Why oil may not see a return $100 a barrel in 2024

General General Discussion
1

U.S. is now the ‘global swing producer,’ not Russia and not Saudi Arabia

U.S. oil production had been holding steady for several weeks at a record-high 13.2 million barrels a day, before inching lower by 100,000 barrels to 13.1 million barrel a day for the week ending Dec. 1, according to data from the Energy Information Administration.

The U.S. is “now the global swing producer, not Saudi Arabia, and especially not Russia,” he said. He also pointed out that U.S. output is a “function of market conditions, not political events.”

Russia hurting, Chinamart banking about to take it in the ass dry. We now buy more shit from Mexico than Chinamart.

Maybe we might see a further decline in their global spheres of influence and maybe we just might see a resurgence in domestic industrial production here soon.

2

Whatever happened to peak oil?

3

All domestic oil should remain on USA soil. Zero exports unless it’s to bolster a NATO ally during a conflict or emergency aid. We are way too beholden to people who hate us due to oil imports. Keeping American oil in America is a good way to get us out of the Middle East and everything associated with it.

4

Imagine if they let us tap that oil and natural gas find in the Gulf of Mexico super basin? :eek:

5

Horizontal drilling and hydraulic fracturing :cool:

6

Well, there is also strategically flooding the market to kneecap a rival… (staring pointedly at Russia, Venezuela, Iran etc)

7

There’s also an election coming. FJB will try to claim he lowered energy prices, after raising them so high in the first place.

8

Anyone bother refilling the strategic reserve Biden emptied yet?
Just curious

9

That’s exactly what’s happening.

10

Now look for the Dems to be sticking those “I did that” stickers on gas pumps on an industrial scale. They’ll probably include a dozen of them with your mail in ballot

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11

Globalism undermines American sovereignty and liberty. Because we know no matter how the state department packages it, it’s not knee capping anything, it’s just corporatism.

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12

Agreed.

13

The insidious thing is we import about 6 million barrels a day while exporting 3 million. And I doubt very much we make any kind of profit on those exports.

14

So has the Strategic Reserve been refilled or are we taking it for granted that No One Would Be So Stupid As to Not Do That !
I only ask because Biden is stupid enough to not refill the Strategic Reserve after selling it to our Enemies.

15

Another factor to consider is, it’s not as simple as “oil is oil and the same from everywhere.” Different regions’ crudes have different chemical properties and each has a different set of products it processes most efficiently into.
https://oilprice.com/Energy/Crude-Oil/A-Detailed-Guide-On-The-Many-Different-Types-Of-Crude-Oil.html

16

Not according to EIA reporting.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCSSTUS1&f=W

17

So if that is correct WTF are we doing?
You do know what the Strategic Reserve is for right?

18

I know it won’t.

I bought a Hybrid Corolla it gets 54 MPH on average (noticeably less now that it is cold). That means gas will stay low for the 10 years I plan on keeping it.

If I had bought a new truck that got 18 MPG, it would be $4/gal all the time.

Ya’ll are welcome.

:sarcastic:

19

Everyone knows, but BidenCo is more interested in baseless claims.

20

Biden knows what it’s for. Drawdown to help offset misguided energy policy and exploit for political purposes. Similar to weapons drawdown to help offset his misguided foreign policy. Biden heavily relies upon his predecessor’s inventories to exploit and cover for his boneheaded presidency.