Shale Giants Swear They Won't Drill More, Even At $200 Barrel

[skews13]

The Texas wildcatters that ushered in America’s shale revolution are resisting the temptation to pump more oil as the market rallies, signaling higher gasoline prices for consumers already battered by the worst inflation in a generation.

Crude prices hurtling toward $100 a barrel typically would spark a frenzy of new drilling by independent explorers in shale fields from the desert Southwest to the Upper Great Plains -- but not this year. Influential players like Pioneer Natural Resources Co., Devon Energy Corp. and Harold Hamm’s Continental Resources Inc. just pledged to limit 2022 production increases to no more than 5%, a fraction of the 20% or higher annual growth rates meted out in the pre-pandemic era.

Shale giants swear they won't drill more, even at $200 a barrel

The timing couldn’t be worse for consumers, but the message from shale country is loud and clear: the independents won’t repeat the mistakes of the past by flooding the world with cheap oil.

worldoil.com

So much for the inflation excuse.

 

[JGalt]

The Texas wildcatters that ushered in America’s shale revolution are resisting the temptation to pump more oil as the market rallies, signaling higher gasoline prices for consumers already battered by the worst inflation in a generation.

Crude prices hurtling toward $100 a barrel typically would spark a frenzy of new drilling by independent explorers in shale fields from the desert Southwest to the Upper Great Plains -- but not this year. Influential players like Pioneer Natural Resources Co., Devon Energy Corp. and Harold Hamm’s Continental Resources Inc. just pledged to limit 2022 production increases to no more than 5%, a fraction of the 20% or higher annual growth rates meted out in the pre-pandemic era.

Shale giants swear they won't drill more, even at $200 a barrel

The timing couldn’t be worse for consumers, but the message from shale country is loud and clear: the independents won’t repeat the mistakes of the past by flooding the world with cheap oil.

worldoil.com

So much for the inflation excuse.

President Crapsalot has talked with the Saudis, but has he held talks with American gas and oil CEOs? Has he made any offers to slash red tape and ease off environmental regulations?

Oh, I forgot. That's not really an option for the Crapmeister in Chief. He ran on the most aggressive climate agenda in US presidential history. His voters, the climate scientists, and even the International Energy Agency all demanded that US oil companies need to stop drilling now to reduce greenhouse gas emissions they claimed were warming the planet. And Sir Shitsalot was more than happy to oblige them, wasn't he?

How 'bout that keystone XL pipeline? Way to go Brandon.

 

[surada]

The Texas wildcatters that ushered in America’s shale revolution are resisting the temptation to pump more oil as the market rallies, signaling higher gasoline prices for consumers already battered by the worst inflation in a generation.

Crude prices hurtling toward $100 a barrel typically would spark a frenzy of new drilling by independent explorers in shale fields from the desert Southwest to the Upper Great Plains -- but not this year. Influential players like Pioneer Natural Resources Co., Devon Energy Corp. and Harold Hamm’s Continental Resources Inc. just pledged to limit 2022 production increases to no more than 5%, a fraction of the 20% or higher annual growth rates meted out in the pre-pandemic era.

Shale giants swear they won't drill more, even at $200 a barrel

The timing couldn’t be worse for consumers, but the message from shale country is loud and clear: the independents won’t repeat the mistakes of the past by flooding the world with cheap oil.

worldoil.com

So much for the inflation excuse.

Thanks for posting this. Domestic producers are not investing in additional capacity. They are returning profits to the shareholders.

 

[Devils_Advocate]

Yeah, and Biden ran on getting the U.S. off Petro, so as you try to blame the companies for not doing more you should ask how much regulations and red tape they have to go through first knowing Biden is anti-oil?

 

[JGalt]

Thanks for posting this. Domestic producers are not investing in additional capacity. They are returning profits to the shareholders.

Why should the oil producers have to do anything to make this President look good. He ran on a platform of putting them out of business, so screw him.

 

[surada]

Why should the oil producers have to do anything to make this President look good. He ran on a platform of putting them out of business, so screw him.

Why on earth would they make him look good? The president has no control over the oil producers. They just aren't investing in additional capacity.

 

[Devils_Advocate]

Why should the oil producers have to do anything to make this President look good. He ran on a platform of putting them out of business, so screw him.

Well, ya know even though the President has said he want us off the oil by a certain date and has done everything to make sure this happens even if it hurt the consumer you and I should expect those companies to start drilling for him!!!

