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Posted by: thepinetree on 06/16/2022 12:30 PM Updated by: thepinetree on 06/16/2022 12:30 PM
Expires: 01/01/2027 12:00 AM
:

ExxonMobil statement regarding President Biden Letter to Oil Industry

Irving, TX...ExxonMobil released the following statement in response to a letter from President Biden.  We have been in regular contact with the administration to update the President and his staff on how ExxonMobil has been investing more than any other company to develop U.S. oil and gas supplies. This includes investments in the U.S. of more than $50 billion over the past five years, resulting in an almost 50% increase in our U.S. production of oil during this period.




Globally, we’ve invested double what we’ve earned over the past five years -- $118 billion on new oil and gas supplies compared to net income of $55 billion. This is a reflection of the company’s long-term growth strategy, and our commitment to continuously invest to meet society’s demand for our products.

Specific to refining capacity in the U.S., we’ve been investing through the downturn to increase refining capacity to process U.S. light crude by about 250,000 barrels per day – the equivalent of adding a new medium-sized refinery. We kept investing even during the pandemic, when we lost more than $20 billion and had to borrow more than $30 billion to maintain investment to increase capacity to be ready for post-pandemic demand.

In the short term, the U.S. government could enact measures often used in emergencies following hurricanes or other supply disruptions -- such as waivers of Jones Act provisions and some fuel specifications to increase supplies. Longer term, government can promote investment through clear and consistent policy that supports U.S. resource development, such as regular and predictable lease sales, as well as streamlined regulatory approval and support for infrastructure such as pipelines.

###

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world. To learn more, visit exxonmobil.com and the Energy Factor.


Comments - Make a comment
The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
No Subject
Posted on: 2022-06-16 13:01:17   By: Anonymous
 
My advice, see if Hunter Biden has investments in Exxon Mobil! Another $1billion sent to Ukraine after the $48billion! Do you not realize Hunter became a millionaire profiting from Ukraine?? This is our tax payers money going to federal taxes. Needless to say, Ukraine will lose this war and “our money” is wasted! If, you voted for biden, better clean up your act! Ask Elon Musk. Shame on any and all democrats!!

[Reply ]

    Re:
    Posted on: 2022-06-16 13:17:50   By: Anonymous
     
    Ivanka Trump estimated that she and Jared Kushner 'earned' between $150,000,000 and $600,000,000 during the four years they worked as 'unpaid' special advisors to Donald Trump in the White House.

    [Reply ]

      Re:
      Posted on: 2022-06-16 13:32:20   By: Anonymous
       
      Oh me oh my, now the USA gets to pay for the upkeep of the Russian super yachts belonging to the rich Russians! Biden is gonna cause us to run out of food next. Our tax money is absolutely wasted like big time! Hope all democrats have zero savings and zero 401k’s. Losers big time! This is not B/S!!!!!

      [Reply ]

      Re:
      Posted on: 2022-06-17 08:33:15   By: Anonymous
       
      Is Donald still fuking Ivanka? Does Jared still like to watch? Inquiring minds want to know.

      [Reply ]

No, It’s Not “Greed” or “Price Gouging” That’s Driving up Gas Prices
Posted on: 2022-06-16 13:04:15   By: Anonymous
 
Both consumer prices and producer rose near to multidecade highs last month.

Price inflation rose to 8.6 percent while wholesale producer prices rose by more than 10 percent.

In both cases, a significant factor behind rising prices—but certainly not the only factor—was high energy prices. This has been reflected in prices related to transportation and shipping. Prices for air travel, for example, have seen some of the biggest price increases in recent months while gasoline (naturally) has fueled sticker stock for households across the nation.

Perhaps most notable to the average consumer has been the increase in gas prices. In June, gasoline prices have risen on average to a new nominal high of over $5 per gallon.

