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As a result of higher expected well-level productivity and higher crude oil prices, we expect U.S. crude oil production...
That's why we're producing more. Because it's worthwhile to get the difficult to reach stuff out of the ground - at the moment.
This isn't the win you think it is. Higher production is meaningless to the average consumer/voter unless it results in lower fuel prices and are you seeing prices go up or down right now?
Let us know when the pump price for unleaded is under $2 again. That's when you can claim a win.
BTW, this is the sort of thing that the phrase, "There are lies, damn lies and statistics" is referring to.
"The American Petroleum Institute said in 2013 that “we’re producing more oil and natural gas despite current federal policy, not as a result of it,” noting that production on federal lands plummeted during his tenure while increasing on private lands."
...
Furthermore, due to all that new oil being produced while Obama was president, the price of oil and gas plummeted in 2014-16. https://www.eia.gov/dnav/pet/hist/Le...PET&s=RWTC&f=M
^
Oil went from $103/barrel in July 2014 to $30/barrel in Feb 2016. We didn't need any additional oil at the time, because we were already overwhelmed with it.
The drilling offshore and on federal lands would not have produced any oil for at least 10 years. That's how long it takes to explore an area and develop any new fields that are discovered. That is, those Obama policies had zero effect on actual oil production while he was in office.
"The American Petroleum Institute said in 2013 that “we’re producing more oil and natural gas despite current federal policy, not as a result of it,” noting that production on federal lands plummeted during his tenure while increasing on private lands."
Cool story, but is it true? It seems it is not, because production on Federal lands has gone up 70% and that's despite of the fact that more than half of all land leased to oil and gas companies remains unused for production. There is no shortage of federal lands land, and the two largest lease auctions in US history were held this year and last year, so they can get all the leases they want (if they want). Of course there is no need to rush into massive increase in production when you can sell less for more while global prices are high.
How much oil and gas comes from federal territory?
Adjustments to the federal land leasing program may change how much energy is produced on federal territory. Published on Mon, November 21, 2022 1:28PM PST | Updated Thu, April 6, 2023
Over the last decade, oil produced on federal territory has increased by roughly 70%. The bulk of this increase comes from onshore oil production, which rose by 200% over the last decade.
The Inflation Reduction Act of 2022 promotes domestic energy production in some specific ways. One provision is a requirement making new leases of federal territory for wind and solar energy dependent on offering federal leases for oil and gas producers.
More than half of all land leased to oil and gas companies remains unused for production.
This isn't the win you think it is. Higher production is meaningless to the average consumer/voter unless it results in lower fuel prices and are you seeing prices go up or down right now?
Around me, prices are down from a year ago, up from 3 years ago, and generally sideways for the past several months.
You realize the US isn't the only oil producer in the world, don't you? If OPEC and other large oil-producing nations cut production, or if they can't or won't raise production in the face of increasing demand, there's nothing the US can do.
Fake news that cannot be verified. All I know is the oil fields I know about have all been shut down by the Biden administration, so I highly doubt this article is true.
so Obama put NO restrictions on US oil production.....
Quote:
Originally Posted by James Bond 007
Except for the terribly inconvenient fact that Obama put no restrictions on US oil production, because it soared under his watch.
Quote:
Originally Posted by Corrie22
"The American Petroleum Institute said in 2013 that “we’re producing more oil and natural gas despite current federal policy, not as a result of it,” noting that production on federal lands plummeted during his tenure while increasing on private lands."
"Mr. Obama also promoted policies designed to curb fossil-fuel usage and production, including the Clean Power Plan; the federal methane rule; federal restrictions on hydraulic fracturing; the rejection of the Keystone XL pipeline, and the Paris climate accord."
Fake news that cannot be verified. All I know is the oil fields I know about have all been shut down by the Biden administration, so I highly doubt this article is true.
So un-original.
Quote:
Originally Posted by James Bond 007
So, when the EIA under Trump tells everyone that US oil production reached a new record, conservatives laud the great achievement.
But when the EIA under Biden tells everyone that US oil production is about to reach new records, suddenly the statistics are lying.
Got it.
I mean - seriously! Can't you guys come up with a better excuse than, "The data doesn't fit my preconceived notion of what's supposed to happen so it must be false?" Surely there's some more original excuse you guys can think of than that.
On the other hand, I guess it's the same as, "The election results don't fit my preconceived notion of what's supposed to happen so it must be false." Right-wingers just prefer to live in their own made-up fantasy world rather than in reality.
When Obama took office, the US was producing 5.144 million barrels/day. By the time he left office the US was producing 8.874 million barrels/day.
How many more "facts" do right-wingers have to make up to support their claims?
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Can't you guys come up with a better excuse than, "The data doesn't fit my preconceived notion of what's supposed to happen so it must be false?" Surely there's some more original excuse you guys can think of than that.
