Free Republic

President Joe Biden said Wednesday that he has not implemented policies to halt domestic oil production; however, the Biden administration has enacted policies that are hampering the nation’s energy output. “Biden’s green policies have created a hostile environment for investment in oil and gas, which has hurt production,” Phil Flynn, an energy market analyst with the PRICE Futures Group, told the Daily Caller News Foundation. “If the president wants to debunk some myths, let’s start with the fact that he’s leased fewer acres of federal and offshore land than any other president since the end of WWII,” Republican Rep. Bruce...

The US economy officially entered recession in July after two straight quarters of negative GDP growth. Inflation in the US today is the highest its been in over 40 years. Gas prices are soaring and peaked over $5 a gallon before receding slightly to their current rate. Granholm announced in August, “We know it’s a transition. But ultimately we are pressing on the accelerator to be able to move to ‘clean’ because if we don’t have to rely on the volatility of fossil fuels or of countries that are exporting fossil fuels that don’t have our interests at heart.” The...

A top Saudi official has blamed Joe Biden for higher gas prices after claiming the president should have extracted more oil from US wells. Adel al-Jubeir, Saudi Arabia's Minister of State, spoke to Fox News Friday and said it's Washington's fault for not increasing domestic production of the fuel. Al-Jubeir said, 'With due respect, the reason you have high prices in the United States is because you have a refining shortage that has been in existence for more than 20 years. You haven't built refineries in decades.'

OPEC announced that they were going to cut oil production by 100,000 barrels per day in October – this is the same amount they increased production by in September. In a statement, the group said the increase was only meant for September and not something that was meant to continue. CNN reported: OPEC said Monday it would reduce oil production next month, the cartel’s first output cut since the depths of the pandemic, as it braces for a global economic slowdown to hit demand. The Organization of the Petroleum Exporting Countries and allied oil producing nations, including Russia, agreed to...

The data shows that there were 4,082,478,000 barrels of crude oil produced in 2021, an amount that is greater than any time in American history, except 2020 and the peak in 2019. 2017: 3,415,257,000 Barrels of Crude Oil2018: 3,993,288,000 Barrels of Crude Oil2019: 4,485,635,000 Barrels of Crude Oil2020: 4,129,563,000 Barrels of Crude Oil2021: 4,082,478,000 Barrels of Crude Oil (https://www.wusa9.com/article/news/verify/united-states-produces-more-oil-than-any-other-country-fact-check-russia-impact-on-gas-prices/65-7814c6e2-5437-4201-b021-face477e5462) Despite this drop from 2019's peak, the levels of production in 2021 were unmatched globally. "The United States is the number one oil producer in the world," Weiner said. "We produce more oil and gas than any other country in the...

Top congressional Democrats on Thursday announced legislation they said would lower gas prices for consumers, as rising costs imperil Democrats' chances of maintaining their majorities in November’s elections. Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi said they would bring legislation to their respective chambers giving the Federal Trade Commission more authority to combat gasoline price manipulation. The lawmakers blamed Russian President Vladimir Putin’s invasion of Ukraine as a factor in rising costs, as well as what they called profiteering by “Big Oil.”..... In response to a question about arguments from Republicans that the United States should increase...

The White House's energy agenda is under fire as gasoline tops $4.17 per gallon. Republicans argue that President Joe Biden's temporary freeze on new drilling leases and other initiatives centered on clean energy have hurt the country's ability to produce its own oil and gas. Their criticism has ramped up as the conflict between Russia and Ukraine throws the global energy market into a tailspin, driving the price of crude oil up to $129 per barrel. "You talk about weakness on the part of Joe Biden. He comes to office, and what does he do?" Representative Josh Hawley said at...

White House press secretary Jen Psaki on Monday grew short fending off questions about why President Biden isn't doing more to increase domestic oil production as she insisted that Vladimir Putin was to blame for sky-high gas prices. The press secretary also said that the White House has not yet reached a decision on whether to ban Russian oil and gas, which accounted for about 8 percent of US petroleum imports in 2021. 'We're asking other countries to think about maybe pumping more oil. Why not just do it here?' Fox News' Peter Doocy asked the press secretary. 'To be...

If you ever needed any proof for your left-wing friends that the current administration or, for that matter, progressives in general care nothing for anyone but themselves, look no further than the latest potential move by the Biden administration to rob Americans of their ability to heat their homes or run their cars this coming winter. The administration (and I use that term loosely) is mulling shutting down an oil pipeline in Michigan as the Midwest moves into the coldest time of the year. I grew up in Ohio and did my undergrad work in Michigan and I can tell...

