I knew you would agree. But did you know it was republicans pushing for that? Obama let it happen, but it was a republican move! lmao. The only way you can get a GOPer to criticize republicans is to blame it on a Dem.
Your feelings and opinions do not add up to facts.
Sabrina Valle Fri, October 28, 2022, 6:32 AM·3 min read
By Sabrina Valle
HOUSTON (Reuters) - Exxon Mobil Corp on Friday smashed expectations as soaring energy prices fueled a record-breaking quarterly profit, nearly matching that of tech giant Apple.
Its $19.66 billion third-quarter net profit far exceeded recently raised Wall Street forecasts as skyrocketing natural gas and high oil prices put its earnings within reach of Apple's $20.7 billion net for the same period.
As recently as 2013, Exxon ranked as the largest publicly traded U.S. company by market value - a position now held by Apple. Exxon shares jumped 2% in premarket trading to $109.80, a new record high.
Oil company profits have soared this year as rising demand and an undersupplied energy market collided with Western sanctions against Russia over its invasion of Ukraine. U.S. exports of gas and oil to Europe have jumped and promise to set all-time profit records for the industry.
The top U.S. oil producer reported a per-share profit of $4.68, exceeding Wall Street's $3.89 consensus view, on a huge jump in natural gas earnings, continued high oil prices and strong fuel sales.
"Where others pulled back in the face of uncertainty and a historic slowdown, retreating and retrenching, this company moved forward, continuing to invest," Chief Executive Darren Woods told investors. Its quarterly profits "reflect that deep commitment" as well as higher prices, he added.
Exxon led record gains among oil majors in the second quarter and has leapfrogged Shell Plc and TotalEnergies SE with earnings almost twice as big from continued bets on fossil fuels as competitors shifted investment to renewables.
Exxon banked $43 billion in the first nine months of this year, 19% more than in the same period of 2008, when oil prices traded at a record level of $140 per barrel.
Earnings from pumping oil and gas tripled last quarter while profit from selling motor fuels jumped tenfold compared with year-ago levels. Natural gas sales to Europe and soaring demand for diesel fuel led the company's better-than-expected results.
"The refining businesses - both in the U.S. and international - was the star performer," said Peter McNally, an analyst at Third Bridge.
Those rising fuel profits have renewed calls by U.S. President Joe Biden for companies to invest the windfall from this year's energy price run-up in production rather than buy back their own shares.
Exxon will maintain its $30 billion share buyback through 2023 while increasing dividends, Chief Financial Officer Kathryn Mikells told Reuters. On Friday, it declared a fourth-quarter per-share dividend of 91 cents, up 3 cents, and will pay $15 billion to shareholders this year.
Exxon said its U.S. oil and gas production from the Permian Basin was near 560,000 barrels of oil and gas per day (boed), a record. Production for the year will increase about 20% over 2021, said CEO Woods.
"We're optimizing and adjusting our development plans," he told analysts, with the full-year production gain below the 25% increase Exxon had forecast in February.
Results also were helped by an almost 100,000-boed increase over the previous quarter in Guyana, where Exxon leads a consortium responsible for all output in the South American nation.
But its withdrawal from Russia reduced its overall production forecast for the year by about 100,000 barrels per day. Exxon said its Russian assets were expropriated.
"We are going to end up at about 3.7 million barrels a day for the full year," Mikells said, down from a 3.8 million goal set in February.
people out here whining about gas prices while i use my dividend income to pay for fueling up my brand new yacht. unfortunately inflation sucks so i gotta pay more for russian courses so i can read the manual.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
No other nation in the world produces more oil than the US — so why do we count on countries like Saudi Arabia to supply us with crude? Chris Clark Thu, October 27, 2022, 3:00 PM·4 min read
While the U.S. is the world’s top producer of oil, it’s also the world’s top gas guzzler.
