in September. Last year an Obama appointed judge blocked the lease of 80 million acres in the gulf. That would have been the largest in the country. So you tell me..how was this not intentional? Didn’t they know Russia would invade Ukraine once the pipeline was finished? Did they not plan for this exact scenario? I bet you it was no surprise to anyone this happened. Look at how quickly the private sector got on board with deleting Russia from business. Hell they sent people to Venezuela to negotiate with Maduro and got a few detainees released to make it not seem obvious that they were begging for them to make up the difference we were importing from Russia. They even went to Iran and they said no too. So these guys are willing to do anything except help these companies get more oil out of the ground. We do it cheaper and cleaner than anywhere else in the world. So why would we not just want to be energy independent and pump as much as possible. Why would we use our reserves during a possible time of war? Seems awfully suspicious to me that they are doing that.
They blocked the keystone pipeline on day one causing gas to rise. They allowed one of our own pipelines to get hacked and price increased. Then he even lifted sanctions on the Russian Nord stream 2 pipeline in May last year. They finished it in September. Last year an Obama appointed judge blocked the lease of 80 million acres in the gulf. That would have been the largest in the country. So you tell me..how was this not intentional? Didn’t they know Russia would invade Ukraine once the pipeline was finished? Did they not plan for this exact scenario? I bet you it was no surprise to anyone this happened. Look at how quickly the private sector got on board with deleting Russia from business. Hell they sent people to Venezuela to negotiate with Maduro and got a few detainees released to make it not seem obvious that they were begging for them to make up the difference we were importing from Russia. They even went to Iran and they said no too. So these guys are willing to do anything except help these companies get more oil out of the ground. We do it cheaper and cleaner than anywhere else in the world. So why would we not just want to be energy independent and pump as much as possible. Why would we use our reserves during a possible time of war? Seems awfully suspicious to me that they are doing that.
cannabineer
Ursus marijanus
Tell me what you know of the geology.
Assume I know nothing… humor me.
Unclebaldrick
Well-Known Member
You weren’t the one I was responding to. Want to hear his take on geology since he asked
Ahhhh man, if only they hired experts like you into politics.
Oh wait, they do, and that's exactly how we got here.
jimihendrix1
Well-Known Member
Gas went from 49 cents a gallon in 1973, to 4 dollars a gallon in 1974.
Thats equal to $22.81 cents a gallon at todays prices.
So what’s the goal…increase prices of oil and gas to get people to buy an electric vehicle that’s currently powered by a coal or diesel plant? Oh wait aren’t they are supposedly contracting Chinese companies to build and own those charging station?
They want less methane from cow farts so they are making meat prices so high that people become vegetarians? Because it’s better for the planet?
These are the kinds of people that ran on green energy and are pushing stupid policies that don’t necessarily work like they think they will. AOC is prime example. She’s an idiot that was good at social media.
There are way more people in this country than in the 70s. So when demand is high and supply is low you naturally charge more. There’s enough people willing to pay. That’s where we’re at. Gas only accounts for 19-20 gallon which is just half of the barrel…it’s that other half that is used in nearly every single product we make that is going to cause inflation.
jimihendrix1
Well-Known Member
Oil companies have 9000 leases that arent developed, and arent on government land. The stock holders dont want to spend money to develop them because it cuts into profits. The Keystone pipeline wasnt even finished, and the oil from that was going overseas. Not one drop was going to be used in the USA. And the native Americans didnt want that dirty shit on the land to fuck up the water when it breaks. And it will eventually break.
The Keystone pipeline has nothing to do with rising gas prices. Gas, and oil is up worldwide as is inflation. OPEC cut production, causing a worldwide rise in prices.
Exports of Natural gas were at a record for 2021, and is expected to break that record in 2022. Were producing more LNG than we ever have.
How high will US LNG exports go in 2022?
The agency's forecast U.S. liquefied natural gas exports would reach 11.54 bcfd in 2022 and 12.13 bcfd in 2023, up from a record 9.78 bcfd in 2021. That is similar to its December forecast of 11.49 bcfd in 2022.
