Wow, another industry Trump thinks he’s an expert on but actually knows nothing about? Shocking.
remember this last election when Harris and Trump were both screaming to ‘drill, baby, drill’
both sides think they are experts
Next time you go to write a comment that contains the phrase “both sides” please stop, think, re-read your comment, then set fire to your device.
Hrm, it would appear their halt and set fire microcontroller isn’t working properly. They should get their device serviced.
both sides think they are experts
What an irony coming from you.
I personally loathed Harris’ stance on fracking, because we need to actively decrease fossil fuel reliance… however, she was talking about unimpeded continued production - not ramping up production.
You say tomato I say environmental collapse. Don’t make excuses for people who can’t take an actual stand on a topic. She tried to split the difference to appeal to both sides and both sides told her that wasn’t good enough. Good fucking plan eh?
Fucking lmao.
What a dunce.
A lot of Americans voted for Trump because they were hoping he would be able to bring prices down. Cheaper oil could help with that. Who doesn’t want to pay less at the pump? But, also, because petroleum based fuels and other products are ubiquitous along essentially every supply chain, it could help bring down other prices, as well. I don’t think it would help that much, though. It might bring down costs for producers a little (or maybe a lot, depending on the industry), but there’s no guarantee those cost savings are going to be passed on to the consumer in the form of lower prices. Most producers would just pocket the savings. And why shouldn’t they? Businesses exist to make the highest possible profit for their owners.
To even get cheaper oil, though, oil producers would need to over produce. They’d need to drive down the price of their own product. Why would they do that? Why would oil producers choose to reduce their own profits? That doesn’t make any sense. Plus, as more and more oil is pumped out of the ground, what remains is harder and more costly to extract. So, it costs more to extract a barrel of oil than it used to, and that means that oil producers have to sell each barrel of oil for a higher price to cover the higher costs of extraction. Drop the price of a barrel of oil too much, and it no longer becomes cost effective for oil producers to extract oil from the ground. The price of oil has to stay over a certain threshold for continued oil extraction to even be financially viable.
For prices to come down, demand would have to come down, and that would likely lead to a recession. For prices to come down significantly, it would probably require a significant recession. That’s it, that’s how you bring prices down. So, pick your poison: higher prices or recession.
Yeah, there’s already thousands of wells literally sitting idle because prices are too low. They drill them when they can get a good deal with the drilling company, and let 'em sit idle until the economics make sense, or until the infrastructure has been developed better in the area.
The US better start their own state owned oil company…
Oh wait that’s communism 🤡🤡🤡🤡
I mean they have been talking about a “sovereign wealth fund” (yeah, right), they could use that as a cover to acquire oil companies and then pump all the money into their own pockets.
Business genius doesn’t understand supply and demand.
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