Inflation, spurred by supply chain issues and Russia’s war in Ukraine has driven up the cost of this valuable resource. On top of that, Hurricane Ian forced offshore producers in the U.S. to scale back production.
Even the head of Saudi Arabia’s state-led oil company, Saudi Aramco, is concerned. Earlier this month, he issued a dire warning that prices could spike soon due to Aramco's “extremely low” capacity.
Which means Americans should be preparing for a very expensive winter.
But with President Biden set to release 25 million more barrels of the country’s “oil piggy bank” to the market by the end of the year and the supply of diesel running dangerously low, many Americans may be wondering why not just hold onto that supply to keep the lights on here?
At $60 or more for a tank, it can be frustrating to watch as domestic oil leaves U.S. ports faster than foreign oil comes in. But it’s a decades-old challenge, and only the nature of the crisis has changed.
Leading from behind
The United States is the world’s top producer of oil (including crude, other petroleum liquids, and biofuels) and has been since 2018. According to the U.S. Energy Information Agency, it’s not even close.
The EIA reports that as of 2021, the U.S. produced 18.88 million barrels per day — or about 10 million per day more than no. 2 Saudi Arabia (10.84 million) and no. 3 Russia (10.78 million).
The EIA also notes that the U.S. is the largest oil consumer, using 20.54 million barrels a day, or 20% of the global stock, and well ahead of no. 2 China (14.01 million). The U.S. imported 7.86 million barrels of oil per day last year, the EIA report reveals.
So if America is producing roughly the same amount of oil as it imports, and interest in renewables is rising, shouldn’t it be true that the U.S. would not be so reliant on foreign oil, and that energy price anxieties should subside because U.S. stocks would be more than adequate?
Not by a long shot.
Oil price and politics
The reasons for the import/export discrepancy are actually fairly straightforward. Chief among them:
Foreign oil is cheaper: The cost of extraction is usually lower in other countries.
Rystad Energy, a private energy research firm, found in a 2020 analysis that Middle Eastern oil fields have the world’s lowest production cost at $31 a barrel. The U.S. produced oil from deepwater wells was at $43 a barrel, with fracking-produced oil costing $44 a barrel.
Energy as a weapon: Prices are frequently connected to how nations regard the environmental, economic and geopolitical impacts of their oil.
Some concerns weigh heavier than others. Russia, for instance, is widely seen as using oil as a tool to gain concessions over its invasion of Ukraine.
The Russian invasion eventually prompted President Biden to sign a ban on Russian oil imports, but it’s unclear how much the ban has deterred Vladimir Putin. Europe now faces new uncertainty about accessibility to critical Russian oil ahead of winter.
Not all oil is the same: This is a fundamental challenge for the U.S., where much of the nation’s refining capacity is built to handle the heavy, harder-to-refine crude imported from the Middle East and elsewhere. That U.S. capacity wasn’t aimed at refining the kind of light, sweet crude that characterizes the flush oil fields of Oklahoma, Texas, and elsewhere.
Shifting U.S. refining capacity to light crude could create incredible upheaval in the market and jeopardize enormous existing investments, the American Petroleum Institute says.
Attempts to correct that mismatch have almost always stalled out, often over environmental protests or other political realities. Most believe the current situation won’t change until new refining capacity comes online or the current capacity is upgraded to handle what the U.S. produces. The costs of such a shift would be enormous.
We shouldn't allow it to be exported and we should order the refineries to increase production as well as plan and build more facilities for the immediate future. National security is at risk.
Your feelings and opinions do not add up to facts.
We shouldn't allow it to be exported and we should order the refineries to increase production as well as plan and build more facilities for the immediate future. National security is at risk.
For a long time I have felt that the long term plan is to use up other countries oil before we use ours. Not allowing export and "ordering" oil companies to do this or that is short term thinking that would actually harm national security more.
Winning chess isn't played move to move. Winning chess is played thinking about where you want to be 10 moves ahead.
Just saying....
If everybody had like minds, we would never learn.
