All by design..

[Pete]

Americans should prepare for gas prices to keep rising, analysts warn

 

Major petroleum refinery snags and policies disincentivizing more fossil fuel production or nationwide refinery capacity have contributed to the price uptick, the analysts said. In addition, the powerful Middle East oil cartel the Organization of the Petroleum Exporting Countries (OPEC) and Russia are expected to announce a massive production cut of up to 1-2 million barrels per day on Wednesday, Reuters reported.

"What OPEC might do very much could dictate where we go by the end of the year," Patrick De Haan, head of petroleum analysis at GasBuddy, told FOX Business in an interview. 

"I had expected at least a good potential that the national average could fall under $3 a gallon, but I think OPEC just threw a bucket of cold water on that by signaling its intentions to be well ahead of any economic slowdown," he continued. "Global inventories for oil remain extremely tight and it's very clear that OPEC is growing addicted to triple digit oil."

https://www.foxbusiness.com/politics/americans-should-prepare-gas-prices-keep-rising-analysts-warn

 

[racer254]

The stark differences between Biden and Trump prove why this is happening.  Remember, Trump was buying oil when it was cheap and Biden was selling our oil to china. 

[Pete]

Trump= energy independence 

Biden= shut everything down on day one just because we hate trump. Fuck the American ppl.

[Skidooski]

30 minutes ago, Pete said:

Trump= energy independence 

Biden= shut everything down on day one just because we hate trump. Fuck the American ppl.

Define energy independence

[racer254]

Energy Independence = Depend more on our own domestic oil more than foreign oil.  Not a hard concept.

In 2018 when Trump was POTUS, the U.S. exported more oil than we imported, for the first time in 70-plus years.

[Jimmy Snacks]

40 minutes ago, Pete said:

Trump= energy independence 

Biden= shut everything down on day one just because we hate trump. Fuck the American ppl.

Yep…all shut down…PLUGS!!!!!!!!😂

 

U.S. crude oil production in our forecast averages 11.8 million barrels per day (b/d) in 2022 and 12.6 million b/d in 2023, which would set a record for the most U.S. crude oil production during a year. The current record is 12.3 million b/d, set in 2019.

[Jimmy Snacks]

Shareholders come first….

 

US shale producers have kept a lid on growth even as oil prices surged this year, prioritizing payouts to shareholders over gushing wells, a practice Barclays analysts believe will continue into next year. 

[Jimmy Snacks]

Global Demand, U.S. Production Nearing Record Highs

HOUSTON–In the February Short-Term Energy Outlook, the U.S. Energy Information Administration says 2022 global oil consumption will surge past 2019’s record 100.3 million barrels a day, climbing 3.5 million MMbbl/d year-over-year to average 100.6 MMbbl/d this year followed by another 1.9 MMbbl/d increase next year to an average 102.5 MMbbl/d. In January, global demand reached 99.0 MMbbl/d, representing a 6.6 MMbbl/d jump from January 2021.

Furthermore, responding to robust demand and crude oil prices touching their highest levels in seven years, EIA reports that U.S. crude oil production is also on the rise, and is forecast to eclipse the 12.3 MMbbl/d pre-pandemic peak set in 2019. On November, U.S. output surged to 11.8 MMbbl/d, the most in any month since April 2020. For full-year 2022, the agency projects production climbing to an average of 12.0 MMbbl/d and then continue growing to a new historical annual high of 12.6 MMbbl/d in 2023.

To absolutely no one’s surprise, the Permian Basin is leading the impressive rebound in U.S. oil production. EIA data indicates that for the first time in its long history the Permian is producing more than 5 MMbbl/d–a stunning five-fold increase over the past decade.

In a research note issued in early February, data analysis firm Lium LLC projected that U.S. oil output will expand by more than 1 MMbbl/d this year, with private operators-which represent more than one-third of total U.S. production-expected to continue ramping completion activity but large independents and major oil companies also stepping up activity and investment levels.

“Field level datapoints in recent weeks have highlighted a surge in fracturing activity, which we believe will translate into a production inflection by mid-year,” the firm wrote. “The industry is finding (and we think will continue to find) a way to put plenty of service activity into the field.”

Exxon Mobil Corp. said in early February that it plans to increase output by 25% this year in the Permian, and Chevron Corp. signaled that it plans to ramp up its Permian production by 10%.

Increased Well Productivity

Permian operators are achieving that growth through increased activity as well as increased per-well productivities, points out Rystad Energy. The average productivity of new wells in the basin is poised hit a record high this year, in large part because of increasing completed lateral lengths, according to Rystad. 

FIGURE 1

New Permian Basin Well Productivities
and Lateral Lengths

 

“New wells are expected to break the 1,000 barrels of oil equivalent a day threshold for the first time on record, rising from the 974 boe/d achieved in 2021,” Artem Abramov, head of shale research, stated in a report. “Average daily production levels have steadily climbed since 2010, closely aligned with horizontal well length, which is expected to reach 9,500 feet in 2022.”