Short of recession (or depression), relief will likely have to come in the form of increasing supply. The easy-money policies of the central bank have fueled spikes in demand for nearly all products, but this leads to a problem: rising demand has not come with rising production. In other words, the regime can easily increase the supply of money, by simply creating money out of thin air. But the regime can’t do the same with oil or gasoline. Unlike fiat money, oil and gasoline must actually be extracted and processed.

So, we end up with increasing supplies of dollars chasing oil and gas supplies that are increasing at a much slower pace. The result is rising price inflation.

Unfortunately, there does not appear to be much relief on the horizon. US bans on Russian oil have disrupted global oil markets and cut off the US consumer from ready imports. This certainly hasn’t helped bring crude oil prices down. But when it comes to gasoline prices, another sizable factor is the fact refineries are running below past capacity. Even when US markets have access to crude oil, gasoline production lags.

Much of this is being blamed on logistical problems stemming from covid lockdowns and the collapse in demand that occurred in 2020. As governments across the US forcibly closed businesses and issued stay-at-home orders, many refineries became unprofitable and closed. Shortly thereafter, an avalanche of newly created money whipsawed demand in the opposite direction, and refineries could not keep up. Spiking prices resulted.

Ultimately, the situation only illustrated what more astute observers had pointed out: claims that policymakers could “pause” the economy, and that we need only wait for the “V-shaped recovery” for everything to bounce back to normal, were very wrong.
Oil Prices and Gasoline Prices

During the worst days of the covid lockdowns, gasoline prices fell to around a dollar per gallon in many areas. The national average fell to near $2 per gallon in 2022 dollars.

But by late 2021, fueled by trillions in newly printed money, gasoline prices surged to ten-year highs. As of June 2022, gasoline prices have hit new highs of over $5 per gallon. Even in inflation adjusted terms, gasoline will soon hit some of the highest prices seen in many decades.

Notably, gasoline prices have been outpacing crude oil prices when it comes to inflation-adjusted prices. With crude oil prices rising to around $120 per barrel in recent weeks, inflation-adjusted prices have not yet risen to some of the highs we’ve seen since the 1970s. In the lead-up to the housing crash of 2008, for example, the oil price rose to nearly $180 per barrel (in 2022 dollars).

The fact oil prices haven’t topped recent highs is due in large part to the resilience of international markets.

The Biden administration certainly did its best to drive oil prices through the roof, and thus to make life more difficult for the average American. In March of this year, the administration issued a decree banning Russian “crude oil and certain petroleum products” from the US. The administration boasted that American consumers would be cut off from 700,000 barrels per day of Russian oil imports. Defenders of this policy lectured Americans on the need for “sacrifice”—by paying higher prices for oil—in order to make Washington’s Russophobes happy. This was part of a larger plan to pressure the regimes of the world into cutting Russia off from global markets.

This has certainly succeeded to drive up crude prices above what they would have otherwise been. Fortunately, the plan has also partly failed. China and India have been buying up large amounts of Russian crude ensuring that supply remains in the global market. This means global supplies are not strained as much as would have occurred had the Biden administration’s attempt at isolating Russia succeeded.

But while access to crude has not evaporated as intended by the US regime, refinery capacity continues to lag. This has driven up gasoline prices to higher peaks than crude.

Nor is increasing capacity an easy affair. As Business Insider reported this week:

At the heart of the crisis is the fallout from the pandemic. As COVID rocked the world economy, energy consumption plunged, and many refineries shuttered operations.

Analysts at Wood Mackenzie, an energy consultancy, estimate that 3 million barrels a day of refinery capacity shut down in 2020 and 2021.

And once you shutter a refinery, it can be hard to get it running again.

“You introduce a lot of operational issues that come back to haunt you a few months later,” Claudio Galimberti, a senior analyst at energy consultancy Rystad, told Insider. “Running a refinery is very complicated.”

So much for that allegedly easy-to-reverse pause in the global economy we were told was no big deal. When running a single refinery is “very complicated” imagine the complexity of an entire economy.

