recent US oilfield innovation has caused the U.S. to be a net oil exporter and the worlds largest oil & gas producer and has fundamentally broken OPEC. The Strategic Petroleum Reserve is now the real OPEC cartel in that the White House & Department of Energy end up setting a price target of $60/bbl for oil and trade in and out of the SPR to hit that target. The price of oil is set in Washington, DC now; Saudi Aramco, PDVSA, ADNOC, the National Iranian Oil Company, QatarEnergy, and the rest of the OPEC exporters just have to accept what the U.S. is feeling on any given day.
American Economics Thread
- Thread starter Bernard
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recent US oilfield innovation has caused the U.S. to be a net oil exporter and the worlds largest oil & gas producer and has fundamentally broken OPEC. The Strategic Petroleum Reserve is now the real OPEC cartel in that the White House & Department of Energy end up setting a price target of $60/bbl for oil and trade in and out of the SPR to hit that target. The price of oil is set in Washington, DC now; Saudi Aramco, PDVSA, ADNOC, the National Iranian Oil Company, QatarEnergy, and the rest of the OPEC exporters just have to accept what the U.S. is feeling on any given day.
manqiangrexue
Brigadier
Wowww, the US did this and the price for gas is still this high in America? They really don't give a f about the people, do they?
Internationally, the only country I've seen bitching and moaning about other countries setting their own the oil prices and production is the US. OPEC+Russia+China (and other counties the US can't control) produce the majority of the world's oil and the US just has to accept what they are feeling on any given day, right? LOL Normal people take it for granted that everyone decides his own production and prices; apparently you think the US is special for being able to do that? LOLOL "I can set my own prices; I'm like the mafia/cartel!" LOLOL What a wannabe; the little girl selling lemonade makes her own prices too.
I personally applaud any increase in global oil production. China is a net importer of oil and whenever the US screws up and pisses off the wrong country, we get another nice and cheap supply.
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In 2024, most of the English-language media is pro-Democrat propaganda. For example, what exactly Biden did for fracking? Or how is he different from Trump when it comes to what he does for oil&gas?
By the way, I need to mention it again, how The Economist is still taken seriously? They have been consistently wrong at everything about everyone for decades.
Well the USA became a net exporter. Petrodollar was only possible because the USA was a net importer.
Yup. Living paycheque to paycheque will do that to people. There is no savings for someone living like that.
Anyone could get fired on the spot or laid off.
No financial security. No job security.
That is why they elected President Trump in the first place.
Because shale is costly production garbage. It's only good if you are obsessed with autarky at any cost.
The vast majority of profitable sales will still be with crude, giving countries with easy access to crude a significant economic advantage.
America tapping into it's shale reserves is only a threat in as much as it enhances their autarky in the event of high international hostility. In that event, Americans will still need to pay insane prices for indigenous shale, but they won't be at risk of running out.
Lmao
That's like less than 50% of the forecasted, or in another perspective, an overestimate of 100+%
Heads would roll (well, people likely jailed) in China, if the economic planners released a forecast that turned out to be an overestimate of 100+%.
(Unless there were some really good explanation/excuse such as Covid lockdown or war/conflict suddenly happening in the quarter)
That's like less than 50% of the forecasted, or in another perspective, an overestimate of 100+%
Heads would roll (well, people likely jailed) in China, if the economic planners released a forecast that turned out to be an overestimate of 100+%.
(Unless there were some really good explanation/excuse such as Covid lockdown or war/conflict suddenly happening in the quarter)
