Joe Biden's America

I believe the "covid" money that flooded our market contributed to inflation.

 

@Rileydog, listen I definitely respect what you are saying and appreciate your explanation, agree with some of it, though don't agree with a lot of it. I am not saying Biden is at blame for all of it, but he does share a lot of the blame (he is the president), not only on what situation arises, but how he deals with it and in my opinion it has not been good. I also think we will see an overwhelming agreement with my assessment come November.

As someone who used to be fairly independent, though would typically lean more republican - however, those days have surely changed in the past 10 years, with the way the parties have gone. Listen I am not hear to talk about Trump, or my feelings regarding Trump (though several of you evidentially know me), I do disagree whole heartily if I am being honest where he will end up in the history books if they are written truthfully and more importantly where Biden will end up - however, he still has several years to change course, but in his current state, that doesn't seem probable.

In the end, I do enjoy reading what you, out of any on the left nowadays has to write, we may not agree, but you don't get personal and come with your beliefs and facts, in a proper manner. I appreciate that, most do not, so thanks.

 

True...but didn't a large majority of that come from the previous administration? Still doesn't answer the question as to why President Biden is responsible for the supply vs demand problems the pandemic created...which also greatly impacted inflation and the cost of gas today.

 

Possibly, but most of the economists say that it is a small part of it.

 

good discussion. For the record, seems I’m not very different from your prior perspective. I have been moderate Republican to Independent most of my life prior to trump: fiscally conservative, socially moderate.

I don’t think I’ve shifted Left much. If anything, I’m a pretty inflexible person and probably need to work on that.

Rather, the Republican Party — not necessarily individual republicans, but I’m talking about Republican Party leadership — has lurched in a direction that cannot be characterized in traditional terms as far right or whatever. Rather, it now stands for Trumpism and it’s progeny … boebartism, goehmerism, Marjorie Taylor Greeneism, q anon ism, insurrectionism, open cavorting with white supremicists. Facts don’t matter. Science doesn’t matter. There is an open and obvious campaign to deceive trumpers and far right constituents. It openly sells stupidity to get clicks and donations. The entire party behaves like trump. Everyone is a carnival barker. The more outlandish the better. The nonstop shouting into the MAGAphone has poisoned the country.

edit: look no further than the constant dipshittery that comes from Commodore, mojoman, and the like. I’m not talking about policy views. I’m talking about the inability to discern fact from nonsense, and the unwillingness to even care about the difference.

Traditional notions of policy are cute luxuries. The Trumpism crap needs to be stopped or else we won’t ever get back to productive governance based on policy and discussion about what good for the people.

and by the way, I don’t know what you feel about trump. If you supported him or support him now, we share very little common ground.

 

didnt Republican legislators vote in favor of that Covid relief?

 

Demonstrably false. Industry reacts to price decks by experts project the price of crude oil in the long, mid and short term. It is quite simple and unsurprising. Capital expenditures are based on oil price decks and executives make decisions on cap ex based on projected oil price levels. Is a project economically viable at $X price per barrel? It that the best project for capital expenditure, or do we have a better one? It’s all based on the price deck (edit: for completeness, project execution risk is also factored in. But for purposes of our discussion, it is about the price deck). Period, full stop.

Those cap ex and project development decisions then drive things like schlumbergers business. No development, no business.

So, unless you’re going to identify legislation by the Biden administration that moved the price deck, you don’t have a leg to stand on.

Go look at comments from XOM or CVX CEOs and see what their price deck assumptions are. it is public information. Are they doing to make billion dollar commitments based on todays $100+ price per barrel? That would be hell no. What’s the break even point for Permian development versus federal lands.

Similarly, a two second search reveals that Chevrons capital expenditure budget for 2022 was pared back to $15BB and the investing public loved it. It’s called capital discipline. Chevron announced a stock buyback program of $5-10BB per annum, and the investing public loved it. Look hard at those relative figures and tell me that oil companies are going to undertake development of federal leases even on leases they currently hold. Chevron stock opened the year at $119 and is currently $170. You think they want to screw that up?

now, if you tell me that oil companies are greedy a-holes and are profiteering from elevated oil prices, and they should be made to develop more federal lands to bring down prices … you’re now into Bernie Sanders type thinking. But that’s not your position. You’re supposed to be a Republican that allows oil companies to make market driven decisions because then we all win.

