The U.S. became the world's top oil producer in 2018, surpassing Russia and Saudi Arabia. Now it’s breaking its own records, with over 13 million barrels a day!
The US replacing Russia as Europe’s major supplier of oil & gas is a huge geopolitical shift, further deepening the overall importance of the transatlantic system.
YEP. War is no longer fought with bodies and bullets, but dollars and resources. One of the biggest reasons Russia's economy is failing is all the sanctions put on it, not the war.
@@sarkaranish Idk if you don't have access to the news; but wars are still fought with bullets... I kinda get what you're saying; but since the dawn of times people fought over resources and traded with people they got along with. Iron/Steel, Gold, Uranium; all resources humans have fought over or used to leverage trade.
Oil "subsidies" are tax breaks - principally depreciation allowances - accounting rules that apply to the business cycle of many recovery industries such as mining.
Also Factor in what kind of oil is being produced and refined. To my knowledge U.S refineries mainly process sour crude oil and the oil the U.S produces is called “Sweet Crude” which has less sulfur,easier to refine, and sells at a higher price.
Not to mention most of our refineries are configured to only handle sour crude and dirtier forms of crude because of its availability. Venezuela has the world’s largest Sour Crude Reserves.
Hence the reason for the Keystone XL to get the shale oil out to other regions. Some midwest refineries use it and it pressures midwest prices lower as there are few buyers.
The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.
I began my investment journey at the age of 38, primarily through hard work and dedication. Now at the age of 40, I am thrilled to share that my passive income exceeded $100k in a single year for the first time. This success reinforces the importance of the advicmonth e mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
The US was running out of oil before shale oil. It takes 30 seconds to look at a graph and see that the US had an oil production peak during the 70's just like M. King Hubbert predicted in the 50's, that is conventional oil. That's what made the US a big importer of oil since then and created tensions between the US and other regions of the world and contributed to wars like Irak to ensure sufficient supply of oil for the US which was increasingly becoming a massive importer. The US stopped declining ever since it became capable of exploiting shale oil, which is environmentally a disaster even compared to traditional drilling, and it's EROI (Energy Return on Investment) is really bad too compared to conventional oil, so it's terrible from a transition and environmental perspective, but has allowed the US to restart it's economic machine and to some degree restart the world economy too by becoming once again the biggest oil producer in the world.
@@adridell well said It think we got a good decade before oil prices will rise again because of US oil proudcition slowing down with a bad recesion with it :)
@@Desperate-Drive3423 When world oil production starts to decline it will not translate into continually increasing oil prices. Oil is an essential ressource for the economy to function and thus, what matters with oil is the amount that is produced not it's price. When oil starts to decline prices will indeed rise, but since that means less oil it will fundamentally also change the purchasing power of demand, since less oil means less economy, and thus demand will drop too, when oil starts to become scarcer it will translate into continually unstable prices, not by continually increasing prices, because both, the offer and demand of the market will change according to how much oil is available and thus how much economy is possible, prices of essential ressources like oil do not determine how much economy we may have, it is the amount we extract that matters, because oil structures our economy and without oil there is no economy.
@@adridell point is, the "experts" were objectively wrong. Its a shame that the Canadian government didn't follow your lead instead of funding groups to oppose our energy independence.
Just imagine, there are countries out there who harnessed their natural resources to build a sovereign wealth fund for the benefit of their citizens which will be around long after the oil drys up. In contrast, we decided funneling the profits to massive, multinational corporations was the way to go. It's so moronic.
The majority of Countries with Sovereign Wealth Funds have large surpluses in their budgets. The reason is they have major extractive industries within their countries that produce more income than they choose to spend on themselves. So they keep the extra money and use it to invest in commercial opportunities. In general this is a good idea. The commodity they are extracting will some day dry up. If the spent it all now they would have an economy they could not support in the future when the income stream no longer existed. Other countries use their sovereign wealth funds to invest in businesses they government thinks are important. The government is picking and choosing what it thinks is best circumventing the normal capitalist process. Several states within the United States have sovereign wealth funds. My question to those that think the money held in the federal governments trust funds should be invested is do you really want the federal government being a major owner of private businesses? Do you really want that level of influence which would be inherently political? The United States has a different approach. It funds many major research institutes that produce basic science which is then available to be developed and commercially used.
I don’t understand why it can not be both! I love law abiding big business but also acknowledge the land should be the peoples and therefore they should receive a share
No it's really smart actually, if you're a politician and you take bribes to make sure big companies get all of the money then you will be rich and who cares about the rest of the country if you're rich enough to never have to work anyways
Oil produced today does not cost the same as oil produced 10 years or 50 years ago. Horizontal drilling and fracking are expensive - mid east and russian wars are about as expensive. The US sucked our cheap oil away long ago.
But if you look at that production chart, it was correct for over 30 years as production declined year over year. They just didn't account for technology that just became available in the last decade or so, would be so good at getting at the oil.
@@MetaTaco317 they probably aren’t accounting for us going after the untouched reserves in the future also. It just cracks me up when the experts get it so wrong
Wind and solar energy can be resource-intensive, but nuclear power stands out as the best option we have right now. With today’s technology, nuclear plants can be built safely. Those who oppose it often do so out of a lack of understanding.
Unfortunately, regulations add so much costs that nuclear isn't cost effective. Inherently safe nuclear technology could reduce the requirement for some regulations
@@timothykeith1367 10+ years development and $15 billion dollars of investment for a plant that only last for 40 years is a big ask. i'd like to see more nuclear but it doesnt seem economically feasible.
not under US permitting and labor regulations, as well as our capital system where every piece is on borrowed money and lenient bankruptcy is available. it also takes a lot to overcome the NIMBY pressure which means you have to add lots of distribution and remote costs into the picture. the most recent plants to come online, Vogtle, have added high surcharges to power bills just to break even. the reverse side of the coin under nationalization is that it becomes affordable but risks govt cronyism and ineptness, aka Japan, and all those extra costs come right back. Fukushima cleanup is at $82 billion and counting and they haven't even started, nor does it include all the externalities (destroying entire regions of land value); $800 billion is the predicted final cost. the whiteboard looks clean, but us humans haven't been able to figure out how to manage it France so far hasn't done too bad...
@@ctgottapee9020 Plus the plants that Make Nuclear Great Again haven't been built in any meaningful scale that allows boasting how wonderful nuclear is.
The U.S. said no to Russia Ukraine peace deal, then blew up EU’s normstream pipeline and made EU dependent on US oil… i mean if you can even call them the good guys…
For the same fact that business is booming so an increase in supply will guarantee a decrease in prices. Expectations of Future Supply and Demand: If traders expect that future supply will exceed demand, they might sell futures contracts at a lower price to hedge against potential losses. This expectation can be influenced by factors such as increased production, technological advancements, or geopolitical stability.
@@elcaciquedev Correct, in the video they mentioned that demend is going down due to geo political problems and that demand for US oil is growing. So future contracts imply its not advancement in technology but something else that will bring down price of oil. It's clearly demand issue since supply is more than stable.
Sleepy Joe Biden the Oil trader sold over 130 million barrels from the SPR when prices were above $105 a barrel back in Feb 2022, and has been buying them back between $70-$80. He capped the market below $90 and made a ton of money for the Treasury.
Puerto Rico has natural gas and oil resources according to US studies. However they are not saying the truth that the findings are big. With only 500 miles from the richest oil basin in the world (Venezuela), Puerto Rican research has concluded that Puerto Rico has more resources than estimated. Trinidad and Tobago and Guyana are now extracting oil from this Caribbean basin.
