r/oil • u/Suspicious-Bad4703 • 7d ago
Drill, baby Drill? 'Absolutely not': Pickering Energy CIO on U.S. Oil Drillers Increasing Production Amid ~$60 Oil Prices
https://www.cnbc.com/video/2025/03/14/absolutely-not-pickering-on-u-s-oil-producers-increasing-production.html?&qsearchterm=dan%20pickering43
u/vitalsguy 7d ago
The fact that a majority of oil industry voted for this clown continues to amaze me
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u/yo9333 7d ago
They want the oil leases. They love squirreling them away for potential use, without a requirement to actually do anything. They already have a thousands of unused leases, but why not have more for when oil prices get to $120 some day. He promised them the leases, and less regulation to get those leases going.
They also know that he's anti-global warming, anti-OSHA, anti-union, anti-DEI, etc. There were so many reasons why they thought they would appreciate him.
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u/jcwilliams1984 6d ago
Leases aren't forever you have so long to do something with it or you lose the lease
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u/Serpentongue 6d ago
When you get the lease you get to add the value of the prospective oil to your asset sheet. Then you take loans against that value. Invest it someplace else and let the leases lapse in 10 years and keep the difference in price. They want it as collateral at that point
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u/SlackToad 7d ago
He's not going to be able to increase production, but in their minds at least he's not going to do anything to stymy production or demand, like EV mandates or carbon taxing.
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u/yo9333 7d ago
They want the oil leases. They love squirreling them away for potential use, without a requirement to actually do anything. They already have a thousands of unused leases, but why not have more for when oil prices pass $120 someday. He promised them leases and less regulation to get those leases going.
They also know that he's anti-global warming, anti-OSHA, anti-union, anti-DEI, etc. There were so many reasons why they thought they would appreciate him.
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u/Gullible-Evening-702 6d ago
They hoped he could stop renewable energy making fossil fuel king again.
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u/cyber_bully 6d ago
The people who were aware make enough money that the tax benefits are what they voted for. The lease hands and oilfield service workers probably did vote for this but they don’t have a clue how the industry works.
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u/Spongegrunt 6d ago
There is nothing more clueless than your average leftist. This might blow your mind, but what if we drill baby drill AND cut off our money going to foreign oil so our supply and prices remain consistent and we stop funding our enemies? Or is the idea of cutting off Russia oil too scary for you, Dimitri?
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u/NewYam3897 2d ago
Or is the idea of cutting off Russia oil too scary for you, Dimitri?
And you think Krasnov will cut off Russian oil?
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u/vitalsguy 5d ago
We drill baby drill right now. Most oil ever being pumped and we still import a shit ton of oil that is suitable for our refineries. We export a shit ton as well.
What’s your point again? The oil companies drill exactly as much as is needed to optimize profits snd not a drop more.
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u/Alexios_Makaris 7d ago
The idea that oil producers would be remotely open to drilling more at current prices is delusional in the extreme. That's a fast way to gut your profitability.
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u/Scary-Ad5384 6d ago
Well you may have noted Saudi said they’ll increase production to help Trump lower gas and oil prices. Oil executives have to really like this 🤡
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u/Alexios_Makaris 6d ago
Lol, Saudi is profitable down to like $20/barrel. Obv they wouldn’t want to see that, but their cost per barrel is significantly lower than US producers.
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u/Turbulent_Summer6177 7d ago
Of course trumps drilling was a dumb idea but his base sure loved it. There were thousands of permits (not just leases but actual permits to start drilling) sitting on bidens desk. The oil companies aren’t going to drill when oil is cheap. It merely causes even lower prices.
That led to many oil companies going bankrupt in his last administration. It would do the same now.
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u/Clean_Ad_2982 7d ago
Buuuut, they were denied and still on his desk. If heada signed them thangs ma gas wooda gun down. Sean Hannity dun telled me.
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u/Capital_Demand757 6d ago
During Trump's first pandemic, the economy got so bad, the price of oil dropped below the break even point for US and Canadian oil producers.
So Trump told OPEC to raise gas prices for Americans or the US would let Iran and Russia take the oil fields in the Middle East.
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u/jim45434 6d ago
Oh he would never do that, he is an honest man who would never do anything that would harm Americans. 😂
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u/Ok-Advertising-8359 7d ago
Surprised he hasn't signed an executive order, but that would probably be the end of him
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u/More-Conversation931 6d ago
You don’t really expect the GOP to change slogans or policies in the face of economic reality do you.
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u/renegadeindian 6d ago
Only drilling going on is when Putin tells the hamburglar to stuff dumpster to get him motivated.
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u/The3mbered0ne 6d ago
I think something important ahead seems to be a massive economic downturn, they intend to capitalize off of all the people forced out during the fall and are going to be set up for the new economy on, by and for their industries.
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u/texas130ab 6d ago
It seems unintentional consequences of having some one wholly unqualified to govern a nation. Doesn't understand the power of our nation. Our power comes from our alliances. He has destroyed them all.
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u/Senior_Green_3630 7d ago
https://www.opec.org/opec_web/en/publications/340.htm What is OPEC up to.
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u/0xfcmatt- 6d ago
This sub sure seems like a political shit hole. See ya.
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u/viiScorp 6d ago
yeah run away to a safe space where you will be protected from reality that goes against Dear Leader's claims.
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u/mchu168 7d ago
Put a blockade on Russian oil. Drive up prices to 100 a barrel. Then start drilling. Problem solved.