Domestic oil production booming under Biden

[Into the Night]

Nope. I'm 100% right because unlike you, I actually believe and accept the concept of supply & demand.

No, you are discarding how markets work.

The more oil that is produced, the lower the price per barrel will be;

Not necessarily.

so it is never in an oil company's interest to increase domestic production because doing so will reduce their bottom line.

Not necessarily.

So the dissonance in your argument remains because there is simply no way to permanently increase the supply of oil without lowering its price and lowering profits for oil companies.

No. I have already explained why.

If there was, it would have happened by now.

It has.

 

[Into the Night]

Well, you are the obstacle to lowering them, so you're just complaining about something that could be solved if it wasn't for you standing in the way.

I am not preventing anyone from lowering prices.

 

[LV426]

No, you are discarding how markets work.

Then explain to all of us here how increasing the supply of oil will result in a higher profit margin for the oil companies.

Show your work.

 

[Into the Night]

The dollar did not decline 30% in value.

Yes it did.

In fact, the dollar ROSE on its value vs. the Euro and the Canadian dollar over 2022.

That is not the value of the dollar. The Euro and the Canadian dollar lost even more value.

The reason you say wrong things like this is because you don't believe any of it, and there's no one to hold you accountable since you won't hold yourself accountable.

Psychoquackery.

 

[LV426]

Not necessarily.

Nope. Wrong. Denial of capitalism. Denial of economics. Denial of supply & demand.

The global price of oil rises or falls depending on production.

The end.

 

[Into the Night]

You seem unable to understand that oil markets are global and since they're global, they are controlled by whoever produces a plurality of the commodity...in this case, OPEC.

All US oil companies can do is react to whatever OPEC does.

So if OPEC increases production, then US oil companies CUT production in order to maintain a static supply.

US oil companies will always be chasing OPEC because OPEC has a plurality in the global markets, so everyone has to react to them.

You don't understand this because you don't believe in capitalism.

OPEC does not control the oil market, nor can they dictate prices.
You are still denying markets AND capitalism.

 

[Into the Night]

Oh, I'm explaining it clearly, you just aren't understanding it because you have no beliefs of your own to refer to.

No, you are denying it.

 

[LV426]

Not necessarily.

OK, then by all means show us how increased production and more supply leads to higher profits for oil companies.

Show your work.

 

[LV426]

No. I have already explained why.

No you didn't, and now you're lying because you lost the debate.

 

[LV426]

It has.

When?

 

[LV426]

I am not preventing anyone from lowering prices.

Sure you are because you think oil companies should make as much profit as they want.

From where do you think that profit comes?

 

[LV426]

Yes it did.

Nope. Show your work.

That is not the value of the dollar. The Euro and the Canadian dollar lost even more value.

So you say the US dollar's "Value declined" in relation to what?

Because you're saying here that all currency declined.

There's that dissonance again.

 

[LV426]

Psychoquackery.

You don't believe a single fucking thing you post here, which is why you have to lie about your actions on JPP.

 

[LV426]

OPEC does not control the oil market, nor can they dictate prices.

Yes they do control the oil market and they most definitely dictate pricing, which is why starting in 2015, hundreds of US oil and natural gas companies went bankrupt to over $100B.

OPEC increased production so much, it dropped the price per barrel by 50%.

 

[LV426]

You are still denying markets AND capitalism.

You don't seem to know what either of those two words mean.

Supply and Demand is the economic principle you refuse to accept because you don't believe in anything.

 

[Into the Night]

The permits didn't produce a single drop of oil, so nothing was curtailed.

The permits allow drilling, dumbass.

But oil companies sure curtailed their production, which is why the price rose because oil prices only rise and fall based on production, and OPEC is the leader there.

Biden curtailed production. OPEC does not control the oil market.

Oil companies have 1000's of leases right now they aren't drilling on because drilling on them would reduce the price per barrel and thus, reduce their profits.

They were cancelled, by Biden, dumbass.

Capitalism ruins your fantasy.

You are not describing capitalism. You don't even know what it is. You don't know anything about markets either.

There is no world in which increasing the supply of oil by increasing production would result in higher profits for the oil companies.

Sure there is. You're living in it.

 

[LV426]

No, you are denying it.

You seem unable to reconcile the fact that increased supply leads to lower prices, and constrained supply leads to higher prices.

Oil companies have complete and total control on production so if they're not increasing production, there's a business reason why.

If more oil = more profits, then every oil company would be increasing production...but none of them are because increasing the supply lowers the price.

BASIC. ECONOMICS.

 

[Into the Night]

You don't seem to grasp that oil markets are global, not local, and the global price is set by whoever produces the most, OPEC in this case.

Strawman fallacy. OPEC does not control the oil market. OPEC cannot dictate oil prices.

 

[Into the Night]

Then show us how more oil production leads to higher profits, or shut the fuck up.

Ever hear of a sale price?

 

[Into the Night]

You're the one who foolishly believes that oil companies can make higher profits by lowering the price per barrel.

They can.