The total completed lateral footage of wells in the Permian is expected to reach a record 50 million feet in 2022, beating 2021’s total of 45.8 million feet and racing past pre-pandemic levels of 47.5 million feet in 2019. Abramov notes that operators only started using ultra-long laterals wells of up to three miles in length in the basin in 2014, but their popularity has quickly grown.

“Their market share has rocketed in recent years, representing only 4% of completions in 2017 versus 18% in 2021. However, considering total completed lateral footage in 2021, these wells accounted for as much as 23% of completions,” he says.

The average horizontal well length in the Permian increased to 9,300 feet in 2021, up from 9,000 feet in 2020, and bucking the overall trend of average US shale well lengths, which stayed relatively stagnant. This increase signals a growing trend among operators to favor longer wells with an eye on increased productivity, according to Abramov.

“The Permian is now entering a three-mile lateral era,” he comments. “Such long wells were viewed as inferior for their high finding and development costs in some deeper zones just a few years ago, but modern equipment and completion methods allow extended reach wells to spread across the entire basin.”

The perforated length of the horizontal section of a well has always been viewed as a critical driver of well productivity and costs. When unconventional development began, horizontal well lengths were short, with most under 5,500 feet, the equivalent of about a mile. As technology and mechanical capabilities have advanced, well lengths have increased, helping new wells be more productive, Abramov explains. Well productivity is measured over the first 180 days after a well starts producing oil due to the front-loaded nature of unconventional oil production.

Lateral footage of individual wells has expanded as operators increase efficiency and boost production. However, it may be too early to view the increase in ultra-long laterals between 2.5 and 3.0 miles as an industrywide trend in the Permian, Abramov relates, pointing out that some key operators contribute to this segment with a disproportionally large weightage relative to their total number of completions.

For example, he says Pioneer Natural Resources–the largest operator in the basin–accounted for 12.6% of total Permian horizontal completions in 2020-21, including wells originally completed by DoublePoint Energy, Parsley Energy and Jagged Peak Energy (all of which were acquired by Pioneer). Yet, Pioneer accounted for as much as 18.6% of completions with a perforated length greater than 12,500 feet.

 

 

https://www.aogr.com/web-exclusives/exclusive-story/global-demand-u.s-production-nearing-record-highs

Edited October 5, 2022 by Jimmy Snacks

[EvilBird]

gOtTA sToP pUtIN aT aLL cOsTs

[Skidooski]

35 minutes ago, racer254 said:

Energy Independence = Depend more on our own domestic oil more than foreign oil.  Not a hard concept.

In 2018 when Trump was POTUS, the U.S. exported more oil than we imported, for the first time in 70-plus years.

If energy independence means we don't import oil, then that hasn’t been true since the 1940s. If it means we export more energy than we import, then we became energy independent in 2019 (following a decade of soaring oil and gas production), but we remain energy independent today.

 

Others may define energy independence as producing more than we consume. In that case, we reached that milestone in 2020. It was primarily a result of a sharp drop in consumption because of the Covid-19 pandemic, accompanied by a smaller drop in energy production that year. But, that milestone remained intact in 2021

[01mxz800]

My definition of energy independence is produce what we need and fuck exports and opec 

[toslow]

46 minutes ago, Jimmy Snacks said:

Yep…all shut down…PLUGS!!!!!!!!😂

 

U.S. crude oil production in our forecast averages 11.8 million barrels per day (b/d) in 2022 and 12.6 million b/d in 2023, which would set a record for the most U.S. crude oil production during a year. The current record is 12.3 million b/d, set in 2019.

Maxed out with the wells they have.

No new wells or contracts coming online 

[Pete]

4 minutes ago, 01mxz800 said:

My definition of energy independence is produce what we need and fuck exports and opec 

Trump did this. But the left can’t stand him or the American ppl so they purposely fucked over every American so they can show the world how much they hate trump. That’s all this is about 

[Pete]

2 minutes ago, toslow said:

Maxed out with the wells they have.

No new wells or contracts coming online 

Now your going to hurt his pussy.. can’t talk bad of the left 

[Skidooski]

2 minutes ago, Pete said:

Trump did this. But the left can’t stand him or the American ppl so they purposely fucked over every American so they can show the world how much they hate trump. That’s all this is about 

Trump got us 100% self sufficient?

[Steve753]

9 minutes ago, Pete said:

Trump did this. But the left can’t stand him or the American ppl so they purposely fucked over every American so they can show the world how much they hate trump. That’s all this is about 

Trump had us producing more than we imported. Nothing more. We still needed imported oil.

