With Biden’s shutting down the Keystone Pipeline and fracking, what will this mean for Chevron in the short and long term? I’m now fearful this is the start of the demise of our industry and regretting not jumping ship during Transformation.
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I wonder from were all this electricity for EVs will come from? ... Fusion
I wonder from were all this electricity for EVs will come from? From what I’ve heard an EV uses about the same amount of electricity as an average household/house. Most families run two vehicle. Do the math and throw in an extra 100 million more population by mid-century. There will be forests of Government Subsidized Eye-Soar Wind Mills polluting the landscape and necessity for hundreds of thousands of new transmission lines gouging through our farms and cities. But wind and solar won’t cut it and we will still depend on natural gas to pick up the slack. In the mean time average families will be forced into small unsafe and unreliable (especially in hot or cold climates) death-trap EV junk piles - think the junk Detroit put out after the Arab Oil Embargo in the 70s. Tesla’s are nice but only 1 percenters can afford one and were not marketed for the masses.
Alberta tar sand production has been written off my almost all players. Houston refineries depend on some percent heavy to off set all the super light from unconventionals, but it here are lots of other sources. Venezuela may be back in play in the near future, which can deliver heavy at a fraction of tar sand production. Good the pull the plug on XL now and rejoin reality. Nation wide the 10k temp pipeline jobs represents nothing.
For that last post, TLDR. take a breath. We don't need to lose any jobs at this time of crisis, and Canada is not the enemy. One pipeline does not set oil prices either, get a clue.
I’m reading through these comments and I’m amazed at the misconceptions some have about the oil industry. Calls to “drill, drill, drill” are the last thing this industry needs right now.
We’re struggling to come out of the worst downturn in decades. A slump brought about by massive over production, caused mostly by a surge in high cost US unconventional wells. Yeah, Covid hasn’t helped. But production was already higher than demand and prices were trending down before the virus hit. In truth, we’re still in an oversupply trend that started in late 2014.
What this industry needs right now isn’t more oil on the market. We need higher prices. Prices at a level where oil companies can make a decent profit and grow organically. Prices that support jobs and employment stability. What we need are prices back in the mid $60s or higher.
That will only happen if supply and demand return to a more favorable balance. Dumping more oil on the market without a corresponding increase in demand will simply crash the price again. We all should know by now how that will effect industry jobs.
If you like layoffs, then by all means lobby for projects like the XL pipeline. It won’t improve US energy self sufficiency. The oil it would carry is Canadian. It won’t create lots of US jobs. Most jobs in the US would be short term, disappearing after construction is completed. The majority of any long term jobs would be in Canada, in the oil sand extraction process. The only thing the pipeline would do for US is: 1) Lower the transport costs on higher cost Canadian oil, making it more competitive with US shale production, 2) Add to the glut of excess oil, putting further downward pressure on prices for all production.
What you should be doing is rooting for production moderation. That will lead to what we really need: higher prices.
Actually quite the contrary. The Xl pipeline shutdown will result in the loss of thousands of jobs, mostly union, and it was slated to deliver over 800,000 bbls per day of oil. It's even out of character for a democrat. It must only be to appease his minority base because it's certainly not good for either the US nor Canada and anyone who argues otherwise doesn't have a clue. It has been the most safely constructed and regulated pipeline project in history. Also blocking the pipeline won’t stop oil transportation, it will just be shifted to more costly and less efficient methods, like by rail or truck, that could lead to higher emission output relative to using the Keystone pipeline. So more pollution is OK, as long as it's in the name of political gamesmanship by a dem!
You guys are either high or delusional. The XL was focused on transporting Alberta tar sands oil, which will not be economic until oil is back over $100, and maybe never. Biden only suggested banning fracking on federal lands, which would not impact west Texas or most other locations with proven unconventional plays. As for federal leases, no one is offering a fair price for them right now so best to hold off. Drill baby drill is only a good idea when we are short of oil, but that is simply not the case right now. Given projections of continuing oil glut globally for some significant time into the future, when the pandemic is over it might be a smart time to start up a carbon tax (like much of Europe is heading toward) and begin building the energy infrastructure of the future. Best to spend money on tomorrow while current costs are low.
Extending the federal leasing moratorium to a year tomorrow. Hurts New Mexico and GOM the most.
Drill! Drill! Drill!
Create more and more pipelines and storage. Have the infrastructure in place so we are never dependent. Leadership has lost their mind. I love the elderly but senile presidents do us no good. The current president shouldn’t have even ran this late in life. He may have been ok 20 years ago, but you got to know when to get out. Someone close to him shouldn’t have let him make a mockery of this situation.
You're right about that, energy independence went down the drain the minute sleepy joe bidet was elected, lol
“Energy independence” hahahahaha. How can people who work in industry not understand how this works? We’re still reliant on foreign oil chumps.
yea looks like some LWNJ was triggered on here. heck, you know it was anti-American and anti-progress, even backwards liberal Canada is against it!
This magaron must be copying others for his pmp too LMAO.
Wow, seems like someone hit a nerve with one of the anti-work, anti-success, anti-American, anti-energy independence, anti-progress lefties to the point where he/she is foaming at the mouth and spouting false info and gibberish. That's so sad dear. We all feel so bad for you that you got your little feelings hurt. Maybe sleepy plugs joe will give you another handout. Don't be so sad.
@1fqc Please come out from under the rock, you will see by yourself. The storm is over .. it just turned out to be a smelly fart.
@1mck, No, "uhhh" . Please explain it to us, dear, in detail. I have no idea what point you're trying to convey, if you even have one at all.
Uhhh. Look around. Our industry is it’s own reason for its demise.
The oil and gas is already sinking for sometime. The new battery technology will eradicate a lot of demand in the next 10 years. I would say by 2050 oil consumption would only 10% of current levels for cars and trucks and mostly used for aviation and heavy industry.
Yes, China Joe and his eccentric sheep followers love China and Russia, but it's not nice to make fun of them and their fragile minds.
@beq, An actual company didn't hire you did they?
thats a good thing imho we should stop burning hydrocarbons and use them for much better things and might cause oil prices to rise a little meh prolly not and hasten the move towards alternatives
What's really interesting is that the so called "Russian trolls" have such an interest in trolling things that are to no advantage, disadvantage, or of any interest to them or Russia whatsoever yet they continue to live rent free 24-7 in a lot of paranoid leftist's minds. I feel bad for those people.
This is a false claim, truth mixed with lies and likely by a Russian troll. There are more than one Keystone pipeline. The one is controversial is Keystone XL.
Fracking is not impacted by this exec order. On the other hand Keystone XL, should be shutdown, it is a high risk project and has the potential to contaminate drinking water for millions of people downstream. Any reputable company would have not done this project on the current route.
This has no immediate impact on any oil major. Only 35 permanent position will be eliminated because of this action. Seek the truth and screw the conspiracy theorists.