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

craig said:
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.
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Probably more means they don't want to screw their shareholders.

At these prices, my guess is people are putting out as much as they can.

Because the prices won't last.

In the past, companies have gone hard in boom times, just to have Saudi cut them off at the knees as they get ready to bring more production on stream.
 
Oil companies drill wells and many many of them are a bust. It can be a risky business. They look to find big productive deposits. This bit about denying new leases on federal lands stifles the future possibilities of scoring good deposits.
 
Checkerboard Strangler said:
Whu whu whaaaat?
Manchin is almost singlehandedly hamstringing the entire Democratic Party.
Not neutered in my dictionary.
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Manchin has allowed Biden to keep the extreme left from totally over running him.
 
tshade said:
Big Biz owns the GOP since the 1890s
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Like Google and Facebook and Ford and GM? how about Microsoft? Lots of companies are spending lots of money lobbying Democrats. Both parties have their heads in the trough.
 
craig said:
There are thousands of uncompleted oil wells waiting to be pumped. The Saudis do it all the time.
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It's a lot more complicated than just pumping crude oil out of the ground. Crude oil is also different grades and use different refinery processes. Our refineries are not capable of refining every type of crude oil that we use.
 
craig said:
There are thousands of uncompleted oil wells waiting to be pumped. The Saudis do it all the time.
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Biden has done everything he can to make US oil as expensive as possible with regulations and stumbling blocks meant to impede production. He needs to declare a truce with oil and let them do what they do best. Find oil, drill oil, pump oil to refineries through pipelines.
 
A brisk walk through a few centuries of history:

In the United States of America corporations were originally creatures of the individual state. Corporations were granted certain business privileges, but were expected to act in the best interests of the citizens of the state. The privileges, in those days of yesteryear, were considered revocable. The nation was as yet young and perhaps a tad naive.

With time, the corporations grew. They learned to make use of the fact that first state and then federal politicians could be blinded to corporate transgressions through generous applications of salicylate of gold.

Corporations grew beyond the boundaries of any one state and then any one nation. They were, finally, beholden only to themselves and, when it was deemed necessary, their share-holders. Their original charters amused them for their historic value.

Thus we find the major oil companies today concerned with their bottom line. They feel no responsibility to their state of charter nor the country within which the state is located.

'Nuf said.

Regards, stay safe 'n well 'n remember the Big 5.
 
HikerGuy83 said:
Probably more means they don't want to screw their shareholders.

At these prices, my guess is people are putting out as much as they can.

Because the prices won't last.

In the past, companies have gone hard in boom times, just to have Saudi cut them off at the knees as they get ready to bring more production on stream.
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Devon Energy's poor shareholders...

Devon Energy (DVN) Announces $1B Share Buyback

www.streetinsider.com
 
Torus34 said:
A brisk walk through a few centuries of history:

In the United States of America corporations were originally creatures of the individual state. Corporations were granted certain business privileges, but were expected to act in the best interests of the citizens of the state. The privileges, in those days of yesteryear, were considered revocable. The nation was as yet young and perhaps a tad naive.

With time, the corporations grew. They learned to make use of the fact that first state and then federal politicians could be blinded to corporate transgressions through generous applications of salicylate of gold.

Corporations grew beyond the boundaries of any one state and then any one nation. They were, finally, beholden only to themselves and, when it was deemed necessary, their share-holders. Their original charters amused them for their historic value.

Thus we find the major oil companies today concerned with their bottom line. They feel no responsibility to their state of charter nor the country within which the state is located.

'Nuf said.

Regards, stay safe 'n well 'n remember the Big 5.
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A brief history of the topic. Can we release federal land leases so we can explore and extract more oil? How about starting back up on the pipeline, putting Americans to work. Can we more in the right direction for a change?
 
justoneman said:
A brief history of the topic. Can we release federal land leases so we can explore and extract more oil? How about starting back up on the pipeline, putting Americans to work. Can we more in the right direction for a change?
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Hi, justoneman!

Permit me, please, to ask a couple of questions. I believe they're germane.

1. How long does it take, from the inception of bidding, for actual physical production of oil and or gas from a lease to occur?

2. How many US oil/gas leases are extant that have not yet been explored through actual drilling?

Regards, stay safe 'n well 'n remember the Big 5.
 
Torus34 said:
Hi, justoneman!

Permit me, please, to ask a couple of questions. I believe they're germane.

1. How long does it take, from the inception of bidding, for actual physical production of oil and or gas from a lease to occur?

2. How many US oil/gas leases are extant that have not yet been explored through actual drilling?

Regards, stay safe 'n well 'n remember the Big 5.
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I don't know how long it takes but I will guess though. I am sure it's a solid year from land aquisition to pumping oil.
How many leases? Don't know that either.
 
justoneman said:
I don't know how long it takes but I will guess though. I am sure it's a solid year from land aquisition to pumping oil.
How many leases? Don't know that either.
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Hi again!

The answers to those two questions are important. They permit us to ascertaining whether the present brouhaha over the US administration's position with respect to opening federal lands to oil/gas exploration/production has a basis in reality.

Many politically-inspired 'talking points' are, when examined, wryly humorous.

Regards, stay safe 'n well 'n remember the Big 5.
 
craig said:
There are thousands of uncompleted oil wells waiting to be pumped. The Saudis do it all the time.
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I have a theory that gas companies are trying to manipulate the public into voting for more oil friendly politicians and turn the public against enviro-wacko politicians trying to destroy the oil industry. Because it seems when republicans are in control the price of gas seems be down and when democrats are in control the price of gas goes up.
 
EdwinWillers said:
Maybe ask the Democrats.
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this is when we really see the damage of what Fox News/Republicans do to the country via the rubes. the brainwashing is masterful and evil...


Why is the US oil industry sitting on a stockpile of unused drilling license?

It's not like they don't use some leases and make gobs of money. So when they lie and say that it's about money it's not about money because they would make more money. So all you guys that think that government is the problem, turn your focus to the oil companies. There are the ones balking...
debatepolitics.com debatepolitics.com
 
jamesrage said:
I have a theory that gas companies are trying to manipulate the public into voting for more oil friendly politicians and turn the public against enviro-wacko politicians trying to destroy the oil industry. Because it seems when republicans are in control the price of gas seems be down and when democrats are in control the price of gas goes up.
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You are almost to hitting the simple reality. You see the reality of prices up when conservatives are in charge and prices up when liberals are in charge. That's good you see that part. Prices were not bad under Obama because fracking was still happening, though he tried to stop it. Fracking increased production and helped to stem the cost per barrel. It is really a simple thing. A greater supply reduces the cost. Companies scramble to make money by producing more at a lower cost. It is simple supply and demand.
 
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