Does anyone think that the proposed “drill baby drill” approach will result in anything but negative outcomes for the upstream oil companies? Lots of layoffs coming from this approach.
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Drill baby drill is just another saying that DT spewed out of his vile mouth during the campaign.
@3nrg+1vH9pDdp, good for consumers and OK for producers. If oil drops below the point where drilling and production is not profitable, these activities will slow down, reducing product on the market, causing prices to eventually reach equilibrium. It’s simply supply and demand. However, if the US can meet its demand with domestic production, that’s good for the country. The result is reasonable prices and US jobs. That’s good for America.
Good for the consumer, bad for oil and gas companies.
@2mnl+1vH9pDdp What makes you think O&G companies are going to increase production simply because someone someone in Washington painted orange is screaming drill? If oil prices are not going up, why would I sell additional oil for less? Last I checked, we live in a free market, although that could obviously change in the future.
Ever hear that saying that oil price decreases with oversupply
OPEC has been around for over 60 years and somehow US producers are still around. More US production is a good thing because it increases GDP which means more US jobs. Although if you’re a globalist, you may think that is irrelevant.
Just going to push OPEC to increase production and drive oil prices down. Won't have to worry about fracking, those wells will be uneconomic to drill. A shame humans have such a short attention span. We have seen this movie before.