@@seanthe100 it’s not if one goes to a standard design and a supply chain in place. They were building them back in the 1960’s for about a billion per 1000 MW unit in todays money. I factored in 3x for buffer.
This is crazy stupid piece on their explanation on subsidies and the huge issue of implicit subsidies that effect millions each year in worsening health locally and regionally and nationally
I would feel better about this if the spike in oil production is temporary while the country shifts to renewable energy. Instead people just keep buying SUVs and complaining about gas prices, like climate change is a problem for someone else and not their own children.
The renewable slows crude growth. Global oil use is only up 2% over a 4 year period (2023 vs 2019). US oil production is weakening OPEC+ control on the pricing markets.
I live in NYC. Who cares about gas prices when public transit gets you 95% of the way there in the same amount of time it takes to drive in the city? $5 a gal? Whatever. $3 gets you from one end of the city to the other in 2 hours, whereas you're lucky to run the length of Manhattan in 1 hour by car. And bikes are essentially free in comparison to a $15k used car
@@Demopans5990 my son lives in New Brunswick, NJ. He hasn’t owned a car in 7 years: no need to own one. He rides NJ transit rail to NY frequently. His savings from not owning a car is thousands of dollars every year.
@@colinfitzgerald4332 And then said savings get eaten up by housing costs because people really like to live close to convenience. I did some napkin math, and discovered that the amount of savings I'd get living in AZ or TX due to lower housing prices will get gobbled up by gas, tolls, and insurance, because there's absolutely no way I can get a low mileage discount driving in the south like I have in the city. And that's discounting the additional 1-2 hours per day of mindnumbing traffic, and the health effects of sitting still for that long. I'm 24 and I'd prefer my body to not self destruct by the time I'm 40 like most Americans.
@@Demopans5990 my wife and I are 70 yo and use bicycles with saddle bags for most of our shopping. When she arrives home with groceries, she looks vibrant. We drive a Toyota hybrid for times cycling doesn’t fit the mission. I agree; long commutes in a car takes its toll on your health over the years unless you work out regularly in some way.
Just be forewarned that Fracking can cause earthquakes and catastrophic environmental damage not to mention the staggering water needed to produce oil.
Woah for real? I'm so excited. Mark Hutchinson strategy has normalised winning trades for me also. and it's a huge milestone for me looking back to how it all started.
If you look at the oil consumption curves, we are in the slowing phase of the sigmoid (logistic) curve, and is actually in the saturation phase if we use oil/capita consumption. It means the oil age is here, but on the way out.
they get all panicked about people not being able to fill up their tank but they forget that that fear is a result of total and complete dependency and therefore ensures demand.
Why don't you look it up instead of stating something that you don't know to be true? Inflation is the problem and the government causes it. afdc.energy.gov/data/10641
well, is that because you allied with someone who is stupid? EU was a bunch of idiots when they ally with Russia instead of building nuclear plants and solar and wind. Germany in particular is the dumbest. Germany had a recession in 2022 winter because electricity was too expensive to run the light bulbs in their factories. You can be mad at the USA for that, but you should be mad at european policy makers for that.
US natural gas only represents like 20% of EU natural gas imports. Much of it comes from Norway and North Africa. If they can get a better deal from those countries they should do so. US natural gas will be more expensive due to liquifying it before shipping.
Why? That would just create more product and prices would go down. Can't have that. No, instead more needs to shipped overseas where it can be sold at even higher price.
the rate is the same as what a private landowner with underground rights would receive. many of our public lands have some high costs of access to them. the govt cronyism that may go along with who wins what rights is def a subsidy but hard to calculate and not realized equivocally of all players and also applies to private land deals as well.
@@gregspecht3706 it was. it's 18%. private is 12-25% often with less scrutiny and easier access. each contract should be negotiated like the free market but govt cronyism might elicit a lot of kickbacks on that.
In that case, we should be getting a homie discount. If the Nationwide average is above $2.50 a gallon, we don't export. If the Nationwide average is $2.50 or less, we export the surplus gas
Not how the free market works, these are private companies that are drilling and selling the gas not the government. If you want low gas prices by the government then go down to Mexico where the government gas company PEMEX does exactly what you are asking
It's funny how many people think this is already how it works, that we need to "drill more here" to lower prices, when that's never been how it works. All "drilling more here" does to prices is that it raises overall global production, which lowers overall global prices, but it's always those global prices that determine the price at the pump, whether the oil min the tank comes from the Gulf of Mexico or the Persian Gulf.
The oil used in manufacturing doesn’t contribute directly to climate change. It’s only burning it for fuel that does that. It’s still going to be the most important natural resource on earth even after we stop burning it for energy.
Let's also talk profit margin. In 2021, when oil prices averaged $71 per barrel, oil producers could expect a profit of at least $15 per barrel. In 2020, when oil prices averaged $42 per barrel, it was difficult to break even producing oil. A different online data set based on fiscal year 2020 accounting data calculates the average net profit margin for the oil and gas production and exploration sector at about 2.8% This is just on the upstream side and includes cost for buying seismic data, geotech analysis, appraisal, further exploration, development, drilling, and producing. This doesn't then include the midstream and downstream costs or profits. Transport from asset to refinery, cost of refining, cost to transport and sell. Not all oil produced can be made into every needed product and can't be refined at every refinery. It's crazy complicated and they just scratch the surface in this video.
Very interesting and actually proves the strength of US oil as 2020 was a black swan year. Especially as the upstream players are the most vulnerable as they are exposed to the volatility of the market where as the others have long term contracts in place that make them way more of a stable business that would need years of a very bad market to suffer significantly.
This is one of the many things i admire about America the capacity of reinventing themselves everytime the whole world is rooting for America to fail and decline they manage to pull something out of nowhere to stay ahead the oil production is a perfect example of that
Yep they always manage to pull out a war as a distraction and money making scheme...creating more instability around the globe to protect itself from the chaos they create...
it's dumb. Record production cuz of record prices. So the increased production is to chase the appreciating price. So prices are not coming down. So in the end, the consumer still suffer while the shareholder gets a windfall.
It's not really the fracking process that does it. If anything it's the disposal wells. Interaction between subsurface freshwater and drilled wells or disposal wells, in general, is minimal due to the extreme distances in depths. Subsurface groundwater (fresh water) is normally in the hundreds to a couple thousand feet. Wells are drilled at depths of thousands and tens of thousands of feet. It's rare, in this day, that a wellbore would go through a fresh water reservoir on the way to wanted reserves.
With US supplying oil, it minimizes ARAMCO's monopoly of oil supply. A few years back ARAMCO dropped their prices which caused a lot of oil companies to close then when there's less players in the market, increased the prices again.
You sicaphant, you're the reason Britain is were it is today, they've sold out to the US as a lap dog under guise of security, its ok for everyone else to be rich as long as its not Britain and look what's happened ,you're a theam park. You should be trying to source cheap energy no matter where it comes from ,you pay 3.00ltr for petrol ,do you think US care about you or the big US and British oil and gas companies they will quite happily sell you oil at that price ,start putting Britain first that's what the US always do or there companies, that's why they have cheap energy. Do you think US had Britain and Europe's best interest at heart when they blew up the Nordstrom pipeline from Russia to Germany of course they didn't, look at geo politics, the only way to win is put your own interest first as a country, have boundaries, don't let cold war US spin walk on these
it's adorable that they still think that extracting more oil translates to lower prices for consumers. If supply goes down then prices go up, if supply goes up, then they figure out another reason to keep the prices where they are.
Many people don't realize how screwed the US would have been if not for the shale revolution. We are living in a different world compared to if we produced ~3-4 million barrels of oil per day, and also only modest amounts of natural gas. And people think the economy now is bad. It would have been much, much worse, not to mention the geopolitical position of the US very poor indeed.