Oil and gas companies do not want to drill more," said Pavel Molchanov, an analyst at Raymond James. "They are under pressure from the financial community to pay more dividends, to do more share buybacks instead of the proverbial 'drill baby drill,' which is the way they would have done things 10 years ago.
Why isn’t Big Oil drilling more as gas prices surge? The answer is more Wall Street than White House
Oil company chief executives and finance chiefs have faced years of rising demand from markets for more disciplined capital spending after a spree of development centered in West Texas and North Dakota produced an estimated $10.9 billion in negative free cash flow in 2014 alone — roughly speaking, operating profit minus capital spending. That persistent cash drain made blue-chip oil exploration stocks drop 90% from their peak and spurred demands that companies eschew fast growth in favor of steadier profits and stock-boosting finance moves like higher dividends, more share buybacks and reduced debt.
“For really the decade that ended in 2019 or 2020, there was an energy revolution and what did the energy sector get? They were the worst performers in the S&P 500,″ said Rob Thummel, portfolio manager at Tortoise Capital in Overland Park, Kansas.
A Dec. 6 report by progressive advocacy group Accountable.US says 16 of 24 large U.S. energy companies have raised their dividends this year (through third-quarter earnings reports), while 11 made special dividend payouts totaling more than $36.5 billion of what the group says were $174 billion in industrywide profits. Indeed, one new financial trick popular with energy companies is a “variable dividend” that allows high payments in good times and a small base payout when profits are lower, Third Bridge analyst Peter McNally said.
The group only found $8 billion in share buybacks, but Exxon Mobil and Chevron alone pledged to buy back as much as $20 billion of stock in the next two years when they disclosed third-quarter earnings. Chevron’s annual dividend is now 4.7% of the company’s value, more than triple the average of 1.3% paid by members of the Standard & Poor’s 500 Index.
“Strong operating cash flow enabled us to deliver on our financial priorities, including the resumption of share repurchases,” Chevron CFO Pierre Breber said on the company’s earnings call. “Cost efficiency and capital efficiency are essential to navigate commodity price cycles.”
“The equity holders said, ‘you’ve got to give me cash,’” according to McNally. “Now the companies are being run to generate free cash more than growth
The Keystone pipeline has nothing to do with rising gas prices. Gas, and oil is up worldwide as is inflation. OPEC cut production, causing a worldwide rise in prices.
Exports of Natural gas were at a record for 2021, and is expected to break that record in 2022. Were producing more LNG than we ever have.
How high will US LNG exports go in 2022?
The agency's forecast U.S. liquefied natural gas exports would reach 11.54 bcfd in 2022 and 12.13 bcfd in 2023, up from a record 9.78 bcfd in 2021. That is similar to its December forecast of 11.49 bcfd in 2022.
Oil and gas companies do not want to drill more," said Pavel Molchanov, an analyst at Raymond James. "They are under pressure from the financial community to pay more dividends, to do more share buybacks instead of the proverbial 'drill baby drill,' which is the way they would have done things 10 years ago.
Why isn’t Big Oil drilling more as gas prices surge? The answer is more Wall Street than White House
- The latest consumer inflation reading, the Personal Consumption Expenditures price index, hits its highest level since 1982 in November, with a 34% spike in energy prices among the key drivers.
- Oil company capital spending has been dropping since the mid-2010s, making it hard to ramp up new production quickly as economy rebounds.
- Wall Street has pressed oil and gas producers to cut capex, and shift their cash to financial goals like paying down debt and boosting dividends, as well as de-carbonization, after investment in fracking led to billions in negative cash flow.
- About half of last year’s lost production has returned, but prices will stay high until domestic producers pump more, or OPEC nations make a change in their production quotas.
Oil company chief executives and finance chiefs have faced years of rising demand from markets for more disciplined capital spending after a spree of development centered in West Texas and North Dakota produced an estimated $10.9 billion in negative free cash flow in 2014 alone — roughly speaking, operating profit minus capital spending. That persistent cash drain made blue-chip oil exploration stocks drop 90% from their peak and spurred demands that companies eschew fast growth in favor of steadier profits and stock-boosting finance moves like higher dividends, more share buybacks and reduced debt.