 

[surada]

Well, ya know even though the President has said he want us off the oil by a certain date and has done everything to make sure this happens even if it hurt the consumer you and I should expect those companies to start drilling for him!!!

The temptation to increase production always comes back to bite them on the ass. Maybe it's time that oil caught up with housing, healthcare, education and everything else.

 

[Devils_Advocate]

The temptation to increase production always comes back to bite them on the ass. Maybe it's time that oil caught up with housing, healthcare, education and everything else.

Awww, are you saying the Oil Industry doesn’t pay enough to it employees?

Please prove that stupidity!

 

[surada]

Awww, are you saying the Oil Industry doesn’t pay enough to it employees?

Please prove that stupidity!

Nope look at the time value of money. Gasoline is still a bargain ... The price per gallon is less than it was in 1960.

 

[Obiwan]

Nope look at the time value of money. Gasoline is still a bargain ... The price per gallon is less than it was in 1960.

Where can I get gas for 30 cents a gallon????

Gas Price History

What is the highest gas price ever? Keep reading to learn how the cost has changed over the last 100 years.

www.creditdonkey.com

 

[Mac-7]

This is a wet dream for greenies who believe the man-made fossil fuel doomsday hoax

now according to them we and the polar bears arent going to die from global warming after all

are we happy now?

 

[JGalt]

Why on earth would they make him look good? The president has no control over the oil producers. They just aren't investing in additional capacity.

Well he certainly is getting blamed for the high gasoline and propane prices. He even freaked out enough to sell off some of our reserves, as if that was going to help anything. And now he's even begging the Saudis to produce more.

What's the matter, President Joe? You can't lead this country in an efficient-enough manner to keep everyone from going broke while they're trying to drive to work and heat their homes?

I seem to remember a former President who didn't have that problem. Just admit it: President Crapsalot doesn't have a domestic energy policy worth mentioning. Like everything else he's done, he failed at. And in only one year.

 

[surada]

Well he certainly is getting blamed for the high gasoline and propane prices. He even freaked out enough to sell off some of our reserves, as if that was going to help anything. And now he's even begging the Saudis to produce more.

What's the matter, President Joe? You can't lead this country in an efficient-enough manner to keep everyone from going broke while they're trying to drive to work and heat their homes?

I seem to remember a former President who didn't have that problem. Just admit it: President Crapsalot doesn't have a domestic energy policy worth mentioning. Like everything else he's done, he failed at. And in only one year.

Gasoline is still a bargain. Gas price inflation, 1960→2022

 

[Mac-7]

Well he certainly is getting blamed for the high gasoline and propane prices. He even freaked out enough to sell off some of our reserves, as if that was going to help anything. And now he's even begging the Saudis to produce more.

What's the matter, President Joe? You can't lead this country in an efficient-enough manner to keep everyone from going broke while they're trying to drive to work and heat their homes?

I seem to remember a former President who didn't have that problem. Just admit it: President Crapsalot doesn't have a domestic energy policy worth mentioning. Like everything else he's done, he failed at. And in only one year.

Biden is finishing what obama started

and getting the result obama hoped for

 

[surada]

Well he certainly is getting blamed for the high gasoline and propane prices. He even freaked out enough to sell off some of our reserves, as if that was going to help anything. And now he's even begging the Saudis to produce more.

What's the matter, President Joe? You can't lead this country in an efficient-enough manner to keep everyone from going broke while they're trying to drive to work and heat their homes?

I seem to remember a former President who didn't have that problem. Just admit it: President Crapsalot doesn't have a domestic energy policy worth mentioning. Like everything else he's done, he failed at. And in only one year.

Brent just passed $100 a barrel. Papa Bush begged OPEC to raise the ppb in 1985 because domestic producers were going broke.

 

[surada]

Biden is finishing what obama started

and getting the result obama hoped for

US oil production doubled during the Obama presidency.

 

[Mac-7]

US oil production doubled during the Obama presidency.

No thanks to obama

or did someone at NPR tell you that Dumbo invented fracking?

 

[surada]

No thanks to obama

or did someone at NPR tell you that Dumbo invented fracking?

You idiot. The Saudis have used fracking since the 1950s. The ppb was too low during Bush's presidency. No one would invest in production.
.

 

[Mac-7]

You idiot.

Fuck you