Yeah they are all the way up to 3% of the world's electricity use. Sure we also need to consider that most of the datacenter use is replacing office server rooms which would be less energy efficient than a data center. And all the travel that those technologies have avoided. And the improved efficiency they bring to other industries through all that fancy math. And that almost every laptop and PC in the world uses less electricity because most of the world's apps have had their processing moved to a data center. Maybe after considering all that your comment has a tiny spec of credibility, so we should continue our pressure on tech companies to be energy efficient in their future plans too.
I researched the cost to convert entire world to solar panels and grid scale battery only: Solar panels: $1.43 trillion Grid-scale batteries: $6.85 trillion Transmission infrastructure: $2 trillion Maintenance and other: $2.46 trillion projected fuel savings over 10, 20, 50, and 100 years from switching the entire world to solar energy: 10 years: ~$45 trillion 20 years: ~$95 trillion 50 years: ~$270 trillion 100 years: ~$880 trillion
My utility company decided to raise gas and electricity unit prices minimally while doubling the service fees. So much the incentive for conserving energy.
Amazing. Our country gave big oil tax incentives to increase production just so we could pay more at the pump… and pick up the tax incentive bill. Sad country
if we are gonna give subsidies, we can subsidize training oil workers to transition to other industries, and subsidize big oil to actually invest in clean energy.
Demand isn't going away it's going away in the US , 50% of the total petroleum products in the US will be exported by 2030 and 80% of it's natural gas. Only the producing States will have petroleum.
These radical environmentalist and apparently the IMF with their explicit and implicit subsidies, always look at the harm that oil brings but don’t look at the benefits. They say externalities of oil is $757 billion but what about the benefits of oil like the overall economy and productivity resulting from oil production and use? It has to be in the trillions of dollars!
Yes, trillions of dollars, not like it's going to cost the Earth, is it? Oh, wait... (you must have been rooting for the business case for the asteroid in Don't Look Up?).
"These radical environmentalists"? As opposed to radical anti-environmentalists? I get so tired of reading shallow statements. How about we change the conversation to an actuarial analysis of risks and rewards of doing a variety of things, of drawing some transitional path to a "better" world? And what can we all agree is "better"?
Cadangan fosil fuels tetap memegang kendali pada sektor sektor manufaktur dan turunan yang lain . Jadi mungkin pencadangan ini bisa menjadi langkah antisipasi kepada keterbatasan sumber daya untuk bahan pembakaran . Hal ini bisa disebut meningkatkan nilai utilitas pada cakupan sektor produk
"We can't retire our existing fossil fuel assets because we're still using them." That's like when I told my doctor, "I can't stop drinking soda because I just bought a whole fridge full of it."
It's kind of like an alcoholic/addict stating: I can't take the time off work to stop and go thru withdrawals, if I'm going to stop I need more now I just can't stop yet" The thing is they're right and outside of a major life event happening most don't stop til they hit rock bottom.
'oil and gas companies can deduct the cost of wages, fuel, repairs and other expenses...' No kidding, like every single other business. Nobody pays taxes on expenses! Where would you even get that money? They just don't get the billions in handouts that green energy gets.
They are pumping trying to keep up production because the wells now fall in output at an incredible rate. Permian has 3 layers and we're down to 3rd floor basement.
The solution to the "wind energy is nice when they when the wind is blowing" and "solar energy is nice when the sun is shining" is super simple. Pumped storage hydroelectricity. Whenever renewable energy has a surplus of power, pump water to an upper reservoir, then during off hours for renewables or peak hours simply release the water through penstocks and turbines to generate power. No need for batteries or additional transmission infrastructure.
Those are good, but they make the most sense in cooler climates where there's natural topography to build those reservoirs. I think we also need to look at nuclear, especially small modular reactors to help meet base load demands.
@@SteveLomas-k6kyou mean base load power? Nuclear is more than capable, but our leaders are weak willed and our population is full of pearl clutcher science illiterates.
@krysatheo Well, people are working on alternatives. Here in the Netherlands for years we're looking for a way to implement hydropower in a flat country. There was a plan for an underground hydroelectric powerplant at an abandoned mine in Limburg province. However, that project never seriously left the design phase. However, now we've a new way store hydroelectric power at the bottom of the sea or at the bottom of lake. The company "Ocean Gazer" has come up with the "Ocean Battery". It's an enclosed system consisting of a pressurized water bag at the sea floor and a water tank under the soil. When the system is charged, the water from the tank is being pumped upwards into the water bag. The water bag is getting pressurized, but the pressure of the surrounding water outside of this enclosed system prevents the bag from exploding. It's ideal to have it installed among the windmills of an off-shore wind park and the first results are showing those water bags act like artificial reefs, improving local biodiversity of sea life. Looks quite promising to me and it solves a few issues like hydropower being damaging to the local environment setting everything underwater and blocking fish migration routes. It also solves the problem of hydropower needing mountains and it's storing the energy where it's generated without having to take into account things like evaporation, dry weather or downstream flooding. The water in that system is also clean. So no problems with mud. I'm not sureif they plan to use tap water/river quality water or cleaned sea water.
@@Get2ItTV in a vacuum yes, but there have been some major events such as covid, the war in Ukraine and tensions in the Middle East that have more than made up for any benefits to the cost in recent times.
This land has changed hands more times than history records it. Sorry but in all of human history, the culture which is technologically more advanced wins.
May I also remind you of the fact that our Native American population in our motherland, the Continent of America before the European Colonizers arrived, was around 15 millions, while the European population in their motherland, the Continent of Europe was around 25 millions. Today, Native American population is 15 million, while the European population, in the Continents of America + Europe, is a staggering TWO BILLION! A shockingly sad truth. 😔 In my humble opinion, it's about time to decolonize the Colonized lands, and return to rightful owners Native American people. Notorious global cardinal crimes the Christian West has committed, and benefited a great deal, such as Slavery & Colonialism had long been over, why on earth is notorious Colonization still lingering on, may I ask? 🤷
@@oddfellow1114 My jaw dropped as I read Native American population in their motherland, the Continent of America before the European Colonizers arrived, was around 15 millions, while the European population in their motherland, the Continent of Europe was around 25 millions. Today, Native American population is 15 million, while the European population, in the Continents of America + Europe, is a staggering TWO BILLION.. It is a shocking sad truth. 😔
I agree, it's about time to decolonize the Colonized lands, and return to rightful owners Native American people. True, notorious global cardinal crimes the Christian West has committed, and benefited a great deal, such as Slavery & Colonialism had long been over, why on earth is notorious Colonization still lingering on.
Question. Do oil and gas producers pay into our economic system aka taxes? Are do they simply provide a needed product with little to no taxes paid into the symptoms at alll.
Thank you USA, for stabilizing world oil prices. My country which imports most of the oil, which would have been very expensive if not for US record production. May you be blessed 😇.
The US still imports about 6 million barrels of crude oil per day as per EIA. Maybe if they increase investment , they can become completely self-sufficient.
That's because "green energy" and fossil fuels are touted as equivalent, basically interchangeable. In reality green energy can't replace fossil fuels, and continuing to try to shoehorn it in will cause problems.
If you have the money like 25+ thousand dollars for solar panels ok buy them but that much money can buy years of gas you have to be young to break even and the solar panels brake or degrades it takes oil to make solar panels.and thay fall every day
Russian & Saudi oil is on the decline for several reasons, Opec and its price fixing is a major factor in who is buying and who is selling. Since the US is not a member of Opec and can offer oil at a better price our oil is in demand. Production will most certainly increase in order to meet that demand. And the Inflation Reduction Act was never about reducing inflation, Biden admitted.
what are we savinng the planet from? your imaginary sky is falling theory? poor you. go move to guyana with the rest of your cult, but keep an eye out for koolaid.
