Saudi Arabia Oil Turn & The COVID-19 Pandemic

[danielsonr]

23 minutes ago, hindesky said:

I can't seem to be able to find or buy any face masks, I've tried to buy some on Amazon 3 times and each time Amazon sends a email a couple days later canceling my orders.

Found this cool home made version to make.

During the Spanish Flu in 1918 people also wore masks.

Have you seen this yet?

 

Edited April 5, 2020 by danielsonr

[TheSirDingle]

https://www.cnbc.com/2020/04/09/oil-jumps-ahead-of-make-or-break-opec-meeting.html
Looks like OPEC is deciding to cut production by 10 million BPD. I could see this as a potential help to U.S oil rn, and in the near future. But this all stands on how long this virus stays around, and if OPEC keeps the cut afterwards. 

Edited April 9, 2020 by TheSirDingle

[august948]

2 hours ago, TheSirDingle said:

https://www.cnbc.com/2020/04/09/oil-jumps-ahead-of-make-or-break-opec-meeting.html
Looks like OPEC is deciding to cut production by 10 million BPD. I could see this as a potential help to U.S oil rn, and in the near future. But this all stands on how long this virus stays around, and if OPEC keeps the cut afterwards. 

 

Their kind of stuck on this.  There is only so much storage space for oil once it's extracted.  They are already moving to put oil on tankers for storage.  They have to cut back production.

[H-Town Man]

Oil Production Cuts Not Expected to Stave Off Damage to Energy-Dependent Cities

Houston, Denver, Calgary May See Lasting Real Estate Effects From Oil Price Drop

Refinery operations in the Houston area. The fallout from the coronavirus pandemic and oil price war is expected to have lasting impacts on commercial real estate in some energy-focused cities. (iStock)

By Marissa Luck
CoStar News

April 09, 2020 | 06:47 P.M.

 

(Story has been updated in the second paragraph to say an OPEC+ deal was not reached.)

A major deal to boost oil prices may not stave off spending cutbacks by North American producers that could ricochet into the real estate markets of energy-focused cities such as Houston, Denver and Calgary, Alberta, analysts say.

Saudi Arabia, Russia and allies met Thursday about cutting oil production by 10 million barrels per day, or roughly 10% of global production, but Mexico would not approve the deal and left the meeting before an agreement was made, Bloomberg reported.

If an agreement had been reached, it would have ended a month-long price war that has pushed crude prices devastatingly low for the industry. The major proposed cuts aren't expected to be enough to cover the coronavirus-driven collapse in demand of 20 million to 35 million barrels per day because of consumers under stay-at-home orders and travel ban.

A meeting between G20 energy ministers, including the United States, was scheduled for Friday to discuss further oil production cuts, which Bloomberg reports could be as much as 5 million barrels per day, but now OPEC+ talks are expected to resume Friday.

"We believe the enthusiasm will subside at some point and the reality of the size of the demand’s imbalance will eventually hit the market,” energy consultant firm Rystad Energy wrote in a note to clients Thursday morning before the OPEC+ meeting when an agreement was expected to be reached.

Read More CoStar News Coverage of the Coronavirus Outbreak

Goldman Sachs analysts predicted that a 10 million barrel per day cut in production "would not be sufficient, still requiring an additional 4 million barrels a day of necessary price induced shut-ins." Even if stay-at-home orders end and the economies open back up, there still could be various travel restrictions and social distancing measures encouraged for several months that could impact oil demand and economic recovery.

Meanwhile, some of the U.S. biggest oil producers will learn next week if they’ll be forced to cut production in Texas. The Railroad Commission, the state agency that regulates the energy industry, is set to consider a proposal requiring larger oil producers in the state to slash output by 20% starting May 1. Austin, Texas-based Parsley Energy and Irving, Texas-based Pioneer Natural Resources made the proposal to the commission, urging it to intervene to prevent a free fall in prices.

Irving-based Exxon Mobil Corp., one of the most prolific producers in West Texas’ Permian Basin and the eighth-largest publicly traded company in the world by revenue, is against the production cuts, arguing to let the free market reign.

Even if production cuts lift crude to $30 per barrel, that would not be enough to keep many North American producers profitable, analysts say. U.S. crude settled at $23.17 per barrel Thursday, a staggering 63% drop from the same day last year.

