Biden threatens oil companies with 'emergency powers' if they don't fix his #### up!

[HemiHauler]

But anyway, I've been on several earnings calls with oil companies and they are quite clear: zero need for any CapEx to expand capacity or use the drilling permits they already have because they are quite satisfied with the price of oil now.

This an't rocket science.

 

[Gilligan]

Small world! I was a cannoneer in that campaign.

Who carried your balls?

 

[herb749]

But anyway, I've been on several earnings calls with oil companies and they are quite clear: zero need for any CapEx to expand capacity or use the drilling permits they already have because they are quite satisfied with the price of oil now.

This an't rocket science.

Well I was talking to Elon yesterday and he said

 

[Kyle]

Who carried your balls?

I had a harness maker do some custom work for me.

 

[Gilligan]

I had a harness maker do some custom work for me.

Cannon balls are heavy.

 

[SamSpade]

Biden threatens oil companies with 'emergency powers' if they don't boost supply amid inflation spike

I thought everyone - especially the left - kept telling us that - oil is a global industry, gas prices are based on global supply and inflation is a world-wide problem, not just the United States.

And I kinda thought everyone knew it really doesn't matter how much oil you pump if your refining capacity is low.

 

[HemiHauler]

I thought everyone - especially the left - kept telling us that - oil is a global industry, gas prices are based on global supply and inflation is a world-wide problem, not just the United States.

And I kinda thought everyone knew it really doesn't matter how much oil you pump if your refining capacity is low.

There are loads of unused leases, that's what they are making issue of.. That takes expenditures oil companies don't need to make because oil is selling at high prices.

 

[GURPS]

And I kinda thought everyone knew it really doesn't matter how much oil you pump if your refining capacity is low.

Massive Oil Refinery On Track To Shut Down Amid Fuel Supply Shortages, Record Prices​

https://dailycallernewsfoundation.o...own-amid-fuel-supply-shortages-record-prices/
https://dailycallernewsfoundation.o...own-amid-fuel-supply-shortages-record-prices/
The Houston, Texas, facility — which is operated by LyondellBasell Industries, spans 700 acres and was built in 1918 — is scheduled to permanently close by the end of 2023, but could shut down earlier if a “major equipment failure” spreads to major units, two people familiar with the issues told Reuters. The refinery processes 268,000 barrels per day (bpd) of oil and produces 92,600 bpd of diesel fuel, 89,000 bpd of gasoline and 44,500 bpd of jet fuel.

“The Houston Refinery is currently operating as planned,” LyondellBasell said in a statement Tuesday to The Daily Caller News Foundation. “LyondellBasell previously announced it will cease operations of the Houston Refinery no later than December 31, 2023. In the interim, the company will continue serving the fuels market, which is expected to remain strong near-term.”

LyondellBasell announced in April that it would shut the refinery by 2024 due to the heavy financial burden of upgrading its more than 100-year-old infrastructure, Barron’s reported at the time.

“The company determined that exiting the refining business, by the end of next year, is the best strategic and financial path forward,” the company added in its statement to TheDCNF.

The refinery is among the top 25 largest-capacity facilities in the U.S., according to the Energy Information Administration. Overall, operating U.S. refineries had a capacity of about 17.7 million bpd of oil and produced about 9.5 million bpd of gasoline, 4.7 million bpd of diesel fuel and 1.3 million bpd of jet fuel in 2021.

 

[SamSpade]

There are loads of unused leases, that's what they are making issue of.. That takes expenditures oil companies don't need to make because oil is selling at high prices.

I was under the impression that the 9000 leases is kind of a red herring, since to proceed with drilling, you need permits, and they are not happening. Worse, environmental groups have a ton of lawsuits which make the whole process run dead in its tracks. Since as I understand it, oil companies must PAY money for leases, it's in their interest to develop them - and costly to fight it out in court.

 

[Sneakers]

Someone got paid off to retire....

 

[HemiHauler]

I was under the impression that the 9000 leases is kind of a red herring, since to proceed with drilling, you need permits, and they are not happening. Worse, environmental groups have a ton of lawsuits which make the whole process run dead in its tracks. Since as I understand it, oil companies must PAY money for leases, it's in their interest to develop them - and costly to fight it out in court.