As George Carlin used to say the Planet will be just fine. Been through a whole lot more than us. We'll be gone but Mama Earth will be here cleaning up the mess we left.
IDC is not equipment nor is it a tax credit, it is intangible drilling cost and it is expensed just as any ordinary business expenses are deducted from your taxable income. Lease and well equipment (tangibles) are assets and have to be depreciated. You are also allowed depletion on your production income. The incentives are there because it is an extremely high risk business producing a commodity that the world heavily relies on. But these are deductions from taxable income, not tax credits or subsidies.
because there is no insentive to bring the cost down even though you have the number of barrils. it's called squizing profits. also russia can't sell it's gas to occidental countries so the reserve from the other countries are being split to fill the gap. the real question is how hot can this planet be
Oil and gas prices are based on the global market. Even if we are pumping so much if there are other countries having issues it can cause gas price to pike here. also greed is a factor.
The U.S. became the world's top oil producer in 2018, surpassing Russia and Saudi Arabia. Now it’s breaking its own records, with over 13 million barrels a day!
But that can't be true! Trump tells me Biden has banned all oil production whatsoever!
Obama was all about drilling. Obama laid out most of this.
Stolen Síria and irak
.. and we have double the population of those countries combined. We use about 20 million barrels a day.
@@Bryghtpath Despite the government.
The US replacing Russia as Europe’s major supplier of oil & gas is a huge geopolitical shift, further deepening the overall importance of the transatlantic system.
Slava TSMC 🇹🇼
LOL those European suckers.
YEP. War is no longer fought with bodies and bullets, but dollars and resources. One of the biggest reasons Russia's economy is failing is all the sanctions put on it, not the war.
@@sarkaranish Idk if you don't have access to the news; but wars are still fought with bullets...
I kinda get what you're saying; but since the dawn of times people fought over resources and traded with people they got along with. Iron/Steel, Gold, Uranium; all resources humans have fought over or used to leverage trade.
The biggest loser in this situation is Europe itself
It’s amazing they didn’t bring up how important oil is for manufacturing. It’s not just about oil / fuel. Oil is used in making everything we use.
plastics and fabrics are a huge one.
No it’s not 😂 maybe plastics but not everything. That was like 40 years ago boomer.
What? You have no idea then how much plastic and silicons we use in our daily life. We use it for everything.@@Hiiamsamm
@@Hiiamsamm lmao get into semiconductor manufacturing, oil is a primary ingredient for resistors, caps, coatings, interlace materials, you name it.
it doesn't have to be, but they lack the will & intellect to change. ccp will win the energy race. we'll see...
Wait! So they made $173 billion in profits and needed tax incentives to do so? Man, greed is good.
The USA is so weird say they are capitalist but hand out so many subsidies
No country can be 100% “capitalist” dont be a dummy! So is china a “100”% communist?
Oil "subsidies" are tax breaks - principally depreciation allowances - accounting rules that apply to the business cycle of many recovery industries such as mining.
I think you meant to say free market. Subsidies and strong private property can coexist.
US hypocrisy is next level u need sharp brain to understand how this hypocrite play.....
Wierd = hypocritical?
Also Factor in what kind of oil is being produced and refined. To my knowledge U.S refineries mainly process sour crude oil and the oil the U.S produces is called “Sweet Crude” which has less sulfur,easier to refine, and sells at a higher price.
Shale oil is also predominantly short chain hydrocarbons, so they're actually too light for refineries to process on their own
@@Demopans5990 I appreciate that knowledge!💯
Not to mention most of our refineries are configured to only handle sour crude and dirtier forms of crude because of its availability. Venezuela has the world’s largest Sour Crude Reserves.
Hence the reason for the Keystone XL to get the shale oil out to other regions. Some midwest refineries use it and it pressures midwest prices lower as there are few buyers.
Sweet oil can only make gasoline not diesel or jet fuel which is why US imports heavy oil from Canada, Venezuela, mid east.
The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.
Biden is worst thing that happened to us
TRUMP 2024
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Fantastic! Can you share more details?
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I remember when we were about to run out of oil 20 years ago...
yes but because fracking and horizontal drilling they were able to recover a lot more from wells that were supposedly dry like they said in the video
The US was running out of oil before shale oil. It takes 30 seconds to look at a graph and see that the US had an oil production peak during the 70's just like M. King Hubbert predicted in the 50's, that is conventional oil. That's what made the US a big importer of oil since then and created tensions between the US and other regions of the world and contributed to wars like Irak to ensure sufficient supply of oil for the US which was increasingly becoming a massive importer. The US stopped declining ever since it became capable of exploiting shale oil, which is environmentally a disaster even compared to traditional drilling, and it's EROI (Energy Return on Investment) is really bad too compared to conventional oil, so it's terrible from a transition and environmental perspective, but has allowed the US to restart it's economic machine and to some degree restart the world economy too by becoming once again the biggest oil producer in the world.
@@adridell well said It think we got a good decade before oil prices will rise again because of US oil proudcition slowing down with a bad recesion with it :)
@@Desperate-Drive3423 When world oil production starts to decline it will not translate into continually increasing oil prices. Oil is an essential ressource for the economy to function and thus, what matters with oil is the amount that is produced not it's price. When oil starts to decline prices will indeed rise, but since that means less oil it will fundamentally also change the purchasing power of demand, since less oil means less economy, and thus demand will drop too, when oil starts to become scarcer it will translate into continually unstable prices, not by continually increasing prices, because both, the offer and demand of the market will change according to how much oil is available and thus how much economy is possible, prices of essential ressources like oil do not determine how much economy we may have, it is the amount we extract that matters, because oil structures our economy and without oil there is no economy.
@@adridell point is, the "experts" were objectively wrong. Its a shame that the Canadian government didn't follow your lead instead of funding groups to oppose our energy independence.
Just imagine, there are countries out there who harnessed their natural resources to build a sovereign wealth fund for the benefit of their citizens which will be around long after the oil drys up. In contrast, we decided funneling the profits to massive, multinational corporations was the way to go. It's so moronic.
The majority of Countries with Sovereign Wealth Funds have large surpluses in their budgets. The reason is they have major extractive industries within their countries that produce more income than they choose to spend on themselves. So they keep the extra money and use it to invest in commercial opportunities.
In general this is a good idea. The commodity they are extracting will some day dry up. If the spent it all now they would have an economy they could not support in the future when the income stream no longer existed.
Other countries use their sovereign wealth funds to invest in businesses they government thinks are important. The government is picking and choosing what it thinks is best circumventing the normal capitalist process.
Several states within the United States have sovereign wealth funds.
My question to those that think the money held in the federal governments trust funds should be invested is do you really want the federal government being a major owner of private businesses? Do you really want that level of influence which would be inherently political?
The United States has a different approach. It funds many major research institutes that produce basic science which is then available to be developed and commercially used.
You mean something like Alaska Permanent Fund?
I don’t understand why it can not be both! I love law abiding big business but also acknowledge the land should be the peoples and therefore they should receive a share
@@alexlerwill344 that's called georgism
No it's really smart actually, if you're a politician and you take bribes to make sure big companies get all of the money then you will be rich and who cares about the rest of the country if you're rich enough to never have to work anyways
Absolutely cannot get enough of these type of videos that CNBC makes! Thanks so much for making these!
no politics, no propaganda, simply FACTS
Why do they need subsidies when they made over $150 billion in profits? 🧐
Makes you wonder how much oil there is buried in the earth.
a lot. its a big earth... not unlimited though. Last estimate I heard is 150 years worth at our current consumption rate.
the world has around 1.57 trillion barrels of proven crude oil left before we actually run out.
more than we could ever use.
