Another false meme from Varvel. There are lots of leases available for drilling in the US, but the oil companies decline to use them because they are making record profits off of their “shortage”.
But Varvel twists this to contort it into some unrecognizable caricature of reality. In this respect he is just as bad as Goodwyn, and earns this:
Due to the closure of many refineries and OPEC’s market manipulation plus increasing demand we will see $140-$160 brl within a few months. Of course the MAGAt brains will claim that it is one man’s fault.
The crocodile tears of the consumer make little sense. This July 4th weekend was the most traveled by Americans since year 2000. If Murcans want to do something they will by either taking more debt or if smart enough will redo their budgets.
The real reason that Big Oil won’t raise production is a matter of simple economics. Keeping the supply tight is just too good for the bottom line. And if it’s President Biden who will take the heat for high prices at the pumps, that’s just the cherry on top of a very, very lucrative cake. In fact, according to figures from Deloitte LLP, oil explorers in the United States are making more money now than at any other point in the more-than decade-long history of the nation’s shale revolution. Oilprice.com
In the 1970s, Americans were stunned when gas prices shot up and we had to wait in long lines to buy that expensive gas. As theoretically rational people, we should have learned a lesson from that experience and sharply reduced our dependence upon petroleum and in particular, the imported type. But we didn’t. As then, the U.S. continues to be by far the biggest guzzler of petroleum to the tune of roughly 20 million barrels per day that amounts to 20% of the total world’s consumption. By comparison, the entire European Union uses only 10 million barrels, half of ours. It is easy to blame someone else such as the President or OPEC when in fact, as Walt Kelly summed it up, “We have met the enemy and he is us”. The simple fact is, the average American wastes far too much gas because of their love affair with and addiction to their motor vehicles. Driving is supposed to be a matter of getting from point A to point B to fill a legitimate need. Instead, Americans view driving as a recreational activity. It is just so easy and fun to hop in the car and go somewhere, anywhere. Contrast that to our ancestors who depended upon their own legs or, the more fortunate ones, horses to get around. Rest assured, they were far more selective in their travels. Most of the world’s population view bicycles as a viable alternative to motor vehicles for getting around but not Americans. Their mindset here is that anyone who rides a bicycle is either destitute, a wacko or a drunk who lost his license. Ironically, most of those people have one or more bikes in their garages but rarely if ever ride them. If people began actually riding those bikes whenever possible, gas consumption would drop. And since prices are a result of supply and demand, reducing demand would lower prices. But that is beneath the dignity of the average American who sees driving a motor vehicle as a birthright and is willing to pay $6/gallon for gas to preserve that right. Fine…. just please stop complaining!
Been reading articles in the Washington Examiner on why gas is so high. Some reasons are:Many US oil firms went out of business during Covid. Other shut down wells and it takes time and money to restart them. They lost lots of people to work during Covid. The Ukraine war. The Russian gas embargo. and finally a quote from June 22 "A number of large U.S. oil and gas companies have been forward with investors about their decisions not to increase production in response to high prices, preferring instead to exert “capital discipline” and drive profits toward paying down debts and shareholder returns."
The oil companies sell their oil to who ever pays the best price. The RWNJ constantly accuse us of not understanding economics and yet, they show they haven’t a clue how economics work.
The oil oligopoly has no loyalty to this country. They’ll keep exporting oil, forcing us to import it. Joe can’t do anything about it unless he goes beyond his authority. Giving up as a corporate Democrat just isn’t the way.
Varvel aggressively ignores the FACT that oil companies and other fossil fuel companies have continuously sought to obstruct research and development into renewable, non-polluting energy sources because they would lose their obscene profits. Is Varvel heavily invested in fossil fuel?
Why is no one mentioning #45’s negotiations with Russia, Saudi Arabia and others to decrease oil production to increase prices. It was after that agreement that prices started really rising. Price per Barrel had gone below zero and with this tactic, price has risen, from before #45 left office to now where the price of oil is starting to ease.
When even the most liberal guy, Jeff Bezos, owner of the liberal newspaper, Washington Post, says in a tweet, ""Ouch. Inflation is far too important a problem for the White House to keep making statements like this," Bezos tweeted. “It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics”, you know you’ve been exposed as a do nothing, dumb POTUS!
Patjade almost 2 years ago
Another false meme from Varvel. There are lots of leases available for drilling in the US, but the oil companies decline to use them because they are making record profits off of their “shortage”.
But Varvel twists this to contort it into some unrecognizable caricature of reality. In this respect he is just as bad as Goodwyn, and earns this:
Goodwyn’s Law™. https://www.youtube.com/watch?v=NrVLZwwZF6g
knutdl almost 2 years ago
https://youtu.be/DDOL7iY8kfo
Odon Premium Member almost 2 years ago
Gary, please note, not all oil is created or used equally.
2AndFour almost 2 years ago
Tin Man Biden just prefers to lubricated himself with OPEC oil and hurt Americans with higher oil and energy prices.
1BlackLivesMatter Premium Member almost 2 years ago
Nailed it, Gary! OPEC loves old Dementia Joe!
Stephen Runnels Premium Member almost 2 years ago
You have to wonder if people like Varvel are really that ignorant about how the oil industry works, or if they are just paid to be that way.
Valiant1943 Premium Member almost 2 years ago
I guess the closed refineries have nothing to do with gas shortages
thelordthygod666 almost 2 years ago
How did OPEC shut down 20 U.S. refineries from 2010 to 2019 and then decrease U.S. oil production from 2020 through March 2022?
admiree2 almost 2 years ago
Due to the closure of many refineries and OPEC’s market manipulation plus increasing demand we will see $140-$160 brl within a few months. Of course the MAGAt brains will claim that it is one man’s fault.