For cities where oil and gas make up a large share of the economy such as Houston, Denver and Calgary, a prolonged period of prices under $50 per barrel could mean greater job losses, further industry consolidation and less demand for commercial real estate space, analysts say.

"It's clear that the winner of the oil war can now be declared, and it was neither Saudis not Russians but COVID-19," Bill Gilmer, an economist at the University of Houston, said in an April 8 economic forecast.

Bankruptcy lawyers advising energy companies say they are seeing a flurry of emergency requests from energy clients exploring restructuring. A total of 17 North American oil and gas firms filed for bankruptcy protection in the first quarter, including seven exploration and production companies, two pipeline companies and eight energy services companies, according to reports from the law firm Haynes and Boone. That is about double the number of energy companies that filed for bankruptcy protection in the same quarter last year.

The law firm expects bankruptcies to surge in the wake of the coronavirus pandemic, potentially with as many as 70 to 100 more firms filing this year, said Jeff Nichols, a partner in Haynes and Boone’s Houston office.

"It’s really the tip of the iceberg," said Nichols in an interview. "There is going to be a deluge of bankruptcies filed this fall."

Houston Braces

Gilmer, the University of Houston economist, anticipates as many as 250,000 jobs could be lost in Houston in April. During the last oil downturn, the Houston oil and gas sector shed 74,300 jobs between December 2014 and December 2016, according to Gilmer. Only about 20,300 of those jobs have returned, which means the oil and gas industry is entering this crisis leaner than the previous oil bust.

Unlike like the previous oil bust, North American energy producers won’t benefit from a strong U.S. economy and transformations in oil production technology that helped to lift the industry out of the doldrums.

“We’re not going to see the fracking boom pull us out of recession this time,” said Patrick Jankowski, an economist with the Greater Houston Partnership, in an April 9 webinar.

Jankowski estimates there have been about 180,000 to 200,000 initial jobless claims filed in the Houston area in the past three weeks since the recession started, which could “easily double our unemployment rate.”

"If you look back at the other downturns since the 1990s, it has taken us anywhere from a half year to 2 years to recover," Jankowski said. "I do think it’s going to take us more than 12 months [to recovery] … and that’s going to be from job growth everywhere but energy."

The energy sector makes up roughly a third of the economy in Houston, if not more, analysts say. Jankowski noted that many energy companies have already cut their capital spending budgets this year by about 30% but he wouldn’t be surprised to see those cuts climb to 40% to 50% by mid-year and added he expected the number of oil rigs to keep falling.

Rand Stephens, principal and managing director at Avison Young in Houston, noted local oil companies had already gone through significant downsizing during the last oil bust. Houston’s office market already was seeing softness with leasing volume down by 1 million square feet in the first quarter compared to the fourth quarter of last year, he noted.

"It’s not like we’re at some peak and we’re going to come crashing down," Stephens said in the same April 9 webinar. "I would expect sublease space to go back up. We’re going to see more direct space available. .. For the most part, deals have been pushed, [put on hold] or dropped."

In recent weeks, Houston-based Halliburton, the world's second largest oilfield services company, has furloughed 3,500 workers at its headquarters in Houston and laid off hundreds more as part of its drilling operations in Oklahoma and West Texas. Energy services provider Schlumberger, which has a principal office in Houston, also conducted furloughs in recent weeks although the company declined to say where and how many jobs were impacted.

Houston-based producers such as Occidental Petroleum, Marathon Oil, EOG Resources, ConocoPhillips and Apache Corp. have announced plans to slash capital spending this year and some are downsizing their workforce. Marathon Oil is in the process of building a new headquarters tower in Houston with development costs pegged at about $170 million. The company planned to relocate about 1,000 employees into the 15-story tower in CityCentre at 990 Town & Country Blvd. at the end of 2021.

Denver-based Ovintiv, formerly known as EnCana and based in Calgary, and Midland, Texas-based Concho Resources have also announced major capital spending cuts in the past month.

In the oil bust of the 1980s, widespread layoffs emptied out many office spaces and some of the tallest buildings in Houston were referred to as “see-through buildings,” recalled Charlie Beckham, a partner at the Haynes and Boone law firm in Houston: “I don’t want to be a doomsday say-er but we could see ‘see-through buildings’ like we saw in the 1980s, or be facing something with that type of impact,” Beckham said.

