- Jul 26, 2017
- Reaction score
I understand that US production is fine - I was referring mainly to the recent debacle with Saudi, but I think any impartial observer would agree that the current administration's energy policy has been a failure - starting with the Keystone XL decision on day one and continuing with the politically motivated liquidation of the SPR (coincidently timed to end at this year's midterm elections). Most energy analysts and professionals within the industry would agree that Biden's team has made crucial missteps on the energy file.As for this: The USA is going to hit an all time high in oil production next year, surpassing prepandemic levels. https://www.bloomberg.com/news/arti...th-to-slow-in-us-next-year-as-inflation-bites
Natural gas production in the USA is also at a record level. https://www.eia.gov/dnav/ng/hist/n9050us2A.htm
We shouldn't blame domestic policies for the result of a war, and the disruption caused by a major drought on the great plains.
The failed oil deal with Saudi is wild - this is an interesting read (is the NYT an acceptable source for you? 🤣)
The war in Ukraine has actually had a limited impact on oil pricing. The early 2022 spike in WTI to $120 was a result of the war but since then Russian crude has been gobbled up by developing nations or is reaching the market through intermediary means. The issue is that there has been structural underinvestment in exploration and production since 2014, both inside and outside of OPEC. Production has not maintained pace with demand growth due to market inefficiency. This is the reason we are going to see elevated energy prices for the foreseeable future.
Why the need for the petty comment? This is the problem with politics today. It's much easier to attempt to discredit an opposing viewpoint than actually engage in meaningful discussion. Isn't the point of a discussion forum to engage differing perspectives and learn?I think you might need a little less Fox News in your news diet.