Macron is not dumb. This is BAD!

[Doctor CamNC4Me]

What percentage of oil wells, leased to or owned by American companies on American land, are in full production?

- Doc

I don't know.

Well. Therein lies your answer along with market forces. What’s your solution to the problem you posed?

- Doc

[Hawkeye]

80 percent of leases were eliminated and the rest have already been produced. And it is onshore only. Yeah. that's the whole point. Whoever was responsible for this announcement does not want anything produced.

Meanwhile, 47% of leased lands in the West still sit unused.

As for offshore - tell me again how much more we’d have right now if we approved ‘x’ number of offshore leases. Note the highlighted line on the image below.
.

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.

Thankfully people of color are starting to figure this out as they look at receipts of $95 and $125 at the gas pump. I'm confident they're going to come around during this election and reveal the liberal democrat party for what it has always been, a party of who supports only the interests of the rich white elites in their ivory academic towers. Global warming driven energy policy is the best example of white privilege we have in the world today.

[Binger]

I don't know.

Well. Therein lies your answer along with market forces. What’s your solution to the problem you posed?

- Doc

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 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.

[Doctor Steuss]

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.

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.

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

[Binger]

Hysterical. LMFAO!

I am going to keep this one forever: "not drilling despite the high market price of oil".

This wins a prize, Res.

You don't understand supply and demand, do you?

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.

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. Have fun with that one. God bless John Wayne and Red Adair.

Regarding supply and demand... there is obviously more to it than the price at the pump or the price of crude. One must factor in strategic reserves being sold or replenished, futures, exploration costs, adjacent leases, shipping and transportation and trading risks that can bankrupt banks, funds and companies. Drilling is a small fraction of the capital requirements for exploration and drilling has a limited role in production. Drilling is a function of the exploration budget, not production. But, go on... I am listening.

Drilling is the driver for FUTURE production and it is the best statistical indicator which is why it is tracked so closely. It indicates what can and will happen way down the road. When we kill off capital projects and exploration it has little to no effect today. THAT is the straw man or red fish or whatever the hell you want to call it.

[Doctor CamNC4Me]

Well. Therein lies your answer along with market forces. What’s your solution to the problem you posed?

- Doc

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 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.

Are you suggesting that the pipeline, had it been finished, would’ve resulted in significantly cheaper fuel at the gas pump?

- Doc

[Binger]

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.

Are you suggesting that the pipeline, had it been finished, would’ve resulted in significantly cheaper fuel at the gas pump?

- Doc

No. What is not clear about that?

[Binger]

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.

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.

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 are on very solid ground. You are not on a limb.

[Vēritās]

Well. Therein lies your answer along with market forces. What’s your solution to the problem you posed?

- Doc

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 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 B.S..

You don't really believe those are "problems" that you "identified."

Serious question Binger. Were you diagnosed with any kind of learning disability as a child? Why is it that no one but you can ever understand the points you think you're making?

[canpakes]

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.

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.

Sure. And if all of that isn’t fiction, then you also know that you’re not making and placing your portfolio oil futures investments based on anything having to do with the Keystone Pipeline.

And, just for fun, I have also financed Boots & Coots.

Your $5 donation was appreciated, but also did not affect the cost of gas at the pump.