U.S. oil producers pose ’emerging threat’ after OPEC+ defies calls to speed production increases

MarketWatch via msn ^ | 04 November 2021 | Myra P. Saefong

[blueplum]

Major oil producers on Thursday refused to accelerate plans to gradually lift oil production each month, raising the potential for the U.S. to take advantage of prices for the commodity, which trade close to multiyear highs.If capital does start to flow back into the oil field and production from non-OPEC countries, which include the U.S., starts to climb again, the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, will “have to make a decision about how to respond,” said Brogan.

OPEC+ reaffirmed their previous decision on production levels at a videoconference held Thursday, and said the group will raise the monthly overall production by 400,000 barrels a day in December. The group ignored pleas by the Biden administration and others to pump more....

[blueplum]

I rather enjoyed the US being an 'emerging threat' to OPEC. And think the cork Biden put in it was the definition of wrongthink on energy independence on which our national security rests

Let's get back to Drill baby drill!

[Aria]

FJB!!!!

[cranked]

Reap what thou has sown, eh #notmypresident?

Dumbarse.

[sten]

IMAGINE ...

govt LIFTED the restrictions on the amount of electricity citizens can sell back to the grid
(prices controlled by the market, of course)

citizens would then be able to ‘farm’ solar, wind, or whatever they could dream up.

this would become a distributed power generation grid.

energy prices would become cheaper (good for individuals and business)

and our dependency on foreign energy would drop.

IF that sounds good to you, contact your fed and state reps as well as governors and drop it on their desk.

[setter]

“Drill baby drill”

Trump nearly destroyed the US natural gas business.

Gas companies in my area went bankrupt under Trump because the market was opened too much and the price of natural gas dropped so much it cost more to pump it out of the ground than what is was selling for because these companies had to full fill contracts

They made record profits under Obama and now Biden.

I live right on top of the 3rd greatest natural gas reserves in the world...marcellus-utica

There is a fine line between too much and too little drilling

[PIF]

US being an ‘emerging threat’ seems to rest on not pumping enough, not a threat to OPEC per se. Confusing catch phase likely inserted as click bait, having little to do with the actual story.

[ronnie raygun]

creating a war condition that makes the war mongers happy and also crippling the oil industry and the American economic machine

[MattMusson]

If they can get the pipe, the men and women in the Oil Patch will put it down the hole. They will save America from the disastrous Biden Energy Fiasco.

[palmer]

(prices controlled by the market, of course)

That's key of course and complicated. Unreliable small electricity sources are not worth very much money.

[hinckley buzzard]

You are saying the market is not 100% efficient. No doubt, but far better than the alternatives over the long run.

[magna carta]

Yes here in Houston my husband noticed decreased sales at his lumber/commercial supply business during the years of Trump and higher sales during Obama & now Biden. Not sure if this all connects somehow.
Of course we would never vote for leftists.

[sten]

then there should be no reason to keep the restrictions.

[palmer]

The problem here in Virginia is not restrictions, but subsidies. Instead of paying people what solar is worth (less than 4 cents since we can get reliable wholesale power for 4 cents), my coop power company is forced to pay 12 cents. Every kWh of solar we are forced to buy triples my power bill for that portion of the power.

People who generate home solar with net metering (and not fair market prices) are simply ripping off their neighbors.

[blueplum]

we did all that in Mexifornia.

First, the homeowner solar panel owners could sell all of their production into the grid. Whoopie! People got paid. Then the state stepped in and said, only so much can be sold into the grid because we can’t put the power companies out of business.

Then the state said, let solar companies sell their solar panels on credit and assign the monthly check to the solar companies to pay off the solar panels, because homeowners are putting the solar companies out of business, too.

Then the state allowed the power companies to pay high rates to the solar companies for that solar sitting on a homeowner’s roof, which translated directly to customer bills for those who didn’t have solar company solar panels on their roofs under a 20-year contract.

The power companies are happy. The solar installers are happy. The banks holding the 20year contracts are happy. But the homeowner has a bill twice as high as 10 years ago.