Why aren't American oil companies stepping up and pumping more oil?

[craig]

There are thousands of uncompleted oil wells waiting to be pumped. The Saudis do it all the time.

 

[EdwinWillers]

Maybe ask the Democrats.

 

[HikerGuy83]

There are thousands of uncompleted oil wells waiting to be pumped. The Saudis do it all the time.

Just like with oil shale and tar sands.....

About the time they complete those wells, OPEC opens up and the price tanks.

The real question is why are they not opening up their wells. They already have them in place.

Answer: See above.

 

[craig]

Maybe ask the Democrats.

Do they control the oil companies? Have you ever worked in the oil field?

 

[jnug]

Maybe ask the Democrats.

Maybe ask the oil companies.

 

[craig]

Just like with oil shale and tar sands.....

About the time they complete those wells, OPEC opens up and the price tanks.

The real question is why are they not opening up their wells. They already have them in place.

Answer: See above.

This is an American/ western world emergency. Don't you think they could show some patriotism and pay back some of oil depletion money they collected all these years.

 

[brianpatrick]

It’s supply and demand. Capitalism. Does anyone think if it were profitable oil companies wouldn’t be doing it? Does nobody work in the corporate sector here?
This thread is fun though.

 

[craig]

It’s supply and demand. Capitalism. Does anyone think if it were profitable oil companies wouldn’t be doing it? Does nobody work in the corporate sector here?
This thread is fun though.

Not one oil executive has made a statement. Most of the other companies have.

 

[brianpatrick]

Not one oil executive has made a statement. Most of the other companies have.

Same answer: supply and demand. Capitalism. Sometimes keeping production low is good for business.

 

[Checkerboard Strangler]

There are thousands of uncompleted oil wells waiting to be pumped. The Saudis do it all the time.

What IS an "American" oil company?

 

[craig]

Same answer: supply and demand. Capitalism. Sometimes keeping production low is good for business.

All that says is that American oil companies are not patriotic. Is that what you mean?

 

[brianpatrick]

What IS an "American" oil company?

You know, the ones you pump your gas at when you stop for smokes and coffee in the morning. Those guys. 😃

 

[Lord Tammerlain]

Because oil and gas wells do nor magically appear. They take time to get approval, get drilled, then be set up to pump or extract oil and gas. Six months I believe is a reasonable time to expect new wells to become active

 

[craig]

Because oil and gas wells do nor magically appear. They take time to get approval, get drilled, then be set up to pump or extract oil and gas. Six months I believe is a reasonable time to expect new wells to become active

Bullshit. They can turn it off and on just like the Saudis. Oil production did not magically disappear. We are using less oil then we dis two years ago. Where did that production go?

 

[justoneman]

Oil production is increasing in the USA and is looking to increase quite a bit however it won't be as high as it was 2019. Because the price for a barrel of oil is approaching $100, shale oil production becomes profitable.

 

[Lord Tammerlain]

Bullshit. They can turn it off and on just like the Saudis. Oil production did not magically disappear.

Not for shale oil. Their production. rates drop drastically ever year, 50% for some in the first year. In 2020 and 2021 not a lot of new wells we're drilled due to low oil prices for much of that time

 

[tshade]

Maybe ask the Democrats.

The GOP takes their money--------not the Dems

 

[Checkerboard Strangler]

You know, the ones you pump your gas at when you stop for smokes and coffee in the morning. Those guys. 😃

Yeah I get it...those are not "American" oil companies.
Oil companies are transnational...global.
IOW they don't give two shits about any country...they don't HAVE to, oil is fungible.

 

[Checkerboard Strangler]

The GOP takes their money--------not the Dems

Manchin takes plenty of oil money...and so do a few other Dems.
Believe me, when Exxon opens up the bag of candy almost everyone lines up.

 

[EdwinWillers]

The GOP takes their money--------not the Dems

Dems have always taken anyone's money they can get their grubby little hands on.

 

[Checkerboard Strangler]

This is an American/ western world emergency. Don't you think they could show some patriotism and pay back some of oil depletion money they collected all these years.

Sorry, you have a lot to learn about oil and oil companies.
Look at some of the Forbes Magazine articles by a guy named Robert Rapier.

 

[tshade]

Manchin takes plenty of oil money...and so do a few other Dems.
Believe me, when Exxon opens up the bag of candy almost everyone lines up.

Manchin is neutered-----no party. The GOP takes most of it

 

[Gateman_Wen]

Maybe ask the Democrats.

Democrats do not control Big Oil.

To be fair, neither do republicans although it could be argued that Big Oil controls them.

 

[brianpatrick]

Yeah I get it...those are not "American" oil companies.
Oil companies are transnational...global.
IOW they don't give two shits about any country...they don't HAVE to, oil is fungible.

Ok, finally someone who knows how business works. I’m going to lie down in my cabin. You’ve got the bridge number one.

 

[tshade]

Dems have always taken anyone's money they can get their grubby little hands on.

Big Biz owns the GOP since the 1890s