“Bozo” Biden Carries Stupid To New Heights

[Jackie S]

Since he took office, this moron has tried his dampest to destroy America’s oil industry.

Now, with gas prices spring, he is urging OPEC to increase production.

https://www.dailymail.co.uk/news/art...-collapse.html

President Trump’s policies made us energy independent. It’s only taken this clown 5 months to reinstitute the “Carter Years”

Fucking senile, stupid old bastard.

[Unique_Carpenter]

The Dims, even with professional economists, simply do not understand how interrelated all that is. And btw, without the Canadian crude that was going to come through the canceled pipeline, one of the older refineries down in Texas, is not going to upgrade its facility. So..... ignoring oil being pumped, there will be a huge issue with refining capacity in a couple years.
This is so similar to PETA members not being vegans and still buying steaks at the supermarket.

[oeb11]

Fascist DPST economists - particularly the marxist Lizzie advisors - do know.
It is deliberate weakening of teh US ecnomy and self-sufficiency to enable Xi and Marxist takeover.

They are traitors - one and all - and their deluded minions and acolytes.

[rexdutchman]

Stagflation ,,, all the Marxists understand

[HedonistForever]

Let's hear it Biden supporters, you all for going back to begging OPEC to save us from higher energy prices?


I really, really want to hear one of you defend this.

[bambino]

Originally Posted by HedonistForever

Let's hear it Biden supporters, you all for going back to begging OPEC to save us from higher energy prices?


I really, really want to hear one of you defend this.

They’ll try.

[gnadfly]

Is this WTF new heights or YR new heights?

[royamcr]

This happened on Trump's watch.

Over 100 oil and gas companies went bankrupt in 2020

Paul Takahashi
Jan. 20, 2021
Updated: Jan. 21, 2021 4:26 p.m.
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An oil pumpjack works in the field in Penwell, Texas. Forty-six exploration and production companies and 61 oil-field service companies filed for Chapter 11 bankruptcy last year, according to Haynes and Boone, a Dallas law firm tracking bankruptcies. The 107 oil and gas bankruptcies in 2020 were the most since 142 bankruptcies were filed during the last oil bust in 2016.
An oil pumpjack works in the field in Penwell, Texas. Forty-six exploration and production companies and 61 oil-field service companies filed for Chapter 11 bankruptcy last year, according to Haynes and Boone, a Dallas law firm tracking bankruptcies. The 107 oil and gas bankruptcies in 2020 were the most since 142 bankruptcies were filed during the last oil bust in 2016.

Elizabeth Conley, Houston Chronicle / Staff photographer
More than 100 oil and gas companies declared bankruptcy in 2020 after the coronavirus pandemic plunged the energy sector into the worst downturn in a generation.

Forty-six exploration and production companies and 61 oil-field service companies filed for Chapter 11 bankruptcy last year, according to Haynes and Boone, a Dallas-based law firm tracking bankruptcies. The 107 oil and gas bankruptcies in 2020 were the most since 142 bankruptcies were filed during the last oil bust in 2016.

“Since 2015, more than 500 bankruptcies have been filed in the North American oil and gas industry,” Haynes and Boone said in its latest bankruptcy report published this month. “In hindsight, 2020 stands out over this dismal period for the industry setting a number of records.”

Oil and gas companies have been hit hard by the coronavirus pandemic, which crushed global demand for crude and petroleum products such as gasoline and jet fuel. Unlike past downturns, oil and gas companies have been under increased financial pressure after many investors pulled out of the sector in 2018 after years of low-to-middling performance. Several energy companies said they were forced to file for bankruptcy after lenders pulled credit lines as revenue dried up.

IN THE RED: Oil firms bring record level of debt to bankruptcy court

More than a fifth of the bankruptcies last year -- 14 exploration and production companies and nine oil-field service companies -- brought more than $1 billion of debt to court. Multibillion-dollar bankruptcy cases were filed by Chesapeake Energy ($11.8 billion), Diamond Offshore Drilling ($11.8 billion) and California Resources ($6.3 billion). Ultra Petroleum filed for its second bankruptcy in five years, bringing $5.6 billion to court in 2020.

Since the previous oil bust ended in 2016, oil and gas companies brought more than $286 billion of debt to court. During 2020 alone, more than $98 billion has been brought to court, compared with $70.3 billion during the previous oil bust, Haynes and Boone said.

The mounting bankruptcies are expected to lower U.S. shale oil production by about 200,000 barrels, or 25 percent, by the end of 2021, according to an analysis by Norwegian energy research firm Rystad. This production loss from bankrupt companies in the Eagle Ford of South Texas and Bakken of North Dakota will eat into the U.S. production growth expected this year.

About 800,000 barrels per day of oil production is operated by exploration and production companies that have filed for bankruptcy protection in 2019 and 2020. Rystad anticipates that production from this group will decline further to 600,000 barrels per day by late-2021 as bankrupt companies contend with limited capital budgets.

“Chapter 11 filings affect the whole industry,” Artem Abramov, head of shale research at Rystad Energy, said in a statement. “Most of the growth in US tight oil which was expected towards the end of 2021 is at risk to be offset by the decline in output from companies that have filed for restructuring in the last two years, as most of them are currently in their base decline phase with limited new well activity.”

[royamcr]

Originally Posted by Unique_Carpenter

The Dims, even with professional economists, simply do not understand how interrelated all that is. And btw, without the Canadian crude that was going to come through the canceled pipeline, one of the older refineries down in Texas, is not going to upgrade its facility. So..... ignoring oil being pumped, there will be a huge issue with refining capacity in a couple years.
This is so similar to PETA members not being vegans and still buying steaks at the supermarket.

