Parky60 Loc: People's Republic of Illinois

A whole lot of t***h about gas prices, and to those that say: "the president doesn't set the price of gas"... pay close attention and maybe read it twice:

From a production worker in a refinery on the Gulf of Mexico:

"You've been lied to by the President and his phony cronies, but I want to set the record straight. I'm going to tell you the t***h, so pay attention"....

1. There is enough recoverable crude oil within the continental US to supply current and projected future demand for 400+ years, and that's just the oil we know about. It doesn't account for future discoveries. That's a fact...

2. We do not need to import a SINGLE DROP of foreign crude oil. The domestic oil industry can easily meet, and even surpass domestic demand. We've done it before, and we can do it again. That's a fact...

3. The domestic oil industry currently cannot satisfy domestic demand due to oil drilling restrictions imposed by the federal government. That's a fact...

4. The price of EVERYTHING revolves around oil, and the law of supply vs demand dictates the price of oil. When oil is plentiful, commodities are cheap. When oil is scarce, commodities are more expensive. Right now, domestic oil is scarce, and the price of everything is high because of these restrictions imposed by the federal government. That's a fact…

5. We import foreign oil from countries that drill and produce it much cheaper than we're able to because they do not implement all of the environmental safeguards that we do. Their methods are FAR more destructive to the environment than ours are. That's a fact...

6. Every year, the federal government leases tracts of land to oil companies so they can explore on it for oil. If enough oil is found during exploration, the company can then apply for a drilling permit which allows them to drill a well. If no oil is found during exploration, or if the amount found is not enough to be profitable the lease expires without ever being drilled on. Leases that are active, but not being drilled on does NOT mean that oil companies are being lazy, or are trying to keep the oil for themselves, etc. etc. It means they've either explored the lease for oil and found nothing, or found oil but it's not enough to justify drilling for. That's a fact...

7. it’s not Russia's fault, or China's fault, or Ukraine, or India, or Venezuela, or Iran, or Bangladesh, or any other countries' fault as to why everything is so expensive right now. It's Joe Biden's fault, because he is suppressing the domestic oil industry for political gain.

EVERYTHING depends on crude oil... but you might not know that if you believe the lies that are being told about oil and the oil industry.

Wonttakeitanymore

They want us to drive ev! So they can limit when and where we go! Cally already having planned black outs!!

pegw

This is a great example of some of what I object to. This person is anomous. None of what he said was fact cheaked. It was retweeted. Is this true? Hard to tell without fact cheaking it yourself.

Milosia2 Loc: Cleveland Ohio

Ok, first , supply and demand has left the building a long time ago. It is no longer what dictates the price of oil.
The oil companies have never lost a penny.
This goes against the the supply and demand.
When oil prices are up they make money,
When oil prices are down they still make money .
Their prices are rarely reflected by the market. Oil companies have made their highest profits in all time in the past Seven years. Today is nothing more than corporate greed gouging .
We did have laws against this but I’m not sure where they went.
The number 1 law of capitalism is to always charge what the market can pay.

Foreign oil is always a better choice choice for our companies because the reason it is cheaper is that the dictators that we buy this oil from don’t have labor to pay nor do they have regulations.
This t***slates to more profit.
Which is what they essentially are after.
Today , which no regulations they do what they want.

Parky60 Loc: People's Republic of Illinois

Every time you post you give further evidence that you're nothing but a maroon.

Parky60 Loc: People's Republic of Illinois

Sorry, I said a LONG time ago that I'm no longer revealing my sources. And I don't knowingly lie.

teabag09

Why in the hell don't you fact check it? I'll tell you why, it's because you'll find out what was said is true and that doesn't fit you narrative. I'm 72 years old and I've seen this BS played out before with the same results. Peg W, you're either extremely ignorant or you're as evil as the a$$holes in DC and most liberals. Mike

WinkyTink Loc: Hill Country, TX

Nice spelling, you should check yourself, but no too frequently because that could be evidence of self gratification.

I can attest to the accuracy of the information proved but will add a few key details.

1) Government, federal, state and local control oil/gas drilling and production in the USA

2) The simplest case to explain is offshore drilling and production. Onshore and State Waters are similar but a bit more complex.

3) The Federal Bureau of Ocean Energy Management plans and conducts offshore drilling activity. Periodically, lease sale auctions are designed on offshore "blocks" that are approximately 9 square miles in size. Some blocks are more prospective than others, some have widely variable exploration costs to be born by the oil company associated with ocean water depth and proximity to existing production infrastructure. The BOEM decides which blocks are to be auctioned. Oil companies bid on these blocks by offering a bonus payment which is paid upon winning the bid. Millions of dollars are offered, sometimes hundreds of millions for highly sought after blocks.

When an oil company wins a bid, they get up to a seven year lease on the area. This gives them time to perform seismic exploration and drill a well. If oil or natural gas is discovered, the oil company retains the block until production is terminated, regardless of original lease term. Although there is some variability, the oil companies pay the US Government Royalty of 12-18% of the revenue at the well head. Should the lessee oil company not drill, or previous production shut in the lease will be terminated at the end of the original term, or pay a "rental" to extend it.

4) These ventures require huge capital, huge risk and significant time. To offset the risk, most oil companies partner with other oil companies on a project basis. It can take up to 10 years and billions of investment dollars before any cash flow is realized. In order to make the required financial commitments over time, requires confidence in the oil price regime years later after making the capital investment. The current administration has not provided any certainty or commitment top oil exploration in the US.

WinkyTink Loc: Hill Country, TX

I was gonna respond but you are not worth it.
You are clearly a jealous, envious, unknowledgeable, whiney schmuck.

American Vet

OK: So start with this one. He stated the US has 400+ years of oil available. This source confirms that.

https://money.cnn.com/2016/07/05/investing/us-untapped-oil/index.html

JFlorio Loc: Seminole Florida

Always wrong. No education.

Mikeyavelli

Actually, they want us on trains, busses and bicycles, just like in socialist Yerp. 10 dollar gas and you can walk to the line stretching a mile to the Biden Government Turnip Relief Outlet.
Biden is turning us into Venezuela. Complete with Spanish spoken too.
And we white folks are supposed to just shut up and take it.

okie don

Mikey,
You can thank Obama for all this national division and hatred IMHO.

BIRDMAN

Of course it’s true I knew this in third grade

Mikeyavelli

I agree wholeheartedly. Brockobamma is the biggest h**x ever perpetrated on any society in history.
A completely fabricated person with a completely fabricated family who shockingly made it to the Whitehouse with the instructions to destroy America.
Along came Trump...