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In Reply to: RE: There are thousands of unused oil and gas leases out there. nt posted by www.records on May 12, 2022 at 06:17:22
Given the generally anti-oil mood of the current administration, people are reluctant to start investing... who knows, you put millions into drilling and then Biden passes another gas... sorry, regulation.
Business climate is important, and the current one is all but friendly towards oil and gas.
Follow Ups:
The oil and gas companies have enough oil and gas wells. They wised up this time and decided they weren't going to produce more in order to drive up the cost/barrel. Each time in the past when oil prices went up production followed driving the prices back down. They thrived on thin margins before with a boom and bust cycle. Now they are looking to break the cycle. $100+/barrel oil and making big bucks is a lot better story to shareholders than $40/barrel oil and scraping by.
You have seen the many posts of the big profits that oil companies are reporting the last three quarters. Do you think the strategy is working out for them?
If you follow it deeper you would find out a lot of this is intertwined with the Rump imposed tariffs.
Moral of the story.....buy stock in oil and gas companies. I'm betting on Cottera Energy.
It sucks to get old. It really sucks to get old and bitter.
short of overextending themselves on the financial side.These are publicly traded firms and their investors like stock buy-backs and dividends. Can't spend ALL the money on growth.
But the rig count is still going up, albeit at only a few percent per month (seven in the last week).
A thousand by the end of the year? Doubtful but I suppose it's possible. Current price of crude makes sitting on the sidelines a very difficult thing for oil guys.
And while the US may be the worlds largest producer these days? Even with that, US producers can't really change the global price of oil just by raising or slowing production a bit. Not even the Saudis can do that by themselves, even though we are taught to believe they can do that.
Edits: 05/12/22
It seems clear it is about climate change. The Interior Dept claimed its commitment to reducing fossil fuels by at least 50% by 2030, hence stopping the oil leases citing lack of interest. Yet Biden seeks to buy oil from Turkey, Iran and Venezuala. How does that make any sense? In an attempt to reduce pollution from fossil fuels, we destroy our economy, but ask other country to pump and sell it to us?
Our country is now being ran by environmentalists that apparently don't care about the citizens and the damage they are causing to our country. And as of yet we have nothing that can replace fossil fuels. No one, no one produces fossil fuels as environmentally clean as in the USA. Yet Biden ok'd the Russian pipeline to the EU and shuts down our pipeline and drilling. He needs a cranium search!
Yes, I still believe global warming and cooling has been happening for millennia long before mankind walked the earth. But Steve, don't you believe in the science? No I don't and there are lots of scientist who don't believe it either.
Tisk tisk tisk!
Do you think if Biden approved all the leases he just canceled it would have any effect whatsoever on the price of gas now? WTF do you think, they'd start drilling tomorrow, score big oil discoveries immediately, send millions of barrels of oil to refineries next week, it'd all reach your local gas station by next month and prices would come down in time to drive from LA to NYC this summer for peanuts?
The majority of your posts just seem like right wing propaganda to appeal to fools. You certainly don't convince anybody who ISN'T an ignorant fool.
So you say you like me? Sorry bro, homey don't play those games. So let your Parkinson's do the work.
Classy as always, bud.
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"You are precisely as big as what you love and precisely as small as what you allow to annoy you." ~ R A Wilson
nt
and the oil industry might try to SELL you that reasoning, but that's not how they make decisions.
During the pandemic, smaller publicly traded oil companies with market caps in the billions went belly up.
Check the 5 year history on Whiting Petroleum (I used to work for one of their original founders).
They are not gonna do that again, even with oil prices through the roof.
US Presidents can not influence the price of fungible global commodities, short of starting WW-III. And the major oil companies have the big oil plays in the US sewn up. Texas, New Mexico and North Dakota together represent about 64% of total US oil production. And the big guys own and/or control nearly every square inch of it.
All of this nonsense about federal land and off shore leases is the talk of small timers. Mostly the politically aligned small producers who have few rights in the big plays so they try to convince you that if only they could drill in a national park, all of our energy problems would be over.
You're smarter than that, Vic.
At least I hope you are.
It's pretty easy to come to the conclusion when Biden stands at the microphone and basically declares war on the fossil fuel industry. Which he did. And on his first day in office signs an Executive Order to stop the Keystone XL pipeline. Gas prices soar and while they are at the highest price recorded in American history he stops the lease drilling in the Gulf and in Alaska? Explain to me again how that is a good look to the American people.
if the American people are no better informed than you.
And they appear not to be.
Thank you!
When I bought Chevron stock at $82/share, I thought that maybe that was too high.
Wrong... again. Should I sell it, or keep taking in the dividend?
****
We are inclusive and diverse. But dissent will not be tolerated.
Keep the divs.
They're probably safe for as long as you are likely to live.
I'm hanging on to my BP and XOM, but not investing any more in them.
Nt
guess ya gotta run with it.
You have to admit Maxine telling the homeless to Go Home is pretty priceless!
Edits: 05/12/22
Very intelligent and helpful reply.
Nt
Edits: 05/12/22
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