Biden's Energy Policy - Slap some lipstick on that pig Joe.

[Tiny]

Here's a list of the total offshore and onshore federal acreage leased for oil and gas in the first 19 months of the terms of recent presidents:

Biden: 126,228 acres
Trump: 4,400,000 acres
Obama: 7,250,000 acres
George W. Bush: 12,740,000 acres
Clinton: 9,690,000 acres
George H. W. Bush: 17,230,000 acres
Reagan: 47,580,000 acres

Source: https://www.wsj.com/articles/federal...en-11662230816

The numbers speak for themselves.

Yep, Biden's administration is doing a lot to ensure our energy security. NOT. He apparently has learned little from what's happening in Europe. The Europeans are hostage to Russia. People are stockpiling blankets for the winter. Electricity prices have gone through the roof.

Biden campaigned on ending drilling and leasing on federal lands and the federal offshore. Legal challenges made him backtrack. To his credit, Biden wasn't as bat shit crazy as some of the other leading Democratic presidential candidates in 2016, like Bernie Sanders and Elizabeth Warren, who would have banned fracking immediately through executive orders. That would have cut our oil and gas production to a fraction of what it would have been otherwise in short order.

Biden points to the recent drop in gasoline prices and takes the credit. Not only that, he blames the oil companies for the high prices. They're not drilling enough. Just look at the record number of drilling permits on federal leases. Well, the reason there are large numbers of permits is because the companies are afraid Biden will re-implement the ban on additional drilling permits that was in effect early in his administration. So they're stockpiling permits, in order to be able to continue drilling in the event there's another ban.

The hypocrisy of the Biden administration on energy is extreme, even by the standards of politicians.

[winn dixie]

wtf aint gonna like those numbers. And doubly when he sees how many acres The Great Reagan leased

[WTF]

Have you two energy experts checked out the viability of the energy sector of late?

https://www.forbes.com/sites/rrapier...h=27675cfa3890


President Trump was inaugurated on Friday, January 20, 2017. The XOP closed that day at $151.70.

Although oil production continued to expand under President Trump, the oil producers themselves didn’t fare as well because of poor oil prices. On January 19, 2021 — President Trump’s last full day as president — the XOP closed at $69.02.

That means that the XOP — a good benchmark of the health of the oil and gas industry — declined by 54.5% while President Trump was in office.

Some will claim that this was because of the Covid-19 pandemic. Actually, at the beginning of 2020 — before the first case of Covid in the U.S. — the XOP was at $90.00. So it was already down by 40.6% prior to the pandemic. Even if you look all the way back to the previous summer, the XOP was trading at around $105-$110, still well below the value when Trump took office.

President Biden was inaugurated on Wednesday, January 20, 2021. The closing price of the XOP on President Biden’s first day in office was $68.64. As I write this after the close on June 16, 2022 — even after a huge sell-off — the XOP closed at $139.68. That is a gain of 103% in the XOP in the ~1.5 years that President Biden has been in office. This implies that the market value of the U.S. oil industry has approximately doubled under Biden, following a sharp decline under Trump.

[offshoredrilling]

"drill baby drill"

[WTF]

Originally Posted by offshoredrilling

"drill baby drill"

Hold on...this isn't Venezuela. You can't make oil companies drill.

American shareholders want a decent ROI.

People like you and Tiny can blame who the fuck ever you want as long as we don't go crazy with the drilling bullshit. I remember the 1980's. Low oil prices had Houston reeling

[Tiny]

Originally Posted by WTF

Have you two energy experts checked out the viability of the energy sector of late?

https://www.forbes.com/sites/rrapier...h=27675cfa3890


President Trump was inaugurated on Friday, January 20, 2017. The XOP closed that day at $151.70.

Although oil production continued to expand under President Trump, the oil producers themselves didn’t fare as well because of poor oil prices. On January 19, 2021 — President Trump’s last full day as president — the XOP closed at $69.02.

That means that the XOP — a good benchmark of the health of the oil and gas industry — declined by 54.5% while President Trump was in office.

Some will claim that this was because of the Covid-19 pandemic. Actually, at the beginning of 2020 — before the first case of Covid in the U.S. — the XOP was at $90.00. So it was already down by 40.6% prior to the pandemic. Even if you look all the way back to the previous summer, the XOP was trading at around $105-$110, still well below the value when Trump took office.

President Biden was inaugurated on Wednesday, January 20, 2021. The closing price of the XOP on President Biden’s first day in office was $68.64. As I write this after the close on June 16, 2022 — even after a huge sell-off — the XOP closed at $139.68. That is a gain of 103% in the XOP in the ~1.5 years that President Biden has been in office. This implies that the market value of the U.S. oil industry has approximately doubled under Biden, following a sharp decline under Trump.

