Posted on 06/07/2021 10:58:53 AM PDT by Hojczyk
Oil producers are ramping up drilling and fracking activity, preparing to push domestic production near to pre-pandemic levels of 13 million barrels a day by the end of 2023 — if the Biden administration doesn’t get in the way.
Rising domestic output will help keep fuel prices under control and put more people to work — the American Petroleum Institute estimates that the oil and gas industry supports over 10 million jobs. Many of those jobs were lost in 2020 but are slowly returning as the industry recovers and oil prices flirt with $70 a barrel.
Stronger oil prices are part of the recovery story, but they don’t explain it all. The downturn and investor pressure have forced producers to become much more capital-efficient through cost cuts, lower investment levels, and strategic mergers and acquisitions that have consolidated the industry. Stronger oil prices are part of the recovery story, but they don’t explain it all.
The downturn and investor pressure have forced producers to become much more capital-efficient through cost cuts, lower investment levels, and strategic mergers and acquisitions that have consolidated the industry.
Even under a strict environmental regulatory scenario, the consultancy says production could still return to 13 million barrels a day by 2025; it would just fall 1.4 million barrels a day short of Rystad’s more bullish “status quo” scenario.
Biden probably won’t get everything on his policy wish list, given the slim majority that the Democrats hold in the Senate. There will be other competing considerations for the president too, such as the outcome of the midterm elections and how his economic policies could affect his chances of winning a second term in 2024 in oil and gas-producing swing states such as Pennsylvania, Ohio, New Mexico, and Colorado.
(Excerpt) Read more at washingtonexaminer.com ...
“Rising domestic output will help keep fuel prices under control and put more people to work ...”
Well, there’s your answer.................NO!.................
Allows it. Welcome to North Korea.
If oil stock spikes, there’s a sense that it might be the industry’s last hurrah. It might be time to consider an exit strategy.
“his chances of winning a second term in 2024”
The pig faced SOB wont last another year! How the hell do they think he would run again?
How is all that going to be possible if the guy they want permission from is shutting down ANWR, no drilling in public land, no more drilling in the gulf, and the Keystone pipeline being shut down?
If Biden allows it no 10% NO DEAL.
Law suits may reverse a lot of Executive orders
Maybe.
I’m of the belief that this administration isn’t going to pay attention or adhere to any ruling that may come from a lawsuit. They’ll cherry-pick a liberal judge or appeal to one that is on their side and that will be the end of that.
If one were to look at how the courts responded to the 2020 elections, one should come to grips with the fact that they do what their puppet masters tell them to do.
Well we can forget that…
Already sold. My pipeline stocks are making up for it and then some.
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