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Old 08-06-2022, 05:49 PM
carlsonjok carlsonjok is offline
Jeff Carlson
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Join Date: Apr 2011
Location: Norman, OK
Posts: 577
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Quote:
Originally Posted by murphy8276 View Post
Looks like you have the starting lineup picked out.


Or, you can keep sharing these fake news narratives that make anyone who believes them look like a fool.
  • Russia caused gas prices to spike--not biden ending much of the gas production
Not to change the subject to something controversial, but having just wrapped up 10 years working in the oil and gas industry, let me offer that the idea that gas prices are high because Biden ended gas production is not true. First of all, he didn't end gas production. The government stopped issuing permits to drill on federal land. Production from drilling on federal land only accounts for 7-8% of US production. Additionally, on January 22, 2021 the US active rig count was 378. Yesterday, it was 764, slightly more than double.

RigCount0805.jpg

TBF, the rig count was over 1000 as recently as 2019. But, it is not higher now because E&P companies are exercising greater capital discipline, which is likely being imposed on them by their bankers, since shale production has a poor record of delivering the promised returns. Additionally, crude oil is a global commodity and responds to uncertainty and risk. The Russian invasion of Ukraine is a major source of risk. Russia is the second largest producer of crude oil (behind only the US) and sanctioning that production constrains supply and drive up prices.

Now, back to the more congenial discussion of infectious disease.
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