US oil production just hit a record high

[KenH]

"US oil production notched an all-time high of 13.4 million barrels per day last week, according to data from the Energy Information Administration.

That number is up from 12.6 million barrels each day a year ago, making for an 800,000-barrel increase.

The new production record comes just months after the EIA announced in March that the US produces more crude oil than any other country."

- rest of article at US Oil Production Reached Record High Last Week - Markets Insider (businessinsider.com)

 

[JonC]

Yep. Election coming up.

 

[KenH]

Yep. Election coming up.

 

[Earth Wind and Fire]

Funny that two to three years ago, the Ford Manufacturing Company announced that they were revamping their entire truck line to run on battery power but the people basically voiced that combustion engines were preferred… thus the distributors are struggling to sell the EV versions… in fact, they are taking a beating in order to sell them. So I conclude anyway that these things (EV’s) are not marketable. Sometimes going bankrupt is a really good indication of shortsightedness.

 

[Van]

SNIPPED story of EV decline

"
Electric vehicle sales increased 61 percent in the second quarter with 23,957 sold and are up 72 percent for the year. With 44,180 total EVs sold for the first half of the year, Ford brand electric vehicles trail only Tesla. Mustang Mach-E and F-150 Lightning are drawing customers from other brands; 62 percent of F-150 Lightning and 54 percent of Mustang Mach-E sales are new to Ford. Mustang Mach-E sales rose 46 percent over last year and are up 58 percent through the first half of the year. Year-to-date sales represent Mustang Mach-E’s best performance since launch. Sales of America’s No. 1 selling electric truck, the F-150 Lightning, totaled 15,645 through June of this year. F-150 Lightning sales for Q2 totaled 7,902, up 77 percent from a year ago."​

 

[Van]

Oil Production Change by President 1980 to 2022

 

[KenH]

So, per the chart, contrary to the false narrative of the MAGA National Conservatives, the production of oil during the Biden administration has INCREASED since January 20, 2021, and NOT decreased.

Thank you for the providing a chart to prove that point, Van.

 

[KenH]

Electric vehicle sales increased 61 percent in the second quarter

The United States needs to greatly increase amount of electricity that can be produced by reliable sources before going on an EV buying binge.

 

[Van]

So, per the chart, contrary to the false narrative of the MAGA National Conservatives, the production of oil during the Biden administration has INCREASED since January 20, 2021, and NOT decreased.

Thank you for the providing a chart to prove that point, Van.

I am really sorry, Sir, but the production rate of increase was throttled to below demand, thus causing inflation. The Biden Harris administration increase is about the same as President Carter, when the gas stations closed due to lack of product. Your effort seems to be t o deny the Dems war on fossil fuel. Good luck with that...

 

[Van]

The United States needs to greatly increase amount of electricity that can be produced by reliable sources before going on an EV buying binge.

Sir, the problem is not with building enough generating and transmission facilities, the problem is the Democrats on one hand will not allow generating stations to be built and on the other propose to increase electrical demand. Anyone who supports this insanity should have another think.

 

[KenH]

the problem is not with building enough generating and transmission facilities

Yes, it is. Just ask the people of Texas what it is like to have an unreliable power grid.

 

[KenH]

thus causing inflation.

The general rise in prices is commonly referred to as inflation, although inflation is technically defined as an increase in the supply of money beyond the increase in productivity. Thus, there can be no general rise in prices unless there is an excessive increase in the supply of money beyond the increase in productivity. If there is only a proper total of money available in a free market, then if prices rise in one part(s) of the economy then prices must fall in another part(s) of the economy, as there will be only so much money to spend, and supply and demand will keep the general price index steady.

 

[Van]

Yes, it is. Just ask the people of Texas what it is like to have an unreliable power grid.

You mean the wind farms that failed in very cold weather? Nuke and Fossil fuel generators are far less venerable.

 

[Van]

Fiction is the stock and trade of those seeking to enslave others. If prices rise for the same quality and quantity, the prices are inflated. Full Stop.

Inflation results when what we get for our effort, procures less than in the past. If I have to work longer to buy the same thing I bought at a lower price, that is inflation. Prices rise when demand exceeds supply.

Pay no attention to the word salad fictional claims, believe the smaller purchase for the same money, or the same purchase for more money reflects inflation. The sacrifice of fossil fuel on the alter of global warming triggered the destructive economic reality of today.

 

[KenH]

If prices rise for the same quality and quantity, the prices are inflated.

Your statement does not take into account the quantity and value of the money being used. If the money supply is increased with no change in the "quality and quantity", then prices will rise, due to the fact that inflation is defined as an increase in the money supply beyond the increase in productivity.

Inflation results when what we get for our effort, procures less than in the past.

The Federal Reserve increasing the money supply and accommodating Congressional profligacy without a sufficient rise in productivity, i.e., the quantity of goods or services, results in a general rise in prices. The primary cause of inflation is the Federal Reserve and its actions.

The sacrifice of fossil fuel on the alter of global warming triggered the destructive economic reality of today.

The United States is currently producing more oil than it has ever produced and is the top oil producer in the world.

 

[KenH]

ou mean the wind farms that failed in very cold weather? Nuke and Fossil fuel generators are far less venerable.

Yes, definitely a mistake pushed by the pro-EV, pro-reliance on wind and solar energy crowd.