Oil Price Increases After Biden Shuts Down Drilling Permits Again

[Elliott]

"Oil Prices Rebound Despite Biden's Best Efforts

Editor OilPrice.com
Mon, April 4, 2022, 10:41 AM

Crude oil prices rose on Monday despite the announcement last week that the Biden Administration would release the largest amount of crude oil even from the U.S. Strategic Petroleum Reserves.

The SPR release is scheduled to begin in May.

At 1:00 p.m., ET, WTI had risen $2.23 (+2.25%) to $101.50, while Brent had risen $1.70 (+1.63%) to $106.10 per barrel, reclaiming some of last week’s loss due to the SPR release announcement."

Remember we pay for gasoline today, not in May. And most pricing is based on inventory replacement today.

 

[Terrel L. Shields]

EU Pleads For Less Energy Use As Energy Crisis Intensifies | OilPrice.com

Turning down the thermostat by just one or two degrees Celsius could save some 10 percent of the energy that the EU imports from Russia

oilprice.com

European governments are hard at work encouraging people to reduce their energy consumption.​

​

The report cited estimates made by a Brussels-based economic think-tank dubbed Bruegel. According to Bruegel, the EU could save 130 terawatt-hours per year if all Europeans turn down the thermostat and the water boiler. For context, the same researchers estimate Russian energy imports at 1,700 terawatt-hours annually.​

Meanwhile Biden gets a deaf ear from those he vilifies the worst. And the industry pushes back.

And meanwhile Mexico is ending gasoline subsidies because too many Americans are crossing the border to buy gasoline there. And Warren Buffet is buying shares of Chevron and Occidental Petroleum.

 

[Terrel L. Shields]

U.S. Gas Production Set To Fall On Lack Of Pipelines | OilPrice.com

U.S. natural gas production will decline by 5 percent by 2050, and consumption will shed 4 percent if no new interstate pipelines are built

oilprice.com

• EIA: U.S. gas production and consumption could fall if no new interstate pipelines are built.
• Lack of new pipeline infrastructure could lead to higher gas and electricity prices.
• Pipeline bans will not lead to any significant carbon dioxide emission declines.

 

[glenn walker]

And this belongs on appraiser forum because...

Because in California $6 a gallon gas and rapidly increase in food and staples costs lower our bottom line. And as Winston Churchill once said to Lady Astor -the best time to kick a man is when he is down and Biden is going down like a plane on fire.

 

[glenn walker]

Our great Gov Newsom proposed giving each car owner $400 up to 2 cars. I'll be getting $800 not counting my wife.
Before, the progressive Democrats wanted to give $400 refund checks to the poor in the state. I was getting nothing.
Because of the high oil prices, I'm getting money. Thanks.

You dummy your gas taxes paid for that and all you are getting is $800.00 of your own money . Apparently math was your weak spot in school. Oops' Sorry I forgot you were educated in California Public School Systems so you get a free pass in stupid.

 

[mp2277]

Because in California $6 a gallon gas and rapidly increase in food and staples costs lower our bottom line. And as Winston Churchill once said to Lady Astor -the best time to kick a man is when he is down and Biden is going down like a plane on fire.

And yet with all that adversity home prices have soared to an all time high and continue to rise. Go figure...

 

[mp2277]

"Oil Prices Rebound Despite Biden's Best Efforts

Editor OilPrice.com
Mon, April 4, 2022, 10:41 AM

Crude oil prices rose on Monday despite the announcement last week that the Biden Administration would release the largest amount of crude oil even from the U.S. Strategic Petroleum Reserves.

The SPR release is scheduled to begin in May.

At 1:00 p.m., ET, WTI had risen $2.23 (+2.25%) to $101.50, while Brent had risen $1.70 (+1.63%) to $106.10 per barrel, reclaiming some of last week’s loss due to the SPR release announcement."

Remember we pay for gasoline today, not in May. And most pricing is based on inventory replacement today.

With thousands of drilling permits already issued and the oil companies refuse to drill

 

[Elliott]

Put in terms we can undestand. If Oil Companies were appraisers, would you do appraisals for $1000 a piece, or hire two trainees, and do 3 times as many reports for $400 and make the same amount? Think of Trainees as new unknown "wells."

 

[Terrel L. Shields]

Gas today - Local $3.89, in corner of state $3.39, in SW city MO, $3.47, in Grove, OK $3.91

Go figure. Tomorrow congress will get to grandstand. I'd love to see one of those Oil CEOs light into Fakahontas that that idiot Ed Marlarkey and tell them where to shove it.

 

[Terrel L. Shields]

With thousands of drilling permits already issued and the oil companies refuse to drill

That's worse than stupid. 2200 of the permits are being contested in court. over 4,000 held up due to no permits to either build a road or a pipeline. What's the point in drilling a well if you cannot sell the gas with it? All the leases are 5 or 10 year terms. So if they don't drill, it goes back out again for possible lease. Some leases turn out to be failures after they run seismic. You don't deliberately drill dry holes and there is no promise that there is oil on the property. Many of these leases will be nixed by the BLM, BIA, or Minerals management (whatever they call it now for offshore Gulf) on environmental grounds. But mostly with the moratorium on pipelines, they simply cannot get the oil and more so the gas out of some of the more remote areas.