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Laid-off pipeline worker rips Biden's denial about oil production President sought to 'debunk myth' he curbed output on federal land
wnd.com ^ | 10/20/2022 1947 hrs edt | Art Moore

Posted on 10/21/2022 8:18:58 AM PDT by rktman

President Biden declared in a speech Wednesday it was a "myth" that his administration has slowed oil production or made it harder for energy companies to increase production.

That didn't sit well with former Keystone XL pipeline welder Neal Crabtree, who was among hundreds of workers laid off hours after the president canceled the federal permit for the pipeline on his first day in office, Jan. 20, 2021. The project would have transported 830,000 barrels of oil per day from Canada to Texas. In addition, on day one, Biden placed a temporary moratorium on oil and gas activity in the Arctic National Wildlife Refuge.

"I don't know how he gets away with keep saying that he doesn't have anything to do with [high gas prices] when they've got everything to do with it," Crabtree said in a Fox Business interview.

In remarks at the White House on Wednesday, Biden said: "Let's debunk some myths here. My administration has not stopped or slowed U.S. oil production. Quite the opposite."

(Excerpt) Read more at wnd.com ...


TOPICS: Business/Economy; Government; Philosophy; Politics/Elections
KEYWORDS: 2022election; anwr; bidenflation; election2022; keystonexl; nealcrabtree; opec; opecplus; putin; russia; saudiarabia
Yeah yeah. Greedy oil CEOs right pedo pete. ⛽😵‍💫🤡🐂💩
1 posted on 10/21/2022 8:18:58 AM PDT by rktman
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To: rktman
That didn't sit well with former Keystone XL pipeline welder Neal Crabtree...

He will probably be audited by the IRS and raided by the FBI.

2 posted on 10/21/2022 8:29:49 AM PDT by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: All

Okay, this all doesn’t work. No one is going to like this, but here it is:

The quoted price of oil comes from NYMEX and they report on what trading/traders did that day. Saudi Aramco, Rosneft, or even BP are not required to sell crude at a price that comes from NYMEX.

And they often don’t. Why would Saudi Aramco or Rosneft allow an agency from an enemy country to specify the price of their oil? Same is true of Brent and the London exchange. These are enemy countries. There is no reason to presume those governments cannot dictate trading on those exchanges.

And worst of all . . . who said the law of supply and demand is a law? You’re talking about measurements using dollars or UK pounds or whatever, and those are pieces of paper printed On A Whim by the Federal Reserve or the Bank of England. Why would those pieces of paper lead to a “law”. It’s not gravity. It’s not electromagnetics. It’s a substance created with some keypresses that measure this supply and demand thing. It CAN’T be a law. Why think in those terms.

If you go to a store shelf and it has three 2 liter bottles of Pepsi on it, there is a price probably taped to the shelf. If that shelf is empty, that price doesn’t change. The supply did, the price didn’t. In fact, Pepsi doesn’t set price according to supply and demand. They set price according to their measure of what people will pay, regardless of what their factories can churn out.

The End


3 posted on 10/21/2022 8:48:42 AM PDT by Owen
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To: Owen
Pepsi doesn’t set price according to supply and demand. They set price according to their measure of what people will pay

Which is determined by the marketplace i.e.: supply and demand.

4 posted on 10/21/2022 8:51:50 AM PDT by Jeff Chandler (THE ISSUE IS NEVER THE ISSUE. THE REVOLUTION IS THE ISSUE.)
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To: rktman

30% of those polled (libtards) believe destroying pipelines doesn’t effect energy and President Retard is the tooth fairy who hands out Covid checks


5 posted on 10/21/2022 8:56:52 AM PDT by NWFree (Somebody has to say it 🤪)
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To: unixfox

And FBI might make a visit too


6 posted on 10/21/2022 8:57:59 AM PDT by Nifster (I see puppy dogs in the clouds )
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To: Owen

In the US the price is dependent upon the cost of a barrel plus the cost to process and deliver plus a small profit margin

The govt does not set prices here…..yet


7 posted on 10/21/2022 9:00:11 AM PDT by Nifster (I see puppy dogs in the clouds )
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To: Jeff Chandler

No, it’s not. Pepsi doesn’t even look at their ability to create supply.

Frankly, things like this are priced to the competition, and the competition does the same, and at no time does factory output enter the equation. Oh, and “price” is in those inked pieces of paper. It CAN’T be a law. It is a measurement of a substance that came from nothingness, long before companies look at what the competitor is doing.