You realize that the level of the XOP ETF of oil and gas companies is correlated with oil and natural gas prices? And higher oil prices are correlated with higher gasoline prices? Gasoline prices were hovering around $5.00 when your article was written.

Now in the view of the Biden administration, that should have been great. A $5.00 price is going to lower gasoline consumption. And that in turn will lower U.S. carbon emissions. If you completely eliminated gasoline from the USA, it wouldn’t be enough to lower worldwide emissions enough to put a dent in global warming. But no matter. It’s the right thing to do, if you want to “feel” like you’re doing something for the environment.

So why didn’t Biden take credit for higher prices? Well, because he realized while pleasing to the environmental zealots in his base, the vast majority of Americans weren’t happy with high gasoline prices and in general inflation out the wazoo. High gasoline prices would hurt Democrats at the polls. So he blamed U.S. oil companies and refiners for high prices, while his administration has discouraged investment in E & P and refining.

It’s called hypocrisy.

[offshoredrilling]

[WTF]

Originally Posted by Tiny

You realize that the XOP index is correlated with oil and natural gas prices? And higher oil prices are correlated with higher gasoline prices? Gasoline prices were hovering around $5.00 when your article was written.

It is now at 142.40

Are you meaning to imply that the index went up while gas prices were going down at the pump?

Because if so....that kinda diminishes your argument. Reread this.

President Biden was inaugurated on Wednesday, January 20, 2021. The closing price of the XOP on President Biden’s first day in office was $68.64. As I write this after the close on June 16, 2022 — even after a huge sell-off — the XOP closed at $139.68. That is a gain of 103% in the XOP in the ~1.5 years that President Biden has been in office. This implies that the market value of the U.S. oil industry has approximately doubled under Biden, following a sharp decline under Trump

[Tiny]

Originally Posted by WTF

It is now at 142.40

Are you meaning to imply that the index went up while gas prices were going down at the pump?

Because if so....that kinda diminishes your argument. Reread this.

President Biden was inaugurated on Wednesday, January 20, 2021. The closing price of the XOP on President Biden’s first day in office was $68.64. As I write this after the close on June 16, 2022 — even after a huge sell-off — the XOP closed at $139.68. That is a gain of 103% in the XOP in the ~1.5 years that President Biden has been in office. This implies that the market value of the U.S. oil industry has approximately doubled under Biden, following a sharp decline under Trump

This thread is not about your stock portfolio WTF. However, I overlaid a graph of the share price of XOP with the price of RBOB Gasoline and there's a great correlation between the two, going back to 2005. But yes, since August 4, XOP has gone up while the gasoline price has gone down. The correlations between the diesel and heating oil prices and XOP have been extremely close since August 4 though.

Steering back on topic, U.S. energy policy, there's a growing shortage in refinery capacity in the USA. Capacity is down a million barrels a day since the start of COVID. Refineries were shuttered when refining margins were low, and haven't been reopened. Nobody is adding new capacity. Part of the reason is the Biden administration's war against the fossil fuels. Why invest in an industry that may die because of government fiat?

Gasoline inventories have been low this summer, and still are, but you ain't seen nothing yet. Shortages of heavier hydrocarbon products, like diesel and heating oil, are extreme. We're potentially going to see some people in the northeast, who are reliant on heating oil to heat their homes, freeze their butts off this winter. Too bad Biden discouraged refineries from regaining pre-Covid capacity. And too bad Democratic state governments in the northeast have discouraged construction of natural gas pipelines in recent years. But them's the breaks.

And yes WTF, you may indeed reap the benefits. But at what cost to America? A bit before my time, but I understand there used to be bumper stickers in Houston saying things like drive 95 and freeze a Yankee. Given we have a worldwide market for energy, and assuming this Russia/Ukraine conflict isn't settled soon, we may be about to relive those times.

[lustylad]

Originally Posted by WTF

Realpolitik

^^^ If I had a dollar for each time WTF has ignorantly misused this word to deflect from the colossal policy blunders made by the insane dim-retard ideologues who are now charting our national energy insecurity, I could buy Mar-a-Lago!

[WTF]

Originally Posted by lustylad

^^^ If I had a dollar for each time WTF has ignorantly misused this word to deflect from the colossal policy blunders made by the insane dim-retard ideologues who are now charting our national energy insecurity, I could buy Mar-a-Lago!

It may go on sale for cheap if Trump supporters wise up and quit sending him money!