Why U.S. Oil And Gas Producers Aren’t Solving The Energy Crisis

[rebewranger]

WRITTEN BY PAUL H. TICE ON MAR 15, 2022. POSTED IN LATEST NEWS

Why U.S. Oil And Gas Producers Aren’t Solving The Energy Crisis

On the back of Russia’s invasion of Ukraine, crude oil prices jumped above $100 a barrel, and the average cost of U.S. gasoline has surpassed $4 a gallon. [bold, links added]

Yet domestic oil production has barely budged over the past two years and remains stuck below 12 million barrels a day, 10% to 15% below the pre-pandemic high.

The total U.S. oil rig count has bounced back, but only to roughly 75% of the recent peak in March 2020.

https://climatechangedispatch.com/why-u-s-oil-and-gas-producers-arent-solving-the-energy-crisis/

[rebewranger]

This is like expecting McDonalds to solve the problem of using heat to make hamburgers.

[Idiot]

WRITTEN BY PAUL H. TICE ON MAR 15, 2022. POSTED IN LATEST NEWS

Why U.S. Oil And Gas Producers Aren’t Solving The Energy Crisis

On the back of Russia’s invasion of Ukraine, crude oil prices jumped above $100 a barrel, and the average cost of U.S. gasoline has surpassed $4 a gallon. [bold, links added]

Yet domestic oil production has barely budged over the past two years and remains stuck below 12 million barrels a day, 10% to 15% below the pre-pandemic high.

The total U.S. oil rig count has bounced back, but only to roughly 75% of the recent peak in March 2020.

https://climatechangedispatch.com/why-u-s-oil-and-gas-producers-arent-solving-the-energy-crisis/

We have no consistent price to work with.  It's hard to put hard earned money into a well not knowing if you are going to get $100 a barrel for your product or $30.