3 minutes ago, Voice of Reason said:

@theguru

Which part of the above post is confusing?

The greed part?

8 minutes ago, Voice of Reason said:

 

 

Facts here.

The US is the top oil producer in the world. 

Despite being #1, US oil production has been increasing over the past 6 months.

 And now we have mankind's greatest motivator in play to increase oil production as fast as possible - greed.

U.S. crude oil production averaged 11.3 million barrels per day (b/d) in 2020, down 935,000 b/d (8%) from the record annual average high of 12.2 million b/d in 2019. The 2020 decrease in production was the largest annual decline in the U.S. Energy Information Administration’s records. 
 

We’re in the perfect storm, Covid hurt oil, now green initiative is doubling down.  I do think it’s soon to reverse, at the expense of all of us in the meantime.

5 minutes ago, theguru said:

The greed part?

What is the price of a barrel of oil? If you run an oil company, you want to produce and sell as many barrels as you can right now. Time for the greedy to feast.

I just watched a news report that said crude oil is $130 a barrel and the national average for gas is $4.06.  Both are forecasted to go up. 

Just now, Voice of Reason said:

What is the price of a barrel of oil? If you run an oil company, you want to produce and sell as many barrels as you can right now. Time for the greedy to feast.

Ha, I was posting while you were posting.

In short, pump more oil into the supply and the price will go down but I agree the greedy have been feasting, will feast more, and that feast is helping to kill Ukrainians. 

7 minutes ago, John Anthony said:

U.S. crude oil production averaged 11.3 million barrels per day (b/d) in 2020, down 935,000 b/d (8%) from the record annual average high of 12.2 million b/d in 2019. The 2020 decrease in production was the largest annual decline in the U.S. Energy Information Administration’s records. 
 

We’re in the perfect storm, Covid hurt oil, now green initiative is doubling down.  I do think it’s soon to reverse, at the expense of all of us in the meantime.

Correct on the impact of COVID.

 Since last summer every measure of oil production has been increasing steadily. 

Just now, theguru said:

Ha, I was posting while you were posting.

In short, pump more oil into the supply and the price will go down but I agree the greedy have been feasting, will feast more, and that feast is helping to kill Ukrainians. 

Has there ever been a more profitable time to sell a barrel of oil? We are close to the highest price ever. Produce and sell every barrel you can now if you are an oil company.

1 minute ago, Voice of Reason said:

Has there ever been a more profitable time to sell a barrel of oil? We are close to the highest price ever. Produce and sell every barrel you can now if you are an oil company.

I agree but that takes a lot of investment and green initiatives make that very risky. 

Personally, I would like the US to stop buying Russian oil right now. Less than 5% of our oil comes from Russia. We can cut that out and work through it. Yes it might add another 20 cents a gallon to the price of gas but I am all in on stopping our purchases from Russia. The rest of the world is stuck, but not the US.

2 minutes ago, theguru said:

I agree but that takes a lot of investment and green initiatives make that very risky. 

There are 4,466 drilled but uncompleted (DUC) wells in the US. Oil companies should be focused on getting those completed ASAP. 

1 minute ago, Voice of Reason said:

There are 4,466 drilled but uncompleted (DUC) wells in the US. Oil companies should be focused on getting those completed ASAP. 

US Oil companies would need long term assurance (a rock solid contract) that it would be in their best financial interests and the reports I hear say there are too many unknowns and hoops to jump through on any new wells. 

We also need to "arm up" Taiwan immediately. 

2 minutes ago, Voice of Reason said:

There are 4,466 drilled but uncompleted (DUC) wells in the US. Oil companies should be focused on getting those completed ASAP. 

If they have the support I believe they will.  It still takes a lot of time to do this. When they’re being told in 2030 we won’t need oil anymore, which isn’t true, or if they fear projects getting cancelled after millions are invested, you will see hesitancy.  If they feel supported we can likely fix this issue later this year.

From Google:

How many MiG-29 jets does Poland have?

Poland operates 21 single-seat and six two-seat MiG-29s, according to Jane's World Air Forces. (22 hours ago)

5 minutes ago, theguru said:

We also need to "arm up" Taiwan immediately. 

I actually think China likes Russia taking over the “bad guy” role right now.  I think  they will sit tight right now.  I could actually see them eventually condemning  Russia after enough atrocities are committed.