Re: OPEC gouging us again
[Re: Donnersurvivor]
#7687113
10/07/22 11:06 AM
10/07/22 11:06 AM
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Joined: Dec 2010
Posts: 11,135 Armpit, ak
Dirt
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Armpit, ak
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High oil prices=good for Canada. The recession the u.s is jumping into isn't going to be good for us or you. Pick your poison; high inflation or recession. You have to slow economic activity to reign in inflation caused by printing money (Fed buying treasuries and mortgage backed securities), ridiculously low interest rates, and government stimulus programs.
Last edited by Dirt; 10/07/22 11:09 AM.
Who is John Galt?
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Re: OPEC gouging us again
[Re: danny clifton]
#7687134
10/07/22 11:39 AM
10/07/22 11:39 AM
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Joined: Aug 2011
Posts: 45,265 james bay frontierOnt.
Boco
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james bay frontierOnt.
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Just give all the workers a big raise. Keep everything rockin and rollin.
Last edited by Boco; 10/07/22 11:40 AM.
Forget that fear of gravity-get a little savagery in your life.
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Re: OPEC gouging us again
[Re: Boco]
#7687143
10/07/22 11:55 AM
10/07/22 11:55 AM
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Joined: Jan 2008
Posts: 9,153 Alaska and Washington State
waggler
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Alaska and Washington State
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Just give all the workers a big raise. Keep everything rockin and rollin. I assume you are being sarcastic. Of course everyone knows "big raises", handouts, etc., in these economic situations just lead to higher inflation that invariably is greater than the rise in income.
"My life is better than your vacation"
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Re: OPEC gouging us again
[Re: Dirt]
#7687149
10/07/22 12:04 PM
10/07/22 12:04 PM
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Joined: Jan 2018
Posts: 4,526 MN
Donnersurvivor
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MN
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Pick your poison; high inflation or recession. You have to slow economic activity to reign in inflation caused by printing money (Fed buying treasuries and mortgage backed securities), ridiculously low interest rates, and government stimulus programs.
Inflation has been good for business for me, a recession will hurt my business quite a bit. Either way I'm content.
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Re: OPEC gouging us again
[Re: danny clifton]
#7687168
10/07/22 12:37 PM
10/07/22 12:37 PM
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Joined: Dec 2006
Posts: 29,750 williamsburg ks
danny clifton
OP
"Grumpy Old Man"
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OP
"Grumpy Old Man"
Joined: Dec 2006
Posts: 29,750
williamsburg ks
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On 9/12 Mecca should have been a gravel pit. By 10-1 the survivers in Saudi Arabia should have had only one concern. Staying alive. Surviving Saudi Royals should have been adjusting to life in a U.S. federal penitentiary
Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
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Re: OPEC gouging us again
[Re: danny clifton]
#7687315
10/07/22 06:45 PM
10/07/22 06:45 PM
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Joined: Jul 2017
Posts: 2,672 Ohio
Willy Firewood
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Ohio
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Biden and cronies have not shut down ALL oil production in this country.
Here in Ohio on private land, oil production is thriving. A new local well just began producing. In its first month it produced more than 9,000 barrels of oil.
FRAC LIVES MATTER
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Re: OPEC gouging us again
[Re: danny clifton]
#7687344
10/07/22 07:48 PM
10/07/22 07:48 PM
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Joined: May 2011
Posts: 1,398 Kansas
Kansas Cat
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Kansas
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LOL. Biden's partisan foolishness is great for independent oil producers in the US. Releasing oil from the SPR is probably the most desperate political act I have seen in my lifetime. Due to the finite nature of the reserve, the price relief was always going to be temporary. OPEC+ is simply showing Joe and friends who controls the oil market. The writing was on the wall that the democrats were going to get waxed in the midterms. The committee running the country probably thought that was their best shot to avoid a disastrous showing in the midterms.For the sake of people pursuing the American dream, I hope they still do. Danny, do you decide what to charge when you offer to haul gravel for customers?