A simple google will tell you the answer. You don't have to wonder.
the world has around 1.57 trillion barrels of proven crude oil left before we actually start running out of it.
Record oil production + record fuel and electricity prices = Record profits for the companies & record burden on the consumer.
Yea, the greedy politicians should lower the burdensome taxes on energy.
Oil produced today does not cost the same as oil produced 10 years or 50 years ago.
Horizontal drilling and fracking are expensive - mid east and russian wars are about as expensive.
The US sucked our cheap oil away long ago.
Gas is actually pretty cheap. We were paying today's prices but 15 years ago when I was just out of college.
nothing is stopping the citizen from investing into those big oil companies and get a share of the pie.
record fuel prices - wrong
record oil production - good, otherwise prices will be much higher
you - low iq troll
Record heat, droughts, rainfall, storms - for years now, and it is ramping up. We're so FUBAR.
Lol 😂 Ugg you buying the climate scam?
I remember peak oil back in the 70’s. Boy did that ever age poorly
But if you look at that production chart, it was correct for over 30 years as production declined year over year.
They just didn't account for technology that just became available in the last decade or so, would be so good at getting at the oil.
@@MetaTaco317 they probably aren’t accounting for us going after the untouched reserves in the future also. It just cracks me up when the experts get it so wrong
Wind and solar energy can be resource-intensive, but nuclear power stands out as the best option we have right now. With today’s technology, nuclear plants can be built safely. Those who oppose it often do so out of a lack of understanding.
Unfortunately, regulations add so much costs that nuclear isn't cost effective. Inherently safe nuclear technology could reduce the requirement for some regulations
@@timothykeith1367 10+ years development and $15 billion dollars of investment for a plant that only last for 40 years is a big ask. i'd like to see more nuclear but it doesnt seem economically feasible.
@@time2fly2124 nuclear plants can theoretically last 80 years
not under US permitting and labor regulations, as well as our capital system where every piece is on borrowed money and lenient bankruptcy is available.
it also takes a lot to overcome the NIMBY pressure which means you have to add lots of distribution and remote costs into the picture.
the most recent plants to come online, Vogtle, have added high surcharges to power bills just to break even.
the reverse side of the coin under nationalization is that it becomes affordable but risks govt cronyism and ineptness, aka Japan, and all those extra costs come right back. Fukushima cleanup is at $82 billion and counting and they haven't even started, nor does it include all the externalities (destroying entire regions of land value); $800 billion is the predicted final cost.
the whiteboard looks clean, but us humans haven't been able to figure out how to manage it
France so far hasn't done too bad...
@@ctgottapee9020 Plus the plants that Make Nuclear Great Again haven't been built in any meaningful scale that allows boasting how wonderful nuclear is.
Why don't you guys mention the fact that part of this "production" is them draining the SPR?
This is so misleading.
We can at least thank the US for stabilizing global oil prices. We nonproducers know what it means in our lives when prices go up...
Yup. Thank you USA. May you be blessed.
@@jameskamotho7513 The world would be in the whims of OPEC
yes 100%
On my knees. Thank you biggest polluters in the world. *It is not hot enough in Phoenix??*
The U.S. said no to Russia Ukraine peace deal, then blew up EU’s normstream pipeline and made EU dependent on US oil… i mean if you can even call them the good guys…
If the business is so good, why are future oil contracts constantly being sold under current price?
For the same fact that business is booming so an increase in supply will guarantee a decrease in prices.
Expectations of Future Supply and Demand: If traders expect that future supply will exceed demand, they might sell futures contracts at a lower price to hedge against potential losses. This expectation can be influenced by factors such as increased production, technological advancements, or geopolitical stability.
@@elcaciquedev Correct, in the video they mentioned that demend is going down due to geo political problems and that demand for US oil is growing. So future contracts imply its not advancement in technology but something else that will bring down price of oil. It's clearly demand issue since supply is more than stable.
Because opec dictate supply. The oil grade that world needs is not the oil coming from US
Sleepy Joe Biden the Oil trader sold over 130 million barrels from the SPR when prices were above $105 a barrel back in Feb 2022, and has been buying them back between $70-$80. He capped the market below $90 and made a ton of money for the Treasury.
Biden sold over 130 million barrels from the SPR when prices were above $105 a barrel back in Feb 2022, and has been buying them back between $70-$80.
Puerto Rico has natural gas and oil resources according to US studies. However they are not saying the truth that the findings are big. With only 500 miles from the richest oil basin in the world (Venezuela), Puerto Rican research has concluded that Puerto Rico has more resources than estimated. Trinidad and Tobago and Guyana are now extracting oil from this Caribbean basin.
Wait... They keep talking about "subsidies"? Wait... Isn't that why they're imposing tariffs and taxes on Chinese electric cars and solar panels?
9:53 $600 billion could have built 200 nuclear reactors bypass the need for solar and wind.
Math is way off
@@seanthe100 it’s not if one goes to a standard design and a supply chain in place. They were building them back in the 1960’s for about a billion per 1000 MW unit in todays money. I factored in 3x for buffer.
@@waywardgeologist2520 'If." You sir are a riot.
The oil companies are price gouging!!!!
Straight from the Marxist playbook
@@ronaldpoole3273 That's certainly one way to say you heard someone misuse the term once and stopped thinking.
@@custos3249 and you just admitted you are a Marxist
@@ronaldpoole3273 Says the person that can't define the concept.
They should do as the current government is trying to block investors
This is crazy stupid piece on their explanation on subsidies and the huge issue of implicit subsidies that effect millions each year in worsening health locally and regionally and nationally
I would feel better about this if the spike in oil production is temporary while the country shifts to renewable energy. Instead people just keep buying SUVs and complaining about gas prices, like climate change is a problem for someone else and not their own children.
The renewable slows crude growth. Global oil use is only up 2% over a 4 year period (2023 vs 2019).
US oil production is weakening OPEC+ control on the pricing markets.
I live in NYC. Who cares about gas prices when public transit gets you 95% of the way there in the same amount of time it takes to drive in the city? $5 a gal? Whatever. $3 gets you from one end of the city to the other in 2 hours, whereas you're lucky to run the length of Manhattan in 1 hour by car. And bikes are essentially free in comparison to a $15k used car
@@Demopans5990 my son lives in New Brunswick, NJ. He hasn’t owned a car in 7 years: no need to own one. He rides NJ transit rail to NY frequently. His savings from not owning a car is thousands of dollars every year.
@@colinfitzgerald4332
And then said savings get eaten up by housing costs because people really like to live close to convenience.
I did some napkin math, and discovered that the amount of savings I'd get living in AZ or TX due to lower housing prices will get gobbled up by gas, tolls, and insurance, because there's absolutely no way I can get a low mileage discount driving in the south like I have in the city. And that's discounting the additional 1-2 hours per day of mindnumbing traffic, and the health effects of sitting still for that long.
I'm 24 and I'd prefer my body to not self destruct by the time I'm 40 like most Americans.
@@Demopans5990 my wife and I are 70 yo and use bicycles with saddle bags for most of our shopping. When she arrives home with groceries, she looks vibrant. We drive a Toyota hybrid for times cycling doesn’t fit the mission. I agree; long commutes in a car takes its toll on your health over the years unless you work out regularly in some way.