The Biden administration is looking into prices at the pump and why they are higher than they are supposed to be. “There’s lots of evidence that gas prices should be going down -- but they haven’t,” President Joe Biden said on Thursday, as quoted by Bloomberg. “We’re taking a close look at that.” “We’re also going after the bad actors and pandemic profiteers in our economy,” the U.S. president also said. U.S. gas prices have risen by as much as 50 percent since the start of the year. Earlier this week, the average reached $3.19 per gallon, Bloomberg noted, citing...

Police deployed against mask mandate opponents in Boise, Idaho but first... The State of Washington leveling threats against businesses that remain open in spite of the coronavirus restrictions... A Jewish celebration broken by heavily armed police in Belgium for violating coronavirus restrictions... The Central Idaho District Health Board in Boise, Idaho meeting late in the afternoon on Newsdump Friday... At a time when many are dissatisfied with the election results here in Pennsylvania and want legislators to reverse what they see as election fraud and a stolen election, public access to the State Capitol complex is being shut off... Republican...

Crude oil production in North Dakota could peak over the next five years as producers will have drilled up the core production areas and will have to move to less prolific corners of the oil patch, North Dakota’s Mineral Resources Director Lynn Helms told state lawmakers.

Crude oil and natural gas production from the U.S. shale patch will top Russia’s combined oil and gas output by 2025, the International Energy Agency said in the 2019 edition of its World Energy Outlook. Under its Stated Policy Scenario, the IEA said, the U.S. will account for the overwhelming bulk of global oil production growth, at 85 percent, by 2030. It will also account for 30 percent of the global natural gas production growth in that period. With all this happening, it’s no wonder the United States will undermine OPEC’s and Russia’s share of the global oil and gas...

Saudi Arabia’s disrupted oil production may last longer than originally thought, Amrita Sen, chief oil analyst at Energy Aspects Ltd., told Bloomberg on Monday, with full resumption of oil production perhaps not returning for weeks—or even months. Saudi Arabia, too, is holding a more reserved position that initially thought, believing now that less than half the capacity at the Abqaiq processing plant can be restored quickly, according to Bloomberg sources that spoke on condition of anonymity. One of the longer lead-time items of the restoration are Abqaiq’s stabilization towers that separates out the dissolved gas from the crude oil—a distillation...

Saudi Arabia has not only called the end of Russia’s prominence as a global oil behemoth, but anticipates that Russia’s oil exports “will have declined heavily if not disappeared” within the next 19 years, Mohammed bin Salman said in a recent interview with Bloomberg. When asked whether Russia and Saudi Arabia had made a backroom deal to increase oil production, MbS was more tight-lipped, saying only that Saudi Arabia was “ready to supply any demand and any disappearing from Iran.” With Russia out of the game, Saudi Arabia would have plenty of oil demand to service, according to MbS. MbS...

The best is yet to come for US oil production—but it will be a short-lived hurrah, according to Ian Taylor, head of oil trading giant Vitol. US oil production has steadily increased throughout 2017 as US drillers regained their footing after the oil price crash. What started out at 8.946 million bpd of crude oil production in the first week of January has now reached an average of 9.561 million bpd as of September 29, according to the EIA.

Two years ago, when Saudi Arabia launched an unprecedented campaign to crush high-cost oil producers, in the process effectively putting an end to the OPEC cartel (at least until last year's attempt to cut production), it made a bold bet that U.S. shale producers would be swept under when the price of oil tumbled, leading to a tsunami of bankruptcies, as well as investment and production halts. To an extent it succeeded, but where it may have made a glaring error is the core assumption about shale breakeven costs, which as we reported throughout 2016, were substantially lower than consensus...

Tuesday the U.S. Geological Survey announced the largest ever assessment of “continuous oil” ever made in the United States. The Wolfcamp shale in the area of Midland, Texas is estimated to contain three times the oil and gas of the Bakken shale formation in Montana and North Dakota. From the USGS: The Wolfcamp shale in the Midland Basin portion of Texas’ Permian Basin province contains an estimated mean of 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas, and 1.6 billion barrels of natural gas liquids, according to an assessment by the U.S. Geological Survey. This...

According to a Reuters source, The Organization of the Petroleum Exporting Countries has in fact reached a deal that will “limit” oil production, and oil prices are in for a wild ride yet again as a result. What was reported as mere rumor this morning, is apparently now a certainty. Reuters had reported this morning that OPEC may announce an output freeze deal later today, as part of the informal talks on the matter on the sidelines of the International Energy Forum, but details of the deal would be withheld until November.

“How much more productive can these new wells get?” I asked my host who had kindly invited me on a field trip to some of western Canada’s most prolific oil fields. Looking down the aisle of bobbing pump jacks, seven in a row on one side of the immaculate gravel pad, the veteran oil executive replied, “We can get up to 1,000 barrels a day out of some of the new ones, but that’s not a limit; we’re improving the economics and productivity with each new well.” Impressive I thought, subconsciously nodding my head in sync with the leading pump...