Following up one shit graph with another. Maybe try zooming out to a few years instead of looking at a few months?

Sorry. Facts don't care about your feelings.

sioux reallie is a lightweight netflixadaptationwidow. two pale petri-dish lickers cut from the same drain on the taxpayer cloth

I'm privately funded homie

so we're back to "a call to lower demand will raise prices"?

or is it "Biden wont let them drill" in the country (USA) that produces more barrels of oil than any other nation?

i realize biden has very real fault in this equation but the context never seems to matter to the "I DID THIS" biden sticker people.

There's low iq meme level understanding such as that and then there's a decade of Democratic signaling and actual policy that huge oil producers CEO's take into account. When half of the politicians and society is telling you hey 'oil bad', 'by 2030 we wont use it' etc, then a responsible CEO doesn't dump hundreds of million in oil exploration and CAPEX for new projects but rather tries to diversify away. So then what happens is that the replacement rate plummets and even if you wanted you can't ramp up production. There's also huge infrastructure costs associated with things like refinement, moving, that you don't see investment in anymore really. So no, it's not all on Joe. Joe's a lost old man at this point. What we're seeing now is a result of probably a decade-ish of under-investment brought on because of political/social signaling

Fun fact, the last large scale refinery that was built in the US was in 1976.

US oil production between 2010 and 2020 doubled. 2020 production was decreased due to low oil prices. oil companies are at an all time high in profits both by integer and percent.

if democratic messaging is telling oil companies to produce less oil it's wildly ineffective. they're drilling as much oil as they can to get as much money as they can before the demand takes a nosedive as EV production and infrastructure grows. and they're artificially inflating prices on the back of actual inflation in the face of this increase in supply to capitalize on economic downturn before they have to pedal their oil to the 3rd world or truly diversify.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M

This post was edited by thesnipa on Aug 1 2022 02:06pm

It's like you skipped over the investment part I talked about. In the short term you can pump at 100% and production can go up, at some point those wells will dry up though. A better figure to look at is rig count. Of course their profits would be up when they aren't re-investing and gasoline prices are 90-120 dollars per barrel. If they were reinvesting to sustainably grow output for many years to come that net income/profit would be much lower.

Notice how we're at multi decade lows for rig-count?

https://www.eia.gov/todayinenergy/detail.php?id=43796

If we could have ramped up oil production on a dime we would have, but we didn't. There's a reason why Biden went to Saudi Arabia to beg them to produce more.

This post was edited by ofthevoid on Aug 1 2022 02:20pm

so to wrap it all up gas prices are high because oil companies aren't reinvesting in new oil rigs but are still increasing oil production year over year?

i didn't skip over it, the earth is getting hotter and most people with a brain realize we need to burn less dinosaur juice moving forward. the oil companies realize this as well, and are divesting on a decades long scale. how exactly that's the "democrats fault" simply because they're not cowards unwilling to acknowledge the warming globe like republicans is beyond me. and dont bring up green new deal, even 99% of sitting democrats laughed when they read that silly laundry list. AOC herself prob laughed as she wrote it.

Oil companies CEO's just like all corporation CEO's don't do things because it's the morally right thing to do. So naïve lol. They do it to protect profits and the longevity of a company. They're not investing like they used to because there has been years or signaling from politicians that they will force the world to get off fossil fuels at some point. Obviously if I'm a CEO I'm not going to spend big on long term projects if my product will be shelved in 5 years.

If you want to call Democrats brave for addressing global warming that's fine but try to be honest and understand why prices are going up. Corporate profits and Putin are just deflections, sure they play some part but the bulk is this re-investment not being there.