Tiny ,Rig counts continue to soar! What the hell...

[WTF]

https://oilprice.com/Energy/Energy-G...il-Prices.html


.

[Tiny]

https://ycharts.com/indicators/us_oil_rotary_rigs

It doesn’t exactly look like it’s soaring to me

But of course it’s going up. The price of oil is up.

As to the effects of politics on drilling, how many drilling permits have been issued on federal lands and federal offshore leases since Biden became president? I’ll answer that for you, zero.

[Unique_Carpenter]

WTF,
Yes operating rigs are up a smidge (not soaring)
Previously artificially low due to reduction of consumption demand (covid).
The key metric is whose rigs are coming back online which is not stated in that article. But the fun analytic is deep pocket outfits or speculators.
I have clients in both the WTI pumping groups and also Louisiana Light.
This is a "recovery" situation from the covid downturn. Expected but due to the costs of bringing a rig back online, very slow, and yes based on oil prices as Tiny mentions.

Tiny,
Biden not issuing new permits is meaningless at this point. No one is currently applying for "new" drilling area leases, as there's enough already under lease that have not been drilled yet.

To conclude, totally expected and not a news item for the oil patch folks nor economists.

[greenbook]

And all major car manufacturers are planning to gradually eliminate fossil fuel burning cars from their production lines within 10 to fifteen years

[winn dixie]

I will never "plug in"!

Drill baby drill!

[Unique_Carpenter]

Originally Posted by winn dixie

I will never "plug in"!
Drill baby drill!

Actually, I agree.
Here's the question and its an energy trade question.
How is the electricity produced that recharges evs? Coal plants?
Whats the cost of an ev in energy units (including purchase) and remember, the batteries need to he replaced at least once in the evs life. Contrast that to the cost of a gas fired. Gas wins easily and the smog difference is not that bad cause evs get their electric from somewhere.

And btw, remember, as to recycling, are not gas autos recycling dinosaurs?

However, oil is a finite resourse. So...
Well I have horses. Do any of you even know how to ride?

[Tiny]

Originally Posted by Unique_Carpenter

WTF,
Yes operating rigs are up a smidge (not soaring)
Previously artificially low due to reduction of consumption demand (covid).
The key metric is whose rigs are coming back online which is not stated in that article. But the fun analytic is deep pocket outfits or speculators.
I have clients in both the WTI pumping groups and also Louisiana Light.
This is a "recovery" situation from the covid downturn. Expected but due to the costs of bringing a rig back online, very slow, and yes based on oil prices as Tiny mentions.

Tiny,
Biden not issuing new permits is meaningless at this point. No one is currently applying for "new" drilling area leases, as there's enough already under lease that have not been drilled yet.

To conclude, totally expected and not a news item for the oil patch folks nor economists.

Biden is not issuing permits at this point. However oil companies knew this was coming so were stockpiling permits before he took office. The permits expire after 2 years. So the companies have two years to drill then they can no longer develop federal leases, assuming Biden keeps his campaign promise. This by the way, preventing people from drilling on leases they have paid for and complied with, is akin to expropriation, that is, theft.

As to new leases they were being regularly. But true, ceasing leasing of federal offshore and federal lands won’t have much of an effect on industry for a while. So as to points addressed to me, you’re right in the short term. In the longer term if Biden and his successors keep these policies in place, they will shut off the source of 25% of USA oil production, as the existing wells deplete and no new wells are drilled

[winn dixie]

Originally Posted by Unique_Carpenter

Actually, I agree.
Here's the question and its an energy trade question.
How is the electricity produced that recharges evs? Coal plants?
Whats the cost of an ev in energy units (including purchase) and remember, the batteries need to he replaced at least once in the evs life. Contrast that to the cost of a gas fired. Gas wins easily and the smog difference is not that bad cause evs get their electric from somewhere.

And btw, remember, as to recycling, are not gas autos recycling dinosaurs?

