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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: 5419569" data-attributes="member: 58386"><p>Like the rest of you people you never bothered to check on the EIA numbers. According to the EIA US domestic oil production will average 11.91 MPD in 2022 and rise to A NEW RECORD 12.77 MBD next year. This is entirely in keeping with what US oil companies have been saying for the past year or more. Their drilling schedule will only increase US oil production by a small amount in order to keep prices high in order to make good on it's well publicized plan to return an astounding 25-75% of it's free cash back to shareholders,</p><p></p><p>And BTW the word is CONSERVATION as in finding ways to use no longer cheap fossil fuels in a more efficient manner. Not political conservatism. And for that matter as Professor Siegal of the Wharton School Of Business pointed out, today we are only using ne fourth the amount of energy to produce a dollar of GDP than we did in the 1970's. So we're making progress.</p></blockquote><p></p>
[QUOTE="bacha29, post: 5419569, member: 58386"] Like the rest of you people you never bothered to check on the EIA numbers. According to the EIA US domestic oil production will average 11.91 MPD in 2022 and rise to A NEW RECORD 12.77 MBD next year. This is entirely in keeping with what US oil companies have been saying for the past year or more. Their drilling schedule will only increase US oil production by a small amount in order to keep prices high in order to make good on it's well publicized plan to return an astounding 25-75% of it's free cash back to shareholders, And BTW the word is CONSERVATION as in finding ways to use no longer cheap fossil fuels in a more efficient manner. Not political conservatism. And for that matter as Professor Siegal of the Wharton School Of Business pointed out, today we are only using ne fourth the amount of energy to produce a dollar of GDP than we did in the 1970's. So we're making progress. [/QUOTE]
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BIDEN BLOWS UP OIL PRICES BY CANCELLING DRILLING IN U.S. NOW BEGS OPEC
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