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Oil executives throw cold water on Trump’s ‘Drill, Baby, Drill’ agenda
mystery-ak:
Oil executives throw cold water on Trump’s ‘Drill, Baby, Drill’ agenda
By
Callie Patteson
November 26, 2024 10:46 am
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Swiftly increasing domestic oil and gas production may prove more difficult than anticipated for President-elect Donald Trump, as oil executives have cast doubt on his “Drill, Baby, Drill” agenda.
Throughout his campaign and transition into office, Trump has vowed to expand oil and gas drilling within the United States. It is a sharp shift away from renewable alternatives, such as solar and wind, that have been the focus of the Biden administration.
In order to put his plan in action, Trump is expected to issue a number of day one, or week one, orders to roll back climate rules and laws implemented by his predecessor, namely by undoing pollution rules for power plants, expediting liquid natural gas permit approvals, and cutting federal funding for offshore wind development.
While environmentalists and climate activists have expressed concerns over the emphasis and support on fossil fuels in Trump’s energy agenda, he may also be facing pushback from within the oil industry itself.
On Tuesday, Exxon Mobil’s Upstream Company President Liam Mallon said the global oil and gas giant is not expecting many producers to immediately fall in line with the incoming president’s goals for boosting output.
“We’re not going to see anybody in ‘drill, baby, drill’ mode,” Mallon said during the Energy Intelligence Forum in London, according to Reuters.
more
https://www.washingtonexaminer.com/policy/energy-and-environment/3242104/oil-executives-throw-cold-water-trump-drill-baby-drill-agenda/
catfish1957:
Hmmmm....
I am a Big Oil annuitant, and I know what they are doing. Profits/Stock price remains higher without tipping the supply/demand meter toward an oil glut. But, I am more of a patriot, and am willing to sacrifice some income/equity if it means killing Green Energy, Russia and OPEC.
DB:
Kind of hard to invest billions into something that the next administration can kill on a whim. Long term stability is required for long term planning/investing. That isn't currently on the table. It would seem to be an opportunity for smaller producers who can respond to market changes quickly to profit on.
catfish1957:
--- Quote from: DB on November 26, 2024, 04:38:08 pm ---Kind of hard to invest billions into something that the next administration can kill on a whim. Long term stability is required for long term planning/investing. That isn't currently on the table. It would seem to be an opportunity for smaller producers who can respond to market changes quickly to profit on.
--- End quote ---
This whiplash like see saw is most dangerous to the smaller players. Only the likes of Big Oil like Chevron and Exxonmobil can afford that variability and investment versatility. Those suckers .... say <$50B market cap are going start dropping like flies if this kneejerk energy policy continues.
DB:
--- Quote from: catfish1957 on November 26, 2024, 04:34:57 pm ---Hmmmm....
I am a Big Oil annuitant, and I know what they are doing. Profits/Stock price remains higher without tipping the supply/demand meter toward an oil glut. But, I am more of a patriot, and am willing to sacrifice some income/equity if it means killing Green Energy, Russia and OPEC.
--- End quote ---
They have to plan based on all the investment and potential return has to occur within a four year period or they lose their investment. That's a very short window to operate from.
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