Outside the office market, job losses could also impact demand for apartments, retail spending and industrial space. On a positive note, the city's strong population growth could help to buoy the economy in the long-run, economists say.

[HoustonBoy]

Moving forward, the city of Houston needs to make economic diversification their number one goal above all else. The oil industry will one day balance out and perhaps show signs of some type of recovery, but it is VERY clear that oil is no longer a stable industry. The city should heavily invest in the burgeoning tech industry, the established medical industry, in becoming the green energy capital of America and in promoting Houston as a tourist destination. Tourism would need a more walkable inner loop, better connections to public transport, increased incentives/investments to museums and art installations, a unified Houston brand campaign (DFW and Austin excel at promoting their brand), and a major investment in all of our universities and their on-campus housing. I worry for Houston in the coming years, but I feel optimistic that Houstonians are willing to demand more of their city and let their pride manifest in more creative ways that could benefit the local economy. Lets just hope the airport doesn't lose half of it's destinations and foreign carriers...

Edited April 10, 2020 by HoustonBoy

[JBTX]

46 minutes ago, HoustonBoy said:

Moving forward, the city of Houston needs to make economic diversification their number one goal above all else. The oil industry will one day balance out and perhaps show signs of some type of recovery, but it is VERY clear that oil is no longer a stable industry. The city should heavily invest in the burgeoning tech industry, the established medical industry, in becoming the green energy capital of America and in promoting Houston as a tourist destination. Tourism would need a more walkable inner loop, better connections to public transport, increased incentives/investments to museums and art installations, a unified Houston brand campaign (DFW and Austin excel at promoting their brand), and a major investment in all of our universities and their on-campus housing. I worry for Houston in the coming years, but I feel optimistic that Houstonians are willing to demand more of their city and let their pride manifest in more creative ways that could benefit the local economy. Lets just hope the airport doesn't lose half of it's destinations and foreign carriers...

 

I feel like we've made huge strides in this, not just compared to the 80's but also compared to the last oil glut in '14.

 

Let's just put it this way, when I entered my current field, I wholly expected 75-80% of my business to come from O&G companies. In reality, they account for maybe 10-15%. Obviously we are still a massively energy-dependent city, but it's gone a long way towards diversification.

 

Plus hey, look on the brightside. The oil glut will likely (and unfortunately) see a bunch of folks lose their jobs. They have plenty of energy experience, just oil-specific right now. I wouldn't be surprised if a few years from now Houston is a hub for alternative energy companies that arose from all those people applying their skills to other forms of energy.

[samagon]

all city parks closed this weekend.

 

https://www.khou.com/article/news/health/coronavirus/all-harris-county-parks-will-be-closed-through-easter-weekend-houston-city-parks-remain-open/285-489b88bf-83ef-402d-b8c3-6ef7fb1a22d7

[H-Town Man]

This double-dip oil bust in 2015 and 2020 is a bit like what happened in 1981/1986. In 1981 OPEC reentered the market and we were hit hard; in 1986 there was a full oil price war and we were crushed. Oil was so cheap that one gas station in Austin was giving gasoline away literally for free. Kind of a publicity stunt but you get the idea.

 

One interesting thing has been Exxon's reaction. While other Texas producers are asking the state to reintroduce prorationing, which was done from the 1930's-1960's to limit the supply of oil hitting the market, Exxon is saying no, let the free market do its thing. Which tells me that Exxon thinks a lot of these small oil producers need to go bankrupt and be swallowed up before the industry can get back to true health. A few times in history the industry has suffered from too many small producers glutting the market - in Pennsylvania in the 1870's, in Texas in the 1930's, which is what led to the prorationing. If fracking can be tamed to a slower more disciplined pace, my hope is that we could eventually see a revival of the big offshore projects, which are really what fills office space in Houston.

 

As far as the city and diversification, it is a good thing the Amazon thing happened and we got the ball rolling with the Ion. What we really need to happen is TMC3. That is an economic driver that Houston could use.

 

[zaphod]

I'm curious about what areas within the Houston metro will be affected hardest by an oil decline, or if the whole area will be uniformly?

 

As someone whose job probably won't be impacted by this, my biggest concern is that if there is a local recession, the City of Houston doesn't have a lot of room in its budget. The cuts proposed last time there was a recession would have reduced policing and also shut down parks and library facilities. That's a big dip in safety and quality of life that will drag down neighborhoods. Honestly barring that, a recession would be convenient for the survivors who want to buy houses, etc.

