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But remember, none of this is the Biden Administration's fault and they are doing everything they can to fix it
Biden cancels US gas leases, Sends oil to Europe
- Thread starter Bluetiger695
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But remember, none of this is the Biden Administration's fault and they are doing everything they can to fix it
Like I said in a thread on tMB, if it's over 9 years old, Biden has no interest in drilling it...
the one thing we could do which upsets me wrt O&G and Biden and the last few administrations is we need to revamp all the refineries in the US. US refineries are tailor-made for heavy crude which is what we used to always import back in the 70s/80s. the US produces a light crude which our refineries can't efficiently process. if we really want to get self sufficient and actually refine the oil that is extracted in the US we need to revamp our refineries to actually be able to process the oil we can extract. the major O&G producers aren't going to invest in revamping their refineries on their own dime, and even with Trump's major tax break to the O&G industry back in 2017 they still didn't devote capex to making this change.
Why would they risk doing that when all the dems are constantly decrying the evils of oil? No way they will invest that $$$ when dems could try and pass ridiculous restrictions on domestic oil production given the opportunity.
tell me more about these restrictions on domestic oil production so i can educate you, once again, on the O&G industry
Well, I can't see into the future to tell you what kind of restrictions they may want to pass. What if they decide they want to decrease domestic production 10-15%? I honestly have no idea what they might do, really no way to know that.
it might get worse because we dont know what they might do, so lets be scared now? i thought the fear porn was only a lib tactic?
Truth be told, we're so divided, and both use similar tactics...we're 2 sides of the same coin, one heads, one tails...both believe we're correct, and it's scary...
I am not talking about me being "scared". Like always, you are jumping in when you obviously have no idea what is going on. I said O&G companies are not going to spend tons of $$$ on new refineries bc they have no idea what the current, or future dem admins, may do policy wise to discourage O&G usage- which they have sated repeatedly is their goal.
I said O&G companies are not going to spend tons of $$$ on new refineries bc they have no idea what the current, or future dem admins, may do policy wise to discourage O&G usage- which they have repeatedly stated is their goal. Unless you are an idiot, you don't make decisions about capital investments based primarily on current market conditions. So yeah, those decisions would be based on something that does not exist- future market conditions. If you can not understand this basic concept, I sure hope you are not involved in any type of business planning.
i'm an oil and gas attorney that handles a good bit of oil/gas financing in the Permian basin, so i think i have a little insight into this. O&G companies in the US DONT WANT TO INCREASE PRODUCTION OR INCREASE THE AMOUNT OF OPERATIONAL WELLS. it has NOTHING to do with dem or pub policy.
Don't worry, we can borrow some from Obama......
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