U.S. oil industry prepares to boost production — but with a giant warning

[Aldo Raine]

It's probably cheaper than starting from scratch.

Probably, depending on the integrity of many components of the whole process.
MAGA

 

[Delldude]

That SHOULD settle this endless nonsense

But it won't.

Trumpers are gonna gnaw on this like a dog with a bone...because they got nothing else

You can't figure out why they are boosting oil production?
Look at the price per barrel.
They aren't pumping oil out of some form of compassion.
They are making money for the people who own the company, their stock holders.
That is their only responsibility.

After Biden slammed shut all Trumps oil policies and put his restrictions in place and turned around and begged OPEC to pump more, instead of working with US Oil......they did what they do best at, make money for their shareholders.

 

[surada]

Do progressives want to put the fossil fuel industry out of business, yes or no?

Trump brags a lot but he doesn't know any more about the oil business than you do.

 

[surada]

You can't figure out why they are boosting oil production?
Look at the price per barrel.
They aren't pumping oil out of some form of compassion.
They are making money for the people who own the company, their stock holders.
That is their only responsibility.

After Biden slammed shut all Trumps oil policies and put his restrictions in place and turned around and begged OPEC to pump more, instead of working with US Oil......they did what they do best at, make money for their shareholders.

Big oil said they were passing profits on to share holders instead of investing in additional capacity.

 

[eagle1462010]

Trump brags a lot but he doesn't know any more about the oil business than you do.

He knows enough to get rid of reulatiins and do their jobs.

5 million plus barrels a day on his watch til the scamdemic

 

[Fort Fun Indiana]

You didn't answer the questions.

Right, I ignored your loaded questions. If you have a point to make, make it all by your big boy self, using your big boy words.

 

[Toro]

Maybe we can end this stupid discussion about how it was Biden's fault that gas prices are souring. (Finally)

Sure, Biden pissed off the oil companies when he first too office. He pulled the plug on an uncompleted pipeline. He pulled new leases. He even pulled the permits on some wells. But what he didn't do was stop the flow of existing wells and pipelines already in production. Production and new well drilling was slowed due to, at least in part to Covid and oil field employee's not being able to come to work because they had covid, or had been around someone who had tested positive.
But, the biggest reason, at least for the last 4 or 5 months, has been the oil companies themselves keeping their production low, and waiting patiently for the trading price to increase. They are smart people. They know how to manipulate the oil markets. Especially with an anti oil president and a war looming.
And their excuses worked like a charm. The cut their overhead, earned billions in extra profit. The millions in bonuses were paid. And now, they can get back to the business of producing oil. Their vacation is just about over.

P.S. Not the bold print in the article. They, themselves are ramping up oil production. And Biden hasn't done anything. He hasn't reinstated all those permits. He hasn't opened up the oil leases. He hasn't reversed anything the oil companies have been complaining about that's caused them to produce less oil. The oil companies made the same decision they could've made months ago.

U.S. oil industry prepares to boost production — but with a giant warning​

HOUSTON — Executives at some of the world’s biggest oil and gas producers said on Monday they are ramping up their crude production as U.S. gasoline prices surge to $4 a gallon amid expectations that President Joe Biden and Congress would ban imports of Russian petroleum — but the companies warned not to expect new supplies overnight.

Exxon Mobil and Chevron are both boosting oil production at the mammoth Permian Basin field in West Texas and New Mexico, strategies that both oil majors laid out last year but that have taken on new urgency because of the surge in oil prices to their highest level in 14 years.

Yes.

That's how capitalism works.

 

[Delldude]

Trump brags a lot but he doesn't know any more about the oil business than you do.

Yet He made America energy independent in less than 4 years.

How's that working out under Biden's 14 or so months?

 

[Delldude]

Big oil said they were passing profits on to share holders instead of investing in additional capacity.

Their first responsibility is to the shareholders, not the public.....tell me I'm wrong.

 

[surada]

Their first responsibility is to the shareholders, not the public.....tell me I'm wrong.

Yep. You're right. PolitiFact - Will all the oil from the Keystone XL pipeline be exported?