“For really the decade that ended in 2019 or 2020, there was an energy revolution and what did the energy sector get? They were the worst performers in the S&P 500,″ said Rob Thummel, portfolio manager at Tortoise Capital in Overland Park, Kansas.
A Dec. 6 report by progressive advocacy group Accountable.US says 16 of 24 large U.S. energy companies have raised their dividends this year (through third-quarter earnings reports), while 11 made special dividend payouts totaling more than $36.5 billion of what the group says were $174 billion in industrywide profits. Indeed, one new financial trick popular with energy companies is a “variable dividend” that allows high payments in good times and a small base payout when profits are lower, Third Bridge analyst Peter McNally said.
The group only found $8 billion in share buybacks, but Exxon Mobil and Chevron alone pledged to buy back as much as $20 billion of stock in the next two years when they disclosed third-quarter earnings. Chevron’s annual dividend is now 4.7% of the company’s value, more than triple the average of 1.3% paid by members of the Standard & Poor’s 500 Index.
“Strong operating cash flow enabled us to deliver on our financial priorities, including the resumption of share repurchases,” Chevron CFO Pierre Breber said on the company’s earnings call. “Cost efficiency and capital efficiency are essential to navigate commodity price cycles.”
“The equity holders said, ‘you’ve got to give me cash,’” according to McNally. “Now the companies are being run to generate free cash more than growth
jimihendrix1
Well-Known Member
Investment in new wells has dropped more than 60%, causing U.S. crude oil production to plummet by more than 3 million barrels a day, or nearly 25%.
The root cause of today’s high gas prices isn’t politics: It’s financial pressure on oil companies from a decade of cash-flow losses that have made them change financial tactics. Investment in new wells has dropped more than 60%, causing U.S. crude oil production to plummet by more than 3 million barrels a day, or nearly 25%, just as the Covid virus hit, and then fail to recover with the economy. For an oil-drilling sector that lost 90% of its stock value from 2012 through early last year, it hasn’t been the toughest call in the world.
MICHI-CAN
Well-Known Member
Again. Dumb Ass! It is corporate greed and your sides fault. No lines or shortages. We are still exporting. Thank you Trumph.
The pain at the pump compliments of comrade Trumph and the communist Saudi sucking republicons. They instilled our Supreme court and have blocked any change.
Go watch Fucker Carlson. He has your commie loving self covered. Stupid internet weened kids.
Wattzzup
Well-Known Member
Who’s fault was it when gas went over $4 in 2008? That was 8 years of Republican rule. You would think good Republican policies would have fixed it no?
Actually with inflation that equals over $5 per gallon today. So it’s still less than 2008.
We're still trying to figure out why Obama wasn't in the white house on 9/11...Who’s fault was it when gas went over $4 in 2008? That was 8 years of Republican rule. You would think good Republican policies would have fixed it no?
Actually with inflation that equals over $5 per gallon today. So it’s still less than 2008.
That’s always your answer. Corporate greed and republicans. I don’t like republicans either. They are just as corrupt as dems. But damn it’s pretty obvious everyone in government is corrupt. But what I don’t approve of is being over taxes through inflation. They are either trying to collect more taxes to cover all the spending they have done or they are literally trying to collapse the world governments. They have been doing a pretty good job of both. The only reason they haven’t collapsed ours is because they fear those of us with guns. Which is why the want to be rid of the 2nd amendment.
jimihendrix1
Well-Known Member
Talk about overspending, and corporate welfare. tRump did the biggest give away to the 1% in history, and were still paying for it.
Oil spill in the gulf, hurricanes…Who’s fault was it when gas went over $4 in 2008? That was 8 years of Republican rule. You would think good Republican policies would have fixed it no?
Actually with inflation that equals over $5 per gallon today. So it’s still less than 2008.
If you haven’t noticed that power bills are up, property taxes are up, food prices are up, health insurance is up…everything is up. Wages haven’t increased that much to keep up. So that 4 soon to be 5 Gas price hurts a lot more