However, oil is a finite resourse. So...
Well I have horses. Do any of you even know how to ride?

Totally agree. I might add those batteries are considered bio-hazard.
We do need to fine better alternatives no doubt. I support making vehicles more efficient. I do support better emissions in newer vehicles being made. It all helps. Like UC said. Oil WILL some day be gone.

[WTF]

Originally Posted by Tiny

Biden is not issuing permits at this point. However oil companies knew this was coming so were stockpiling permits before he took office. The permits expire after 2 years. So the companies have two years to drill then they can no longer develop federal leases, assuming Biden keeps his campaign promise. This by the way, preventing people from drilling on leases they have paid for and complied with, is akin to expropriation, that is, theft.

As to new leases they were being regularly. But true, ceasing leasing of federal offshore and federal lands won’t have much of an effect on industry for a while. So as to points addressed to me, you’re right in the short term. In the longer term if Biden and his successors keep these policies in place, they will shut off the source of 25% of USA oil production, as the existing wells deplete and no new wells are drilled

In other words....just as I've been trying to tell you, Biden has had next to zero effect on the oil industry.

We can play chicken little with what we think will happen but besides people who studied pandemics...who in their right minds could have predicted the drop in oil and gas demand last March?

So buy you some EPD , Tiny and let the good time dividends flow!



.

[oeb11]

Mueller, Mueller, Mueller!

[gnadfly]

Originally Posted by Unique_Carpenter

Actually, I agree.
Here's the question and its an energy trade question.
How is the electricity produced that recharges evs? Coal plants?
Whats the cost of an ev in energy units (including purchase) and remember, the batteries need to he replaced at least once in the evs life. Contrast that to the cost of a gas fired. Gas wins easily and the smog difference is not that bad cause evs get their electric from somewhere.

And btw, remember, as to recycling, are not gas autos recycling dinosaurs?

However, oil is a finite resourse. So...
Well I have horses. Do any of you even know how to ride?

Coal and natgas. Greenies in the US hate nuclear power. Solar power at this point has large misgivings. During much of the winter, solar and wind doesn't generate enough power to do squat.

If people switched to horses the world's economy would plummet and the world's pollution would go thru the roof.

[Unique_Carpenter]

Gnad,
And everyone forgets that the last 100 yrs the world has had the benefit of cheap energy. So contrasted to the the few thou yrs before, would we not be returning to the original status quo, and, once out of oil, where's the pollution going to come from? Coal can be burned cleaner as can ng.

[WTF]

I think it is the nuclear power waste America hates. Nevada keeps rejecting the storage of it.

We need population limits. We had no air pollution problem when we had fewer people.

[Tiny]

Originally Posted by WTF

In other words....just as I've been trying to tell you, Biden has had next to zero effect on the oil industry.

We can play chicken little with what we think will happen but besides people who studied pandemics...who in their right minds could have predicted the drop in oil and gas demand last March?

So buy you some EPD , Tiny and let the good time dividends flow!



.

WTF, Your EPD buy when everyone thought the world was falling apart was a great pick.

That does not change the fact that you suffer from Stockholm Syndrome.
Progressive Democrats will do their utmost in years to come to destroy the livelihoods of your colleagues who still work at Enterprise and destroy the company you worked for for 30 years. They want your EPD stock to go to zero. This will not happen overnight, in 4 years or whatever. How long did it take Hugo Chavez to decimate the Venezuelan oil industry, for completely different reasons? Maybe 15 years? How about Hitler,
how long did it take him to wipe out European Jews? Well, I’ve come to you like an angel, a prophet, John the Baptist, to prepare you for the end times that will come with the Green New Deal. Take heed or perish.

Of course if a Republican wins the presidency in 2024 that’s all out the window. But how likely is that?

[winn dixie]

Originally Posted by WTF

.

We need population limits. We had no air pollution problem when we had fewer people.

I believe in population control. It would alleviate famine, crime, pollution, and a lot of the worlds problems. At some point the World will realize this too late.