Goddamn gas prices
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credit default swap = CDF
over simplified: its a loan / debt insurance to cover if a "borrower" can't pay
context from 2020
Prices of credit default swaps zoom higher for US shale oil drillers
The prices of the credit default swaps that insure — or allow speculation on — some of the largest U.S. shale drillers shot up sharply in March, reflecting growing unease over the companies' ability to survive the downturn in crude oil prices.
www.spglobal.com
fyi - its abuse of home mortgages CDFs that were at the heart of 2008 crash
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A swap is just an agreement like an exchange of goods between parties over a time period. Like making a deal for this month, I agree to sell you X for this price then next month agree to sell and you agree to buy at that price.
What yiu quoted are "credit default" swaps, that's different.
Joe Biden has issued the fewest oil & gas leases of any president since World War II.
Biden leased 126,228 acres for drilling during his first 19 months in office (down 97% from President Trump). The last president to lease fewer acres was Harry Truman.
Every president since Richard Nixon in 1969-70 leased out more than 4.4 million acres during the first 19-months in his first term.
www.wsj.com
Biden leased 126,228 acres for drilling during his first 19 months in office (down 97% from President Trump). The last president to lease fewer acres was Harry Truman.
Every president since Richard Nixon in 1969-70 leased out more than 4.4 million acres during the first 19-months in his first term.
Federal Oil Leases Slow to a Trickle Under Biden
The Biden administration has leased fewer acres for drilling offshore and on federal land than any other administration in its early stages since World War II, according to a Wall Street Journal analysis.
www.wsj.com
It's basically a bet on gas prices. Same system they were using that caused real-estate crash in 08.
you are right
Joe Biden has issued the fewest oil & gas leases of any president since World War II.
Biden leased 126,228 acres for drilling during his first 19 months in office (down 97% from President Trump). The last president to lease fewer acres was Harry Truman.
Every president since Richard Nixon in 1969-70 leased out more than 4.4 million acres during the first 19-months in his first term.
Federal Oil Leases Slow to a Trickle Under Biden
The Biden administration has leased fewer acres for drilling offshore and on federal land than any other administration in its early stages since World War II, according to a Wall Street Journal analysis.
Fact-checking Biden’s claim that there are 9,000 unused oil drilling permits
Fact-checking President Joe Biden’s claim that there are 9,000 unused oil drilling permits. That's mostly true.
Look at the date of the article compared to the Wall St Journal I posted. And not sure if "permits" are the same as lease agreements to drill. May be different.
Fact-checking Biden’s claim that there are 9,000 unused oil drilling permits
Fact-checking President Joe Biden’s claim that there are 9,000 unused oil drilling permits. That's mostly true.news.yahoo.com
They renew lease agreements to allow oil companies to drill thru different administration's on federal land. Without leases, these companies are sitting around without crude to refine.
Here, fact check the oil industry I suppose:
Biden’s Abysmal Oil and Gas Lease Record
BY IER
SEPTEMBER 12, 2022
Biden’s Abysmal Oil and Gas Lease Record
President Biden has leased fewer acres for offshore oil and gas production than any other President before him since the…
www.instituteforenergyresearch.org
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Look at the date of the article compared to the Wall St Journal I posted. And not sure if "permits" are the same as lease agreements to drill. May be different.
They renew lease agreements to allow oil companies to drill thru different administration's on federal land. Without leases, these companies are sitting around without crude to refine.
Here, fact check the oil industry I suppose:
Biden’s Abysmal Oil and Gas Lease Record
BY IER
SEPTEMBER 12, 2022
Biden’s Abysmal Oil and Gas Lease Record
President Biden has leased fewer acres for offshore oil and gas production than any other President before him since the…
I recalled reporting that the oil companies have plenty of leases not being used so i did a quick search. The article I posed explained the process, once they have the lease they have to get permits. I didn't check the date, but I don't think the procedures changed and I doubt the costs for domestic vs international are any closer together.
You posted it from "fact checkers" at Politico from March. Both articles I posted are from Sept, a month and a half ago. Don't think they are more up to date as they pulled data from actual petroleum industry?
