Interesting article on pulling fossil fuel subsidies

[bf0082]

Originally Posted by Tiny

The graphs in this might help you understand,

https://www.oilandgas360.com/oil-pro...grams-running/

The Saudis needed an estimated $83.60 per barrel to balance their budget. Iran needed a whopping $194.60 per barrel. OPEC's not at all happy with $40 a barrel.

I could write the same about the USA. In regards to needing to collect 4T$ in taxes. It would be true, except the fact is we only collect $2.2T and run a deficit. Hate to tell you, but Saudi Arabia does the same thing. Your article may be accurate but it lacks the variables of Country Budgets.

With oil in 80$ barrel range shale fracking will out perform Middle East oil production. It forces OPEC to over produce sending prices down to keep market share

Your article is speculation on what they should do, I’ve already shown you they are willing to drive the cost of oil negative to keep their market share, it’s not a guess it’s already occurred

Your article doesn’t mention interest payments to Saudi Arabia from their trillions of dollars invested in US Treasuries, you could make an argument that US debt payments subsidize the price point of Saudi oil.

[lustylad]

Originally Posted by bf0082

I could write the same about the USA...

No, you can't. As important as our domestic oil industry is, it nevertheless contributes only a small fraction of our overall GDP, which is much larger and far more diversified than the OPEC economies or Russia.

[bf0082]

Way to take a statement out of context, lol. I literally was talking about our yearly budget with no regards to oil.

[WTF]

Originally Posted by lustylad

Yes, the price of oil IS hard to predict. Brilliant observation!

But when you have a feckless, incompetent dildohead in the White House pressuring the Shah of Iran to abdicate the Peacock Throne and hand over power to a band of fanatical mullahs, instantly depriving world oil markets of over 4 million bpd of supply, I'll go out on a limb and say it's a reasonably safe bet that oil prices will soar and gas shortages will develop!!

Short term oil spike, skippy.

Hell Reagan was selling them arms just a few years later.

Do you remember the price of oil in the mid to late eighties?

Like I said junior...there are too many variables for anyone to be listening to your nonsense. You're a short term ditto head. Been listening to your type of nonsense for decades.

[lustylad]

Originally Posted by bf0082

Way to take a statement out of context, lol. I literally was talking about our yearly budget with no regards to oil.

Not out of context. We're discussing the relative importance of oil/oil prices to different economies. You can measure it in various ways - e.g. by how much oil contributes to a country's fiscal revenues, or exports, or GDP... or any other metric you prefer.

[WTF]

Originally Posted by lustylad

Not out of context. We're discussing the relative importance of high oil prices to different economies. You can measure it in various ways - e.g. by how much oil contributes to a country's fiscal revenues, or exports, or GDP... or any other metric you prefer.

What people do not do is put the proper context to these type discussions.

I'll give you an example. You came on here crying like Toby Keith about soldiers and Pearl Harbor....yet you never acknowledge why it was Japan bombed us. That sir is at the apec of stupidity. A damn Trumper parroting his auto response.

[bf0082]

The report quoted literally said Saudi Arabia needs $84 oil to balance their budget, its literally been 5 years since we had $84 a barrel oil.

I guess to your logic Saudi Arabia #1 didn’t run oil into the ground 3/20.... and #2 should be bankrupt now.....

[lustylad]

Originally Posted by WTF

Short term oil spike, skippy.

Do you remember the price of oil in the mid to late eighties?

Good point!

Just as Jimmy Carter's dismal economic stewardship compounded by his inept foreign policy produced the 1979 oil price spike that ushered in his electoral demise, so did Ronnie Reagan's skilled leadership bring oil prices back down to earth during the 1980s, thereby conquering inflation and setting the stage for the sustained economic boom and Cold War triumphs that made him our best President ever.

[Tiny]

Originally Posted by lustylad

Good point!

Just as Jimmy Carter's dismal economic stewardship compounded by his inept foreign policy produced the 1979 oil price spike that ushered in his electoral demise, so did Ronnie Reagan's skilled leadership bring oil prices back down to earth during the 1980s, thereby conquering inflation and setting the stage for the sustained economic boom and Cold War triumphs that made him our best President ever.

If memory serves me correctly, Reagan got rid of price controls on natural gas and the Windfall Profits Tax on oil. When we got rid of price controls on natural gas, the price actually went down! And we no longer had shortages of gas. Reagan believed in markets, not inept government management of the economy.

[lustylad]

Originally Posted by bf0082

The report quoted literally said Saudi Arabia needs $84 oil to balance their budget, its literally been 5 years since we had $84 a barrel oil.

I guess to your logic Saudi Arabia #1 didn’t run oil into the ground 3/20.... and #2 should be bankrupt now.....

Saudi Arabia has humongous monetary reserves accumulated over decades when oil prices were high. It can draw on those investments to help ride out budget imbalances when oil prices are low.

https://en.wikipedia.org/wiki/Public...f_Saudi_Arabia

[lustylad]

Originally Posted by WTF

What people do not do is put the proper context to these type discussions.

I'll give you an example. You came on here crying like Toby Keith about soldiers and Pearl Harbor....yet you never acknowledge why it was Japan bombed us. That sir is at the apec (sic) of stupidity. A damn Trumper parroting his auto response.

This thread is about oil, remember? If you want to be a fucking apologist for Japan's sneak attack on the DAY THAT WILL FOREVER LIVE IN INFAMY, do it in the other thread. I noticed you were too chicken-shit to answer me there. We all know you are an appeasement-minded coward, but try not to have another meltdown, ok?

[bf0082]

I’ll clarify my position on the macroeconomic oil trends, IMO oil will never hit over $80 a barrel as long as the USA can flood the market with fracked oil.

The reason I’m pointing out the flaws in how people think is to show how global demand and supply affect local oil markets in regard to pipeline infrastructure. As I understand it, low oil makes fracking impractical and unprofitable. The opposing viewpoint is saying that shutting down the pipeline is causing gas to go up and it is Biden’s fault.

In my posts I successfully proved the USA subsidized Saudi Arabian oil, will always be an oil exporter and will never rely on OPEC to keep the USA running on petroleum.

Dissenting views expressly view buying middle eastern oil as a sign of dependence which I disproved. They believe oil rising is Biden’s fault. They don’t understand the USA is a net exporter.

[WTF]

Originally Posted by lustylad

This thread is about oil, remember? If you want to be a fucking apologist for Japan's sneak attack on the DAY THAT WILL FOREVER LIVE IN INFAMY, do it in the other thread. I noticed you were too chicken-shit to answer me there. We all know you are an appeasement-minded coward, but try not to have another meltdown, ok?

Please link up the thread in question and I'll be happy to answer any questions you might have.

[winn dixie]

In crayon or marker?

bahahahhahahhahahahhahahhahhah a

[WTF]

Originally Posted by Tiny

If memory serves me correctly, Reagan got rid of price controls on natural gas and the Windfall Profits Tax on oil. When we got rid of price controls on natural gas, the price actually went down! And we no longer had shortages of gas. Reagan believed in markets, not inept government management of the economy.

It didn't hurt that the Saudi's did not care for Russias incursion into Afganistan and were pumping oil like crazy to hurt their effort. That killed the oil industry here in Texas and it cost the Soviets the first Cold War.

I have tried to tell you that this oil pricing business is a tricky matter.