How much oil can Trump pump? Trump’s wish to “drill, baby, drill” will run up against the hard realities of the energy market. The president-elect is setting himself up to fail. American oil is pumped by private firms, which make their own decisions. Shale firms have little incentive to drill more.
Source: mafco
17 Comments
Trump’s mantra to drill more is as fake as Kristi Noem’s boobs. Why would American oil producers drill more, at more cost, to reduce their profits?
I would not discount the magic of massive subsidies, giveaways and deregulation of that particular industry.
Only gullible people believe he’s ever telling the truth.
He will never reach Biden level oil production
Makes sense. USA is currently producing more oil than ever but republicans only understand so many words. Gotta say border and oil or you cant keep their attention. Im sure the oil companies love the idea of producing more at a higher cost to them and at less of a profit because of high supply.
Let him fail, he’ll just blame it on someone else anyway.
A complete crock of crap…last time (4/2020) he did a deal with Russia and Saudi Arabia to lower oil production. We know now that was to raise the price of oil and help pay for Papa Putin’s war.
The thing about Trump is, he doesn’t have to do anything. He just has to say he has increased oil production and his cult will believe him and vote for him again.
You must have been asleep during his first term
Also. Very important thing here. The US pumps light crude oil. We only have refineries for heavy crude. No matter how much light crude we pump (and we’re pumping more than ever before) we will have to export it.
It would take trillions and trillions of dollars, many many years, thousands and thousands miles of pipelines and infrastructure, and a huge influx of knowledge and talent to build what’s necessary for light crude refinement.
It’s cheaper to pump and sell vs build the light crude infrastructure.
What I don’t understand is what are we doing about refining? My understanding is we are at over 90% of refining capacity, and I don’t think we are getting close to 100%. Drilling more will just lead to exporting the crude, which is great for the gas companies, but not for gas prices.
My understanding is that going from planning a refinery to refining takes about a decade. Expanding an existing refinery is faster but not fast. I’m not seeing what more drilling will do.
So many Trump fans are saying that lower energy prices will cause prices to drop. Gas was $2.60 a gallon when Trump’s term ended (during COVID), and $2. 70 when COVID hit. We are about there now.
Didn’t some of these oil CEOs also say something, paraphrasing, that they’re not going to significantly ramp up production the next several years, and that their focus is on shareholder returns?
Only the King of Bankruptcies would push a fossil fuel that’s declining in price and usage worldwide. It’s all about revenge for Biden’s wildly successful IRA, not for the good of the USA.
They’re not going to do it just because he says, if anything, if he follows through on all the tarrifs americans will be so hit in their pocketbooks you’ll probably see a ton less traveling and vacationing which will leave them with a surplus. maybe that lowers prices, but it won’t be due to more drilling.
Its as If he doesn’t know or understand what the fossil fuel industry wants, even if they paid him for it in the form of campaign donations
Oh he wasn’t talking about oil
No one is ever set up to fail when they can lie without consequences. Say “drill, baby, drill” and whatever it takes to fleece the populace to get elected. There is no recourse if you don’t follow through later. If someone calls you on it, you lie and say you never said that or you make up a new lie. This is the way it goes with the orange monster.