I wonder what Edward Snowden is up to? Joe Rogan, I need another podcast with him! Seriously though they have to be taking advantage of him in some way...
That's for new drilling. And yes, I can and do read. BTW...there are zero acres of federally controlled land in the Permian Basin fields or the gulf-state controlled areas of the Gulf, or in local international waters (i.e. the rest of the Gulf outside the maritime barrier). They've scaled down due to factors that you already know about but won't acknowledge, but the holes and rigs are still there and available as soon as the God of Market Forces deems it acceptable. As I mentioned earlier, I'd like to know how much refining capacity is available now and projected out.
You have to drill to pump. Oil companies can lie to the press, they can lie to the public, but they can not lie to investors (that would be illegal). See that's the thing, and what they are telling investors on earning calls is that getting permits aren't a problem, drilling isn't a problem, and they certainly could ramp up production, but they don't want to. The reason is because they think its risky - risky because the price could drop again if OPEC opens the spigots and they get burned. Or if a new COVID variant comes out and oil demand decreases. basso - that is the truth. The reality. Not the bullshit propaganda you are drinking up.
Mostly pretty accurate, I’ve been in the industry for quite a while. The cost/reward is real when drilling and anyone that knows anything about this, knows how fast a company can rise and fall. It’s within weeks if something goes wrong. I can say though, there are several, several drilled/cap wells that can quickly be pumped. What we don’t know is the capacity of those and while geologist survey and what not, I’ve seen surveys show copious amounts of oil/gas and then there isn’t, and the other way around. It’s a huge risk and I’m not even including insurance premiums.
So, it is your contention that if the Biden administration relaxed or eliminated “regulatory requirements” (as if you know what they are), oil companies would immediately 1) trash their 2022 business plans and cap ex (that’s capital expenditures) budgets 2) immediately redo their internal competition for capital (you know, the corporate process where smart people pitch ideas for spending the company’s money, and then the very best projects are selected for cap ex) 3) dramatically increase that very cap ex 4) pray to the heavens that the investing public is on board and their stock price does not crater 5) cancel or severely reduce the dividend and stock pbuyback programs that boosted their stock price 6) conjure project teams out of thin air immediately 7) begin drilling giant holes in the ground somewhere and pray that the geologists are right, and 8) do this so quickly that it has an immediate impact on global oil prices and the war in Ukraine. Why are you so obtuse and why don’t facts matter to you?
Read this: https://fuelsmarketnews.com/eia-decreased-u-s-refinery-capacity-during-2020/ Then there's "Refining Crude For Dummies", straight from the EIA: https://www.eia.gov/energyexplained/oil-and-petroleum-products/refining-crude-oil.php
I still consider Snowden a patriot and hero, though every year of supreme isolation has a chance for him to sour/bitter and start going nuts. Unfortunately all major governments are terrified of how unfettered speech can destabilize regimes so he prob won't get a pardon anytime soon.
People keep Opec can't open the spigot cause they didn't invest in upkeep over the last few years. Shale well die pretty fast so you got to keep drilling.
https://thenarwhal.ca/alberta-oil-europe-energy-crisis/ 1+ million barrel from Alberta, Biden can revive Keystone+ Pipeline
The USA does get oil from Russia. Not a lot, but some. How much oil does the US import from Russia? The US imports Russian oil, but it is not highly dependent on the country for its supplies. In 2021, the US imported an average of 209,000 barrels per day (bpd) of crude oil and 500,000 bpd of other petroleum products from Russia, according to the American Fuel and Petrochemical Manufacturers (AFPM) trade association. This represented three percent of US crude oil imports and one percent of the total crude oil processed by US refineries.
