Market Watch

[BleedingOrange]

Few people do purchases with cash anymore. A credit card purchase doesn’t mean it is a debt situation. Some of us use them regularly for cash back and fraud protection, then pay the card off each month.

What percentage would you estimate are able to pay off their cards in full each month ? My guess it would be in the single digits.

 

[Hay Dude]

This is where I see you mirroring the tactics of OBiden.

He was not talking about limiting it to 2019 levels; that is how you want to frame it.

DJT was talking about opening the spigot to the full flow. Anwar and everything, WOT. Drill, Baby, Drill!

Goodnight!

LET’S GO!!!!!!

 

[jyoutz]

What percentage would you estimate are able to pay off their cards in full each month ? My guess it would be in the single digits.

IDK how other people handle their finances. Not my business.

 

[Rdrcr]

There is more domestic oil production in 2023 than ANY previous year. This talk of “restoring oil production” is simply nonsense. If DJT would “restore “ production to 2019 levels, the U.S. would be producing less oil than we are currently.

For 2023, I agree. Oil production is up. However, US oil exports and refinery exports are up too. That has a large effect on our domestic prices. Meaning, just because our production is up, doesn’t mean it’s benefiting the US consumers.

Mike

 

[jyoutz]

For 2023, I agree. Oil production is up. However, US oil exports and refinery exports are up too. That has a large effect on our domestic prices. Meaning, just because our production is up, doesn’t mean it’s benefiting the US consumers.

Mike

I agree completely. But exporting petroleum products are a private industry decision. Congress authorized these exports in 2015 and the U.S. is now a primary player on the world market. And world market traders determine pricing levels.

 

[WM75Guy]

There will be more domestic production in 2023 than 2019, and more than any other year since 1920. Oil production is a cyclical business as wells dry up, new wells are drilled, and the price of crude oil changes. There was a decline in production from the high of November 2019 but it started before any change in policy or election results were known. Since February 2021 domestic production has actually been on a steady rise. From just a year ago domestic production is up over a million barrels a day using the 4-week average, an 8.7% increase.

Wells are still being drilled in the Permian Basin just as fast as the production company can get a permit to drill from the state and a drill rig becomes available. The federal government does not have a say on what drilling happens on private land. And domestic production on federal property only accounts for about 25% of domestic production.

The greatest impact is that the midstream capacity to move product to the refineries and the downstream capacity to refine oil has not kept up with the increase in domestic upstream production of light sweet crude. US refineries were built to refine heavy sour crude, which yields more product per barrel refined, making it more profitable. That is why some West Texas Intermediate crude is shipped overseas to be refined and then the finished products are imported back. As more refineries come online that can refine light sweet crude, those numbers will change. And the midstream capacity is being increased to move product. We just received another ROW offer to put in a 48" line down one side of our property in West Texas, one of several this year.

Here are the historical average daily domestic production numbers in 1,000 bbl/day averages. As you can see so far, every month reported in 2023 is higher than the corresponding month in 2019.

 

[jyoutz]

There will be more domestic production in 2023 than 2019, and more than any other year since 1920. Oil production is a cyclical business as wells dry up, new wells are drilled, and the price of crude oil changes. There was a decline in production from the high of November 2019 but it started before any change in policy or election results were known. Since February 2021 domestic production has actually been on a steady rise. From just a year ago domestic production is up over a million barrels a day using the 4-week average, an 8.7% increase.

Wells are still being drilled in the Permian Basin just as fast as the production company can get a permit to drill from the state and a drill rig becomes available. The federal government does not have a say on what drilling happens on private land. And domestic production on federal property only accounts for about 25% of domestic production.

The greatest impact is that the midstream capacity to move product to the refineries and the downstream capacity to refine oil has not kept up with the increase in domestic upstream production of light sweet crude. US refineries were built to refine heavy sour crude, which yields more product per barrel refined, making it more profitable. That is why some West Texas Intermediate crude is shipped overseas to be refined and then the finished products are imported back. As more refineries come online that can refine light sweet crude, those numbers will change. And the midstream capacity is being increased to move product. We just received another ROW offer to put in a 48" line down one side of our property in West Texas, one of several this year.

Here are the historical average daily domestic production numbers in 1,000 bbl/day averages. As you can see so far, every month reported in 2023 is higher than the corresponding month in 2019.

View attachment 835946

View attachment 835948

Thanks for posting facts. I want to add that drilling and production haven’t been shut down on most federal lands. Companies hold leases on over 10 million acres of federal lands, and there’s a lot of current activity on BLM lands in the Permian Basin in New Mexico.

 

[two_bit_score]

Almost there.

 

[Hay Dude]

Thanks for posting facts. I want to add that drilling and production haven’t been shut down on most federal lands. Companies hold leases on over 10 million acres of federal lands, and there’s a lot of current activity on BLM lands in the Permian Basin in New Mexico.

I’m not disputing more oil wasn’t produced from ‘19-‘23. I’m saying I want to see more produced, so prices come down and policy more friendly to fossil fuel production.

 

[two_bit_score]

Thanks for posting facts. I want to add that drilling and production haven’t been shut down on most federal lands. Companies hold leases on over 10 million acres of federal lands, and there’s a lot of current activity on BLM lands in the Permian Basin in New Mexico.

You simply refuse to get it. There may be more today than yesterday or last year or 2019. But without the Bidenomics being in the way there would be much, much more.
Stop being obtuse.