In response, the usual anticapitalist response has been to place the blame on imagine “price gouging” or “greedflation.” President Biden has reportedly sent an “angry letter” to oil company execs for not bringing down gas prices. Never mind, of course, that the administration has been committed to crippling fossil fuel production for the duration

[Reply ]

‘Big Oil’ Responds To Biden’s Threats: 10 Things You Can Do To Ease Gas Prices
Posted on: 2022-06-16 13:06:09   By: Anonymous
 
Following President Biden’s letter to many ‘Big Oil’ executives, threatening them with forced production quotas, windfall taxes, and/or price-caps (because all those things have proved so successful in past crises… not), the American Petroleum Institute – which represents ‘Big Oil’ – sent a letter to the president offering some advice.

The letter begins by acknowledging President Biden’s efforts to address Russia’s actions and then focuses on how we got here:

“Unfortunately, Russia’s actions and the instability it created has contributed to an already forming global energy crisis. Several factors have led to a significant and sustained supply and demand imbalance in global oil markets. Demand for energy, specifically crude oil, has surged as global economies have rebounded from the early part of the COVID-19 pandemic. In part, supplies have not kept pace due to global underinvestment in recent years driven by geopolitical and market forces, public policies, and investor sentiment.

This combination of factors and events leaves us in the situation we face today. Namely, the most consequential energy crisis since the 1970s.”

Then, The API lays out ten steps that President Biden can take to ease the bottlenecks and lower gas prices for the ‘average joe’…

1. Lift Development Restrictions on Federal Lands and Waters

The Department of the Interior (DOI) should swiftly issue a 5-year program for the Outer Continental Shelf and hold mandated quarterly onshore lease sales with equitable terms. DOI should reinstate canceled sales and valid leases on federal lands and waters.

2. Designate Critical Energy Infrastructure Projects

Congress should authorize critical energy infrastructure projects to support the production, processing, and delivery of energy. These projects would be of such concern to the national interest that they would be entitled to undergo a streamlined review and permitting process not to exceed one year.

3. Fix the NEPA Permitting Process

Your administration should revise the National Environmental Policy Act (NEPA) process by establishing agency uniformity in reviews, limiting reviews to two years, and reducing bureaucratic burdens placed on project proponents in terms of size and scope of application submissions.

4. Accelerate LNG Exports and Approve Pending LNG Applications

Congress should amend the Natural Gas Act to streamline the Department of Energy (DOE) to a single approval process for all U.S. liquefied natural gas (LNG) projects. DOE should approve pending LNG applications to enable the U.S. to deliver reliable energy to our allies abroad.

5. Unlock Investment and Access to Capital

The Securities and Exchange Commission should reconsider its overly burdensome and ineffective climate disclosure proposal and your administration should ensure open capital markets where access is based upon individual company merit free from artificial constraints based on government-preferred investment allocations.

6. Dismantle Supply Chain Bottlenecks

You should rescind steel tariffs that remain on imports from U.S. allies as steel is a critical component of energy production, transportation, and refining. Your administration should accelerate efforts to relieve port congestion so that equipment necessary for energy development can be delivered and installed.

7. Advance Lower Carbon Energy Tax Provisions

Congress should expand and extend Section 45Q tax credits for carbon capture, utilization, and storage development and create a new tax credit for hydrogen produced from all sources.

8. Protect Competition in the Use of Refining Technologies

Your administration should ensure that future federal agency rulemakings continue to allow U.S. refineries to use the existing critical process technologies to produce the fuels needed for global energy markets.

9. End Permitting Obstruction on Natural Gas Projects

The Federal Energy Regulatory Commission should cease efforts to overstep its permitting authority under the Natural Gas Act and should adhere to traditional considerations of public needs as well as focus on direct impacts arising from the construction and operation of natural gas projects.

10. Advance the Energy Workforce of the Future

Congress and your administration should support the training and education of a diverse workforce through increased funding of work-based learning and advancement of STEM programs to nurture the skills necessary to construct and operate oil, natural gas, and other energy infrastructure.

