Market Watch

   / Market Watch #481  
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.
You are simply following political rhetoric, not facts. Read WM75guy’s factual information. You simply think that if a politician says petroleum companies can drill more acres, they will jump to it. Saying that drilling on the Alaska north slope is permitted doesn’t mean there’s industry interest in development of a high cost oil field. Chevron basically defaulted on the North slope permits because it’s not economically feasible and they want to operate were costs are significantly lower. Companies are actually having labor recruitment shortages in the Permian Basin. The industry is currently producing WOT based on labor force and resources. Our local news has had interviews with petroleum executives and spotlighted these challenges. It’s not a matter of a politician saying they are free to drill everywhere. That’s too simplistic.
 
   / Market Watch #482  
This is correct. But it’s not an insignificant amount. And the current administration is trying to have their cake and eat it too. Production is inching up from 2020 and that is in spite of Bidenomics and it could be much better without him.
Does it matter if oil production is higher or lower? Kinda dumb to burn such a resource anyway.

There is a strong argument towards towards leaving more of it in the ground for future generations. After all, petroleum has a lot of uses other than as a cheap fuel, but right now we just burn it for easy profits.

Maybe we should back off on production and let some other countries be the dumb ones. Let someone else be the fools who squander their limited resources for cheap dollars in the short run. If we work together, we can afford to wait.

rScotty

BTW, I asked around about the credit card thing. Turns out it is well known to bankers that about the same amount of people pay it off monthly as carry a balance at outrageous interest. Your money; your choice.
 
   / Market Watch #483  
You know, Scotty, I’ve heard that argument since the early 1960’s and it still doesn’t make sense. Just think about it - if we were burning up all the oil like you say how would we still be able to produce more every year for all these years?
There is plenty of oil and more is discovered all the time.
You should have stopped believing those Al Gore bedtime stories when we weren’t all frozen by 2000.
Sorry for disturbing your opinion with arithmetic, but more people using more will eventually make rapid changes. How could they not? More people using more doesn't plot as a straight line, you know.
You mystify me. What in the world do you think is happening? Do you think that oil somehow renews itself? Or that moving it from underground to the atmosphere doesn't change anything?

Maybe not in our lifetime - I'll give you that. Although I no longer look at my own lifetime as the most important measuring stick. That happens, too.

Like most changes, oil depletion it is likely to be a slower start than fiinish. And just like a repair on tractors or people, better to fix the problem at the beginning than later when it gets worse.

Agree that Al Gore got his timing way wrong - like most youngsters he thought everything important was going to happen immediately and in a direction only he could see. That's youthful hubris. It afflicts young politicians too.

But other than the timing, he appears to have gotten the rest of his projections roughly right - hotter in some places, cooler in others, weather & climate...the changes are chugging right along.
Just not yet accelerating.
rScotty
 
   / Market Watch #484  
Have some of us forgotten that more oil is being created by the earth every second.
I say use it while nuclear power is perfected, then start using nuclear power for the grid and leave fossil fuels for vehicles.
 
   / Market Watch #485  
I had already mentioned the main point he stated just before he did. Just not as verbose. He added a different chart but it pointed to the same conclusion that everybody except you seems to be able to understand - we naturally have used and produced more oil now than we did back then. Nobody has said we havent. We could have produced more without interference of Bidenomics. I also clarified that with another chart above. I do know one thing about the oil patch - that is plays don’t happen on the spur of the moment or on a whim. Companies spend a lot of time planning before they even start leasing. It might seem like it when things really start moving but all that was worked out years in advance. There are already companies looking to get back into ANWAR.
Obiden can’t outright wage war on oil and gas although he would like to. But he can do things to gum up the process like he just did with methane emissions. It adds time and costs to the process.
I realize it’s harder for a government bureaucratic thinking person to cut through to the chase but try your best.
U.S. companies currently hold ten million acres of federal lands permits that they have yet to drill. Because they are making record profits producing more profitable oil field like the Permian Basin and Gulf Coast. And surprise, the most profitable oil fields are on state and private land, not federal. With the big companies unable to find and keep a sufficient labor force and supplies in the profitable Permian Basin, why would they want to develop new fields on the north slope with 5 times the operating costs of elsewhere? Why did Chevron give up their permits on Alaska North slope? They cited that it was unprofitable to develop and operate there. You throw out a claim that stopping permits in a wildlife refuge in the arctic circle is the end of the world, and companies want to do business there. Yet don’t state what companies. Big players haven’t shown interest. And then there’s the issue of why would we screw up a wildlife refuge in the fragile Arctic Circle , when there are less sensitive places to operate that are more profitable. Record annual production is admirable and no sour grapes are warranted. Now as for refineries, we have shortcomings there. If we had the appropriate refineries, we could use US light crude and not export it. There are several refineries in my state using local light crude and not exporting it. All in all, the orange guy is throwing out political rhetoric and some people believe it, without any understanding of the situation. You can’t order companies to produce more and say drill everywhere. I’m done with this discussion. Drill baby drill is a mantra that is simply rhetoric.
 
   / Market Watch #486  
US jobs report comes in above expectations. Stock futures fall.

IMG_2807.JPG
 
   / Market Watch #487  
Have some of us forgotten that more oil is being created by the earth every second.
I say use it while nuclear power is perfected, then start using nuclear power for the grid and leave fossil fuels for vehicles.
Where did you hear that? It's true in essence, even coal is ultimately formed in that process. But just to get to oil requires tens of millions of years as well as a biomass covering an earth having a whole different climate - like in the time of dinosaurs.
Good for what comes after, but I'm afraid people will be long gone by them.
rScotty
 
   / Market Watch #488  
Where did you hear that?
How about here?

Science on the formation of oil has changed since we were kids. Turns out the 'dinosaur juice' and other biomass ancient sources were not accurate.

 
   / Market Watch #489  
How about here?

Science on the formation of oil has changed since we were kids. Turns out the 'dinosaur juice' and other biomass ancient sources were not accurate.

Come on Torvy. You were an educator. How about some realistic references? That is internet nonsense aimed directly at advertising a financial position. Anyone can fabricate pseudo science. Get real.
 
   / Market Watch #490  
Come on Torvy. You were an educator. How about some realistic references? That is internet nonsense aimed directly at advertising a financial position. Anyone can fabricate pseudo science. Get real.
Would you prefer this?


The sources are just quick internet searches, but they are based on the science.
 

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