 

On the other hand, a lot of high paid energy workers live in unincorporated areas and shop at stores that aren't in the city of Houston. The energy corridor is in the city of Houston, but those office properties are notoriously under-assessed anyways. If an oil bust hurts Cypress and Klein and The Woodlands then who cares, it won't pose an existential threat to basic civic functions, only stop a fast growing area from growing more in the future.

 

How will these low prices affect downstream projects? Will their be layoffs at the plants on the ship channel and in the eastern metro area? I would be more concerned about that destabilizing vulnerable people and neighborhoods.

[Ross]

3 hours ago, zaphod said:

I'm curious about what areas within the Houston metro will be affected hardest by an oil decline, or if the whole area will be uniformly?

 

As someone whose job probably won't be impacted by this, my biggest concern is that if there is a local recession, the City of Houston doesn't have a lot of room in its budget. The cuts proposed last time there was a recession would have reduced policing and also shut down parks and library facilities. That's a big dip in safety and quality of life that will drag down neighborhoods. Honestly barring that, a recession would be convenient for the survivors who want to buy houses, etc.

 

On the other hand, a lot of high paid energy workers live in unincorporated areas and shop at stores that aren't in the city of Houston. The energy corridor is in the city of Houston, but those office properties are notoriously under-assessed anyways. If an oil bust hurts Cypress and Klein and The Woodlands then who cares, it won't pose an existential threat to basic civic functions, only stop a fast growing area from growing more in the future.

 

How will these low prices affect downstream projects? Will their be layoffs at the plants on the ship channel and in the eastern metro area? I would be more concerned about that destabilizing vulnerable people and neighborhoods.

Most of the stores in those areas are actually in the City's special purpose annexation areas, and sales tax is collected and split with the MUD(usually) that helped with the annexation.

 

As far as downstream and chemical operations, chemicals will likely carry on without a lot of difference. Refineries may be impacted if fuel demand stays down and units have to shut down due to limits on the low end of operating capacity - you can't normally operate a process plant at a low percentage of design capacity. There not tha tmany plants actually inside Houston. Pasadena, Deer Park, Baytown, etc will take the brunt of losses there.

[gmac]

5 hours ago, zaphod said:

 If an oil bust hurts Cypress and Klein and The Woodlands then who cares

 

Wow.

[H-Town Man]

9 hours ago, zaphod said:

I'm curious about what areas within the Houston metro will be affected hardest by an oil decline, or if the whole area will be uniformly?

 

As someone whose job probably won't be impacted by this, my biggest concern is that if there is a local recession, the City of Houston doesn't have a lot of room in its budget. The cuts proposed last time there was a recession would have reduced policing and also shut down parks and library facilities. That's a big dip in safety and quality of life that will drag down neighborhoods. Honestly barring that, a recession would be convenient for the survivors who want to buy houses, etc.

 

On the other hand, a lot of high paid energy workers live in unincorporated areas and shop at stores that aren't in the city of Houston. The energy corridor is in the city of Houston, but those office properties are notoriously under-assessed anyways. If an oil bust hurts Cypress and Klein and The Woodlands then who cares, it won't pose an existential threat to basic civic functions, only stop a fast growing area from growing more in the future.

 

How will these low prices affect downstream projects? Will their be layoffs at the plants on the ship channel and in the eastern metro area? I would be more concerned about that destabilizing vulnerable people and neighborhoods.

 

It's not as simple as where the oil workers live, although they pretty much live all over. Just as an example, when Enron went bankrupt, it hit the downtown catering businesses because Enron did a ton of catering. It hit barbecue restaurants in the Fourth Ward because Enron workers ate there. It hit poor neighborhoods everywhere because Enron did a ton of charity, the company matching any donation their employees made up to $10,000. Hardly any industry does charity like the oil industry, which is why Houston's cultural institutions are so strong (no, we didn't get a great symphony because of our discerning tastes in classical music). The money circulates everywhere. An exec lives in Memorial, gets medical care in the Med Center, eats out anywhere from downtown to Katy, goes to sporting events, his wife likes the opera, they shop at Whole Foods. A machinist making drilling equipment lives in Humble, has a boat in Conroe, goes deep sea fishing in Galveston, goes to strip clubs on I-45, and hunts down all the barbecue places around the city that make the Texas Monthly Top 50. And all of the employees of those places spend money everywhere else. The money goes everywhere.

