Drill, baby, drill!! Erp. Bidens war on fossil fuels!! Erp.

Welcome back to my continuing coverage on USA oil production and how MAGA gets it so wrong! Once again, I encourage you to listen or read transcripts of earnings calls; it's about the money, baby.

Oilprice.com 

"U.S. oil and gas producers are likely to boost output primarily from improved efficiencies rather than new drilling and higher spending, Baker Hughes (NYSE:BKR) chief executive Lorenzo Simonelli told Reuters on Monday."

"Simonelli’s sentiments mirror those of Exxon Mobil’s (NYSE:XOM) Upstream President Liam Mallon who recently dismissed the notion that U.S. producers will dramatically increase output under a second Trump term."

"Over the past five years, oil and gas companies have been returning a big chunk of their profits to shareholders in the form of dividends and share buybacks. With oil prices declining over the past two years, these companies have resorted to borrowing more to keep their shareholders happy. "

Baker Hughes Dashes Hopes That Oil Producers Will Increase 2025 Spending | OilPrice.com

Liberals think all you have to do is to stick a stick in the ground and oil pops out.  It takes time to to explore and find wells with enough oil to be profitable.

 Correction; Liberals don't "think" -- all they do is parrot what the lying mainstream media and the corrupt DemocRats tell them. Saying liberals "think" is giving them too much credit and is an insult to those who can actually "think".

Neither stupid Tom nor Millerscum were able to refute what Max posted, so they, like cowards, ran to their usual refuge of making stupid remarks about liberals.

 200 Ways President Biden and the Democrats Have Made it Harder to Produce Oil & Gas - American Energy Alliance

 Biden Attacks the Oil and Gas Industry, Removing Public Lands from Development, Raising Production Costs and Cutting Back on Land Offered at Auction - IER

 We had record oil production in spite of Joe Biden, not because of him.  It was far lower production and more expensive than it could have been had he had just left Trump’s energy policies in place.

 Just look at the qualifications of Biden's Secretary of Energy Jennifer Granhlom and compare her to Trump's pick Chris Wright.

Granholm was a Harvard Lawyer, Law Professor and Governor of Michigan.  Never worked a day in the energy business or outside of Government or Education.  

Wright has a Master’s degree in Engineering from MIT.  He founded Pinnacle Technologies in 1992 which was one of the first companies involved with shale oil production through fracking.  In 2011 he founded Liberty Energy and grew it into a 3-billion-dollar energy company.  He also sits on the board of Oklo, a company that designs small fast-neutron reactors and is considered an innovator in the energy business.

 Now who do you really think really is better suited to exploit America's energy resources and bring down prices for American consumers?  The bureaucrat lawyer focused on the 'existential threat' of climate change or the engineer, entrepreneur and energy innovator? 

Once the major oil companies see some new competitors with reduced red tape and increased availability to drill on government land, maybe they'll be chanting 'Drill Baby Drill'.  An entrepreneur like Chris Wright is just the guy who could make that happen.

OK, Angry Stupid Charles, I'll answer your question. Who is "better suited to exploit"? The oil industry exec. Who is better suited to administer? The lawyer who realizes that climate change is real and wants to mitigate it. It ain't all about reckless exploitation; it's about management.

You see, Angry Stupid Charles, we could indeed extract all of our fossil fuels at a record pace, with no concern for or even acknowledgement of environmental damage. We could definitely burn them with no pollution controls whatsoever. And we could pretend that climate change is a liberal hoax and even though global temperatures keep rising, la la la la la, I can't hear you.

And ya know what? Consumer prices probably WOULD be lower (though not nearly as much as you probably think, since the cost of the raw product is only a fraction of that of the refined product).

But here's the deal. China, to cite one good example, has rudimentary pollution controls and protections. It's been estimated that the lack of robust controls causes an additional 250,000 deaths a year in China alone. Now, doubtless, they've decided that catching up to the West is worth those deaths.

So similarly, if we did what the fossil fuel companies want us to do, we could have lower gas prices at the cost of, say, an additional 50,000 lives per year. Would that be worth it to you? $2.75 a gallon instead of $3?

But any time Democrats try to seriously discuss this issue, we get your endless bleating about "Biden's war on fossil fuels DAWWWWWK." You don't argue from a position of honesty or integrity.

That exploration has already been thoroughly done and as long as over 4,000 surveyed and potentially productive wells sit idle, "drill, baby, drill" is a nonsensical bleat.

What stupid Tom may not understand is that the US fossil fuel companies don't WANT to boost production. Why would they? All that would do is depress prices. Then they'd have to sell that much more product to garner the same revenue as before.

Of course, there's also the environmental concerns--but MAGA likes to pretend that we don't breathe air and drink water, and that climate change is just a liberal hoax.

Wasn't Florida supposed to be under water by now?

https://capitalresearch.org/article/al-gores-30-years-of-climate-errors-part-2/

Liberals are wrong again.

That exploration has already been thoroughly done and as long as over 4,000 surveyed and potentially productive wells sit idle

LAM doesn't know the difference beyween a well and a lease.  The 4,000 are leases that are not being used because they are unproductive or are being held up in court cases.  This has been explained before but LAM is to stupid to understand.  

All our resident conservatives said oil drilling capacity couldnt increase under existing leases when Biden came into office.....and then it did.   Just like the oil executives said it would.   He left office with record domestic output.

Moral of the story?  If you want factual information about the domestic oil industry you should look to the public earnings/outlook press releases from oil companies.   The last thing you should do is ask Tom, Boilerman, or Charles.    They are pathological liars - and they believe in little green men hiding in the government.