Trump’s energy policies face setbacks as oil barons resist production boost. “Drill Baby Drill” presupposed that with Trump in power, drillers would shrug off woke snowflake regulations, rip into wild lands and open a floodgate of oil. In reality the industry is not interested in opening the spigots
Source: mafco
30 Comments
It’s almost as if they don’t understand capitalism. I know his supporters don’t, but damn this is pathetic.
You’re not going to maintain $75 oil by pumping more of that shit up..
We really are governed by idiots!
Only a guy who bankrupted himself by building two overpriced casinos close enough together to cannibalize each other’s profits would think energy companies should spend huge amounts of capital to generate excess supply and destroy their own profit margins.
They seem to have a weird concept they actually need to turn a profit these days.
By the way, has Trump administration announced anything about the Keystone pipeline? That used to be the hot potato that was traditionally on/off the moment the new administration enters the WH
Aren’t all refineries operating at near maximum capacity? Are any new ones being built?
Except that drilling has gone up for the last 2 months but dont let the facts get in the way of your TDS
The problem with Trump’s drill baby drill policy is that the more oil produced causes the price of oil to drop. Oil companies lose money when the price of oil drops, why would they want to produce more oil, it will just cut into their profits.
They still want less regulation to pollute our air and waters for higher profits, guys. It isn’t just about increasing output.
It’s quite simple. If u add more oil to the supply then producing wells will fall below their break even and have to shut down.
This is performative nonsense for morons who don’t understand the economics around drilling for oil.
I’ve seen estimates that contend a new well in the US requires oil to be at least $70ish a barrel to break even. Trump seems to not understand how Capitalism (or really anything else) works.
Well, Trump will certainly call out these oil tycoons for not complying with… Oops. He’s blaming trans people.
Maybe if we could get Russia to invade us and murder our citizens, then the Trump administration could just seize the oil itself? That’s how we do things now, right?
Yeah, drilling in the Artic makes a lot of sense when permafrost is deteriorating to the point of sinking oil equipment, and hydrocarbon companies don’t want to see their equipment lost…but climate change is a hoax.
Unless BP and Exxon decide to increase refinery volume we can drill ourselves to death without dropping the cost of fuel a penny.
“Continue baby continue” should have been this idiots slogan. His idiot pompom shakers somehow thought we were running short apparently ignoring our production already being the highest on record.
The whole “unleash American energy” campaign presupposes that oil production was somehow “leashed” under the previous administration. The problem is that it was just a Republican lie. US oil and natural gas production hit record high levels under the Biden administration and the industry made record profits. It was already drilling as much as it wanted to and as much as made economic sense for the industry. So now it’s all just pure theatrics to keep up the pretense of a blatant Trump lie. Oh the tangled web we weave…
Its more about money. If you flood the market with oil, prices plummet. The oil barons like where the supply meets demand price is set.
Drill baybee drill. Like, umm, where?
The funny thing is that we have a vivid example of what makes sense in an oil economy. Look at Saudi Arabia.
They could easily pump more oil, but they do not, because they want to keep prices up. They don’t give a shit about environmental ramifications; they are doing it for the money.
Saudi Arabia also just announced that they are building the largest battery storage facility in the world, and having China do it.
That is a petro state. Right wing religious anti-renewable rhetoric falls apart when the most vivid example of a petro state in the world is purposefully drilling less than it could, and is investing billions of dollars in solar energy and distribution, and they aren’t primarily concerned with the environment.
No money in it. They will tell dumpster to have Putin “drill baby drill” in dumpster’s hind end!! 😆😆😆
While we’re at it, demand De Beers release their diamond stockpiles and absolutely destroy prices. They’ll love that.
Can’t really get tired of explaining to hard-core “capitalists” that what they’re advocating for is increasing supply to sink prices…which no company in no industry is advocating for.
Laying off a hundreds of thousands of people will surely help demand. Cutting Medicaid, Social Security and SNAP will definitely help demand. Having Europe, Canada and Mexico not want our goods and services will help demand.
Probably for the same reason the diamond industry doesn’t flood the markets with diamonds lol – false supply theory 👌🏻
Trump is simply a horrible businessman, his multiple bankruptcies are proof of that. He comes to the table with a 3rd graders’ intellect, while the others are adults with business acumen. His next bk will be the USA.
MAGA: “Making America Go-bust Again”
It’s almost like the very idea of “drill baby drill” would impact the extreme profitability of the oil industry.
They know Trump is Lying & isn’t Intelligent enough for this job
It’s like…someone doesn’t understand supply and demand.
Trump wants the land torn up so environmentalists won’t have anything to protect.