The crocodile tears of the consumer make little sense. This July 4th weekend was the most traveled by Americans since year 2000. If Murcans want to do something they will by either taking more debt or if smart enough will redo their budgets.
Another Take almost 2 years ago
Ugh. Credit where it’s due – this Varvel effort is clever and funny.
PatL Premium Member almost 2 years ago
The real reason that Big Oil won’t raise production is a matter of simple economics. Keeping the supply tight is just too good for the bottom line. And if it’s President Biden who will take the heat for high prices at the pumps, that’s just the cherry on top of a very, very lucrative cake. In fact, according to figures from Deloitte LLP, oil explorers in the United States are making more money now than at any other point in the more-than decade-long history of the nation’s shale revolution. Oilprice.com
Holden Awn almost 2 years ago
Joe plays both the Tin Man AND Scarecrow!
Patrick Murphy Premium Member almost 2 years ago
Joe biden’s policy is America Last.
Bill D. Kat Premium Member almost 2 years ago
In the 1970s, Americans were stunned when gas prices shot up and we had to wait in long lines to buy that expensive gas. As theoretically rational people, we should have learned a lesson from that experience and sharply reduced our dependence upon petroleum and in particular, the imported type. But we didn’t. As then, the U.S. continues to be by far the biggest guzzler of petroleum to the tune of roughly 20 million barrels per day that amounts to 20% of the total world’s consumption. By comparison, the entire European Union uses only 10 million barrels, half of ours. It is easy to blame someone else such as the President or OPEC when in fact, as Walt Kelly summed it up, “We have met the enemy and he is us”. The simple fact is, the average American wastes far too much gas because of their love affair with and addiction to their motor vehicles. Driving is supposed to be a matter of getting from point A to point B to fill a legitimate need. Instead, Americans view driving as a recreational activity. It is just so easy and fun to hop in the car and go somewhere, anywhere. Contrast that to our ancestors who depended upon their own legs or, the more fortunate ones, horses to get around. Rest assured, they were far more selective in their travels. Most of the world’s population view bicycles as a viable alternative to motor vehicles for getting around but not Americans. Their mindset here is that anyone who rides a bicycle is either destitute, a wacko or a drunk who lost his license. Ironically, most of those people have one or more bikes in their garages but rarely if ever ride them. If people began actually riding those bikes whenever possible, gas consumption would drop. And since prices are a result of supply and demand, reducing demand would lower prices. But that is beneath the dignity of the average American who sees driving a motor vehicle as a birthright and is willing to pay $6/gallon for gas to preserve that right. Fine…. just please stop complaining!
shannon1352 almost 2 years ago
Been reading articles in the Washington Examiner on why gas is so high. Some reasons are:Many US oil firms went out of business during Covid. Other shut down wells and it takes time and money to restart them. They lost lots of people to work during Covid. The Ukraine war. The Russian gas embargo. and finally a quote from June 22 "A number of large U.S. oil and gas companies have been forward with investors about their decisions not to increase production in response to high prices, preferring instead to exert “capital discipline” and drive profits toward paying down debts and shareholder returns."
Radish the wordsmith almost 2 years ago
All of Gary’s ‘friends’ are trolls.
ChristopherBurns almost 2 years ago
The oil companies sell their oil to who ever pays the best price. The RWNJ constantly accuse us of not understanding economics and yet, they show they haven’t a clue how economics work.
braindead Premium Member almost 2 years ago
Gary and other Trump Disciples cheer ever increasing wealth inequality and long for a Russian style oligarchy.
VegaAlopex almost 2 years ago
The oil oligopoly has no loyalty to this country. They’ll keep exporting oil, forcing us to import it. Joe can’t do anything about it unless he goes beyond his authority. Giving up as a corporate Democrat just isn’t the way.
GiantShetlandPony almost 2 years ago
So far from reality, but the Orange Peels will love it.
momochan almost 2 years ago
This tin man has neither a heart nor a brain.
Uncle Joe Premium Member almost 2 years ago
Biden should propose a natural gas pipeline from Mar-a-lago to Europe.
RAGs almost 2 years ago
Varvel aggressively ignores the FACT that oil companies and other fossil fuel companies have continuously sought to obstruct research and development into renewable, non-polluting energy sources because they would lose their obscene profits. Is Varvel heavily invested in fossil fuel?
Rich Douglas almost 2 years ago
Complete lie.
Frankfreak almost 2 years ago
Why is no one mentioning #45’s negotiations with Russia, Saudi Arabia and others to decrease oil production to increase prices. It was after that agreement that prices started really rising. Price per Barrel had gone below zero and with this tactic, price has risen, from before #45 left office to now where the price of oil is starting to ease.
locoboilerguy almost 2 years ago
https://www.forbes.com/sites/rrapier/2022/06/11/exxon-made-more-money-than-god—-but-far-less-than-apple/?sh=3d80533636ed
FJB Premium Member almost 2 years ago
When even the most liberal guy, Jeff Bezos, owner of the liberal newspaper, Washington Post, says in a tweet, ""Ouch. Inflation is far too important a problem for the White House to keep making statements like this," Bezos tweeted. “It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics”, you know you’ve been exposed as a do nothing, dumb POTUS!
randolini Premium Member almost 2 years ago
Actually we are exporting oil from our nations oil reserves. That great for the corporate psychopaths.