In other words, marketplaces CANNOT determine anything.


8 posted on 10/21/2022 9:00:19 AM PDT by Owen
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To: Nifster

Nope. The price comes from NYMEX. Watch today for the price of a barrel of crude to stop trading at about 1400 hours EST. That’s because trading ends at that time.

Not costs. Not margins. Trader whimsy.


9 posted on 10/21/2022 9:01:49 AM PDT by Owen
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To: Owen

Yeah, what Jeff said!
The reason OPEC+ has cut production is the expectation that there will be a downturn in demand (a recession). They do not want to be caught with excess supply that could cause the price of oil to go down. A Goldilocks market. not too high, not to low.


10 posted on 10/21/2022 9:04:22 AM PDT by griswold3 (There are no solutions; there are only trade-offs. – Thomas Sowell)
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To: griswold3

Maybe.

But the other item people don’t ever, and I mean EVER, want to hear in the world of oil is . . . suppose production cuts are not voluntary?

It is called the most feared phrase in oil, but it’s actually the 2nd most feared.

2nd most feared — let’s just leave it in the ground for our grandchildren

1st most feared — we have tried to increase production from that oil field. We can’t do it. We emptied it.


11 posted on 10/21/2022 9:27:05 AM PDT by Owen
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To: unixfox

Over 70,000 people in the USA and Canada lost their jobs when Biden / obama / Warren Buffett and the democrat party shutdown the Keystone pipeline that was to deliver over 800,000 barrels of oil each day!

11,000 were direct oil production jobs in the USA and the rest were those that service the employees like stores and hotels etc.


12 posted on 10/21/2022 12:30:58 PM PDT by minnesota_bound (Need more money to buy everything now)
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To: Owen
They set price according to their measure of what people will pay

I am supporting the concept of supply and demand, while you are discounting it. Upon reading our posts, I realized that we both missed the mark, and the reason is that neither one of us is including an important factor: the way that actual businesses determine their marketing decisions. To them, supply and demand is a mere logistics problem. And the price the market will bear is only one factor in their decision making. If they sell more at a particular price, or sell less at a higher price does not matter.

Businesses are interested in one thing: RETURN ON INVESTMENT.

If they can make a better return on their investment by pricing their products as high as they determine the customer will pay, that's what they will charge. But if their return on investment is higher with higher prices and lower volume, or lower prices and greater volume, that is what they do.

And they KNOW these things. They have at their disposal mountain of data. Nothing is left to chance.

13 posted on 10/22/2022 12:38:11 PM PDT by Jeff Chandler (THE ISSUE IS NEVER THE ISSUE. THE REVOLUTION IS THE ISSUE.)
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To: Jeff Chandler

s


14 posted on 10/22/2022 12:39:30 PM PDT by Jeff Chandler (THE ISSUE IS NEVER THE ISSUE. THE REVOLUTION IS THE ISSUE.)
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To: Jeff Chandler

That’s not bad.

I happen to have an MBA from a major university and it was decades ago so when the professor expounded the following, he thought he was edgy.

“The primary determinant of price of a product is whatever the competitor is charging”

Which is pretty darn close to what you are noting. I am sure he was thought to be a rebel in the business school faculty meetings, but it’s pretty ho hum.

If you price higher, you don’t make the sale. If you price lower, you get sued for some sort of anti competitive trade violation.


15 posted on 10/22/2022 1:28:38 PM PDT by Owen
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To: Owen
I was fixated on defending the concept of supply and demand, but then I remembered about McDonald's chocolate cones.

A while back, McDonalds stopped selling chocolate cones around here. They only sell vanilla. Now, I know I'm not the only person whose favorite flavor is chocolate, so it was a bit perplexing to me. But then I remembered how McDonalds uses data.

They keep data on everything. They know how many people buy chocolate cones, they know how many people would pass on a vanilla cone if chocolate was not offered, and they know how many chocolate lovers would purchase vanilla instead (or a fudge sundae!). They compare these numbers to the cost to supply and maintain a separate soft serve machine for chocolate cones, and how much profit they can make with whatever replaces chocolate cones on the menu and on the counter.

Nothing is left to chance.

16 posted on 10/22/2022 2:12:42 PM PDT by Jeff Chandler (THE ISSUE IS NEVER THE ISSUE. THE REVOLUTION IS THE ISSUE.)
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