‘Drill, Baby, Drill’ Is Unlikely Under Trump, Exxon Says. Oil and gas producers in the US will not raise output significantly in the coming years despite calls from Trump. The US is currently pumping more crude per day than every other nation. Exxon also praised the Inflation Reduction Act.
Source: mafco
35 Comments
We’ll see when the rubber meets the road..
they’re basically saying – in rich people language
” We expect same or increased profits regardless of output levels”
and
” Don’t expect a discount | take it or leave it”
A little rude don’t you think?
Suck it Trump
anything on reddit that mentions the cheeto instantly turns to shit, nothing in the comments but propaganda bots and brainrotted maga who believe the bots are real people and are happy to parrot. I miss the old internet.
anyway, oil’s gonna capitalism, and for once it might be in the favor of our climate (for now). that’s nice i guess.
If that’s true then why are gas prices still so high
True, there is zero reason to pump more oil.
Cool. So brave of them to take a stance a month after the election.
Trump voters don’t understand that in the US, decisions on when to “drill baby drill” are not made by the president or the government. Instead, the for-profit corporations and their lenders make the decisions. Drilling costs money. It is known as CapEx, or capital expenditures. Lenders don’t want capex to happen if it will likely result in overproduction because too much supply drives down price. Drillers who get a lower price for the commodity they produce (oil, gas) have a harder time paying back lenders.
For-profit corporations want to maximize profits — not production. If too much production increases supply to overwhelm demand, prices fall. Yes, you might pay less st the pump — but no driller will increase production just to lower gas prices. They want profits and don’t give a damn whether consumers pay more or less. Their duty is to their shareholders — not to you.
The fracking revolution resulted in such a massive surge in natural gas production that it drove down the price to the point that many drillers went bankrupt. Lenders hate that because loan defaults mean the lenders lose too.
Trump can’t spur the Exxons of the world to produce more oil and gas than the laws of supply and demand tell Exxon would be the most profitable.
Trump votes don’t get that. And Democrats didn’t even try to educate the persuadable voters who either stayed home this time (many millions) or who voted for Trump out of the mistaken belief that he was “good for the economy” or even more laughable, a good businessman. Very sad. Facts matter.
Sounds monopolistic… Exxon literally saying they don’t have to increase productivity to stay competitive. Maybe the trump admin should break up some of these guys and see how they react.
Rigs are being stacked out and layoffs all over the patch. Even if OPEC holds to its lowered production we’ve still got a glut.
They might not drill more but I can guarantee theyll buy up public land for cheap and sit on it until they need it
Basically all successful energy companies plan for the long term. Investments have already been made.. they aren’t going to abandon that for some idiot.
Presidents come and go, Exxon is forever..
“But hey, thanks for the tax cuts.”
Oil is already too expensive to extract. So extracting more lowers the price which lowers the margin.
Pakistan is purchasing loads of solar panels. Not because they are worried about climate change. It is because it is cheap energy.
EV’s are also cheaper to run and maintain compared to ICE cars.
Thrump did not save the coal industry and won’t prevent peak oil. Because it is an inefficient infrastructure. It was a great stepping stone last century but now we have better stones.
Yeah our state parks in Ohio.
You mean to tell me trump doesn’t know what he is talking about? Shocked….
Inb4 Trump retaliates against Exxon for disagreeing with him due to facts and reality, and also due to Biden admin praise
But then how are we supposed to get a dollar fifty/gal. by Jan. 21st?
The CEO of an oil company saying that something that would cause his profits to be reduced is going to fail? Color me shocked.
It should also be noted that republicans voted to sell all the oil internationally rather than maintaining a ban on selling our oil overseas, which is why gas prices are still so high. Thanks Trump and crew.
“The US is currently pumping more crude per day than every other nation.” For which Trump will promptly take credit for.
More gas means lower gas prices and gas companies don’t want that.
I paid $2.77 for gas today. How much lower can it go?
Headline Coming Soon: Trump Nationalizes Exxon
**NOTHING runs on crude oil.** We need refineries. That’s what we’re short on.
Don’t think they will see this reported on Fox.
They will still demand new federal land leases knowing they have no plans to develop them though
Most US oil is exported. We burn mostly imported oil as gasoline and diesel. This will not change.
And yet gas is still high ..
You mean the president doesn’t control drilling and gas prices?
Let’s check this next year
Forbes posted the opposite of this. We shall see
That’s because they are waist deep in carbon capture storage-
What is worse is Saudi Arabia has announced that they will start producing more oil. And the Republicans say there is no foreign influence in our politics.
Plus, during a the Pandemic under Trump and oil hit below $65 a barrel most Fracking Companies went bankrupt.