Last edited by Kansas Cat; 10/07/22 07:54 PM.
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Re: OPEC gouging us again
[Re: danny clifton]
#7687439
10/07/22 09:32 PM
10/07/22 09:32 PM
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Joined: Dec 2006
Posts: 29,750 williamsburg ks
danny clifton
OP
"Grumpy Old Man"
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OP
"Grumpy Old Man"
Joined: Dec 2006
Posts: 29,750
williamsburg ks
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Kansas cat I cant get over members of the Saudi royal family's funding of 9/11.
Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
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Re: OPEC gouging us again
[Re: Chancey]
#7687451
10/07/22 09:52 PM
10/07/22 09:52 PM
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Joined: Apr 2007
Posts: 5,849 ohio
Ohio Wolverine
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ohio
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I wish I understood the Petrodollar system and OPEC better. A friend of mine that worked for Saudi Aramco told me that the US has to import oil from the middle east because nearly all of our refineries here in the US can only refine middle east oil into products, and Not west Texas Brent crude or many other oils found here in the US. Said that if we wanted to refine our own oil, then most of our refineries would have to be totally overhauled. So we have all this oil and natural gas here in Texas and most of it is piped across the state to the Gulf of Mexico and put on a boat for who knows where?
I don't know if this is true or not, but if it is it makes sense why we are so in bed with Saudi Arabia. They promised to sale their oil in only dollars and we promised to buy their oil for most of our refined products. Again, I don't know if this is true, but makes sense to me. Henry Kissinger, an evil genius he was. Close , but the way I understood the Nixon Kissinger deal was our country would buy all our oil from OPEC , and OPEC would pay 20% of their income from oil to our country's National Debt . Remember all the shortages during Nixon's time in office? Gasoline went from 36 cents a gallon in 1972 to 53 cents a gallon in 1974 , and hasn't stopped climing since. A cup of coffee was 10 cents and went to 40 cents during the shortages . Toilet paper , sugar, you name it were all in short supply. Our country also sent products to their world countries , with tax rebates to the manufacturers , that are still head quartered here today. $ 3.00 Shoes were made for pennies , shipped back here and sold for $20 and up. And you wonder how these politicians become multi millionares , on their salaries ?
We have met the enemy and the enemy is us!
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Re: OPEC gouging us again
[Re: Dirt]
#7687502
10/07/22 11:18 PM
10/07/22 11:18 PM
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Joined: Mar 2014
Posts: 3,653 Central Texas
Chancey
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Joined: Mar 2014
Posts: 3,653
Central Texas
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Import sources Gross imports Petroleum products Total, all countries 8.47 OPEC countries 0.96 (11%) Persian Gulf countries 0.69 (8%) Top five countries1 Canada 4.34 (51%) Mexico 0.71 (8%) Russia 0.67 (8%) Saudi Arabia 0.43 (5%)
2021 The top five sources of U.S. crude oil imports by percentage share of U.S. total crude oil imports in 2021 were: Canada 62% Mexico 10% Saudi Arabia 6% Russia 3% Colombia 3%
So what % of oil discovered and produced here in the lower 48 is consumed here? 100%? 25 years ago I was told in college that we were the both the largest producer and the largest consumer. That we consumed 100% of what we produced, and then had to import the largest amount as well due to our wicked and wasteful ways. Later on, I was told that was nonsense, but I never have found an accurate number or where our oil goes. Like any commodity I guess. Our farmers slave to grow corn and soybeans and they get put on a train to somewhere.......?
