Biden to grovel before Khashoggi's murderer/the Butcher of Yemen in exchange for lower gas prices.

[Leo]

There are a ton of other sources for cheap gas—Iran, Venezuela—and gas we are currently exporting for some reason that could be used by our people.

Someone obviously doesn't have any Venezuelans living on their street.

[Leo]

There are a ton of other sources for cheap gas—Iran, Venezuela—and gas we are currently exporting for some reason that could be used by our people. Going to the Saudis and begging as the leading superpower and the only thing keeping them in power is more pathetic than building up our relations elsewhere.

Brandon's representatives already went on bended knee to Maduro.

The sane solution would be to thaw relations with Iran, a country far less bad than Venezuela or Saudi Arabia, but this is America and being stupid is what it does best.

The sanest solution would be to kill two birds with one stone and transition to renewable. But I guess that's a no-go, right, Biden?

The sanest solution would be to develop our own energy resources

Exactly what I said. Our own RENEWABLE energy resources. No more fossil fuels.

My 2001 dodge dakota doesnt run on solar and unicorn farts. No more green only policies.

No one cares.  You went into the free market and purchased a gas guzzling vehicle.  It is not the government's job to save you.  Learn some personal responsibility and stop blaming others for your problems.  That is part of being an adult.

[Leo]

Imagine being this much of a cuck.

Biden just fell massively in my eyes. Like I said, I want GMac to enter right now and explain how this is okay. Because I'm trying and failing to rationalize this disgusting about-face. What Biden did here is utterly disappointing, shameful and pathetic.

Well, we have to get oil from somewhere, and there's not that many countries producing oil.  We're not getting it from Russia, obviously.

eehhh...   You are wrong.  The United States was a net oil EXPORTER in 2020 and 2021.  On a net basis we don't need to get oil from elsewhere.  The problem is oil is traded on a global market.  And if oil is trading at a higher price our unpatriotic oil companies simply ship it overseas regardless of how high gas prices are for consumers.

We have to get others to pump to get prices down overseas.

Let's stop posting this BS about the US needing other people's oil or needing to loosen regulations so oil companies pump more.  That is not the problem.

All these other countries are looking at us crazy because we have enough oil to supply our needs.

Current prices are well above the $56 per barrel average that oil companies told the Dallas Fed they need to profitably drill. Larger companies said they need per barrel prices of just $49 to turn a profit.
Yet oil executives and investors don't want to add so much supply that it causes another glut that crashes prices. And shareholders want companies to return excess profits in the form of dividends and buybacks, not reinvest them in increasing production.

We have plenty of oil.  But the oil companies like the profits they are seeing now and don't care about the consumers.  This has zero to do with Biden or the Saudis or whatever made up fantasy is being pushed.

[Leo]

eehhh...   You are wrong.  The United States was a net oil EXPORTER in 2020 and 2021.  On a net basis we don't need to get oil from elsewhere.  The problem is oil is traded on a global market.  And if oil is trading at a higher price our unpatriotic oil companies simply ship it overseas regardless of how high gas prices are for consumers.

We have to get others to pump to get prices down overseas.

Let's stop posting this BS about the US needing other people's oil or needing to loosen regulations so oil companies pump more.  That is not the problem.

All these other countries are looking at us crazy because we have enough oil to supply our needs.

It's more complicated than that. The global energy market helps balance supply and demand between countries and regions. For example, some regions (Europe/Latin America) higher relative demand for middle distillates than the US, so it makes sense for the US, which has enormous refining capacity, to export middle distillates to those regions, while Europe exports light distillates to the US. Canada is a huge supplier of crude to American refineries, but has very limited refining capacity itself, so it makes sense for the US to buy cheap crude from Canada and sell back a portion of the much higher-value refined petroleum products. (not to mention bitumen from the tar sands can't even move in a pipeline by itself, so needs imported oil to move it along in the pipe)

The energy market is one of the areas where global trade is most crucial, and having an overly-simplistic nationalist view does not solve any problems.

You are of course correct but I was not going to get into that level of complexity given the audience I was speaking to.  The fact of the matter is we are a NET EXPORTER of oil and oil is a global market.  We can't just keep pumping more and more oil at home to solve a global problem.

Very low inventories of oil products in the United States and a shortage of refining capacity have laid the foundations for an oil shortage crisis in the United States this summer, Paul Sankey, Lead Analyst at Sankey Research, told CNBC in an interview on Thursday.  

"I just don't think there's anything the Administration can do about it," Sankey said, referring to the fact that a refinery cannot be built in time to ease the gasoline and diesel crunch.

Asked about what would happen if an operating refinery were to stop production because of an accident or a hurricane, Sankey said, "we're on the verge of a U.S. oil crisis as it is, obviously what I'm talking about is shortages."

https://oilprice.com/Energy/Energy-General/Analyst-Warns-Of-A-Fuel-Shortage-Crisis-In-The-US.html

And the other point I made that flew over that poster's head is the oil execs have made it clear they could pump more oil but they aren't going to do the CAPEX.  They are instead going to keep the money as CEO bonuses, dividends, and stock buy backs.

Under current market conditions and given our free cash flow yield, we continue to believe buybacks remain an excellent use of capital and consisting with that view, our Board of Directors has increased our outstanding buyback authorization $2.5 billion...

https://seekingalpha.com/article/4509217-marathon-oil-the-buyback-tsunami-is-underway

What happened to "drill baby drill?"  Now it is "take the money and run."