Iran Reportedly has Launched Drones and Maybe Missles at Israel

Too bad the Hamas leaders are all out of Palestine living it up in protected countries.

 

That has never stopped the Mossad before!

I am surprised that no one has mentioned the fact our current administration is partially, at least in a financial sense, culpable for Iran being able to conduct its terror ops. Between our foreign policy which has waived sanctions that were in place against Iran and the administration's stance against new oil exploration and fossil fuels in general, Iran has accumulated billions upon billions of dollars the last few years. Reports I have seen vary, but sanctions relief alone (which includes Iran's ability to sell oil on the global market) has netted Iran somewhere between twenty some and thirty some billion. From a country that was in economic turmoil just five years ago to now being flush with cash, it should come as no surprise that their terror by proxy campaigns have ratcheted up. I would've thought that from dealing with Iran as a hostile nation for the last nearly half century that our government would know that you cannot appease a country that wakes up every day chanting "death to America." They're not our friends. Quit treating them as such.

 

Oh come on, we are currently producing more oil than at any other time in history.

 

Because worldwide demand is high and OPEC is keeping production low. Poor Saudi trillionaires need the extra cash.

 

We are producing so much oil.....that is why our strategic petroleum reserve is at a record low and not being refilled......we could still have $2.00 a gallon gas if policies that were in place had not been changed you know when....

Peace WildBill

 

Energy is our number three export. We should keep more of it here but there’s money to be made.

 

We need to defund Iran, anything it takes to do that..including putting the screws to China to stop buying their oil.. We need to get tough with China on this.. like it or not, their economy depends on our consumption of their product. That's tremendous leverage, if we chose to use it.

Here's a relevant, non biased paper on the subject.

https://crsreports.congress.gov/product/pdf/IN/IN12267

JW

 

U.S. oil production per year from 1998 through 2022:
https://www.statista.com/statistics/265215/us-oil-production-in-million-metric-tons/

Global oil production per year from 1998 through 2022:
https://www.statista.com/statistics/265203/global-oil-production-in-barrels-per-day/

While U.S. oil production is the highest it has ever been, global oil production is lower now than it was in 2019.

Both U.S. and global oil production fell dramatically early in 2020 (think COVID). Since that time the U.S. has ramped production back up and beyond 2019 levels, but the rest of the world has been intentionally slow in increasing production. As planned by OPEC, lower global oil production coupled with higher global oil demand has driven the price of oil up.

Replenishing our strategic reserves right now would increase the demand for oil above the current already elevated demand levels and would thus increase the price of oil even higher.

Oil is a global commodity. With the U.S. being a free economy oil companies choose to sell their product wherever than can get the most money for it.

 

Not to mention, you don't want to invest in millions of gallons of expensive oil, you want to fill the reserves when the price is low.
Plus, the reserves are designed to be used to stabilize prices, so when prices go up, they add some extra "capacity" from savings.

 

And he did, go figure.

 

Actually,


What I remember is someone else saying higher oil prices were better and pushing the Saudis to cut production.

 

Maybe ‘cheap oil’ is not the best plan; maybe ‘stable’ is. I think the best thing for long term US security is domestic production. Our oil companies will invest in innovation and production when they’re confident the resulting production will sell at a profit. When there was a glut of oil, the price dropped so far that US production almost stopped, jobs were lost, homes were foreclosed upon, and we became dependent upon nations that aren’t our friends. Technical innovation stopped. Equipment was sold and knowledge was forgotten. When prices shot up, we got innovations like fracking, domestic (and Canadian) production, and more domestic security. We need a world oil price high enough that we can produce profitably (and sustain production investment) yet low enough our economy works for Americans. We need to be able to count on a price range. That way the US in not beholden to, nor afraid of, foreign governments’ actions and our politicians can take international action without fearing domestic unrest. The US can actually step up production to counter a world shortage or blunt the actions of a despot. Our automakers can plan long term, too. I like cheap gas, but we all know what happens when something many people like becomes too cheap…
Patrick

 

LSMS is correct... Oil is a global commodity. Price is set by supply and demand, and also influenced heavily by speculation. As such, the market needs stability, to factor out the speculation as much as possible.


Edit...

I just spent and hour writing a very nice, well documented thesis, with links to well respected experts opinions on oil prices and their influences.

Then I re-read it, and realized that i was a political argument, because it has to be... and we don't do that here.

And if you think that American politics doesn't influence the global oil prices.. well, OK then....

So, without being able to discuss all the factors that influence global oil prices, there is not much sense in continuing this conversation.

As such, this thread has served it's purpose and is now closed.