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BIDEN BLOWS UP OIL PRICES BY CANCELLING DRILLING IN U.S. NOW BEGS OPEC
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<blockquote data-quote="bacha29" data-source="post: 5153412" data-attributes="member: 58386"><p>In 2021 the US Department of Energy issued 4881 onshore drilling permits compared to 4631 in 2020. US Department of Energy now has more than 9,000 approved on shore and off shore drilling permits there for the taking.</p><p>So why do they still sit there? Oil that isn't cheap to get at and the current price isn't high enough. </p><p></p><p>Scott Sheffield make something abundantly clear a few weeks ago on CNBC. He pointed to the fact that the industry has undergone 3 price collapses in the past 11 years with the worst being 2 years ago when crude oil went to NEGATIVE 35 bucks barrel . He went on to explain that these price collapses will never be allowed happen again . Their sole focus now is to restore and preserve stakeholder equity. </p><p></p><p>Problem with you free market capitalists is that you're all fair weather free market capitalists. As long as free market supply and demand forces are tipped in your favor, capitalism is the greatest thing in the world....but not so much when they don't and there's no guarantee that they will always be in your favor.</p></blockquote><p></p>
[QUOTE="bacha29, post: 5153412, member: 58386"] In 2021 the US Department of Energy issued 4881 onshore drilling permits compared to 4631 in 2020. US Department of Energy now has more than 9,000 approved on shore and off shore drilling permits there for the taking. So why do they still sit there? Oil that isn't cheap to get at and the current price isn't high enough. Scott Sheffield make something abundantly clear a few weeks ago on CNBC. He pointed to the fact that the industry has undergone 3 price collapses in the past 11 years with the worst being 2 years ago when crude oil went to NEGATIVE 35 bucks barrel . He went on to explain that these price collapses will never be allowed happen again . Their sole focus now is to restore and preserve stakeholder equity. Problem with you free market capitalists is that you're all fair weather free market capitalists. As long as free market supply and demand forces are tipped in your favor, capitalism is the greatest thing in the world....but not so much when they don't and there's no guarantee that they will always be in your favor. [/QUOTE]
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BIDEN BLOWS UP OIL PRICES BY CANCELLING DRILLING IN U.S. NOW BEGS OPEC
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