Just be forewarned that Fracking can cause earthquakes and catastrophic environmental damage not to mention the staggering water needed to produce oil.
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in last month 2024
Wow that's huge, how do you make that much monthly?
I'm 43 and I have been looking for ways to be successful in life, please how?
Mark Hutchinson's expertise is truly commendable. He has this skill of making complex crypto concepts easy to understand.
Woah for real? I'm so excited. Mark Hutchinson strategy has normalised winning trades for me also. and it's a huge milestone for me looking back to how it all started.
Please how can I reach this Mr Mark everyone's talking about?
Yep we're still in the oil age.
If you look at the oil consumption curves, we are in the slowing phase of the sigmoid (logistic) curve, and is actually in the saturation phase if we use oil/capita consumption. It means the oil age is here, but on the way out.
We should stop using word natural gas for "fossil gas"
Calling it by a different name will change nothing.
It’s because there is synthetic gas and natural gas.
MMmm, sounds much greener for real.
@@heronimousbrapson863wrong. It changes public perception.
I will still call it natural gas
they get all panicked about people not being able to fill up their tank but they forget that that fear is a result of total and complete dependency and therefore ensures demand.
Gas prices are high because They Can. People let them.
gas is too cheap
@@stephaniehernandez7209 No
@@jasonhas7456 yes
@@jasonhas7456 yes you're just poor
Why don't you look it up instead of stating something that you don't know to be true? Inflation is the problem and the government causes it. afdc.energy.gov/data/10641
ya, EU forced to buy US natural gas at 400% Russia's price formerly paid.
well, is that because you allied with someone who is stupid? EU was a bunch of idiots when they ally with Russia instead of building nuclear plants and solar and wind. Germany in particular is the dumbest. Germany had a recession in 2022 winter because electricity was too expensive to run the light bulbs in their factories. You can be mad at the USA for that, but you should be mad at european policy makers for that.
US natural gas only represents like 20% of EU natural gas imports. Much of it comes from Norway and North Africa. If they can get a better deal from those countries they should do so. US natural gas will be more expensive due to liquifying it before shipping.
@@peakz8548 tell it to the EU citizens.
Russia is trying to destroy Europe, what else can Europe do? 🤷♂️
We appreciate y'all business
We need refineries.......
Make America Trump and Maga Free! Vote blue 💙 💙 up and down the ticket. 🇺🇸 💙 🇺🇸 💙 🇺🇸 💙 🇺🇸
Why? That would just create more product and prices would go down. Can't have that. No, instead more needs to shipped overseas where it can be sold at even higher price.
Create more jobs. Good for USA
The gas lighting is strong in this video.
Do we count the well below market rate that oil and gas gets charged for drilling on public lands vs private land as a subsidy? Thats a huge subsidy.
The only subsidies oil companies get are for 'green' energy projects.
the rate is the same as what a private landowner with underground rights would receive. many of our public lands have some high costs of access to them.
the govt cronyism that may go along with who wins what rights is def a subsidy but hard to calculate and not realized equivocally of all players and also applies to private land deals as well.
@@ctgottapee9020 the royalty rate for the federal government is 12.5% while most private land rates are closer to 25%. How is that the same?
@@gregspecht3706 it was. it's 18%. private is 12-25% often with less scrutiny and easier access. each contract should be negotiated like the free market but govt cronyism might elicit a lot of kickbacks on that.
BRICKS 2024🎉🎉🎉
Sprinting in a marathon, not going to last.
I just don't understand the subsidies for oil production when these companies are making record profits... smfh
The revenue that the government makes off of leasing far outweighs the subsidies.
In that case, we should be getting a homie discount. If the Nationwide average is above $2.50 a gallon, we don't export. If the Nationwide average is $2.50 or less, we export the surplus gas
Not how the free market works, these are private companies that are drilling and selling the gas not the government. If you want low gas prices by the government then go down to Mexico where the government gas company PEMEX does exactly what you are asking
It's funny how many people think this is already how it works, that we need to "drill more here" to lower prices, when that's never been how it works. All "drilling more here" does to prices is that it raises overall global production, which lowers overall global prices, but it's always those global prices that determine the price at the pump, whether the oil min the tank comes from the Gulf of Mexico or the Persian Gulf.
Crazy that in other countries, profits from energy go into the infrastructure of said country.
Not in the states though.
Let's take Climate change into consideration said by Govt, now "let's make sure to be the biggest oil supplier." Earth: My turn.
The oil used in manufacturing doesn’t contribute directly to climate change. It’s only burning it for fuel that does that. It’s still going to be the most important natural resource on earth even after we stop burning it for energy.
Climate change will happen, regardless of human activity. As it always has for billions of years.
@@shane864
Not if we burn it all for profits today.
In that scenario, there's nothing left for manufacturing in a couple of decades.
Fracking after effects will be felt by future generations. It will not be pleasant
Let's also talk profit margin.
In 2021, when oil prices averaged $71 per barrel, oil producers could expect a profit of at least $15 per barrel. In 2020, when oil prices averaged $42 per barrel, it was difficult to break even producing oil. A different online data set based on fiscal year 2020 accounting data calculates the average net profit margin for the oil and gas production and exploration sector at about 2.8%
This is just on the upstream side and includes cost for buying seismic data, geotech analysis, appraisal, further exploration, development, drilling, and producing. This doesn't then include the midstream and downstream costs or profits. Transport from asset to refinery, cost of refining, cost to transport and sell.
Not all oil produced can be made into every needed product and can't be refined at every refinery. It's crazy complicated and they just scratch the surface in this video.
Very interesting and actually proves the strength of US oil as 2020 was a black swan year. Especially as the upstream players are the most vulnerable as they are exposed to the volatility of the market where as the others have long term contracts in place that make them way more of a stable business that would need years of a very bad market to suffer significantly.
This is one of the many things i admire about America the capacity of reinventing themselves everytime the whole world is rooting for America to fail and decline they manage to pull something out of nowhere to stay ahead the oil production is a perfect example of that
Yep they always manage to pull out a war as a distraction and money making scheme...creating more instability around the globe to protect itself from the chaos they create...
the truth is. america is prepring. they simply relied on overseas because they dont want their own resources to overwhelm when it ever tuns it.
@@centurymemes1208 more like they've been destroying the world
Exactly. No more green, Americans beat the ecosystem. They're stronger.
Many Americans root for America to fail. You should figure out why.
the fossil fuel industry should receive $0 subsidies in a just world
Wind and solar plus battery storage is a continuous power source from an intermittent source.
we do need to keep oil prices low %95 of people still drive gas cars but subsidizing any corporation that makes billions in profit is crazy .
Seems America is making massive gains in non taxed finances
Oil will always be necessary. Deal with it!
it's dumb. Record production cuz of record prices. So the increased production is to chase the appreciating price. So prices are not coming down. So in the end, the consumer still suffer while the shareholder gets a windfall.
I can sincerely say that you are a very good trader. Raising such money is really, really hard and incredible. I wish you continued successs
At least underground water is not affected by micro plastic. Oh wait fracking will with gaz.
Yawn
It's not really the fracking process that does it. If anything it's the disposal wells. Interaction between subsurface freshwater and drilled wells or disposal wells, in general, is minimal due to the extreme distances in depths. Subsurface groundwater (fresh water) is normally in the hundreds to a couple thousand feet. Wells are drilled at depths of thousands and tens of thousands of feet. It's rare, in this day, that a wellbore would go through a fresh water reservoir on the way to wanted reserves.
With US supplying oil, it minimizes ARAMCO's monopoly of oil supply. A few years back ARAMCO dropped their prices which caused a lot of oil companies to close then when there's less players in the market, increased the prices again.
