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Trump says oil production could be cut by as much as 15 million barrels
The Hill ^
| 04 02 2020
| Rachel Frazin
Posted on 04/02/2020 8:18:29 AM PDT by yesthatjallen
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To: yesthatjallen
Exactly what the Russians and Saudis want.
2
posted on
04/02/2020 8:20:39 AM PDT
by
Candor7
((Obama Fascism)http://www.americanthinker.com/articles/2009/05/barack_obam_the_quintessentia_1.html))
To: yesthatjallen
The builder from Queens is apparently a better diplomat
than the entire striped pants crowd in Foggy Bottom.
3
posted on
04/02/2020 8:21:09 AM PDT
by
Buckeye McFrog
(Patrick Henry would have been an anti-vaxxer)
To: Candor7
The United States is the largest producer of oil in the world.
Also a net exporter.
A healthy oil price is a net win for the USA.
4
posted on
04/02/2020 8:25:31 AM PDT
by
Jewbacca
(The residents of Iroquois territory may not determine whether Jews may live in Jerusalem)
To: Candor7
True, but the cut would have to happen, anyway, because theres no room for storing the new oil coming out of the ground.
I like that Trump gets credit for it, but its better to have cheap fuel.
5
posted on
04/02/2020 8:27:03 AM PDT
by
ConservativeMind
(Trump: Befuddling Democrats, Republicans, and the Media for the benefit of the US and all mankind.)
To: Candor7
China, btw, is the largest net importer.
High or even fair priced oil hurts them the most.
6
posted on
04/02/2020 8:27:03 AM PDT
by
Jewbacca
(The residents of Iroquois territory may not determine whether Jews may live in Jerusalem)
To: Jewbacca
No, an inexpensive price is far, far better.
You probably think more taxes is better, because it makes government bigger by employing more people.
7
posted on
04/02/2020 8:28:22 AM PDT
by
ConservativeMind
(Trump: Befuddling Democrats, Republicans, and the Media for the benefit of the US and all mankind.)
To: ConservativeMind
No to both your questions.
Now two years ago, youd be correct. And you are correct for my home country of Israel, which is a net importer.
But the US is a net exporter, so a middling price is best for the USA. Large percentage of the US economic miracle is due to oil production being healthy.
8
posted on
04/02/2020 8:32:07 AM PDT
by
Jewbacca
(The residents of Iroquois territory may not determine whether Jews may live in Jerusalem)
To: ConservativeMind
I think the argument is that a certain minimum price is needed to sustain production. We have to think in terms of both production and consumption, and not only consumption.
9
posted on
04/02/2020 8:32:37 AM PDT
by
nwrep
Yay! Gotta keep that “jobs program” going. Meanwhile, we stay at the bottom of the barrel (no pun intended) with higher gas prices.
10
posted on
04/02/2020 8:33:16 AM PDT
by
proust
(Justice delayed is injustice.)
To: yesthatjallen
If we stopped refining foreign oil, would we still need to cut production, anyone know?
11
posted on
04/02/2020 8:33:29 AM PDT
by
mewzilla
(Break out the mustard seeds.)
To: yesthatjallen
Yea it would be horrible for Americans to be able to purchase gasoline for a cheap price./s
12
posted on
04/02/2020 8:34:15 AM PDT
by
TermLimits4All
(A Pandemic may result in bloodshed. Be prepared always.)
To: proust
Exactly. I guess all those wanting higher prices have much more money than we do, they can afford inflated prices for gasoline.
13
posted on
04/02/2020 8:35:56 AM PDT
by
TermLimits4All
(A Pandemic may result in bloodshed. Be prepared always.)
To: TermLimits4All
I see Texas is down to a buck ten but we’re still in the $1.45 range here in Indiana.
To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; cardinal4; ColdOne; ...
President Trump on Thursday said that there could be a drop in international oil production of 10 million to 15 million barrels as the U.S. oil industry is hit by plunging prices linked to international disputes... Russia recently declined to join the Organization of Petroleum Exporting Countries (OPEC) members in agreeing to cut production... After that, Saudi Arabia decided to increase its own production, flooding the market.
Apropos of nothing, one of the great joys of getting older and being home more is the opportunity to pop off with some poorly thought-out comment in an FR topic before reading past the headline.
15
posted on
04/02/2020 8:37:20 AM PDT
by
SunkenCiv
(Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
To: yesthatjallen
Paradoxically, though, if the economy is to recover, cheap energy will be a must.
16
posted on
04/02/2020 8:37:50 AM PDT
by
Mr Ramsbotham
("God is a spirit, and man His means of walking on the earth.")
To: Mr Ramsbotham
I’m no expert, but perhaps 40 dollar oil would be a good median between the 60 dollar oil we had to start the year and the 20 dollar oil we have now?
To: nascarnation
I recalled reading that the USA relies on oil being @ $40/barrel since it is harder for us to extract. That price might have gone down due to improvements in technology.
18
posted on
04/02/2020 8:43:47 AM PDT
by
edh
To: TermLimits4All
"I've got great news, Forgotten Man!"
19
posted on
04/02/2020 8:48:17 AM PDT
by
proust
(Justice delayed is injustice.)
To: nascarnation
The mechanics of “fair” oil price have to do with the high cost of producing certain types of oil. Fracking shale is one of the most expensive to produce. Some firms, like OXY, claim they make money only over about 40 per barrel. Others are far higher. Domestically we do not have large reservoirs of pool oil. Our oil boom is a direct result of fracking. There is a tremendous volume of oil being produced, even with OPEC controls running and with a few countries out of the market like Venezuela due to socialism there and Iran with sanctions (not considering the cheating as oil is fungible). Yet, large projects are coming on stream, notably XOM’s in Guyana and some large plays in western africa. The Saudi and Russia play was designed to drive the US out of the export market and they demonstrated they can destroy our industry if they continue. The oil will still be there but you have to have an industry that can produce it, pay bills and make a profit. Everything else is conversation.
20
posted on
04/02/2020 8:55:29 AM PDT
by
Mouton
(The media is the enemy of the people.)
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