Shipping Tractors

[Doughknob]

I hate being hosed. Makes me feel so noodley…..

 

[Citydude]

Your state is the number one oil producer, mine is number two. You have almost zero federal land in your state. Why isn’t Texas producing more oil? What is stopping this? Or can it be that the companies are producing just what they want to sell at a given price per barrel?

The fossil fuels industry has been demonized for years.

Why should they go out and spend billions in exploration now? Drilling a hole costs well over 4 million with no guarantee of investment payback.

They have seen how an executive order can effectively sink any confidence in ramping up said exploration.

 

[jyoutz]

The fossil fuels industry has been demonized for years.

Why should they go out and spend billions in exploration now? Drilling a hole costs well over 4 million with no guarantee of investment payback.

They have seen how an executive order can effectively sink any confidence in ramping up said exploration.

With 26 million acres of federal leases in their possession and even more acres of private and state lands for drilling, the amount of production is totally within the decision of the corporate boards of oil companies. It’s irrelevant what politicians say; the facts are that nothing is stopping more production. You are making excuses for the very parties that are screwing you at the fuel pump.

 

[Torvy]

^^This is the real problem. The current administration is openly hostile to domestic production. It is a huge risk for oil producers to expand production only to have Washington change the rules again once they have spent money. Now that the inflationary spending and the war in Europe are coming to a head, they want the oil producers to magically boost production without any commitment down the road.

 

[Root Cause]

True, but this has little to do with US oil prices at this time. The decision by congress to subject the US to world oil prices by allowing exports is the biggest factor. And we don’t import refined fuel; we do export oil because the oil companies wanted the high value world market prices. Even now they have the capability of producing more but they are producing at the level that shareholders want. We are being hosed by the oil companies. And the war has piled on.

The shareholders are not producing at the level they want. Every shareholder in every company wants more.
We were energy independent in 2019 and I didn't read of any shareholders complaining.

But they simply won't invest when the political landscape is cancelling projects or refusing to sign off on four permits that are sitting at the POTUS desk now that include oil drilling in Texas, ND and Alaska so asking for more is a waste of time. We have at least 200 years worth of natural gas under PA and I bet they would love to sell some of it as well.

 

[Hay Dude]

Why would a CEO of a oil company drill for anything when he is threatened with imprisonment?

 

[jyoutz]

We are being hosed by inflation and an out of control federal reserve

I agree completely there. Also there are some other factors that are driving up costs that are in the news in my state: oilfield workers are in short supply, and wages have been increased dramatically to get new workers. Oilfield work is crappy work and many left the industry during the Covid related fall off in demand. Many don’t want to return to the oilfield work. There are many rigs just sitting in my state; they have places to drill and no workers to do the work. Oil companies have been moving workers from North Dakota and Wyoming oil fields down here to Texas and New Mexico because the Permian basin oil is better quality and yield higher profits. Still there are worker shortages.

 

[Torvy]

You are making excuses for the very parties that are screwing you at the fuel pump.

Read this to yourself. Actions have consequences. Shutting down the Pipeline was a clear signal that the government cannot be trusted to live up to its own bargains. The root cause is not the oil companies, they are just responding to DC.

 

[jyoutz]

The shareholders are not producing at the level they want. Every shareholder in every company wants more.
We were energy independent in 2019 and I didn't read of any shareholders complaining.

But they simply won't invest when the political landscape is cancelling projects or refusing to sign off on four permits that are sitting at the POTUS desk now that include oil drilling in Texas, ND and Alaska so asking for more is a waste of time. We have at least 200 years worth of natural gas under PA and I bet they would love to sell some of it as well.

Texas doesn’t have federal lands in oil fields, so your comment is suspect. Most oil permits in the largest oil field in the world are regulated by state governments, not the federal government. Learn something about the facts and tone down the politics.

 

[Hay Dude]

Texas doesn’t have federal lands in oil fields, so your comment is suspect. Most oil permits in the largest oil field in the world are regulated by state governments, not the federal government. Learn something about the facts and tone down the politics.

Its not politics
Its policies