As a Brit I'd rather my oil came from the USA than Russia by 10000x. The long term benefit of this is trillions of dollars. Thank you USA.
😂😂😂😂😂😂 oh wow
From one master to another !!!!
Either way you brits are eager to kneel !!!
You sicaphant, you're the reason Britain is were it is today, they've sold out to the US as a lap dog under guise of security, its ok for everyone else to be rich as long as its not Britain and look what's happened ,you're a theam park. You should be trying to source cheap energy no matter where it comes from ,you pay 3.00ltr for petrol ,do you think US care about you or the big US and British oil and gas companies they will quite happily sell you oil at that price ,start putting Britain first that's what the US always do or there companies, that's why they have cheap energy. Do you think US had Britain and Europe's best interest at heart when they blew up the Nordstrom pipeline from Russia to Germany of course they didn't, look at geo politics, the only way to win is put your own interest first as a country, have boundaries, don't let cold war US spin walk on these
😂 y’all are getting finessed
it's adorable that they still think that extracting more oil translates to lower prices for consumers. If supply goes down then prices go up, if supply goes up, then they figure out another reason to keep the prices where they are.
Many people don't realize how screwed the US would have been if not for the shale revolution. We are living in a different world compared to if we produced ~3-4 million barrels of oil per day, and also only modest amounts of natural gas. And people think the economy now is bad. It would have been much, much worse, not to mention the geopolitical position of the US very poor indeed.
The US would have stagnated like Japan. On the other hand Venezuela, Iran and Iraq would absolutely be booming.
The US will always find oil. Don't worry about that. And if not, it would join the EU and China in finding alternative ways to fuel the economy.
Natural Gas is So Abundant that the U.S. burned it Off on regular Bases at all its factories. So much that they don't know what to do with it
When and at worst case scenarios like this, there is always taking oil by force
God bless USA and respect,, 💐💐💐and Time is beauty.
Stop trying to debunk MAGA lies with basic verifiable facts.
Yawn
💩
God bless America! 🇺🇸 ❤️🤍💙
Meanwhile tech companies are ramping up energy consumption with more and more data centres being built to run all the AI stuff.
Dude - we don't have power companies that run on crude. It's natty, coal, nuclear or renewable.
Yeah they are all the way up to 3% of the world's electricity use.
Sure we also need to consider that most of the datacenter use is replacing office server rooms which would be less energy efficient than a data center.
And all the travel that those technologies have avoided.
And the improved efficiency they bring to other industries through all that fancy math.
And that almost every laptop and PC in the world uses less electricity because most of the world's apps have had their processing moved to a data center.
Maybe after considering all that your comment has a tiny spec of credibility, so we should continue our pressure on tech companies to be energy efficient in their future plans too.
I researched the cost to convert entire world to solar panels and grid scale battery only:
Solar panels: $1.43 trillion
Grid-scale batteries: $6.85 trillion
Transmission infrastructure: $2 trillion
Maintenance and other: $2.46 trillion
projected fuel savings over 10, 20, 50, and 100 years from switching the entire world to solar energy:
10 years: ~$45 trillion
20 years: ~$95 trillion
50 years: ~$270 trillion
100 years: ~$880 trillion
My utility company decided to raise gas and electricity unit prices minimally while doubling the service fees. So much the incentive for conserving energy.
Oil will still be needed in manufacturing, but not as an energy source… Unless we start creating really efficient batteries.
or use excess energy to produce H2
Plains and trains and long haul trucks are going to need oil for fuel, that’s not going to change anytime soon
Fossil fuel is required because renewables are actually unreliable and pollute just as much if not more from all the mining..,
Solar & Wind let us sell more OIL overseas. 🚀💪😘
It’s Joey B’s giant middle finger to Putin and the Saudis.
How? In general, we don't use oil to produce electricity. Two different things, bud.
Amazing. Our country gave big oil tax incentives to increase production just so we could pay more at the pump… and pick up the tax incentive bill. Sad country
More oil, more guns, more national security, more democracy and freedom!
Hoooray!!!
Yeah Murica!
More Costco as well!
@@Aviator526 and Coca Cola Classic as well.
Actually, we need to repeal women's suffrage followed by repealing the right to vote to tax eaters from the ghettos of America.
if we are gonna give subsidies, we can subsidize training oil workers to transition to other industries, and subsidize big oil to actually invest in clean energy.
Oil companies are heavily investing in renewable because the demand for oil is slowly going down.
Demand isn't going away it's going away in the US , 50% of the total petroleum products in the US will be exported by 2030 and 80% of it's natural gas. Only the producing States will have petroleum.
LETS GOOOOO AMERICA
These radical environmentalist and apparently the IMF with their explicit and implicit subsidies, always look at the harm that oil brings but don’t look at the benefits. They say externalities of oil is $757 billion but what about the benefits of oil like the overall economy and productivity resulting from oil production and use? It has to be in the trillions of dollars!
Yep, the IMF just wants to stop drilling which is idiotic. We need to drill to beat our adversaries.
Yes, trillions of dollars, not like it's going to cost the Earth, is it? Oh, wait... (you must have been rooting for the business case for the asteroid in Don't Look Up?).
Don’t think any of those benefits matter, if we make the Earth uninhabitable for humans.
@@Supertrooper697 Unlikely to happen with the transition to renewables and nuclear. We can pull out carbon from the atmosphere.
"These radical environmentalists"? As opposed to radical anti-environmentalists? I get so tired of reading shallow statements. How about we change the conversation to an actuarial analysis of risks and rewards of doing a variety of things, of drawing some transitional path to a "better" world? And what can we all agree is "better"?
We're in a predicament. There is no solution.
USA! USA! USA!
Steal baby steal .., out of the land of Native American people!
Slava TSMC 🇹🇼 Heroyam TAIWANese 🦾
You're seeing none of that money 😂
@@ecognitio9605 It's important to our national security as an American.
"We're still here ... We are not going anywhere." - Native Americans 😔
Cadangan fosil fuels tetap memegang kendali pada sektor sektor manufaktur dan turunan yang lain . Jadi mungkin pencadangan ini bisa menjadi langkah antisipasi kepada keterbatasan sumber daya untuk bahan pembakaran . Hal ini bisa disebut meningkatkan nilai utilitas pada cakupan sektor produk
"We can't retire our existing fossil fuel assets because we're still using them."
That's like when I told my doctor, "I can't stop drinking soda because I just bought a whole fridge full of it."
What do you mean ?
How about this: We can't retire our existing fossil fuel assets because our current technology for renewables isn't capable of replacing it..
You're really bad at analogies. Not everything is apples to apples. Stop thinking you're smart.
Electrical cars made ouof oil based materials
It's kind of like an alcoholic/addict stating: I can't take the time off work to stop and go thru withdrawals, if I'm going to stop I need more now I just can't stop yet"
The thing is they're right and outside of a major life event happening most don't stop til they hit rock bottom.
We need that pipeline
The pipeline never has anything to do with US oil, it was from Canada to the gulf.
That pipeline to send oil overseas? Why?
'oil and gas companies can deduct the cost of wages, fuel, repairs and other expenses...'
No kidding, like every single other business. Nobody pays taxes on expenses! Where would you even get that money?
They just don't get the billions in handouts that green energy gets.
Gotta milk that cash cow before the wind turbines take over. 😂
Wind turbines will never take over.
Wind turbines don't make plastic
@@effervescent_smegma-s1w Wind turbines will never take over.
@@effervescent_smegma-s1w Turbines will never take over.