That wasn't Canadian Crude, it was garbage tar sand for export. Acidic garbage that eats pipes and threatened critical water supplies. This garbage doesn't float on water like crude, it sinks to bottom and is impossible to clean up.

[oeb11]

enjoy a cold, hard winter - courtesy of fiden and no energy for nobody ( except fascist DPDT nomenklatura) policies.

and a summer of No A/C - courtesy of AOC stop global warming.



Sheeples. they do love to be told what to do by their nomenklatura.

[dilbert firestorm]

[dilbert firestorm]

Originally Posted by royamcr

This happened on Trump's watch.

Over 100 oil and gas companies went bankrupt in 2020

Paul Takahashi
Jan. 20, 2021
Updated: Jan. 21, 2021 4:26 p.m.
Facebook
Twitter
Email
Comments
An oil pumpjack works in the field in Penwell, Texas. Forty-six exploration and production companies and 61 oil-field service companies filed for Chapter 11 bankruptcy last year, according to Haynes and Boone, a Dallas law firm tracking bankruptcies. The 107 oil and gas bankruptcies in 2020 were the most since 142 bankruptcies were filed during the last oil bust in 2016.
An oil pumpjack works in the field in Penwell, Texas. Forty-six exploration and production companies and 61 oil-field service companies filed for Chapter 11 bankruptcy last year, according to Haynes and Boone, a Dallas law firm tracking bankruptcies. The 107 oil and gas bankruptcies in 2020 were the most since 142 bankruptcies were filed during the last oil bust in 2016.

Elizabeth Conley, Houston Chronicle / Staff photographer
More than 100 oil and gas companies declared bankruptcy in 2020 after the coronavirus pandemic plunged the energy sector into the worst downturn in a generation.

Forty-six exploration and production companies and 61 oil-field service companies filed for Chapter 11 bankruptcy last year, according to Haynes and Boone, a Dallas-based law firm tracking bankruptcies. The 107 oil and gas bankruptcies in 2020 were the most since 142 bankruptcies were filed during the last oil bust in 2016.

“Since 2015, more than 500 bankruptcies have been filed in the North American oil and gas industry,” Haynes and Boone said in its latest bankruptcy report published this month. “In hindsight, 2020 stands out over this dismal period for the industry setting a number of records.”

Oil and gas companies have been hit hard by the coronavirus pandemic, which crushed global demand for crude and petroleum products such as gasoline and jet fuel. Unlike past downturns, oil and gas companies have been under increased financial pressure after many investors pulled out of the sector in 2018 after years of low-to-middling performance. Several energy companies said they were forced to file for bankruptcy after lenders pulled credit lines as revenue dried up.

IN THE RED: Oil firms bring record level of debt to bankruptcy court

More than a fifth of the bankruptcies last year -- 14 exploration and production companies and nine oil-field service companies -- brought more than $1 billion of debt to court. Multibillion-dollar bankruptcy cases were filed by Chesapeake Energy ($11.8 billion), Diamond Offshore Drilling ($11.8 billion) and California Resources ($6.3 billion). Ultra Petroleum filed for its second bankruptcy in five years, bringing $5.6 billion to court in 2020.

Since the previous oil bust ended in 2016, oil and gas companies brought more than $286 billion of debt to court. During 2020 alone, more than $98 billion has been brought to court, compared with $70.3 billion during the previous oil bust, Haynes and Boone said.

The mounting bankruptcies are expected to lower U.S. shale oil production by about 200,000 barrels, or 25 percent, by the end of 2021, according to an analysis by Norwegian energy research firm Rystad. This production loss from bankrupt companies in the Eagle Ford of South Texas and Bakken of North Dakota will eat into the U.S. production growth expected this year.

About 800,000 barrels per day of oil production is operated by exploration and production companies that have filed for bankruptcy protection in 2019 and 2020. Rystad anticipates that production from this group will decline further to 600,000 barrels per day by late-2021 as bankrupt companies contend with limited capital budgets.

“Chapter 11 filings affect the whole industry,” Artem Abramov, head of shale research at Rystad Energy, said in a statement. “Most of the growth in US tight oil which was expected towards the end of 2021 is at risk to be offset by the decline in output from companies that have filed for restructuring in the last two years, as most of them are currently in their base decline phase with limited new well activity.”

it really wasn't trump's fault.


market factors were mainly responsible. there was an oil glut the last 2 years. and there was a brief oil war between Russia and saudi arabia that brought down oil prices in 2020.


those fracking oil companies need a certain amount of barrel dollars to stay in business.

[LexusLover]

Originally Posted by royamcr

This happened on Trump's watch.

Over 100 oil and gas companies went bankrupt in 2020

Paul Takahashi
Jan. 20, 2021
Updated: Jan. 21, 2021 4:26 p.m.
Facebook
Twitter

Oh, have you ever pumped sand down a pipeline across the country?

[LexusLover]

Originally Posted by dilbert firestorm

market factors were mainly responsible. there was an oil glut the last 2 years. and there was a brief oil war between Russia and saudi arabia that brought down oil prices in 2020.


those fracking oil companies need a certain amount of barrel dollars to stay in business.

You should probably explain TO HIM how lower prices impact over extended debt based on future speculation .... they probably don't discuss those details much on Facebook and Twitter, which is why they sanitize the membership periodically.

He's probably not old enough to have examined critically the "oil reserve" speculation at $100 a barrel when market prices were at $25 to support jumbo loans for living expenses in the 70's while pretending to drill holes, which were primarily dry.

Then he will have a better comprehension of the U.S. future based on the ludicrous amounts of money the current administration is borrowing that will have to be paid later. (My wishful thinking on his abilities.)

Note: He thinks the Canadian pipe line was for pumping sand to the Houston area.

[Strokey_McDingDong]

Didn't we not too long ago have a surplus of oil that no one knew what to do with?