Republicans.
Dependent upon foreign oil again.
Why in the hell does he give two shits about how much oil they produce?
I hope the price of gas goes so high the Trump true believers can’t even afford enough of it to light their MAGA hats on fire.
No one except the Saudis know what their actual oil reserves are. Some people speculate that the coming IPO of Saudi Aramco may finally reveal that their reserves are not as huge as they claim. To comply with listing rules, they will have to be more open with information.
For over three years I have been in the camp that believes they have been exaggerating their reserves. I doubt they can reach their maximum pumping capacity of a few years ago. Even if they could, it would be for a short time frame.
I think the Saudis are looking beyond oil because they know their production is going to start falling. Not because demand for oil will wane that much. I think hybrids will be more popular than EVs in the near future. The demand for oil is not going away anytime soon. When the Saudi production starts to drop, that is when we’ll see why we have tried to destroy Venezuela as a functioning country. They have the world’s largest reserves. Some estimate their reserves at over 700 billion barrels.
“Prices to (sic) high!”
Says Donald (sick) Trump.
Because his half assed trade and foreign policies are driving gas prices up. Whoda thunk trade policy could be so difficult. Remember how he lambasted Obama for rising fuel prices?
Soon enough, he’ll be subsiding fuel in red states the way he’s going to with soybeans.
It’s in the Saudi’s interest to NOT increase production that much because they need the revenue (so does Russia). Not that they have that much capacity to expand - and no one in the industry really believes their reserve estimates.
The only reason OPEC let the price collapse was to squeeze US producers - which pretty much backfired because of our technological superiority (particularly in subsurface imaging, fracking and horizontal drilling) which helped the margins. I expect we’ll bounce around $70-$80 per BBL for the next year.
President Donald Trump said Saturday that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production,
Put this in the same file as the assurances Trump said he had received from Kim Jong Un that North Korea will end its nuclear program. One news cycle and done.
Trump wrote on Twitter that he had asked the king in a phone call to increase oil production
I thought all Republicans believed in the sanctity of an unregulated free market. Has the DJ Trump “blind trust” taken a short position on oil futures?
It is as the orb foretold…
The Bakken producers used to need seventy dollar oil to break even, many of them have that down to the low forties now. Even the tar sands operations can operate at a profit below 40 dollars a barrel. As oil fell, so did the enthusiasm for EVs and small cars.
Speaking of tar sands, have you read about this new closed loop process that is going to be used in Utah’s tar sands?
Touted as “a unique, environmentally safe, continuous flow, closed loop technology… a first in North America… and probably in the world,” Petroteq’s approach is the result of five years of research into ways of separating heavy oil, or bitumen, from the sand trapped in it, the company said.
Petroteq’s technology uses no water, produces no greenhouse gases and requires no high temperatures or high pressures. It extracts up to 99 percent of all hydrocarbon contents and recycles up to 99 percent of the benign solvents it uses, the company said.
Sand left over after the process can be placed back where it was found or used for construction or for hydraulic fracturing for conventional sources.
I recall President Obama asking if we liked having $2.00 gas just before the election. Stubby Fingers screwed that up exactly as predicted.
Atmospheric CO2 on June 27, 2018 was 409.84 ppm.
No worries, though. We’re just frogs in the pot.
Dotard T rumpp is removing all of the qualities of humanity from the US government. The US is no longer a model for the rest of the world to respect. The rest of the world hates our administration. The rest of the world pities the American people. This government is systemically removing our self-respect.
Pay no attention to the man behind the curtain, he’s a blithering idiot.
Once again , dotard dumbarse is taking credit for what the Saudi’s have already agreed to with Putin…
Bloody old stubby tubby is a disgrace…
Because it affects the price of gasoline and other products, both here and globally. And because the recent rise in oil prices is largely Trump’s fault.
The abandonment of the Iran deal and reinforcement of tougher sanctions is going to result in thousands of Iranian barrels removed from the world market. Less supply + rising demand = higher oil prices.
Same thing with Venezuela. It’s economy is collapsing, and with it goes its oil production and exports. It is also under US sanctions that are exacerbating these issues.
So Trump is playing a large role in the global rise in oil prices. To counter this disruption of supply, he needs Saudi Arabia – and you won’t believe this, but also Russia – to increase production to stabilize supply and oil prices.
[Quote] Trump’s tweet offered no timeframe for the additional 2 million barrels — whether that meant per day or per month.[/Quote] It means he pulled it out of his ample backside that’s what it means.
The Saudis also see that keeping their economy wholly dependent on one resource/industry is an invitation to disaster. Venezuela is offering a vivid example of what can happen when one commodity, subject to volatile price swings due to factors out of your control, dominates your economy and government revenues.
There’s also still some long-term concern over stranded assets as well, i.e. when demand declines enough that oil prices fall below the cost of production. That seems less likely than it did a few years ago, as Asian oil demand is expected to continue rising for decades, and Saudi barrels are allegedly super cheap to produce, but a big jump in certain technologies could bring this concern back to the forefront.