Read the stuff I posted.
Was Biden's own words:
“No more drilling on federal lands, no more drilling including offshore—no ability for the oil industry to continue to drill—period,” Biden said when he ran for office. And, Biden is implementing those words, which is increasing energy prices for Americans. He is using antics such as releasing oil from the emergency reserve to lower gasoline prices, but that reserve can last just so long. And, depleting the reserve is not a very wise solution when prices will just spiral back up after it is depleted. Europe is finding that its energy transition to wind and solar power is not working, which is why Liz Truss is removing the ban on hydraulic fracturing and providing more licenses for North Sea exploration. Biden and Congress need to take note.
Aren't refineries controlling the market?
I was curious also, so I googled Commodity swap and found this wiki page. I do finance, but they're still kind of complicated for me. Long story short they seem like a method of hedging prices, and locking down longer term supply without incurring major price swings. Railroad and airline operators, as well as other large, industrial oil consumers started using them for that purpose, and then wall street started using them to arbitrage.
Sorry I was on my phone earlier. The article I quoted was behind a paywall, so I wasn't able to read the entire thing. I posted the fact check because normally oil companies complain about not having the leases, but when this has come up in the past, they weren't using the ones they already have. The reporting that I've seen recently said this would not have affected pricing one way or the other and that their profits are going up. I agree he needs to lay off going into the reserves tho.
Baton Rouge lowest 2.68 at COSCO. Highest 3.60
I was in Utah gas was 4.30 couple months ago. Don't miss that shit at all
I was in Utah gas was 4.30 couple months ago. Don't miss that shit at all
Gas in Dallas is cheaper than it was a year ago.
Has anybody taken notice that gas prices have “miraculously” dropped since the Mid-Term elections?
Gas was going around $4.83/gal about a day before Election Day in Vegas.
I topped off my wife’s truck this morning before hitting the road and gas was going for $4.38/gal.
National Average price in US is around $3.54/gal.
Vegas is expected possibly get around into the $3/gal range in January.
Gas was going around $4.83/gal about a day before Election Day in Vegas.
I topped off my wife’s truck this morning before hitting the road and gas was going for $4.38/gal.
National Average price in US is around $3.54/gal.
Vegas is expected possibly get around into the $3/gal range in January.
I'll be plugging in soon.
Fuck these gas prices!
Fuck these gas prices!
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This morning drove past the gas station I normally use in Vegas that I had used to top off my wife’s car.
Gas was $3.79/gal.
The price is dropping faster than i expected.
Gas was $3.79/gal.
The price is dropping faster than i expected.
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This is very interesting. I’m gonna keep a eye on this.
Shits been declining over here. Last time I checked. It was $2.69 where I'm at.
Yeah gas prices are down down. About 2.70 around here.
The supply has increased.
I know in Georgia we have some of the lowest avg prices in the nation (around $2.73) but that's also because the governor suspended the tax on fuel which is about 29 cents. But i dont eem look at the prices, my hybrid giving me about 40 mpg
OPEC and Big Oil intentionally jacked up the price hoping it will blow back against President Biden and the Democratic Party.
They were hoping for a “Red Wave”.
As we saw in the Midterms…that didn’t happen. So down go the prices….until 2024 when they will jack it up again.
Gasoline is dropping.
But diesel is still staying high.
As long as diesel stays high, the price of products and groceries will remain high because they offset the price to the consumer.
Whatever junk you buy online and all that stuff on the grocery store shelf, it doesn’t appear out of thin air.
This big fuel guzzling mofo got it too you.
And all that crap you buy that came from China, it came across the Pacific Ocean on this beast.
They don’t design them for fuel economy, they are designed to haul heavy loads.
But diesel is still staying high.
As long as diesel stays high, the price of products and groceries will remain high because they offset the price to the consumer.
Whatever junk you buy online and all that stuff on the grocery store shelf, it doesn’t appear out of thin air.
This big fuel guzzling mofo got it too you.
And all that crap you buy that came from China, it came across the Pacific Ocean on this beast.
They don’t design them for fuel economy, they are designed to haul heavy loads.
Man