Ixtoc Cartoons
This is from our old friend, Etta Hulme at the Fort Worth Star Telegram dated 1979 and the height of the Ixtoc blowout in the Bay of...
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“I'll get those guys drilling. They are wild. They are tough and wild. They are crazy. They'll be drilling so much,” Trump said.
“Those guys” could surely use a boost to the industry, such as a permitting reform to facilitate energy infrastructure development, a lift of President Biden’s pause on LNG export projects permitting, and easier access to financing when U.S. oil and gas isn’t vilified left and right.
But they will surely beg to differ from Trump’s remark at the same North Carolina rally, “If they drill themselves out of business, I don't give a damn, right?”
Essentially every barrel of C+C growth in the United States since the export ban was lifted in late 2015 is now exported to foreign countries. It took 37,000 HZ wells to grow that production, costing nearly $335,000,000,000. The price of has gone up $46 a barrel since the export ban was lifted.
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In late 2014, after the U.S. had put 4.8 MM BOPD of shale oil on an otherwise balanced world market, the price collaped $64 a barrel. If we assume that the price of world oil prices will have to slashed in half, to $35, to make the price of gasoline go down by half in the U.S. it will take at least 3.5-4.0 MM BOPD of additional shale oil production from the Permian Basin to achieve that.
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The materials provided on this site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. I may make data related mistakes occasionally; if you use my opinions about oil reserves or shale well economics for financial purposes, to buy or sell stocks, your nuts. Don't do that. If I have used a photograph incorrectly it was for educational purposes and I have done my best of to give credit where credit is due. My stories are all true, slightly embellished, perhaps, but true; I don't change names to protect the guilty. I am as accurate as possible about history and historical facts; I work very hard at that.All rights are reserved, whatever that means. Don't blame me, I didn't do it.
Mike Shellman
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