So much for inflation being "transitory"

[Hards Alumni]

As I said: "We need to pump and refine more American crude." To refine more American crude, we need more refining capacity. That comes with investment, which has a very long-term payback and requires some type of regulatory assurance that a change in Administration isn't going to put the refinery out of business.

Brother Hards, you and I agree that perhaps someday, nothing would be better than to have strong renewable energy and electric vehicles with the same utility as internal combustion engines. I applaud the investment in both, acknowledging that my electric utility (Florida Power) is one of the largest producers of solar energy in the US. But it will take time for the innovation and production to see its way into my driveway in Vero Beach. Until then, we need crude oil and refining capacity.

Yes, we consume more. But we're a big country with a very diverse climate and landscape. And, by the way, we produce one of the highest standards of living the world has ever seen!

I don't disagree.  We also need to invest in nuclear power plants like last year.

[rocket surgeon]

I don't disagree.  We also need to invest in nuclear power plants like last year.

  holy dagum pigs are flying... hards and i have found something to share an amicable nonalcoholic beverage over

[forgetful]

As I said: "We need to pump and refine more American crude." To refine more American crude, we need more refining capacity. That comes with investment, which has a very long-term payback and requires some type of regulatory assurance that a change in Administration isn't going to put the refinery out of business.

Brother Hards, you and I agree that perhaps someday, nothing would be better than to have strong renewable energy and electric vehicles with the same utility as internal combustion engines. I applaud the investment in both, acknowledging that my electric utility (Florida Power) is one of the largest producers of solar energy in the US. But it will take time for the innovation and production to see its way into my driveway in Vero Beach. Until then, we need crude oil and refining capacity.

Yes, we consume more. But we're a big country with a very diverse climate and landscape. And, by the way, we produce one of the highest standards of living the world has ever seen!

This represents a gross misunderstanding of the state of oil production and reserves in the US. The main US producers have little interest in expanding drilling. For the greater part of 10+ years, big oil has leveraged itself heavily to secure oil rights, exploration, and new wells. In 2020, they almost bit it, because they were so over-leveraged. When oil prices came back up, they smartly used all those resources to deleverage, realizing that the price of oil did not justify new costly exploration and development.

They are sitting on leases, because it does not make economic sense to do more exploration and development in the US, especially when they still need to deleverage some.

Right now, Russia and Saudi Arabia made a major political play together. It signals they want the global western economy (Europe and the US) in a major recession. They want regime changes that will weaken western strength.

What we need to do to counteract that, is call their bluff. Immediately end sanctions on Venezuela and Iran under agreement that they both expand production, despite OPEC+ moves (they'd have to go against the organization they are a part of).

[Lighthouse 84]

Refinery capacity has been dropping for a while.   It is nearly impossible to build more refineries.  And from the oil company perspective, why?   Everyone is going to be driving electric in 15 years anyway.

Hopefully by then they'll resolve the issues with EV batteries catching fire when they get get wet and corrode.

[Hards Alumni]

First thing the Buffoon did, in office, was to make us oil dependent on the Arabs. "Nobody fooks with a Biden," hey?

Dependent lol

[Hards Alumni]

  holy dagum pigs are flying... hards and i have found something to share an amicable nonalcoholic beverage over

Been saying it for years.  Nuclear energy is extremely safe and environmentally friendly.  It's just expensive... but so is a trashed planet.

[Dr. Blackheart]

COAL or is it COLE?

[Pakuni]

Hopefully by then they'll resolve the issues with EV batteries catching fire when they get get wet and corrode.

Hopefully.
The good news is that EVs catch fire and are recalled for fire safety reasons way less often than gas-powered and hybrid vehicles.

https://www.kbb.com/car-news/study-electric-vehicles-involved-in-fewest-car-fires/

[Lighthouse 84]

Hopefully.
The good news is that EVs catch fire and are recalled for fire safety reasons way less often than gas-powered and hybrid vehicles.

https://www.kbb.com/car-news/study-electric-vehicles-involved-in-fewest-car-fires/

Unless you're in Florida during a hurricane.

[Golden Avalanche]

First thing the Buffoon did, in office, was to make us oil dependent on the Arabs. "Nobody fooks with a Biden," hey?

This seems to suggest you have not been alive nor aware for any of the past 80 years. Either that or you're dumber than dog$hit. 

[tower912]

Hopefully by then they'll resolve the issues with EV batteries catching fire when they get get wet and corrode.

You don't have to tell me.  We are having classes and discussions on extinguishing Tesla fires.   Oy.    No bueno.