Why is it almost 5.00 a gallon in chicago
9:37 holy crap, that’s a ton of debt to leave our children. Criminal
@waywardgeologist2520 I interpret this as lost revenue, not taking on additional debt.
@@gilbertvehicleservices renewables have good return on investment anyway, this is an investment not debt or lost revenue
They are pumping trying to keep up production because the wells now fall in output at an incredible rate. Permian has 3 layers and we're down to 3rd floor basement.
The solution to the "wind energy is nice when they when the wind is blowing" and "solar energy is nice when the sun is shining" is super simple. Pumped storage hydroelectricity. Whenever renewable energy has a surplus of power, pump water to an upper reservoir, then during off hours for renewables or peak hours simply release the water through penstocks and turbines to generate power. No need for batteries or additional transmission infrastructure.
Those are good, but they make the most sense in cooler climates where there's natural topography to build those reservoirs. I think we also need to look at nuclear, especially small modular reactors to help meet base load demands.
Yes, we have a big pumped hydro reservoir in Niagara Falls. It's mechanically problematic and isnt cost effective atm.
we need SUSTAINABLE energy, i.e. energy production that can be sustained; when the sun goes down, the wind stops blowing and the subsidies dry up!
@@SteveLomas-k6kyou mean base load power? Nuclear is more than capable, but our leaders are weak willed and our population is full of pearl clutcher science illiterates.
@krysatheo Well, people are working on alternatives. Here in the Netherlands for years we're looking for a way to implement hydropower in a flat country. There was a plan for an underground hydroelectric powerplant at an abandoned mine in Limburg province. However, that project never seriously left the design phase. However, now we've a new way store hydroelectric power at the bottom of the sea or at the bottom of lake. The company "Ocean Gazer" has come up with the "Ocean Battery". It's an enclosed system consisting of a pressurized water bag at the sea floor and a water tank under the soil. When the system is charged, the water from the tank is being pumped upwards into the water bag. The water bag is getting pressurized, but the pressure of the surrounding water outside of this enclosed system prevents the bag from exploding.
It's ideal to have it installed among the windmills of an off-shore wind park and the first results are showing those water bags act like artificial reefs, improving local biodiversity of sea life. Looks quite promising to me and it solves a few issues like hydropower being damaging to the local environment setting everything underwater and blocking fish migration routes. It also solves the problem of hydropower needing mountains and it's storing the energy where it's generated without having to take into account things like evaporation, dry weather or downstream flooding. The water in that system is also clean. So no problems with mud. I'm not sureif they plan to use tap water/river quality water or cleaned sea water.
Lots of talk about renewables and when the sun doesn’t blow and the wind doesn’t shine but not a single mention of battery storage… 🤔
All these electric cars, why is gas still so high?
Electric cars are a very small percentage of vehicles in the US currently.
@@krysatheo its a small percentage but it should still have gas prices trending down right.
@@Get2ItTV in a vacuum yes, but there have been some major events such as covid, the war in Ukraine and tensions in the Middle East that have more than made up for any benefits to the cost in recent times.
God bless America🇺🇸
CNBC: How The U.S. Is Pumping More Oil Than Any Country In History
Me: Out of the land of Native American people?!
This land has changed hands more times than history records it. Sorry but in all of human history, the culture which is technologically more advanced wins.
The natives were conquered fair and square
May I also remind you of the fact that our Native American population in our motherland, the Continent of America before the European Colonizers arrived, was around 15 millions, while the European population in their motherland, the Continent of Europe was around 25 millions.
Today, Native American population is 15 million, while the European population, in the Continents of America + Europe, is a staggering TWO BILLION! A shockingly sad truth. 😔
In my humble opinion, it's about time to decolonize the Colonized lands, and return to rightful owners Native American people.
Notorious global cardinal crimes the Christian West has committed, and benefited a great deal, such as Slavery & Colonialism had long been over, why on earth is notorious Colonization still lingering on, may I ask? 🤷
@@oddfellow1114 My jaw dropped as I read Native American population in their motherland, the Continent of America before the European Colonizers arrived, was around 15 millions, while the European population in their motherland, the Continent of Europe was around 25 millions.
Today, Native American population is 15 million, while the European population, in the Continents of America + Europe, is a staggering TWO BILLION.. It is a shocking sad truth. 😔
I agree, it's about time to decolonize the Colonized lands, and return to rightful owners Native American people.
True, notorious global cardinal crimes the Christian West has committed, and benefited a great deal, such as Slavery & Colonialism had long been over, why on earth is notorious Colonization still lingering on.
Question. Do oil and gas producers pay into our economic system aka taxes? Are do they simply provide a needed product with little to no taxes paid into the symptoms at alll.
Thank you USA, for stabilizing world oil prices. My country which imports most of the oil, which would have been very expensive if not for US record production. May you be blessed 😇.
The US still imports about 6 million barrels of crude oil per day as per EIA. Maybe if they increase investment , they can become completely self-sufficient.
As much as I prefer green energy, I admire the oil industry's resilience and innovation, especially fracking technology.
Saudis put a lot of US companies out of business in the mid-2010s by overpumping (intentionally).
You must love that flaming tap water eh?
That's because "green energy" and fossil fuels are touted as equivalent, basically interchangeable. In reality green energy can't replace fossil fuels, and continuing to try to shoehorn it in will cause problems.
If you have the money like 25+ thousand dollars for solar panels ok buy them but that much money can buy years of gas you have to be young to break even and the solar panels brake or degrades it takes oil to make solar panels.and thay fall every day
Russian & Saudi oil is on the decline for several reasons, Opec and its price fixing is a major factor in who is buying and who is selling. Since the US is not a member of Opec and can offer oil at a better price our oil is in demand. Production will most certainly increase in order to meet that demand. And the Inflation Reduction Act was never about reducing inflation, Biden admitted.
Then why did prices immediately go up when this current administration took office. I CALL BS.
Companies were preparing for the administration to keep campaign promises.
USA is always the winner in ever confict
Drill baby drill ... i got rid of my EV ... happy days for here again
Why then call yourself clean environment?
So why isn't the The Strategic Petroleum Reserve being refilled?
What was the point of draining it?
Just a heads up. Whoever is moderating this page seems to be biased to not giving Biden credit for anything he's accomplished.
Take the subsidies from oil and gas and give them to renewables + battery backup. Problem solved. The market will figure it out.
We will not save this planet. I'm here to tell you this now.
Yawn
what are we savinng the planet from? your imaginary sky is falling theory? poor you. go move to guyana with the rest of your cult, but keep an eye out for koolaid.
As George Carlin used to say the Planet will be just fine. Been through a whole lot more than us. We'll be gone but Mama Earth will be here cleaning up the mess we left.
IDC is not equipment nor is it a tax credit, it is intangible drilling cost and it is expensed just as any ordinary business expenses are deducted from your taxable income. Lease and well equipment (tangibles) are assets and have to be depreciated. You are also allowed depletion on your production income. The incentives are there because it is an extremely high risk business producing a commodity that the world heavily relies on. But these are deductions from taxable income, not tax credits or subsidies.
And why is oil still expensive?
It’s predicted to go back to $2 either president this winter when they move to cheaper blend.
because there is no insentive to bring the cost down even though you have the number of barrils. it's called squizing profits.
also russia can't sell it's gas to occidental countries so the reserve from the other countries are being split to fill the gap.
the real question is how hot can this planet be
Oil and gas prices are based on the global market. Even if we are pumping so much if there are other countries having issues it can cause gas price to pike here. also greed is a factor.
Because opec cuts back on production when more oil enters the market to keep price high
all oil companies are in cahoots and realize how dependent the world is and how much they love raking in billions each day