The question is – will the Biden administration do any of them?

[Reply ]

Biden Energy Secretary Tells Americans To Stop Complaining Because BRAZILIANS Have To Pay Same Amount For Gas
Posted on: 2022-06-16 13:08:22   By: Anonymous
 
Shut up and buy an electric car, says former electric car company director and electric car stock millionaire.

Another day, another example of Biden officials telling Americans to stop complaining about the spiralling costs of energy because other countries are worse off.

This time Secretary of Energy Jennifer Granholm appeared on CNN and told Americans that they should not be so worried about national average gas prices being over $5 because “If you were in Brazil, you’d be paying the same amount for gas.”

She went on to try to list other countries like Canada and Germany where gas is even more expensive.

Huh?

Even the CNN drone John Berman had an issue with that comment, noting “We’re talking about the United States, though.”

It’s the same talking point over and over again because Biden’s gaggle of ghouls has no solution to the crisis, in fact they admit it’s part of a deliberate ‘transition’.

And don’t forget, inflation is out of control because of nationalism.

Earlier this week, Granholm lauded electric vehicles, another often touted ‘solution’.

Hey, just buy an electric car, they’re only 55 grand.

Granholm also happens to previously have been the director of an electric car company called Proterra. In May, she exercised stock options in the company, pocketing about $1.6 million from the transaction, according to an energy department spokesperson.

Just a coincidence.

[Reply ]

    Re: Biden Energy Secretary Tells Americans To Stop Complaining Because BRAZILIANS Have To Pay Same Amount For Gas
    Posted on: 2022-06-16 13:17:55   By: Anonymous
     
    BS a Chevy Bolt with the Fed State incentives the cost of a Bolt is $22000. Try to buy a decent gas car as the Bolt is for that.

    Should sell solar panels, storage with the cars, offer discounts with a package deal.

    Stuck on gas mentality is just old non thought.

    Like your cell phone? Electric cars are the next tech wave. Get onboard. Save $

    [Reply ]

      Re: Biden Energy Secretary Tells Americans To Stop Complaining Because BRAZILIANS Have To Pay Same Amount For Gas
      Posted on: 2022-06-16 14:14:30   By: Anonymous
       
      What a stupid ass! Like our electric grid can handle charging all these electric cars???? We are out of petroleum so now, let’s deplete our grid? No lights, no a/c, no heat, no refrigerator, no hot food, “NOW” that makes a lot of sense!! Need to pull your head out of your ass!!!!

      [Reply ]

        Re: Biden Energy Secretary Tells Americans To Stop Complaining Because BRAZILIANS Have To Pay Same Amount For Gas
        Posted on: 2022-06-16 14:52:26   By: Anonymous
         
        FUK BUMBLING BIDEN!

        [Reply ]

          No Subject
          Posted on: 2022-06-16 17:46:23   By: Anonymous
           
          All that BS and you never mentioned the trump crowd tried to hang pence . How many times do we need to say it . Trump fuc-king lost .

          [Reply ]

            Re:
            Posted on: 2022-06-16 22:16:45   By: Anonymous
             
            Trump is history! If you idiots miss him this much, then vote for him in 2024. All you are doing is encouraging us to accept him! Better get a life and, go to school!!!

            [Reply ]

              Re: Flags
              Posted on: 2022-06-17 09:59:22   By: Anonymous
               

              Keep fling your Trump flags. Show how stupid you are.

              [Reply ]

No Subject
Posted on: 2022-06-17 21:42:19   By: Anonymous
 
Yea.....like anyone listens to Biden ! Oil companies couldn't care less about this moron, or what He has to say. Sure, they're gouging us, but it's been going on for a 100 years ! Who do you think is running the country, government ! Nope.......face it folks, big money will decide who's the boss.............and a puppet like Biden is exactly what they like. Lip service from the whitehouse is all you'll ever get with a Democrat in office


[Reply ]


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