Now the US needs to open up Keystone and resume drilling and drive the price of oil through the floor. That will finish off Russia and Iran for at least a generation.
Biden will never allow that to happen.
“Now the US needs to open up Keystone and resume drilling and drive the price of oil through the floor. That will finish off Russia and Iran for at least a generation.”
We need to ramp up oil and gas production in any event.
Who will God choose as our new leaders?
Will you please get off the stupid Kaystone Pipeline band wagon. The company has given up on it, gotten rid of all supplies stockpiled for the job pending approval Even if approval could be gained some time in the future perhaps with Trump in office, he would be out of office again before any part of such a pipeline could be built. At any rate, big oil seems to be doing quite well in recent weeks. I was traveling in the week before and including Christmas and the economy stations in 3 states were charging from $2.96 to about $3.19 during the period. Actually around the same price as a gallon of milk at Walmart or other regular big stores.
Another important thing to understand about oil prices is that big oil will not drill and pump if the price of oil is below a certain price per barrel. I think the base price for North Dakota is around $80 per barrel. Also another danger is the risk of oversupply for the amount of storage available. During the Trump administration the price went so low and the supply became so great people were even being paid to take oil because no storage at major hubs like Cushing, OK, or on oil carriers was even available for a couple of days. I suspect current gas prices hovering around $3 are likely to represent what big oil is willing to have paid relative to their production costs. Big oil is not so interested in finishing off Russia and Iran as running stable, profitable oil fields here and elsewhere. The major oil prices for WTI (US) and Brent (North Sea) are in the $90 neighborhood which is good for Big Oil. Unfortunately, these prices are also good for Russia and Iran. My hope is that Russia will have ever increasing oil production problems as they suffer the loss of US oil equipment and expertise, from kicking us out of Russia.
“Now the US needs to open up Keystone and resume drilling and drive the price of oil through the floor. That will finish off Russia and Iran for at least a generation.”
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Absolutely!
Drill! Drill! Drill!
“Now the US needs to open up Keystone and resume drilling and drive the price of oil through the floor.”
The United States is producing more oil than any nation in the history the world, the price of oil has stabilized and OPEC has lost their ability to cut production and raise price of oil.
Now, why would E&P companies in the United States increase production and crash the price of oil?
Canada's Trans Mountain pipe expansion to disrupt oil flow to US, boost prices
CALGARY, Sept 19 (Reuters) - Canada's Trans Mountain oil pipeline expansion (TMX), which will nearly triple the flow of crude from Alberta to Canada's Pacific Coast beginning early next year, will shake up North America's supply by diverting barrels now mainly delivered to refiners and exporters in the U.S. Midwest and Gulf Coast.
https://www.reuters.com/markets/commodities/canadas-trans-mountain-pipe-expansion-disrupt-oil-flow-us-boost-prices-2023-09-19/
The Canadians have already made other arrangements.