International [Oil & Gas News] America Achieved Energy Independence As The World's Top Oil Producer (2018-2019)

trac209 said:
If you cryogenically froze yourself and came back in 100 years we will still be using oil and gas .
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It would be extremely foolish to let China dominate us in clean energy.
 
Honestly I hope Venezuela says "go get fucked" after repeated attempts of a coup in their country, and crippling sanctions by the US.
 
cottagecheesefan said:
I love the image the Hill used for him too. With his weird plastic surgery stuff, he looks like the Joker, if the Joker had a stroke affecting the left side of his face.
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Mr Holmes said:
So only immediate remedies should be discussed? The fact that we're now turning to Venezuela tells me we need to do more to break our dependence on foreign oil.
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Biden is being blamed for current gas prices, with his critics pointing to Keystone XL as one big reason. So it should be pointed out that him cancelling XL isn't the cause.

In the 70s Arab oil embargo, gas prices skyrocketed immediately but they dropped back down when the Arabs called it off.
 
HockeyBjj said:
US banning imports of Russian oil, natural gas, and coal. It’s official

https://www.cbsnews.com/live-updates/biden-russia-oil-gas-ban-imports-ukraine/
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I was hoping the announcement would include something like "I have sat down with the U.S shale producers and offered them the financing they need to increase production and offset the shortage caused by Russia", but alas, we're getting the same old "everything in the arsenal" again, which is now code word for Iran and Venezuela.

"The decision today is not without cost here at home," Mr. Biden said Tuesday. "Putin's war is already hurting Americans at the gas pump. Since Putin began his military buildup on Ukrainian borders, just since then, the price at the gas pump in America went up 75 cents. And with this action, it's going to go up further. I'm going to do everything I can to minimize Putin's price hike here at home."

Asked by reporters later in the day what he's going to do about rising gas prices, the president responded he "can't do much right now" and added the higher prices are "Russia's fault."
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Halifax said:
It would be done by now and a phase 5 XXL likely on the table if not for stupid presidential veto's overriding the will of the house and Senate to virtue signal placate environmentalists.
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Fact Check-Though Keystone XL Pipeline had secured most of its funding, it was only 8% constructed

In the weeks following U.S. President Joe Biden’s decision to scrap the Keystone XL oil pipeline, posts on social media have claimed that the project “was in Phase 4 & just about completed” and that it had been “paid for” by the time Biden “pulled the plug.” While it is true that the project had secured funding, which was largely expected to be paid out in 2021 and 2022, the claim is partly false, as less than 10% of the pipeline had been built by the time Biden formally revoked the permit.

By claiming that the project was in “Phase 4” of construction, the posts seem to conflate the Keystone XL Pipeline with the larger Keystone Pipeline System.

https://www.reuters.com/article/fac...nding-it-was-only-8-constructed-idUSL1N2LA2SQ
 
Deorum said:
In a way do run the game. And it's not because the Saudis are in possession of the largest oil fields in the world (which they are), but the most accessible and conventional for extraction. Aramco is the most profitable corporation on the planet and has an average breakeven oil price of $15. The Kingdom got pissed off and felt threatened by the burdgeoning US shale industry in the mid-2010s, so they launched a pricing war by flooding the market to cause a global supply glut in an attempt to drive American drillers out of business.

This created a situation where America had to Innovate or Die, and like clockwork they halved their breakevens in a matter of months through balls-to-the-wall drilling technology advancements and increasingly complex extraction techniques. As amazing as that was, it still isn't down to a level that the Saudis can reach and manage to stay afloat. The caveat is that Saudi Arabia's entire society hinges on the energy sector, so they can't launch such wars for extended periods of time without burning through their cash reserves. They generally prefer the price at around $80 to be comfortable.

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When the Saudis tried to kill off U.S shale via price-dumping and the world's oil prices cratered, the obvious move is for the U.S to buy up the excess domestic inventory to replenish the Strategic Petroleum Reserves at half price, so the SPR inventory would get back to the same level as the Obama years when he threw his full support behind U.S shale.

1280px-US_Strategic_Petroleum_Reserve.webp.png


But alas, useless Congress has been secretly selling oil from the reserves 7 times since 2017 as a fund-raising tool instead, rather than replenishing it for cheap.

PS: Great contributions to the thread @Deorum! It is rare to to see other posters who enjoys backing up his posts with actual data/facts/infographics, which are valued so much more here at the grown-up's table than the usual WR partisan farts in the wind.
 
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Blayt7hh said:
They were up front about it that sanctions would temporarily damage our economy. No one said it wouldn’t.
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Not what was being discussed. They can't admit anything Trump did was valid. So they can't change positions.
 
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