[Steve753]

16 minutes ago, 01mxz800 said:

My definition of energy independence is produce what we need and fuck exports and opec 

Impossible. 

[racer254]

14 minutes ago, Skidooski said:

Trump got us 100% self sufficient?

More so than any other POTUS in the last 70 years.  And the left would burn American to the ground to try and prove this incorrect.

 

Edited October 5, 2022 by racer254

[racer254]

    04:37 PM ET 12/07/2018
Energy Security: Last week, the U.S. exported more oil than we imported, for the first time in 70-plus years. And it happened not because of decades of federal "energy policies," but despite them.
X

Since Richard Nixon was in the White House, presidents have pushed national energy plans that, they said, would reduce the country's dependence on foreign oil. These plans all had one thing in common — they all assumed that increased domestic oil production couldn't solve the problem.

Instead, from Nixon on down, Republican and Democratic presidents declared that the only way to achieve energy independence was through some combination of strict conservation measures and "alternative" forms of energy.
Energy Independence Promises

In 1973, for example, Nixon declared that "the answer to our long-term needs lies in developing new forms of energy." He promised to spend $10 billion researching it. That year, Nixon also announced "a conservation drive" that he said would cut personal energy consumption by 5%. And he proposed creating a new Department of Energy.

A few years later, Jimmy Carter signed the Energy Security Act of 1980, which created the disastrous Synthetic Fuel Corporation, calling it "the cornerstone of U.S. energy policy." He imposed fuel economy mandates on cars. And he urged people to turn down their thermostats in the winter.
Bill Clinton proposed creating "energy independent areas" that relied on renewables, efficiency, and homegrown energy. He claimed these would "prove to the rest of the world that energy independence built on clean energy can occur."
George W. Bush said in 2006 that "America is addicted to oil." The next year he signed the "Energy Independence and Security Act," which imposed tougher fuel-efficiency standards on vehicles, mandated ethanol use in gasoline, and imposed various new conservation mandates.

Barack Obama continued to advocate these well-trod prescriptions, while repeatedly insisting that America could not "drill our way" to independence.

None of it worked. Except for a brief respite in the early 1980s (when Ronald Reagan decontrolled oil prices) oil imports steadily increased.
A Radical Change

Then President Donald Trump took office and announced a radical departure from 50 years of received energy "wisdom." In a speech to the Energy Department months after taking office, he said that for decades leaders peddled the myth of energy scarcity. Most of it is self-imposed, he said. What the country needs, he said, isn't "alternative" energy, or new austerity measures. It's a government that "promotes energy development." Trump listed actions he was taking to lift federal impediments to energy production.

Lo and behold, Trump was right.

Advanced drilling technologies have opened vast expanses of domestic oil and natural gas. And as domestic production skyrocketed, imports have been steadily dropping.

Trump doesn't deserve the credit for this boom. Oil companies do. But unlike his predecessors, Trump understands that energy independence doesn't require yet another "energy plan" that tells people to wear more sweaters in the winter and wastes money on "new" energy sources.

It just requires government to get out of the way so that oil companies can get at the vast supplies of good old oil and gas right under U.S. soil.

 

https://www.investors.com/politics/editorials/energy-independence-trump/

[Ez ryder]

1 hour ago, Skidooski said:

Define energy independence

Not having to get our oil and nat gas and coal from any place but north America.  Unless there is a fire sale someplace and we can cap off our reserves for cheep as fuck .

 

[Jimmy Snacks]

22 minutes ago, Pete said:

Trump did this. But the left can’t stand him or the American ppl so they purposely fucked over every American so they can show the world how much they hate trump. That’s all this is about 

 

21 minutes ago, Pete said:

Now your going to hurt his pussy.. can’t talk bad of the left 

All good here Derpo and I didn’t mention Trump at all…go be angry somewhere else lil fella.😉

[Ez ryder]

Further more imho no oil pulled out of America should be allowed to leave America especaly if out of a fed lease . Not that permits to drill are getting approved for the lease any longer any way. 

[Jimmy Snacks]

1 minute ago, Ez ryder said:

Further more imho no oil pulled out of America should be allowed to leave America especaly if out of a fed lease . Not that permits to drill are getting approved for the lease any longer any way. 

So you want to nationalize oil companies…interesting.

[Crnr2Crnr]

2 hours ago, racer254 said:

The stark differences between Biden and Trump prove why this is happening.  Remember, Trump was buying oil when it was cheap and Biden was selling our oil to china. 

OTB 

False 

It was sold on the global market

No I did not agree with the decision but it was a knee jerk to reduce gas prices 

 

 

[Crnr2Crnr]

52 minutes ago, Ez ryder said:

Further more imho no oil pulled out of America should be allowed to leave America especaly if out of a fed lease . Not that permits to drill are getting approved for the lease any longer any way. 

💡 we don't use all of the oil we produce to make fuel 💡