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Well. Therein lies your answer along with market forces. What’s your solution to the problem you posed?Binger wrote: ↑Tue Jun 28, 2022 1:59 amI don't know.Doctor CamNC4Me wrote: ↑Tue Jun 28, 2022 1:35 amWhat percentage of oil wells, leased to or owned by American companies on American land, are in full production?
- Doc
It's going to take a red wave and a return of Donald Trump to the presidency before investors will trust the government enough to invest in these permits. Why would any investor dump several billion in capital into an oil field that you'll only be allowed to pump a $1 million worth of oil before it's canceled again just like the Keystone Pipeline was.
Doctor CamNC4Me wrote: ↑Tue Jun 28, 2022 4:47 pmWell. Therein lies your answer along with market forces. What’s your solution to the problem you posed?
- Doc
The problem I identified was that Macron was telling Biden that the Saudis can't produce more. The solution to that is for Biden to pay more attention and prepare for that scenario before it is too late.According to the Department of the Interior (DOI), of the more than 11 million acres of offshore federal waters already under lease in the U.S., 75.58 percent, or 8.29 million acres, are non-producing.
I'm going to go out on a limb that crude production investment trepidation might be slightly more reflexive of recent memory of millions of barrels of oil being sold off for free, more-so than a single transportation infrastructure project being a long running political hot potato.Hawkeye wrote: ↑Tue Jun 28, 2022 6:32 pmIt's going to take a red wave and a return of Donald Trump to the presidency before investors will trust the government enough to invest in these permits. Why would any investor dump several billion in capital into an oil field that you'll only be allowed to pump a $1 million worth of oil before it's canceled again just like the Keystone Pipeline was.
I understand supply and demand very well, do you? I also understand corporate finance and capital project finance for the oilpatch with specific experience in oilfield services, exploration and production and refining, do you? I also understand the difference between drilling and producing, do you? I have been on many drilling rigs and on many offshore platforms. I have financed construction of jackups, semisubmersibles and drillships. The co-founder of my company was a CFO for two offshore drilling companies. I published an offshore drilling monthly with the data for every publicly owned offshore drilling rig in the world. So yeah, when someone who says "not drilling despite the high market price of oil" I get to laugh my ass off because of the absolute absurdity of the comment.
Are you suggesting that the pipeline, had it been finished, would’ve resulted in significantly cheaper fuel at the gas pump?Binger wrote: ↑Tue Jun 28, 2022 6:51 pmDoctor CamNC4Me wrote: ↑Tue Jun 28, 2022 4:47 pm
Well. Therein lies your answer along with market forces. What’s your solution to the problem you posed?
- DocThe problem I identified was that Macron was telling Biden that the Saudis can't produce more. The solution to that is for Biden to pay more attention and prepare for that scenario before it is too late.According to the Department of the Interior (DOI), of the more than 11 million acres of offshore federal waters already under lease in the U.S., 75.58 percent, or 8.29 million acres, are non-producing.
The other problem I identified was that a capital infrastructure project (Keystone) was cancelled after it was contracted and permitted. The solution for that is to not have politicians cancelling capital projects based on willy-nilly ideological BS.
No. What is not clear about that?Doctor CamNC4Me wrote: ↑Tue Jun 28, 2022 7:26 pmAre you suggesting that the pipeline, had it been finished, would’ve resulted in significantly cheaper fuel at the gas pump?Binger wrote: ↑Tue Jun 28, 2022 6:51 pm
The problem I identified was that Macron was telling Biden that the Saudis can't produce more. The solution to that is for Biden to pay more attention and prepare for that scenario before it is too late.
The other problem I identified was that a capital infrastructure project (Keystone) was cancelled after it was contracted and permitted. The solution for that is to not have politicians cancelling capital projects based on willy-nilly ideological BS.
- Doc
You are on very solid ground. You are not on a limb.Doctor Steuss wrote: ↑Tue Jun 28, 2022 6:54 pmI'm going to go out on a limb that crude production investment trepidation might be slightly more reflexive of recent memory of millions of barrels of oil being sold off for free, more-so than a single transportation infrastructure project being a long running political hot potato.Hawkeye wrote: ↑Tue Jun 28, 2022 6:32 pmIt's going to take a red wave and a return of Donald Trump to the presidency before investors will trust the government enough to invest in these permits. Why would any investor dump several billion in capital into an oil field that you'll only be allowed to pump a $1 million worth of oil before it's canceled again just like the Keystone Pipeline was.
Not just free oil, but 14,913 crude contracts traded hands at negative prices in a single day. Investors literally bought futures contracts for crude oil for free, and still lost their asses (by almost $40 a barrel). Just one investment brokerage firm (Interactive Brokers) had to get $88 million out of their own reserves to help cover the losses of investor customers. That was just from the investors that couldn't cover their own losses at a single broker... on a single day.
That's not even taking into account the current state of wonkiness in how the investor class is operating (taken a look at dividend yields lately, in comparison to stock price performance? It's bonkers. Think Ford investor shenanigans on steroids.).
https://www.institutionalinvestor.com/a ... in-History
You don't really believe those are "problems" that you "identified."Binger wrote: ↑Tue Jun 28, 2022 6:51 pmDoctor CamNC4Me wrote: ↑Tue Jun 28, 2022 4:47 pm
Well. Therein lies your answer along with market forces. What’s your solution to the problem you posed?
- DocThe problem I identified was that Macron was telling Biden that the Saudis can't produce more. The solution to that is for Biden to pay more attention and prepare for that scenario before it is too late.According to the Department of the Interior (DOI), of the more than 11 million acres of offshore federal waters already under lease in the U.S., 75.58 percent, or 8.29 million acres, are non-producing.
The other problem I identified was that a capital infrastructure project (Keystone) was cancelled after it was contracted and permitted. The solution for that is to not have politicians cancelling capital projects based on willy-nilly ideological B.S..
Binger wrote: ↑Tue Jun 28, 2022 7:08 pmI understand supply and demand very well, do you? I also understand corporate finance and capital project finance for the oilpatch with specific experience in oilfield services, exploration and production and refining, do you? I also understand the difference between drilling and producing, do you? I have been on many drilling rigs and on many offshore platforms. I have financed construction of jackups, semisubmersibles and drillships. The co-founder of my company was a CFO for two offshore drilling companies. I published an offshore drilling monthly with the data for every publicly owned offshore drilling rig in the world. So yeah, when someone who says "not drilling despite the high market price of oil" I get to laugh my ass off because of the absolute absurdity of the comment.
I have also worked closely with the seismic companies, onshore and offshore. As an investor, I have shorted them and been long the stocks. One of the factors in those investments is leaseholds, including expirations.
And, just for fun, I have also financed Boots & Coots.