I am not aware of a single project of consequence that was canceled due to some alleged policy or legislation under the Biden administration. And a google search doesn’t reveal one either. If you can point to one, go ahead.

 

jump in any time. See above response.

 

Listen, you do realize what you are saying there we can say the same thing about the left, if not even worse - picking out players like AOC, Omar, Pelosi, Schiff, and so many more. I really think the reason as I long time independent I cannot with good conscience ever vote democrat again, is because where the left has gone - to me, hate to say this analogy, trumps anywhere you are claiming the right is at today. Let's be honest, all politicians try to scream and get on any platform they can to pump up their brand, themselves, left does it just as much as you say the right does. The left in my opinion has gotten so arrogant and cannot be wrong, will not listen to ideas and if you disagree they just open up the thesaurus and call you any negative name they can, usually starting with your racist.

As for Trump, listen my personal views of him are not positive, but I follow results. Bottom line if I was starting up a professional team and needed a starting coach, I don't need that coach to be liked by other teams and other fans, I just need him to win games and do the right thing - though I would prefer him not to tweet and do other things that might make my team look bad. In the end, I am an overall results guy and I disagree with your notion and I definitely understand where you are coming from, but the overall results in MY opinion are positive. That is why I say, I respect your view 100%, just have a different mindset, but somebody who has gone through multiple brain surgeries, that may not be saying much.

Therefore, we may not have a lot of common ground, but I will still read your posts - many others I have just quit reading all together - cause who knows maybe one day you will change my mind on things, doubt it, but we will see. I am at least open to listen........

 

No, price decks have curves and projections for short, mid and long term outlooks. The influences on those decks vary accordingly. Where is the connection to the Biden administration.

and where do you solve the problem of federal land development being far more expensive and undesirable than things like the Permian. You want to claim that the Biden administration is keeping oil companies from laying down billions on development, but it is demonstrably false. Oil companies want to make money, and the best money is in the Permian where the break even point is $40/bbl, maybe even lower. Why would anyone want to risk drilling 9 figure holes in the seabed miles offshore?

If schlumberger laid off people, so be it. It ain’t because Biden caused some meaningful development project to be canceled. Unless maybe schlumberger staffed up for keystone, which I wouldn’t think.

To the original point, Blaming Biden for current oil and gasoline prices is nonsense. Blame him for Afghanistan withdrawal. Blame him for too much Covid relief. Blame him for something that has some merit.

Edit: lastly, what exactly are these Biden legislation? I can’t think of a single thing that has been passed under his administration that has any meaningful impact on development decisions. Frankly, isn’t that the whole deal with Biden. He can’t get anything passed besides the infrastructure deal, which was bipartisan and has nothing to do with this. The green new deal bogeyman is an idea that has not gotten legislative support. It’s a Republican rally cry against something that could come to pass but hasn’t. So again, what legislation are you talking about.

 

I know people who share your views. I’ll just close with this.

The Dems you named, you disagree with them because you dislike their policy views, whether it relates to race, social Justice, economy, etc. I think that’s fine. I don’t exactly agree with their policy views either.

But nowhere do I see them acting with complete disregard for the concept of facts or science. I do not see q anon, space lasers, bleach, UV lights, Putin support, holocaust denial. One is not like the other.

I do not agree with Mitt Romney on many things. But he deals in facts, and I can disagree and respect that. Just like I can disagree with AOCs policy viewpoints, but I respect that she deals in reality.

There can be no discussion on policy when one side is untethered to fact or reality.

As for Trump, the ends does not justify the means. It just doesn’t. Maybe he is accomplishing goals that you agree with. But he has caused irreparable damage to the country in doing so, and has made it acceptable for others to do so. Republican Party existed for a long time and never operated that way. And now, that promotion and acceptance of ignorance is cheered by millions. That perhaps that is his greatest wreckage - the destruction of the Republican Party.

 

you think they do. It is politically expedient to think so.

I know they don’t, not as it relates to decisions on whether to explore federal lands. It’s just a bad bet relative to other options. I’ve explained to you in detail why the chevrons would rather spend 5-10 billion on stock buyback than drill 9 figure holes in the ground. It’s the stock price. It’s not my opinion. The CEOs have spoken. But you believe what you want.