[PugMom]

Originally Posted by OrangeBlossomBaby

If only we were /less/ reliant on oil...why didn't anyone try to promote that years ago?

Hm.

Oh wait - they did. And their ideas were dismissed.

And here we are, deja vu all over again.

it needs years of development before it can used en masse. it didn't help that some of these companies went bankrupt, ie: solindra. we all can't expect to live off the power until it becomes capable of handing millions, the infrastructure simply isn't there yet. and we cant use wind because there were issues with the turbines killing birds, as well as being unsightly-nobody wants it in their back yard. i feel you, but we have to walk before we can run

[PugMom]

Originally Posted by Aces4

Why would these companies put more effort and cost into something where efforts are being made to make their industry extinct?

leaders allow which lands can be used

[Caymus]

Saudi Aramco stock doesn't look that great. Maybe they should raise prices.

Stock | News | ARAMCO Stock Price Today | Analyst Opinions | Markets Insider

[blueash]

Originally Posted by Stu from NYC

Wish we would have continued to push for more drilling so we can make up the difference.

OPEC only cares about itself and maximizing their profits

Unlike the US oil industry which is filled with executives who don't care about their profits and will happily use all the oil drilling permits they are sitting on unused because they won't drill until the profit is greater. And those US oil companies will certainly only sell their oil on the US market to US distributors. No plans whatsoever to sell US oil on the world market.

Think instead of reflexively spouting propaganda. The US is already producing enough oil to completely satisfy the US need. There is some mismatch in low sulfur vs higher sulfur oil. But there is a huge amount of oil already permitted to be drilled that is sitting in the ground in the US. It just will cost more to get it out, so the price will go up. Just like it will if OPEC drills less. The oil market is not a US vs not US world and our drilling companies are only interested in profit, just like OPEC is.

[Vermilion Villager]

Originally Posted by Aces4

If you believe that COVID is the only thing that cut US oil production since 2020-2021, I believe you’re not up to date on current events.

Actually I am VERY much up on current events.
Oil production from 2021 to 2022 has increased every month and in July 2022 it was at an all-time high. It did go down slightly in August, but as analyst have said Wall Street investors and the oil industry CEO's are speculating a global recession. I think many on this site fail to realize is oil… Even oil produced in the United States is a global commodity. All the drilling in the world means nothing. It's refined petroleum products like gasoline and heating oil they make all the difference. If OPEC and Russia reduce their inventories that drives up the global price. Almost every oil company in the United States is foreign owned, and it is not in their best interest to boost supply because that drives down the price. They, including the US companies will keep the price high as long as there is demand. Do you know why gas prices were so cheap in 2020? The reason was because of the lockdown due to Covid (right or wrong) no one was driving their automobiles. That was happening around the world. If there is no demand then of course the price is cheap. It is simple economics.

[JMintzer]

Originally Posted by kkingston57

Seems that some electric vehicle haters have not heard or want to pay attention to your last line.

Except they are being mandated in certain States...

[JMintzer]

Originally Posted by Vermilion Villager

According to the NASDAQ the United States produces 18.4 million barrels of oil today and uses 18.12 million barrels per day. So the US actually produces more oil than it uses.
According to Stastica a company who measures the number of oil and gas wells currently in production on any given day, the number of gas and oil wells in production today is at an all-time high and 2 times more than it was on January 20, 2021 (384 vs 765).
I trust you know what the significance of that particular day is.

Then why are we draining our strategic oil reserves?

[JMintzer]

Originally Posted by PugMom

this is a good thread, let's not have it come down

Already circling the drain...

[JMintzer]

Originally Posted by Aces4

Why would these companies put more effort and cost into something where efforts are being made to make their industry extinct?

Exactly...

[JMintzer]

Originally Posted by blueash

Unlike the US oil industry which is filled with executives who don't care about their profits and will happily use all the oil drilling permits they are sitting on unused because they won't drill until the profit is greater. And those US oil companies will certainly only sell their oil on the US market to US distributors. No plans whatsoever to sell US oil on the world market.

Think instead of reflexively spouting propaganda. The US is already producing enough oil to completely satisfy the US need. There is some mismatch in low sulfur vs higher sulfur oil. But there is a huge amount of oil already permitted to be drilled that is sitting in the ground in the US. It just will cost more to get it out, so the price will go up. Just like it will if OPEC drills less. The oil market is not a US vs not US world and our drilling companies are only interested in profit, just like OPEC is.

I'd post a simple link, found on the In-ter-net, the refutes what you said about leases/permits, but that would be political and I don't want another vacation...

[Aces4]

Originally Posted by Vermilion Villager

Actually I am VERY much up on current events.
Oil production from 2021 to 2022 has increased every month and in July 2022 it was at an all-time high. It did go down slightly in August, but as analyst have said Wall Street investors and the oil industry CEO's are speculating a global recession. I think many on this site fail to realize is oil… Even oil produced in the United States is a global commodity. All the drilling in the world means nothing. It's refined petroleum products like gasoline and heating oil they make all the difference. If OPEC and Russia reduce their inventories that drives up the global price. Almost every oil company in the United States is foreign owned, and it is not in their best interest to boost supply because that drives down the price. They, including the US companies will keep the price high as long as there is demand. Do you know why gas prices were so cheap in 2020? The reason was because of the lockdown due to Covid (right or wrong) no one was driving their automobiles. That was happening around the world. If there is no demand then of course the price is cheap. It is simple economics.

Please cite your source that almost every oil company in the USA is foreign owned. Gas is cheaper right now because our oil reserves are being depleted.

[dewilson58]

Originally Posted by Aces4

Would that huge increase in consumption be due to the .................................

No Huge Increase.................it was minor.

The reason for the point was to show totals.

[jimjamuser]

Originally Posted by OrangeBlossomBaby

If only we were /less/ reliant on oil...why didn't anyone try to promote that years ago?

Hm.

Oh wait - they did. And their ideas were dismissed.

And here we are, deja vu all over again.

High gas prices will force new car buyers into smaller cars, hybrids, and fully electric. Finland will require 100% electric new car sales within a few years. In the US Ebike and Emotorcycle sales will increase. Soon OPEC will have fewer customers and won't be able to lead the non-OPEC countries around by their noses.

[jimjamuser]

Originally Posted by Blackbird45

I don't blame Opec, they see a movement heading to alternative fuels, once it truly takes hold the value of their product will drop. They need to make the money while they can. The problem they face with cutting production which will raise the price is that it also increases the speed of the demand for alternative fuels to take hold. It's a bizarre circle where if you keep the price low people will continue to use their product and if they raise the price of their product, they reduce the need. This has nothing to do with politics, loyalty or any idealism. The motivation is money.

The motivation is MUCH more than money.

[Stu from NYC]

Originally Posted by JMintzer

Except they are being mandated in certain States...

Wonder how many people living in Cal will drive over to Oregon to buy a new car?