Resident Conspiracy Theorist Accused Moron, Nazi, Low IQ, and Putin Fan Boy
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Re: OPEC gouging us again
[Re: Ohio Wolverine]
#7687503
10/07/22 11:19 PM
10/07/22 11:19 PM
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Joined: Mar 2014
Posts: 3,653 Central Texas
Chancey
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trapper
Joined: Mar 2014
Posts: 3,653
Central Texas
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I wish I understood the Petrodollar system and OPEC better. A friend of mine that worked for Saudi Aramco told me that the US has to import oil from the middle east because nearly all of our refineries here in the US can only refine middle east oil into products, and Not west Texas Brent crude or many other oils found here in the US. Said that if we wanted to refine our own oil, then most of our refineries would have to be totally overhauled. So we have all this oil and natural gas here in Texas and most of it is piped across the state to the Gulf of Mexico and put on a boat for who knows where?
I don't know if this is true or not, but if it is it makes sense why we are so in bed with Saudi Arabia. They promised to sale their oil in only dollars and we promised to buy their oil for most of our refined products. Again, I don't know if this is true, but makes sense to me. Henry Kissinger, an evil genius he was. Close , but the way I understood the Nixon Kissinger deal was our country would buy all our oil from OPEC , and OPEC would pay 20% of their income from oil to our country's National Debt . Remember all the shortages during Nixon's time in office? Gasoline went from 36 cents a gallon in 1972 to 53 cents a gallon in 1974 , and hasn't stopped climing since. A cup of coffee was 10 cents and went to 40 cents during the shortages . Toilet paper , sugar, you name it were all in short supply. Our country also sent products to their world countries , with tax rebates to the manufacturers , that are still head quartered here today. $ 3.00 Shoes were made for pennies , shipped back here and sold for $20 and up. And you wonder how these politicians become multi millionares , on their salaries ? Ohio Wolverine, that would have been right around the same time Nixon took us off the gold standard!
Resident Conspiracy Theorist Accused Moron, Nazi, Low IQ, and Putin Fan Boy
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Re: OPEC gouging us again
[Re: Chancey]
#7687652
10/08/22 09:13 AM
10/08/22 09:13 AM
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Joined: Dec 2010
Posts: 11,135 Armpit, ak
Dirt
trapper
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trapper
Joined: Dec 2010
Posts: 11,135
Armpit, ak
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Import sources Gross imports Petroleum products Total, all countries 8.47 OPEC countries 0.96 (11%) Persian Gulf countries 0.69 (8%) Top five countries1 Canada 4.34 (51%) Mexico 0.71 (8%) Russia 0.67 (8%) Saudi Arabia 0.43 (5%)
2021 The top five sources of U.S. crude oil imports by percentage share of U.S. total crude oil imports in 2021 were: Canada 62% Mexico 10% Saudi Arabia 6% Russia 3% Colombia 3%
So what % of oil discovered and produced here in the lower 48 is consumed here? 100%? 25 years ago I was told in college that we were the both the largest producer and the largest consumer. That we consumed 100% of what we produced, and then had to import the largest amount as well due to our wicked and wasteful ways. Later on, I was told that was nonsense, but I never have found an accurate number or where our oil goes. Like any commodity I guess. Our farmers slave to grow corn and soybeans and they get put on a train to somewhere.......? People tell you a lot of stuff. Doesn't mean it is true. I told you before to stop asking questions here and do your own research. Try the EIA. The "I" stands for" Information".
Last edited by Dirt; 10/08/22 11:49 AM.
Who is John Galt?
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Re: OPEC gouging us again
[Re: Chancey]
#7687708
10/08/22 11:11 AM
10/08/22 11:11 AM
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Joined: Apr 2007
Posts: 5,849 ohio
Ohio Wolverine
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Joined: Apr 2007
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ohio
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Ohio Wolverine, that would have been right around the same time Nixon took us off the gold standard!
And then the Great Depression hit. People hoarded gold instead of depositing it in banks, which created an international gold shortage. Countries around the world basically ran out of supply and were forced off the gold standard. The U.S. came off the gold standard for domestic transactions in 1933 and ended international convertibility of the dollar to gold in 1971.
We have met the enemy and the enemy is us!
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