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MoJames

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Posts posted by MoJames

  1. 1 hour ago, 52-80 said:

    8% of US import doesn't seem like a high number at first glance and in that narrow context. 

    the true meaningful context is that it's a full reduction of russia's supply from the markets in which it used to trade.  further, the removal of supply doesn't yield a linear increase in price.  add on top of that levered speculative positioning used by the trader, which when the price is volatile, causes all manners of squeezes and blowups and fuckery. 

    this results in insane actual spot prices, and weird shit like earlier when oil was "negative"

    And I'm assuming even in a world where the US and Canada were no longer dependent on any other country for O&G, prices would still fluctuate with the global economy?

  2. 9 minutes ago, Porterhouse said:

    It will never produce as much as we use with Canadian imports. Like, not even close. 

    He hasn’t done anything; he’s just a moron. Like really stupid for releasing SPR barrels when that was just going to worsen the problem. Biden couldn’t have done anything differently to cause long term prices to have done anything other than exactly what they are doing. His administration was SO unnecessarily hostile to the industry, much moreso than Obama, and now they’re in the midst of a multi-month walk-back with the industry. 

    I’m not opposed to diversification. I’m opposed to idiot governments / IEA- type organizations saying oil can’t be used / won’t be needed for light duty transport by 2050. That is so laughably stupid and is a goal to make the Greta Thunbergs of the world happy. 

    Is there a point in the near future where we are only dependent on our production and Canada imports?

    Appreciate the response on Biden. I by no means approving his presidency up to this point, but I have a hard time pinning the cost of Gasoline on him.

    The way I look at change is you need both sides of that ridiculous spectrum involved to land somewhere in the middle. That's what I hope happens with the current trends. Petroleum is so intertwined in so many facets of our life, that I don't see it going away, but a decreased dependence would be lovely.

  3. Couple questions for my edification.

    How far off is the US on being able to produce as much as we use with and without Canada's imports?

    What missteps have been made in the past 2 years that have led most to blame Biden?

    Why is everyone in O&G so opposed to diversification of energy sources? I don't see any scenario where O&G isn't produced and used.

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