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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Imagine that. They don't have the high cost of exploration because the WH is telling them not to look for more oil. They also sell less product in more countries globally with a declining USD. Less refining capacity also to drive up prices.

What did you think was going to happen?

BP and Shell aren't even US companies. What point were you trying to make?[/quote]

Your brain is stewing in complete bullshit propaganda with right wing claims that somehow the US oil sector has been shut down.

US oil production is at all time highs.

[img]https://www.eia.gov/dnav/pet/hist_chart/MCRFPUS1M.jpg[/img][/quote]

Production lags drilling activity. The American oil industry has been cannibalizing working inventory in order to keep production close to flat (since about August of 2020).  That’s going to really hurt the country in the second half of the year.  The industry is shut down for a variety of reasons—one of which is perceived or actual hostility from the current admin. Others include a labor shortage and supply chain issues.

Absent a worldwide recession that materially impacts demand, oil prices are going to continue to  dramatically rise this year.

Good high level view on what is happening with drilled but uncompleted wells in the link below. As the US burns off this inventory and given that we’re already releasing from the SPR, I’m very concerned about where oil prices are heading this summer and in the fall. Oil prices are going to dominate the conversation around the midterms.  Also, don’t sleep on natural gas prices.

[url]https://www.forbes.com/sites/thebakersinstitute/2022/03/17/can-ducs-continue-to-goose-us-oil-production/[/url][/quote]

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