Hey, America...
Take a look at these two charts and tell me if it looks like to you that the more HZ tight oil we produce from the Permian Basin, the better off the average American consumer at the gasoline pump has been the past 18 months, or will be in the future...
The US, thanks to the frac'ing phenonmena, is now the largest oil producer in the world.
The US now exports more crude oil than the Kingdom of Saudi Arabia and Russia combined.
(This is incorrect, the US now produces more than the KSA and Russia combined, so says the EIA, mostly because of 2023 sanctions on Russia, and the Ukraine war, and KSA production cuts. KSA exports are down, and Russia should not be exporting any oil, but this statement about exports is incorrect.
My point was, and still is, US oil exports offer no relief to the average American at the gas pump The call for more oil production to lessen inflation and help American households is a lie; more US tight oil will just mean more US exports. Further, though the US DOES refine 4.5 MM BOPD, and every 4.5 MM BOPD we export CAN be used in our country in the future, the quality of the ultra light product being exported hardly even meets the definition of oil. In the reality its removal from the market should not effectively raise worldwide oil prices at all. Berman once estimated that removal of of US oil exports would likely raise the price of gasoline 15 cents in America. A small price to pay for acutally having reasonably affordable oil left in our country in ten years. $4 a gallon today is better than $8.
I am near 73 and still going wide ass open, supposedly retired. I have critics and people needing to correct me, constantly, because they don't like my message. This was a dumb statement and I stand corrected, however. Mike 4.7.24)
Gasoline prices in the US are headed back up. According to Goldman Sachs the average this summer will be back above $4.
Many weeks in 2023, when gasoline prices pushed $4, US crude oil exports were over 5 MM BOPD.
And if you think that drill baby, drill is a plan for the long term energy security of our nation, and the future of your kids, you are dead, stone-cold wrong. More tight oil production, more oil exports.
Our kids ain't gonna think much of us, as a parents, for leaving them with all this 37 trillion dollars of debt, and no hydrocarbons to work with.
Maybe you don't care, you'll be dead anyway, but I do.
It breaks my heart....
American debt levels are unbelievable. We pay somebody over a trillion in interest every year. The stinking tight oil sector has destroyed over $500 billion dollars, at least, and I have a big time problem with that. Shoot me.
American oil needs to stay in America, for Americans. If we are going to drill this marginally economic shit, on credit, it should at least benefit us. And I mean all of us, every man, woman and child in the country. Not just derrick hands, CEO's and/or royalty owners.