 

[august948]

A tidbit of good news for those with car insurance...

 

https://www.click2houston.com/news/local/2020/04/10/how-much-money-you-can-expect-to-get-back-from-your-car-insurer-due-to-covid-19/

[hindesky]

I'm 5 weeks into needing a haircut. These are my options.

Edited April 18, 2020 by hindesky

[august948]

2 hours ago, hindesky said:

I'm 5 weeks into needing a haircut. These are my options.

 

Realistically, it's either number 4 or number 7.  I'm leaning towards number 7 myself.

 

[Montrose1100]

I cut, well, buzzed my own hair in college. At least the first two semesters. Thinking I need to do a “do” again to assert my dominance with my neighbors. When are we switching to a sand and Mohawk based economy again?

[cspwal]

I got my haircut the week before everything closed, but it's getting to the length that I want to cut it again....hopefully I can last

[samagon]

if you haven't bought hair clippers, and were planning on it, you're probably hosed, inexpensive options on amazon listed as 'prime' are out of stock, which means walmart, target, etc are probably out of stock as well.

[BeerNut]

Oil is stacking up, probably move up scheduled shutdown work...

[Purdueenginerd]

Oil just hit 5 dollars a barrel: Thats still going to be apocalyptic for the Texas Economy, even with the reduction of oil dependency over the last 40 years.

 

Part of this is demand driven, so presumably if COVID 19 starts to free up sectors of the economy by summer, demand might go back up some. But 5 dollars for a barrel is just not going to sustain many businesses at current production levels. 

[Purdueenginerd]

As I hit enter, Oil hit 2 dollars a barrel. wow

[H-Town Man]

9 minutes ago, Purdueenginerd said:

As I hit enter, Oil hit 2 dollars a barrel. wow

 

I think that is just for the May contract, which ends tomorrow. Then we shift to the June contract, which is still in the low $20's I believe.

 

[Purdueenginerd]

37 minutes ago, H-Town Man said:

 

I think that is just for the May contract, which ends tomorrow. Then we shift to the June contract, which is still in the low $20's I believe.

 

 

Ah okay, I believe youre correct. 

 

oof

[CaptainJilliams]

Oil just dropped below $0 per barrel. 

 

Any implications of how this will affect Houston?

[Response]

I say we give trump just ONE more chance. On second thought, let's not.

 

Covid cases - 750,000

Covid deaths - 40,000

American unemployment - 22,000,000

Price of Oil - $0

 

Face it. MAGA is dead. And KAG never had a chance.

Edited April 20, 2020 by Response

[zaphod]

It seems like the man bun will be getting a second wind, as if it ever left.

[august948]

20 hours ago, Response said:

I say we give trump just ONE more chance. On second thought, let's not.

 

Covid cases - 750,000

Covid deaths - 40,000

American unemployment - 22,000,000

Price of Oil - $0

 

Face it. MAGA is dead. And KAG never had a chance.

 

Since all of these items are directly traceable back to China, we need a president who will act quickly to institute travel bans and ride herd on China.  I guess that would be Biden?

Edited April 21, 2020 by august948

[West Timer]

 

Edited April 21, 2020 by West Timer

[CaptainJilliams]

15 hours ago, Response said:

I say we give trump just ONE more chance. On second thought, let's not.

 

Covid cases - 750,000

Covid deaths - 40,000

American unemployment - 22,000,000

Price of Oil - $0

 

Face it. MAGA is dead. And KAG never had a chance.

 

Trust me, I don't like the guy, but these numbers a direct result of global circumstances far beyond the control of just one person or party. Making an assertion like this easily lumps you into the same group of logic as many of his supporters. Every time someone is in power, the easy and usually wrong excuse is to blame the current leader. 

 

Has he made serious miscalculations and errors in responding to this virus? Most definitely, there's no doubt, and he needs to be held accountable for the foolishness he speaks. But at the same time, these are relatively unique circumstances, and it's hard to see how anyone outside of knowledge of the future or dictatorial control could have completely stopped this thing from spreading, given the diversity in state and local response. I don't think many people fully understand all the moving pieces and forces that make this situation a complex challenge, all we see is talking heads spout off bite-size segments that are dumbed-down, simplistic arguments designed to generate outrage and pit people against one another. 

