I’m okay with that. People can vote with their feet and move. (Some people are moving so good for them.) Or citizens should actually vote. Turnout is abysmal so I guessing we are not that mad or just we don’t care or we are just fine with it.
This is what “we” want.
If we don’t like it we should get out of the way of a truly free market. Same with housing.
Exactly. It’s stopped being “free” market for gas in CA long time back. Now it’s happening at the Federal level.
How are they going to create more supply? Refineries are at 94% capacity. There’s a reason a new one hasn’t been built in decades. Does anyone think a Biden run EPA would approve it? Just look at the democrats record with the Keystone pipeline (which didn’t help oil prices).
The oil companies should call Biden on his BS. They should publicly propose new drilling and refineries then put pressure on the EPA to approve them. It’d be pretty easy to calculate the capacity needed to achieve price relief. Then all the pressure is on Biden to approve it.
Nah. It’s okay. This is what we want.
My guess is they have rights to some oil deposits that aren’t cheap to extract. So not disagreeing that maybe there are cheaper oil rights that maybe they aren’t allow to extract?
Some examples from CEOs in the industry-
Devon Energy Q3 2021 Earnings Call
“We will continue to prioritize free cash flow generation over the pursuit of
volume growth. We have no intention of adding incremental barrels into the
market…”Occidental Petroleum CEO Vicki Hollub
“We have no need and no intent to invest in production growth. Investing for
the sake of growth is not what investors want.”Pioneer natural Resources CEO Scott Sheffield
“I’ll tell him [President Biden] we have a pact with our shareholders. it’s all
about the shareholders, our shareholders own this company. They want a return
of cash.”
What’s the point of more barrels without more capacity to refine it to gasoline? It makes sense to match oil production with refining capacity. If not, they’d end up having to store the excess oil production and storage isn’t free.
Not to mention - why would you invest in more capacity when Biden has publicly stated he wants to put an end to fossil fuels?
Be careful what you wish for - those peons will be the ones making your dinner and cleaning your house.
Meanwhile, the EPA is doing this:
" During an interview with Brazil’s Agencia Estadio news service this week, I told the reporter that one of the reasons why I characterized the Biden energy policies as “confused” in a recent story is because we so often see the President saying one thing in public as his appointees in the federal bureaucracy are doing the opposite. We have seen this phenomenon take place repeatedly this year, as Mr. Biden has frequently called for the domestic industry to produce more oil and gas, refine more gasoline and ramp up exports of liquefied natural gas to Europe, while his agencies continue to hold up permitting, issue restrictive new regulations, and issue rulings that directly inhibit companies’ ability to get their business done."
Um, rig count dropped a ton when covid killed demand. You can clearly see the rig count is still below pre-covid levels.
Yup, I can see rig count has been rising and is still rising rapidly under Biden. I thought oil companies have run out of places to drill now that big bad Biden is in power?
So maybe oil price and economic conditions are more important than some made up permit issues?
Hilarious. If that’s what you want too believe, good for you.
Seems like you are basing your entire argument on “rig count is still below pre-Covid”. Yeah, oil companies can just flip a switch and labor, financing, equipment etc will magically fall in place and production will just snap back to pre-Covid level in a step function.
That’s fine. Check back in a few months then. Biden is furiously working his black magic to stop rig counts right below pre-Covid level. LOL.
Did you not read the post 2 above your rig count? I could keep posting more proof, but you’re clearly just going to ignore it. There’s really no point. I just wanted to call out that your interpretation of the graph was laughable.
That seems like a good idea: we just laugh at each other.
Here’s an example of a more balanced report on the issue.
Were the EPA to declare the Permian Basin a non-attainment area, state officials would be required to enact tougher air pollution laws, likely requiring oil and gas companies to regularly inspect their equipment for methane leaks through technologies such as infrared cameras and drones and replace older equipment.
Such practices are becoming commonplace in oil and gas fields around the country, as publicly traded companies, under pressure from investors, look to prove their commitment to fighting climate change. In the oil and gas fields of Colorado and Wyoming, where the EPA has declared non-attainment areas for ozone, monitoring for methane emissions is fast becoming standard.
So the EPA is not going to shut down drilling in the Permian, merely asking the state to enact laws to inspect leaks, the same thing Colorado and Wyoming and most publicly traded drillers are already doing. Again, what’s the big problem?