Permits are issued an unused. It's about the CapEx which oil cos. don't need to drop right now...

https://www.blm.gov/sites/blm.gov/files/docs/2022-02/FY%202022%20APD%20Status%20Report%20December.pdf

That's last December, other data here: https://www.blm.gov/programs/energy...duction/permitting/applications-permits-drill

 

[vraiblonde]

Shew!



Your move, Gropes.

 

[Gilligan]

Shew!



Your move, Gropes.

Damned pesky facts.

 

[Kyle]

Cannon balls are heavy.

Oh... Cannon Balls.

Nevermind.

 

[TPD]

On one of the news programs last night, a commentator said there would not be another refinery built in this country ever again. So the writing is on the wall if old refineries are closing and new ones are not replacing them.

At least Ole Joe has kept one of his campaign promises:
Biden 2019: “If I am elected president, I will get rid of fossil fuels.”

Of course at the time, no one thought he had a snowballs chance in hell of being elected so everyone ignored that statement.

 

[Gilligan]

This report is typical of the current activities and direction of most US production companies...

Of particular note" Noam Lockshin, chairman of Sitio’s board of directors said the deal was intended to improve profit returns for shareholders, following a trend since the COVID-19 pandemic sent oil prices plummeting below $0 a barrel of operators opting for fiscal discipline rather than increasing production.

I just wish the company that holds the oil lease to my 5-acre plot in Texas would do something....I could use that royalty check.

https://www.currentargus.com/story/...3TQNZ8poGyxP5CuS1LZq2HMb0xJkEUVG4tfOStYRxmm9g

 

[herb749]

Massive Oil Refinery On Track To Shut Down Amid Fuel Supply Shortages, Record Prices​

https://dailycallernewsfoundation.o...own-amid-fuel-supply-shortages-record-prices/
https://dailycallernewsfoundation.o...own-amid-fuel-supply-shortages-record-prices/
The Houston, Texas, facility — which is operated by LyondellBasell Industries, spans 700 acres and was built in 1918 — is scheduled to permanently close by the end of 2023, but could shut down earlier if a “major equipment failure” spreads to major units, two people familiar with the issues told Reuters. The refinery processes 268,000 barrels per day (bpd) of oil and produces 92,600 bpd of diesel fuel, 89,000 bpd of gasoline and 44,500 bpd of jet fuel.

“The Houston Refinery is currently operating as planned,” LyondellBasell said in a statement Tuesday to The Daily Caller News Foundation. “LyondellBasell previously announced it will cease operations of the Houston Refinery no later than December 31, 2023. In the interim, the company will continue serving the fuels market, which is expected to remain strong near-term.”

LyondellBasell announced in April that it would shut the refinery by 2024 due to the heavy financial burden of upgrading its more than 100-year-old infrastructure, Barron’s reported at the time.

“The company determined that exiting the refining business, by the end of next year, is the best strategic and financial path forward,” the company added in its statement to TheDCNF.

The refinery is among the top 25 largest-capacity facilities in the U.S., according to the Energy Information Administration. Overall, operating U.S. refineries had a capacity of about 17.7 million bpd of oil and produced about 9.5 million bpd of gasoline, 4.7 million bpd of diesel fuel and 1.3 million bpd of jet fuel in 2021.

And I'm sure if there is a company that wants to start another refinery the environmentalists will be in court to stop it.

 

[herb749]

On one of the news programs last night, a commentator said there would not be another refinery built in this country ever again. So the writing is on the wall if old refineries are closing and new ones are not replacing them.

At least Ole Joe has kept one of his campaign promises:
Biden 2019: “If I am elected president, I will get rid of fossil fuels.”

Of course at the time, no one thought he had a snowballs chance in hell of being elected so everyone ignored that statement.

Was that back when Kamala Harris called him a racist. Then he still picked her for VP.

 

[Gilligan]

And I'm sure if there is a company that wants to start another refinery the environmentalists will be in court to stop it.

Shutting down older refineries has been an ongoing thing for quite some time. The oil companies want to operate only their most modern refineries at as close to 100% capacity as realistically possible. No surprise there.

 

[Merlin99]

Shutting down older refineries has been an ongoing thing for quite some time. The oil companies want to operate only their most modern refineries at as close to 100% capacity as realistically possible. No surprise there.

Shutting down the refinery is still going to cost a butt load of money. You've got over a century of petroleum distillates, heavy metals, asbestos and assorted sundries contaminating 700+ acres that the EPA is going to insist be cleaned up before you're off the hook.