Lame fantasies about stupid people playing chess won't fix a damn thing.
It wasn't offered to be a fix. It was offered to help you understand that your thinking is very narrow and not taking in to account the larger picture.
If everybody had like minds, we would never learn.
daaaaaaamn them numbers are bad. glad i dont live over there.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
Share By Melissa Cantor, Editor at LinkedIn News Updated 7 hours ago
While gasoline prices have come down from their summer peaks, the cost of diesel fuel is still sky-high, averaging $5.29 per gallon compared to $3 a year ago. The sharp increase is squeezing the trucking industry, with drivers saying they have to turn down jobs or ask clients to pay fuel surcharges to make ends meet. And when truckers get squeezed, so do consumers — virtually everything we buy is delivered via truck, and the impact of rising diesel costs could deliver a $100 billion hit to the U.S. economy, according to some estimates.
Blocking those who argue to argue, eliminates the argument.
I find it rather odd that the very same people who say we need smaller government suddenly start pointing fingers that the government isn't doing anything when it suits them.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
The method used during the trump presidency to report job growth is the same as it is now. So were you too believing false reports from your false regime? Since job growth has continued to rise your story has evolved from "It's going down" to "They're lying". Desperation rears its ugly head.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
Saw a report somewhere saying the national average gas price is expected to be around $2.99 a gallon by the end of December. Light at the end of the tunnel.
Your feelings and opinions do not add up to facts.
Share By Cate Chapman, Editor at LinkedIn News Updated 43 minutes ago
Home sales extended their longest losing streak in November since records began in 1999, falling for a 10th straight month. The 7.7% decline in sales of previously owned homes was also the deepest since February, according to the National Association of Realtors. Mortgage rates that have doubled since last year are smothering affordability and sales, and come on the back of the most aggressive ratcheting up of interest rates by the Federal Reserve since the ‘80s.
Home prices are still higher than they were year ago, buoyed by inflation and a lower-than-normal supply.
Blocking those who argue to argue, eliminates the argument.
Mortgage rates chart: Historical and current rate trends
Freddie Mac — the main industry source for mortgage rates — has been keeping records since 1971. Between April 1971 and December 2022, 30-year fixed-rate mortgages averaged 7.76%.
While it will take home buyers time to adjust to the rise i interest rates, from a historical standpoint it is still well below the average interest rate for home buyers.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
This is bad because this means less materials being bought which means less freight being moved, less workers collecting checks for building stuff, etc... Less trucks moving less stuff is ALWAYS, ALWAYS, ALWAYS BAD.
If interest rates come back down around 4%-5%, this should resolve easily, but right now there is a glut of inventory out there and not a lot of new construction happening.
Browns is the Browns
... there goes Joe Thomas, the best there ever was in this game.
It is what it is. In 1971 mortgages hovered between 7.29% and 7.73%. And if you look at the time period I mentioned you'll find historic lows as well as highs. Here is an article from 2002 that states that at as of august 16th, 2002 rates that fell to 6.22% had not been seen since the 1960's.
Quote
And rates tallied separately by financial publisher HSH Associates were the lowest since 1966. Rates on 30-year fixed mortgages through Wednesday fell to 6.13 percent with 0.66 points nationwide, down from 6.34 percent and 0.55 points the previous week, according to Butler, N.J.-based HSH.
That's basically the rate that my dad bought my childhood home at. There's nothing about the current prime home interest rate that's actually high right now. It just seems that way due to historic low interest rates.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
I expect the dow to be down almost 800-1000 points today with the news of home sales tanking.
the real estate market represents about 15-20% of our economy.
Well it fell about one third as much as you claimed. Another failed prediction. So far it's up about 700 points today after the November numbers showed a slow donn in inflation. I didn't want to see you get caught not being prepared.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
I expect the dow to be down almost 800-1000 points today with the news of home sales tanking.
the real estate market represents about 15-20% of our economy.
