Fuel prices around the world.

[jyoutz]

Exporting is a way to give others a chance to buy American oil rather than Putins oil. We all know we can increase production dramatically and so could other nations to the point that Russias oil sales decrease.
Also, if permits on NG ship loading facilities would be granted, we could export more NG and give Europe a chance to by American NG rather than Russian NG.
Thatll help weaken Putin.

Export would be fine if we produced more than we use. We don’t. Petroleum companies don’t want to do this because prices would drop.

 

[Hay Dude]

Export would be fine if we produced more than we use. We don’t. Petroleum companies don’t want to do this because prices would drop.

It is my understanding that very recently we became a net exporter of energy. If I am not mistaken, that means we produce more than we use.
Even if we didn’t, we can produce more by making it easier. We can stop buying Russian oil. We can insist our allies do the same. They never should have been buying Putin’s gas or oil in the first place.

 

[Kyle_in_Tex]

Understandable. Discussing anything with Hay Dude is like wrestling with a pig in mud. They like it and you don't. Why I keep him on ignore. Only poster on here I do.

ad hominem.

 

[jyoutz]

It is my understanding that very recently we became a net exporter of energy. If I am not mistaken, that means we produce more than we use.
Even if we didn’t, we can produce more by making it easier. We can stop buying Russian oil. We can insist our allies do the same. They never should have been buying Putin’s gas or oil in the first place.

The oil companies have lots of land to drill and nobody stopping them. They produce according to their marketing plan. Do we offer incentives to produce more?

 

[Hay Dude]

The oil companies have lots of land to drill and nobody stopping them. They produce according to their marketing plan. Do we offer incentives to produce more?

No, but if there ever was a time to do that, right now, we should. People are suffering in the US and theres a genocide in Ukraine.

A rare chance to get a “2-fer”. We could lower gas prices and Koch Putin in the ribs at the same time. Without firing a shot…

There is probably no better time to give oil companies incentives. Let them drill in more places like federal lands and waters.
And our esteemed leaders could grant a federal tax holiday on fuel for a limited time until things stabilize.

 

[sd455dan]

It is my understanding that very recently we became a net exporter of energy. If I am not mistaken, that means we produce more than we use.
Even if we didn’t, we can produce more by making it easier. We can stop buying Russian oil. We can insist our allies do the same. They never should have been buying Putin’s gas or oil in the first place.

I know in some of the areas that were under active well development /drilling when COVID hit and prices for crude and gas dropped to where several companies literally filed reorganizational bankruptcy or went out of business- many bought up by Bigger Fish.
Several fields in the US that were under active development allowed the well drilling permits to expire. Hard to develop wells when you are bleeding massive amounts of cash. Many wells shut in.
Now that prices have spiked the resource companies have opened up any shut in wells and probably refiled the expired permits and are actively moving rigs in and drilling again. It all takes time though. If I was a betting man, A year or so from now US production will be up significantly and hopefully the crude prices will drop and then the pump prices as well.

 

[jyoutz]

No, but if there ever was a time to do that, right now, we should. People are suffering in the US and people are dying in Ukraine.

There is probably no better time to give oil companies incentives. Let them drill in more places like federal lands and waters.
And our ”esteemed leaders” could grant a federal tax holiday on fuel for a limited time until things stabilize.

They have 26 million acres of federal lands currently with active leases. Most have yet to be drilled. And this 26 million acres basically amounts to almost all of the geologically promising oil reserves on federal lands. There are some remaining such as in Alaska but when those lease were offered 3 years ago, no companies bid because production costs are too high in the Arctic. Most of the best oil reserves in the largest oil reserves in the world (Permian basin) are in Texas where there are almost no federal lands. Some of the Permian basin is in New Mexico (about 1/3 each federal, private, state lands). Most of the NM lands already have federal and state leases but many areas have yet to be drilled.

 

[Hay Dude]

I know in some of the areas that were under active well development /drilling when COVID hit and prices for crude and gas dropped to where several companies literally filed reorganizational bankruptcy or went out of business- many bought up by Bigger Fish.
Several fields in the US that were under active development allowed the well drilling permits to expire. Hard to develop wells when you are bleeding massive amounts of cash. Many wells shut in.
Now that prices have spiked the resource companies have opened up any shut in wells and probably refiled the expired permits and are actively moving rigs in and drilling again. It all takes time though. If I was a betting man, A year or so from now US production will be up significantly and hopefully the crude prices will drop and then the pump prices as well.

Oil & gas wells are very expensive to shut down and start back up. I heard there are 10’s of thousands of capped oil & gas wells. I read that they can leak methane gas which is bad for our atmosphere. Why not keep more of them producing and enact easing of restrictions, and building of export terminals and pipelines? This would increase profitability from a production standpoint.

 

[jyoutz]

Oil & gas wells are very expensive to shut down and start back up. I heard there are 10’s of thousands of capped oil & gas wells. I read that they can leak methane gas which is bad for our atmosphere. Why not keep more of them producing and enact easing of restrictions, and building of export terminals and pipelines? This would increase profitability from a production standpoint.

IDK. Oil companies open and close wells based on their marketing strategies. How they make these decisions is considered to be proprietary and confidential to their own company.

 

[Hay Dude]

Federal gas tax is 18.4/gallon. Not a lot, but aa temporary moratorium on it could be a step in the right direction and shows leadership. It could be reinstated once prices come back down. There’s probably 1000’s of pages of federal regulations on oil and gas exploration. Drop some of them until prices relax back into the $3 range.
It’ll help keep our economy moving and reduce retail prices for all the goods that are shipped using fuel.