Posted on 03/17/2024 10:15:54 AM PDT by Round Earther
In mid-December, I wrote here that the U.S. had set a new annual oil production record:
“The U.S. set a new annual oil production record on December 15, based on data from the Energy Information Administration. Although the official monthly numbers from the EIA won’t be released for a couple of months, we can calculate that a new record has been set based on the following analysis.”
I could project that new record based on the weekly production numbers from the EIA, but I noted that official confirmation wouldn’t come until sometime this year. On March 11, 2024, the EIA made it official: United States produces more crude oil than any country, ever.
(Excerpt) Read more at forbes.com ...
OBVIOUSLY a significant lag-time from Trump opening up exploration and drilling and getting full production from such.
Check back in 4 years and see how we’re doing.
Like taking food and energy out of the inflation calculations they have changed the way oil production is determined just in time for election season. It is another lie to manipulate public opinion. I read they were going to do it about 6 months ago. That story has been scrubbed and l cannot find it.
Thanks joe! 🤔
Reading between the lines, the headline is OPEC is dead, killed by U.S. and Canadian production, and not even the Saudis can save OPEC or control prices.
Translation: 2024 is an election year
These assholes drill for Biden.
Don’t get me wrong, I like low gas prices, too. But, at some point, you’re just selling a better rope.
I don’t consider 3.50+/- a gallon as cheap. It’ll bump up through the summer even higher and then like a magic bullet go back down right in time for the election.
Just my opinion, but there won’t be any rate cuts until the Democrat convention, just in time to boost Biden’s narrative.
Great point! Every time we wanted to open up ANWR and the like to drilling, the RATS would claim it would take 10 years to see anything from doing it. Okay, well what started under Trump, like a lot of things he did, came to fruition sooner than expected and has nothing to do with the fake phony fraud in the White House eating oatmeal and shuffling around in clown shoes to minimize his falls.
I thought the issue here is Biden commies keep saying historical levels of production but they fail to say they’re selling a lot to China which is why you’re not seeing prices for goods drop. There is still a shortage in the USA because they’re selling the oil to other countries.
Not gonna save the market. Stagflation is here to stay. Aging peoples, combined with grievances ie wages, healthcare will keep spending high. FOMC this week, there is a ‘possible’ sell off on the horizon. There is nothing bullish about cuts.
No chance of them creating false graphs to push a narrative is there. /sarcasm
If this is true, which I highly doubt it is, it isn't reducing the cost of energy which is the main driver for inflation, and this is an election year, so it's even more likely that this is made up BS to sway the uniformed with disinformation.
So, do you actually believe this crap yourself, or are you here just to provide propaganda?
If this were true, Biden & the press would have been touting this all along. Loudly, clearly & often, but they weren't touting it at all. This is the first time I have ever seen this claim even being made in fact.
That's why I honestly believe it's the later.
There were so many avenues one could use to start from to debunk the claim, it was just there & handy. 🙂
Pssst...
Monetary inflation is keeping the price of gas, and everything else, high.
But you expect sub-$3 gas?
In the realm of the oil industry, the prevailing sentiment revolves around market forces rather than mere statistical charts. The current state of the WTI market, where despite a surge in U.S. oil consumption and concurrent cuts in Saudi production, the price of WTI stands at approximately $81.00 today, a contrast to its peak at $118.00 in mid 2022.
That has no bearing on whether or not the numbers being reported are truthful or not. One example would be the job creation numbers. They always are reported higher and later revised down, I believe nothing coming from this administration. They lie and then quietly revise the numbers, and those revisions are always much lower than the initial numbers reported. They also omit critical information as well. Again the example is again with jobs creation. They do not report that the gains were parttime jobs, while fulltime jobs were lost.
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