Oil headed for $150 without US support for more drilling, Shale CEO Says

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ptif219

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Biden needs to stop his bans on oil and mining


https://finance.yahoo.com/news/oil-headed-150-without-us-171004436.html


Oil is headed as high as $150 a barrel unless the US government does more to encourage exploration, according to Continental Resources Inc., the shale driller controlled by billionaire Harold Hamm.Crude output in the Permian Basin will one day peak as it already has in rival shale fields such as the Bakken region of North Dakota and the Eagle Ford in Texas, Continental Chief Executive Officer Doug Lawler said during an interview with Bloomberg TV. Without new exploration, “you’re going to see $120 to $150” oil, he said.

“That’s going to send a shock through the system,” he said on the sidelines of Hamm’s first ever American Energy Security Summit in Oklahoma City. Without policies encouraging new drilling, “you’re going to see more pressure on price.”

Sprinkled among pro-oil presentations from Republican presidential candidate Nikki Haley and Goldman Sachs Group Inc.’s David Solomon, shale executives issued calls for the Biden administration to adopt consistent policies that will allow them to drill more. Failure to do so, they warned, will lead to tighter energy supplies and higher prices.

But the CEOs were quick to note that they have no intention of markedly boosting crude output in response to oil’s march toward the $100 mark for the first time in more than a year.

After touching an all-time high in July, oil production in US shale fields is contracting and government analysts are forecasting a third straight monthly decline in October.

“I hear people say, ‘We’re back up to record levels of production,’” Chevron Corp. Chief Executive Officer Mike Wirth told summit attendees. “With better policy we would be beyond that.”

Haley said she would seek to boost domestic energy production by expanding drilling, speeding up permitting and building interstate pipelines. She also vowed to roll back some energy subsidies and regulations, and revive the Keystone XL project.

“Nikki Haley was a great example of someone who cares about us, who appreciates what we do,” said Occidental Petroleum Corp. CEO Vicki Hollub. “Our politicians can’t lose sight of the fact that unless we’re energy independent we do not control our own destiny.”

Even if oil breaches the $100 mark, Continental has no plans for a burst of output, Lawler said. Benchmark US crude futures have risen 12% this year to more than $90.

“We are investing at a very prudent level consistent with our cash flows,” Lawler said. “To go and invest and being producing as much as we can is not how we generate the greatest value.”
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WOKE is Evil....going to war with WOKE is a hill to die on.

As you were supposed to learn.

Most of you failed.

At Life.
 
The U.S. is pumping oil faster than ever. Republicans don’t care.
GOP presidential candidates are blaming pump prices on President Joe Biden’s clean energy policies, even though the U.S. is churning out record amounts of oil.

...The GOP narrative has a major hole: U.S. oil production — already the highest in the world — is on track to set a new record this year, and will probably rise even more in 2024. ...

... as global oil prices rise and fall in response to banking conditions in Europe, China’s slumping real estate market, Vladimir Putin’s war in Ukraine and the latest maneuvers by Saudi Arabia....

... while the United States’ reliance on OPEC for oil imports has diminished, the country’s fuel market is still dependent on decisions made at the oil cartel’s meetings in Vienna — no matter how much oil comes out of U.S. shale fields.

U.S. oil production is forecast to average an all-time high of 12.8 million barrels a day this year and keep growing to 13.1 million in 2024, the federal Energy Information Administration said in its latest forecast. That’s up from the most recent trough of 5 million barrels a day in 2008, and probably enough to help the U.S. to keep its title as the No. 1 global crude oil producer...

...That’s because even as oil fields in states like Texas, New Mexico and North Dakota have propelled the United States to the top of the oil producer charts, regional markets still find it easier to import certain grades of crude oil from Canada, Mexico, Saudi Arabia and elsewhere. The U.S. still imports about 40 percent of the oil it consumes, even though exports of crude and petroleum products continue to outstrip those shipments.

No matter how much oil the United States produces, it’s still a familiar story, said Amy Jaffe, a global affairs professor at New York University: Gasoline prices rise when the world’s major economies run hot, and fall when they’re not.

“We believed because the U.S. could drill and be successful that we were in this permanent age of abundance,” Jaffe said in an interview. ”But we’re still facing this fundamental question of how cyclical will this industry continues to be.”...
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Lightbringer said:
Lie. And...he shut down refineries.

Fuck off bolshevik.
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[FONT=&quot]“Most of the refineries were closed due to demand loss as a result of the Covid-19 pandemic. But, aren't these companies earning billions of dollars? Isn't that an argument for keeping these refineries open? There are two points to make on that argument.”[FONT=&quot]Nov 15, 2022[/FONT]

[/FONT]
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https://www.forbes.com › 2022/11/15

[h=3]Here's Why The U.S. Has Lost Oil Refining Capacity - Forbes[/h]





 
Another thread based on a complete fucking bullshit premise. Do Trump supporters know anything? Even ONE fucking thing?
 
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Nordberg said:
Biden has no such power. The oil companies are shutting them because many are too polluted and expensive to salvage. They can see EVs will cut down on future use of fossil fuels.
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Oil companies are not shutting down refineries.
Fossils aren't used as fuel.
EVs use MORE fuel than gasoline cars. It's just burned at a power plant instead of directly in the car.
 
Why are you telling us this?

Are we buying the shit for our own back yard refineries?

I only need about eighteen gallons of petrol for the car.

For now, I can handle it.
 
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