 

[Delldude]

Yep. You're right. PolitiFact - Will all the oil from the Keystone XL pipeline be exported?

Global market not just here.

 

[YoursTruly]

Yet He made America energy independent in less than 4 years.

How's that working out under Biden's 14 or so months?

As long as oil companies are importing oil, gas and refined petroleum products, we're not actually energy independent.

 

[Delldude]

As long as oil companies are importing oil, gas and refined petroleum products, we're not actually energy independent.

True, yet oil is exported from here, oil is imported to here....why?

 

[eagle1462010]

True, yet oil is exported from here, oil is imported to here....why?

Europe pays more. Profit margins

 

[Toro]

Yet He made America energy independent in less than 4 years.

How's that working out under Biden's 14 or so months?

The US is not energy independent. Our net imports of crude oil are 3-4 million bbls/d. We are net exporter of petroleum.

EIA expects U.S. petroleum trade to shift toward net imports during 2022 - U.S. Energy Information Administration (EIA)

www.eia.gov

 

[Delldude]

The US is not energy independent. Our net imports of crude oil are 3-4 million bbls/d. We are net exporter of petroleum.

EIA expects U.S. petroleum trade to shift toward net imports during 2022 - U.S. Energy Information Administration (EIA)

www.eia.gov

We use about 20 mill/day. We were energy independent. That means we could survive without importing.

 

[eagle1462010]

We hit a prak at about 17 million barrels a day in 2019 and it was increasing. 22 bbd use now. We were net positive as the plandemic hit.

Now our production is way lower because the globalist's bitch is in office

 

[busybee01]

Maybe we can end this stupid discussion about how it was Biden's fault that gas prices are souring. (Finally)

Sure, Biden pissed off the oil companies when he first too office. He pulled the plug on an uncompleted pipeline. He pulled new leases. He even pulled the permits on some wells. But what he didn't do was stop the flow of existing wells and pipelines already in production. Production and new well drilling was slowed due to, at least in part to Covid and oil field employee's not being able to come to work because they had covid, or had been around someone who had tested positive.
But, the biggest reason, at least for the last 4 or 5 months, has been the oil companies themselves keeping their production low, and waiting patiently for the trading price to increase. They are smart people. They know how to manipulate the oil markets. Especially with an anti oil president and a war looming.
And their excuses worked like a charm. The cut their overhead, earned billions in extra profit. The millions in bonuses were paid. And now, they can get back to the business of producing oil. Their vacation is just about over.

P.S. Not the bold print in the article. They, themselves are ramping up oil production. And Biden hasn't done anything. He hasn't reinstated all those permits. He hasn't opened up the oil leases. He hasn't reversed anything the oil companies have been complaining about that's caused them to produce less oil. The oil companies made the same decision they could've made months ago.

U.S. oil industry prepares to boost production — but with a giant warning​

HOUSTON — Executives at some of the world’s biggest oil and gas producers said on Monday they are ramping up their crude production as U.S. gasoline prices surge to $4 a gallon amid expectations that President Joe Biden and Congress would ban imports of Russian petroleum — but the companies warned not to expect new supplies overnight.

Exxon Mobil and Chevron are both boosting oil production at the mammoth Permian Basin field in West Texas and New Mexico, strategies that both oil majors laid out last year but that have taken on new urgency because of the surge in oil prices to their highest level in 14 years.

The fact that local residents do not want the pipeline built shows it should not be built. Also once oil leases are sold, they cannot take it back. If oil companies wanted to increase their production, they could re-open the 150 or so wells that were in operation pre-pandemic but have not been re-opened.

 

[busybee01]

We use about 20 mill/day. We were energy independent. That means we could survive without importing.

Untrue. Some of the oil we pump cannot be refined in the US. Therefore they are exported. We do have to import oil that can be refined in US facilities.

 

[Delldude]

Untrue. Some of the oil we pump cannot be refined in the US. Therefore they are exported. We do have to import oil that can be refined in US facilities.

It is refined in countries with simpler refining processes.
We could do it, EPA would be against that.