But, battery technology is developing rapidly.   Hopefully, the next generations will be better.

[tower912]

This seems to suggest you have not been alive nor aware for any of the past 80 years. Either that or you're dumber than dog$hit.

#2

[rocket surgeon]

Hopefully by then they'll resolve the issues with EV batteries catching fire when they get get wet and corrode.

aww come on man!  why just last week or so, the scoop (sully)powers that be told me that this was alarmist or something

[rocket surgeon]

This seems to suggest you have not been alive nor aware for any of the past 80 years. Either that or you're dumber than dog$hit.

  i got the banhammer for calling someone an ...hat.  this is would have hurt my feelings a little bit more

[Uncle Rico]

  i got the banhammer for calling someone an ...hat.  this is would have hurt my feelings a little bit more

6 out of 10.  Playing the victim is nice.

[rocket surgeon]

6 out of 10.  Playing the victim is nice.

  stalker reeko strikes again

[Uncle Rico]

  stalker reeko strikes again

6 out of 10

Not a clever retort.  The spelling the name wrong could be interesting if it was more original.  The correct spelling is disappointing, too.  Weak effort

[Skatastrophy]

6 out of 10

Not a clever retort.  The spelling the name wrong could be interesting if it was more original.  The correct spelling is disappointing, too.  Weak effort

Disagree, I like the reeko nickname. It smacks of insults in the early 90s. Fart knocker.

[Uncle Rico]

Disagree, I like the reeko nickname. It smacks of insults in the early 90s. Fart knocker.

I'm just glad I'm not as frightening as Joy Behar

[reinko]

This represents a gross misunderstanding of the state of oil production and reserves in the US. The main US producers have little interest in expanding drilling. For the greater part of 10+ years, big oil has leveraged itself heavily to secure oil rights, exploration, and new wells. In 2020, they almost bit it, because they were so over-leveraged. When oil prices came back up, they smartly used all those resources to deleverage, realizing that the price of oil did not justify new costly exploration and development.

They are sitting on leases, because it does not make economic sense to do more exploration and development in the US, especially when they still need to deleverage some.

Right now, Russia and Saudi Arabia made a major political play together. It signals they want the global western economy (Europe and the US) in a major recession. They want regime changes that will weaken western strength.

What we need to do to counteract that, is call their bluff. Immediately end sanctions on Venezuela and Iran under agreement that they both expand production, despite OPEC+ moves (they'd have to go against the organization they are a part of).

Good lord about 10-15 responses have been made circle jerking about dumb crap when forgetful actually laid the actual issues. 

[Skatastrophy]

Good lord about 10-15 responses have been made circle jerking about dumb crap when forgetful actually laid the actual issues. 

I mean, sorta. OPEC hasn't been hitting their production quotas for nearly a year. They just dropped their quota down to their actual production level.

If I'm wrong, please tell me I'm wrong. Reading the news about this I feel like I'm taking crazy pills.

[MU82]

New jobs report out this morning:

++ September nonfarm payrolls: +263K vs. +250K expected and +315K prior.
++ Unemployment rate of 3.5% vs. 3.7% expected and 3.7% in August.
++ Labor force participation rate of 62.3% vs. 62.4% in August.
++ Average hourly earnings rose 0.3% M/M to $32.46, in line with+0.3% consensus and unchanged from the prior month. On Y/Y basis, average hourly earnings increased 5.0%, a hair under the 5.1% consensus and down from the 5.2% rate in August.

This, naturally, has the market moving down pre-market. Decent numbers are bad -- even the fact that just about anybody who wants a job can get a job is bad -- in an inflationary environment.

Earlier this week, for some unknown reason, investors seemed to think the Fed was going to ease off on rate raising. But with a "good" jobs report like that, another .75 hike is in the offing.

[rocket surgeon]

I mean, sorta. OPEC hasn't been hitting their production quotas for nearly a year. They just dropped their quota down to their actual production level.

If I'm wrong, please tell me I'm wrong. Reading the news about this I feel like I'm taking crazy pills.

the bigger question remains, why do we put ourselves in position to beg for foreign oil from our enemies as opposed to drilling from our own vast supplies for ourselves and our allies. 

[TAMU, Knower of Ball]

the bigger question remains, why do we put ourselves in position to beg for foreign oil from our enemies as opposed to drilling from our own vast supplies for ourselves and our allies.

Is the answer because it is more profitable for the oil companies?

[Uncle Rico]

Is the answer because it is more profitable for the oil companies?

Not if you watch Fox News