Well it fell about one third as much as you claimed. Another failed prediction. So far it's up about 700 points today after the November numbers showed a slow donn in inflation. I didn't want to see you get caught not being prepared.
Um. it was down over 800 points yesterday. it rallied late to be only be down about 350 points.
https://www.cnbc.com/2022/12/23/5-t...ock-market-opens-friday-december-23.html It was the last trading day before Christmas, and all through Wall Street, barely a bull was stirring ... Ok, we’re going to leave that there. Investors entered Friday a little bruised after Thursday’s rough session. At one point, the Dow fell more than 800 points before a late-day push helped the blue-chip index finish down about 350 points. It was a particularly bad day for tech stocks, which dragged the Nasdaq down nearly 2.2%. With just five trading days left in December, stocks are on the cusp of finishing 2022 in the red, potentially wrapping up the worst year for equities since 2008.
Early Friday, key inflation data arrived in the form of the November Personal Consumption Expenditures price index. The PCE price index came in cooler than expected, rising 0.1% in November vs. Econoday's estimates for 0.2% growth vs. October.
Year over year, the PCE price index rose 5.5%, matching estimates. Personal income rose 0.4% in November, higher than estimates.
Meanwhile, the core PCE price index came in hotter than expected, rising 4.7% year over year vs. the 4.6% estimate.
Are you reading articles from 2013 or doing that common core math?
Also, not sure why Dow Jones you are looking at. It's down about 25 points right now.... not up 700 points.
It's like you get your news from some sort of Marvel Multiverse...
Blocking those who argue to argue, eliminates the argument.
This is bad because this means less materials being bought which means less freight being moved, less workers collecting checks for building stuff, etc... Less trucks moving less stuff is ALWAYS, ALWAYS, ALWAYS BAD.
If interest rates come back down around 4%-5%, this should resolve easily, but right now there is a glut of inventory out there and not a lot of new construction happening.
100% agree with all of this.
Blocking those who argue to argue, eliminates the argument.
So you claimed it would be down 800-100 points yesterday and it closed at 350 down. Stop trying to rewrite your claim. It was up 700 points this morning. That doesn't mean "now".
Quote
I expect the dow to be down almost 800-1000 points today
That didn't happen.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
So you claimed it would be down 800-100 points yesterday and it closed at 350 down. Stop trying to rewrite your claim. It was up 700 points this morning. That doesn't mean "now".
Quote
I expect the dow to be down almost 800-1000 points today
That didn't happen.
It was down 800 points yesterday. It did not close down 800 it closed down over 350.
No. It was never up 700 points today.
Today's high is 33,154 (as of this moment) 12/23/2022 at 12:13 pm EST and it opened at 32,961. That's 193 points, not 700.
Again, please stop making stuff up / stop watching the Multiverse News Channel. It's 100% wrong.
Blocking those who argue to argue, eliminates the argument.
Dear Lord. Anyone can see you predicted it to be down 800-100 points on the day yesterday. That simply didn't happen and you're trying to crawl your way out of it on your belly. Spending is still up and there have been monthly job increases. And all you can do is still play Chicken Little. You're hilarious!
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
And just for the record, I'm not saying there aren't indicators that we may enter into a recession. There certainly are. But there are also indicators that we may not. You just never point any of those out and seem to try and dismiss that those positive indicators even exist. I'm simply pointing out that there's a yin to your yang whether you like that or not.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
Consumer price growth cooled in November, indicating a slowing economy and a sign that the Federal Reserve's aggressive rate-raising campaign to fight inflation is starting to pay off.
On a year-over-year basis, inflation hit 7.1%, a slowdown from the 7.7% in October and lower than the 7.3% expected by analysts. It's the smallest 12-month increase since December 2021, when it was 7.0%, according to the U.S. Bureau of Labor Statistics. On a monthly basis, inflation climbed just 0.1%, compared to 0.4% in October.
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