 

Again, this is absolutely no endorsement of the current administration, it has been frustrating to witness on so many levels. But please, these arguments hold absolutely no merit.

Edited April 21, 2020 by CaptainJilliams

[West Timer]

32 minutes ago, CaptainJilliams said:

 

Trust me, I don't like the guy, but these numbers a direct result of global circumstances far beyond the control of just one person or party. Making an assertion like this easily lumps you into the same group of logic as many of his supporters. Every time someone is in power, the easy and usually wrong excuse is to blame the current leader. 

 

Has he made serious miscalculations and errors in responding to this virus? Most definitely, there's no doubt, and he needs to be held accountable for the foolishness he speaks. But at the same time, these are relatively unique circumstances, and it's hard to see how anyone outside of knowledge of the future or dictatorial control could have completely stopped this thing from spreading, given the diversity in state and local response. I don't think many people fully understand all the moving pieces and forces that make this situation a complex challenge, all we see is talking heads spout off bite-size segments that are dumbed-down, simplistic arguments designed to generate outrage and pit people against one another. 

 

Again, this is absolutely no endorsement of the current administration, it has been frustrating to witness on so many levels. But please, these arguments hold absolutely no merit.

 

Dumbed down? You mean like blaming China for all our problems? No doubt this was going to be bad no matter who was president.  But the fact that the U.S. has more covid cases and deaths than the next 5 countries on the list COMBINED does not reflect well on the leadership at the top. The problem is BAD MANAGEMENT.  Trump is totally incompetent and it's time for him to go. It's obvious if you listen to him, he doesn't know what he's talking about most of the time. His staff has to draw him pictures. Sometimes he's on stage saying the opposite of what his own staff says in real time. He's all over the map. One minute he tells America to do whatever their governors tell them to do, the next he's encouraging his pathetic low information cult base to attend large gatherings to protest whatever their governor is doing. It's obvious, he doesn't care who lives or dies or who gets sick or whether or not you lose your business or your job. His only interest in this is getting re-elected and he bases all his policies on how he's polling from minute to minute. Trump is total madness. But using those daily briefings as political rallies has to be the worst. And I don't think they are helping him anymore. Most Americans see straight though all his BS.

 

Not all countries have it as bad as we do. In fact, we are the worst. No matter how republicans spin it - these appalling numbers are real. The buck stops with the president. Just ask any GOOD manager or president.

 

If trump wants to take credit for the stock market going up 1000 points in one day, then he gets blamed that it goes down 10,000 points in one month. That's just how it works - merit or not. And he also gets to be the guy in charge the day oil went down to $0. Sorry, it comes with the territory. 

 

If trump wants to say that America is now "Great Again" while we have: 

• 750,000 covid cases

• 42,000 deaths

• 22,000,000 unemployment claims 

• $0 oil 

... then he can be held responsible for those very same numbers that he says are making America "so great".

 

If trump loses the next election because he gets stuck being the face attached to these horrific numbers in the minds of the electorate (as he should be), then I would say these arguments hold plenty of merit. Trump will do and say anything to have 4 more years so I don't have a problem if anyone wants to use these numbers against him to get him out of office.

 

 

 

 

9 hours ago, august948 said:

 

Since all of these items are directly traceable back to China, we need a president who will act quickly to institute travel bans and ride heard on China.  I guess that would be Biden?

 

Since all those items happened under trump's watch, Obviously trump didn't institute travel bans or rode 'heard' on China fast enough (whatever that is supposed to mean).

 

All those items are directly traceable back to Trump being an incompetent grifter who is in WAY over his head. ..."the latest democrat hoax"..."the test is beautiful."..."it will magically go away in April." ..."we have 15 cases and will soon be down to 0".

 

That's right. What we really need is four more years of this bullsh¡t. How many people have to get sick? How many people have to die? How many people have to lose their jobs? How low does oil have to get before we give someone else a shot at trying to put this country back together? How many more Mulligans? China Schmina. Blaming China isn't going to fix the problems we have now. Americans know who's to blame for this Trumpocalypse.

 

Common sense tells most people that when something or someone isn't working out, you make a change. America has never been more f*cked up. As president, Biden couldn't do any worse. In fact, America and Houston were doing pretty good back when Biden was VP.