OPEC+ to cut oil production by 2 million barrels per day to shore up prices, defying U.S. pressure

Because the currently drilled wells are producing at appropriate levels

Because the oil companies have enough wells that they haven’t drilled on that there is no need to get new ones.…..

Why has the number been at 5000 for the last 2 years ? Oh yeah, cause they DONT NEED THEM RIGHT NOW!!!!

 

Are these direct quotes in writing from Oil Executives that they do not want more oil wells or that they admit they haven't drilled on them on their very own volition? I want documented proof on this.

 

Why? Read my sig. I've posted you the historical numbers as to the number of active leases needed to maintain a domestic supply. You have yet to refute it.

 

You understand that the oil industry doesnt have an unlimited number of rigs to drill for oil right ?

But an even better question….”Why aren’t they drilling on the 5000 leases they currently have” ? Seriously, can you answer that ?

 

JFC man. You keep making crap up and then trying to get others to refute your right wing talking points…

OK…ask yourself one simple question: Why aren’t they drilling on the 5000 leases they already have paid for?

The base number of lease has absolutely nothing to do with the “domestic supply”. My god man. You keep making things up and acting as though they are fact. Not every well produces the same amount of oil. Some produce more than others, and some produce less than others. SO since you made the claim, please show us where the Oil industry is short on production ? Your claim, now show your proof

 

we have plenty of oil here, just ban exports until prices come down

 

they don't want to answer that, cause the truth is they do not want prices to come down

some on the right want higher prices too... cause it's GREAT for the Oil and Gas industry..... they forget it's bad for consumers though

 

Lol.. what were the prices then and now. Biggest concern for consumers is the pricing. You can yabbut Trump all you want.

 

Silly at best. The more Biden exports, the more aggressive the Saudis are gonna cut. US is not in a position to go head-to-head with OPEC, at least under Biden lame duck administration.

 

we have plenty of oil, just ban exports

 

they were low, Trump hated that, he wanted higher prices.... and now we got them

 

Trump has a say in US foreign and domestic policies? Wishful thinking is one thing. Dealing with reality is another.

 

Here's where the wishy washy part comes in. Do that OPEC and Russia will fill the void. You alienate more allies than enemies.

 

So... America first, save our oil for our children, oil is a finite resource

we should be importing as much as we can while we can

 

We have 1 trillion barrels under the Colorado basin.

 

a finite resource, let's save it for our kids, America gets nothing for giving oil companies our oil to export

we are basically giving the oil to the oil companies for free, just saying if you come and get it, it's yours

would you make a deal like that if it was your oil on your land?

better yet, let's have the US government drill oil

 

You don't just take the lease and start drilling the next day you know, there is a process and in the meantime other leases get depleted it's call a SUPPLY CHAIN of leases in DEVELOPMENT. And we are at an historic low like LOTS OF OTHER THINGS and that is causing the prices to go up.

JFC man can't you grasp that? You keep harping on 5000 leases as if that is anywhere near what we need at any given time in the entire cycle.

 

WHAT??? The government collects royalties and lease payments.

The sun is finite too.

 

Valero Energy has been exporting crude oil to Eastern Canada long before 2016, via pipelines and tanker.

 

Biden didn’t cut CURRENT production, however, during the pandemic, oil companies had to shut in a large number of wells/cut current production because their storage tanks were near overflowing.

In addition, it takes less than 20 minutes to close off a well so that it’s stop production, however, it may take weeks to revive a well to its maximum production.

 

You literally just make it up as you go along. You cant seem to grasp the basic concept that its not the number of leases available, nor the number of wells in production, but the amount of production of each well. I dont see the Oil industry screaming about the leases, they are producing at record levels currently.

You keep trying to push that the number of leases not currently being used is too low, yet you cant cite any data to support your claim. Why dont you check with the industry experts as to how the process works. Those 5000 leases that are currently there, less than 10% of them have even been explored. That goes to the timelines of the need.

I guess you also missed that Biden opened over 120,000 acres of onshore drilling in the west ? But by all means, keep screaming about something you obviously dont know anything about. And the ultimate irony for your righties……The oil industry hasn’t even started to look at any of that land, because they dont need it currently

 

Over the last two years, my former employer, reactivated over 400 dormant wells/lease at a projected price of $75 a barrel. My buddies “Executives” also increased workovers, and onshore drilling.

Myself; Recently retired, 40 years in oil gas industry, and I mainly designed, build/assembled, installed, and analyzed offshore rig platforms, Norway, Beaufort Sea, Ecuador, Libya, Australia, Louisiana.

 

They shut down because of demand, not because of any government.

We are currently meeting demand with current production ?

 

Rephrase; Did Trump’s highest daily production of domestic crude oil, (12,800 million barrels per day), supplied the demand of American gasoline motorists?

Answer; Absolutely not!

We would need to increase domestic crude oil production to approx. 16 million barrels per day to supply the current demand of American gasoline motorists, thus, domestic + imports.

Trump’s lowest imports of crude oil; 5.875 million barrels per day.

Current imports of crude oil; 6.110 million barrels per day.

Now, please ask a Republican the following question;

What does energy independence mean?……I’ll be watching!

 

Fraction of the profits the oil companies get, the oil companies basically get the oil for free

if the government drilled the oil, we could use the profits to pay down the debt