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Montana O&G Industry Restarts Dormant Oil Wells Amid Biden's Gas Price Explosion
Posted on 3/13/22 at 2:27 pm
Posted on 3/13/22 at 2:27 pm
quote:
In response to rapidly rising gas prices, the Montana Petroleum Association has announced that wells in the Bakken oil fields are officially going back online.
Inflation, regulations and a lack of additional oil resources — such as those that would have been supplied by the Keystone XL Pipeline, which was canceled by President Joe Biden on his first day in office — have led to rising gas prices in the states, experts say.
Even before Russia’s invasion of Ukraine last month, energy prices were rising. In response to Vladimir Putin’s offensive, much of the Western world has imposed sanctions on Russia, disrupting its exports of oil and further exacerbating the pain at the pump.
Alan Olson, executive director of the Montana Petroleum Association, told The Western Journal that up until this point, federal regulations have prevented many oil companies from producing oil.
Thanks to rising prices, oil producers can now cover that cost, making drilling worth it again.
According to KTVH-TV, the Bakken oil fields “become more stable between costs and profits” when the price of oil reaches roughly $80 per barrel, which are the prices America is beginning to see now.
However, as a company seeks to ramp up production, a lack of personnel and a shortage of supplies have become a major issue.
quote:
“There’s a lot of uncertainty that the industry is facing with upcoming new federal regulations,” he told The Western Journal. “You know, we had a lot of discussion over the methane fee that was part of the Build Back Better bill.
“I mean, that would have hammered the small producers. Actually, it would have hammered everybody.”
Hamstringing small producers with hefty regulations is a big deal, especially considering states like Montana “no longer have any of the major oil companies producing oil,” Olson explained.
“We’ve got a lot of very small, independent oil producers that, to meet up with some of the proposed new federal regulations, it’s going to leave them with a couple of choices,” he said.
LINK
Posted on 3/13/22 at 2:29 pm to ragincajun03
quote:
Biden's Gas Price Explosion
Im definitely no fan of Biden, but i thought gas prices were sky high all over the world, not just in America ? Please correct me if im wrong .
Posted on 3/13/22 at 2:29 pm to ragincajun03
They can do it. Treat the regulations like suggestions and drill, baby, drill.
Posted on 3/13/22 at 2:32 pm to leftyloosey
quote:
Treat the regulations like suggestions and drill, baby, drill.
Yeah, the oil & gas industry isn't going to do that. That's inviting several Federal and State departments, as well as an anti-fossil fuel media, to be crawling up your arse non-stop.
This post was edited on 3/13/22 at 2:33 pm
Posted on 3/13/22 at 2:32 pm to ragincajun03
The free market is desperately trying to save us.
Posted on 3/13/22 at 2:34 pm to BK Lounge
quote:
Im definitely no fan of Biden, but i thought gas prices were sky high all over the world, not just in America ? Please correct me if im wrong .
You’re correct in that gas prices are high all over the world. But we have been as recently as two years ago completely energy independent. What changed? Why are we buying oil from the dictator in Venezuela after the atrocities he committed? Why do we even need to go there when we have demonstrated that we can be energy independent?
This post was edited on 3/13/22 at 6:39 pm
Posted on 3/13/22 at 2:34 pm to ragincajun03
That article is a potpourri mix of nonsense.
Posted on 3/13/22 at 2:36 pm to BK Lounge
quote:
Im definitely no fan of Biden, but
Translation = I like Joe Biden but don’t want to make it look obvious.
Posted on 3/13/22 at 2:37 pm to ragincajun03
quote:
Yeah, the oil & gas industry isn't going to do that. That's inviting several Federal and State departments, as well as an anti-fossil fuel media, to be crawling up your arse non-stop.
1. Don't advertise your operations.
2. Remind the regulators how much it will cost them to fill up their tank when they pay a visit.
Posted on 3/13/22 at 2:39 pm to ragincajun03
quote:
According to KTVH-TV, the Bakken oil fields “become more stable between costs and profits” when the price of oil reaches roughly $80 per barrel, which are the prices America is beginning to see now.
Anyone want to explain how a sustained glut of oil w bbl in the $30 range was praised so much? For consumers, sure. But OG jobs?
Posted on 3/13/22 at 2:40 pm to jnethe1
quote:
But we have been as recently as two years ago completely energy independent. What changed? Why are we buying oil from the dictator in Venezuela after the atrocious he committed? Why do we even need to go there when we have demonstrated that we can be every independent?
We were still buying oil from Russia and other sources when we were "energy independent".
That term keeps getting thrown around, but what we really reached for a brief period of time was being a net exporter of petroleum products. We were still buying foreign oil.
LINK
Posted on 3/13/22 at 2:40 pm to PeteRose
quote:Some of bros have let politics break you. You seem to be one of those bros.
Translation = I like Joe Biden but don’t want to make it look obvious.
Posted on 3/13/22 at 2:41 pm to leftyloosey
quote:
1. Don't advertise your operations.
2. Remind the regulators how much it will cost them to fill up their tank when they pay a visit.
Ok. Yeah, it doesn't work that way.
Posted on 3/13/22 at 2:44 pm to leftyloosey
quote:
Remind the regulators how much it will cost them to fill up their tank when they pay a visit.
Government gas cards = Biden fricks America.
Posted on 3/13/22 at 2:46 pm to PeteRose
quote:
Translation = I like Joe Biden but don’t want to make it look obvious.
Not that you care or understand what I'm about to say, but this is so discrediting to you to just outright say you think someone is a liar about their political affiliations. Particularly when they have 2 seemingly contrary lines of thought.
It makes you look like a person who can't comprehend that to actually establish a political opinion requires analyzing all sides of an issue and then determining your position based on your personal values and ethics, regardless of what the "other side" deems correct.
I have been appalled at how quickly a very large portion of the OT has outed themselves as just as bad as the left when it comes to identity politics and constant derision of anything that goes against whatever narrative has been fed to them that week. It is no wonder Louisiana is in such disarray when the voting populace is this fricking stupid.
Posted on 3/13/22 at 2:49 pm to BK Lounge
quote:
Please correct me if im wrong .
Yes, you are wrong. 1/2 the world pays a lower price, sometimes MUCH less. Gas in Russian is $1.40/gallon. Much of the difference in gas prices is based on taxes and government subsidies. US is taxed pretty heavily but Europe is taxed to the extreme. Some countries subsidize gas like Venezuela that was mentioned, gas pretty much cost pennies per gallon in those countries. In a true free world market I bet gas is well under $3, but we will never know.
Posted on 3/13/22 at 3:05 pm to ragincajun03
Yes the small company's will make a return for now
Higher prices for you and me means more money for the small companys.
Higher prices for you and me means more money for the small companys.
Posted on 3/13/22 at 3:23 pm to PeteRose
quote:
Translation = I like Joe Biden but don’t want to make it look obvious.
Whatever dude.. im glad you think you have it all figured out in ur delusional little bubble.. the truth is that Biden makes me nervous every time he opens his mouth, and there were at least half a dozen other candidates I’d have preferred to win over him.. but you do you, brah .
Posted on 3/13/22 at 3:23 pm to BK Lounge
quote:
Im definitely no fan of Biden, but i thought gas prices were sky high all over the world, not just in America ? Please correct me if im wrong .
You’re wrong
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