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U.S. Energy Secretary Wright urges oil and gas industry to up production amid Iran war
Posted on 3/24/26 at 12:02 pm
Posted on 3/24/26 at 12:02 pm
quote:
HOUSTON — Energy Secretary Chris Wright told oil and executives Monday that surging crude prices amid the war in Iran should encourage their companies to ramp up production, even as he continued to insist the disruption would be “short-term.”
“Markets do what markets do,” Wright said at the CERAWeek by S&P Global conference in Houston. “Prices went up to send signals to everyone that can produce more: ‘Please, produce more.’”
The world’s energy industry is gathered in the U.S. energy capital this week as uncertainty mounts around the war in Iran and crude costs rise. American oil companies haven’t yet announced major plans to increase their production.
Producers have been skeptical to do so as the market chaos has meant many are unwilling to spend money on potentially unprofitable wells.
Wright said prices have not risen high enough to “drive meaningful demand destruction.” And he pointed to “pragmatic” solutions the Trump administration has taken to address rising prices, such as releasing from the Strategic Petroleum Reserve, while reiterating that those are “mitigants of a situation that’s temporary.”
quote:
Wright said he expects between 1 million and 1.5 million barrels a day to flow out of the SPR, well below its stated outflow capacity of 4 million barrels a day but in line with flow rates under the Biden administration. Global flow rates out of emergency reserves will total around 3 million barrels a day, he said.
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Posted on 3/24/26 at 12:41 pm to ragincajun03
quote:
Wright said he expects between 1 million and 1.5 million barrels a day to flow out of the SPR, well below its stated outflow capacity of 4 million barrels a day but in line with flow rates under the Biden administration.
Christ almighty
Posted on 3/24/26 at 12:49 pm to ragincajun03
Today's tool to get prices lower....begging.
Tomorrow a mean tweet will come out that we will send in ICE to run the oil wells if the companies don't start pumping more.
Tomorrow a mean tweet will come out that we will send in ICE to run the oil wells if the companies don't start pumping more.
Posted on 3/24/26 at 12:57 pm to upgrayedd
Truck nuts on
Posted on 3/24/26 at 1:01 pm to ragincajun03
Just open up the spigot.
Posted on 3/24/26 at 1:10 pm to ragincajun03
These people act like rigs and people just sprout out the ground.
Posted on 3/24/26 at 1:35 pm to fightin tigers
quote:
Today's tool to get prices lower....begging.
Tomorrow a mean tweet will come out that we will send in ICE to run the oil wells if the companies don't start pumping more.
Except they won't actually be running the wells they will be standing around doing frick all but getting paid like they are doing at airport security lines today. The frickers ain't qualified to be cops or they'd be cops...they sure as frick ain't qualified to work in the oil patch....
Posted on 3/24/26 at 1:38 pm to Nado Jenkins83
quote:
These people act like rigs and people just sprout out the ground.
They always have. Why in the ever loving frick would a oil producer produce more to lower prices LOL....you can't expect anymore from a an idiot who drinks fracking fluid. Its better than the veterinarian and cheer leader who had the job in the first Trump administration I guess..
Posted on 3/24/26 at 2:05 pm to AwgustaDawg
yay! more incoherent ramblings from the neighborhood crazy old man.
Posted on 3/24/26 at 2:12 pm to AwgustaDawg
quote:
Why in the ever loving frick would a oil producer produce more to lower prices LOL
Uh, they produce more in order to take advantage of the higher sales price, dummy.
Posted on 3/24/26 at 2:13 pm to ragincajun03
Any time there’s a shortage I get asked to stop working so I don’t shut down production. Again. It’s a tricky job and someone has to do it.
Posted on 3/24/26 at 2:32 pm to Nado Jenkins83
quote:
These people act like rigs and people just sprout out the ground.
Well Chris Wright was CEO of a huge completions and oilfield services company, so I think he’s probably keenly aware of the challenges in a quick ramp up. Though makes me wonder if instead of speaking truly from/for himself, he’s speaking what others want him to.
Posted on 3/24/26 at 2:35 pm to fightin tigers
quote:
Tomorrow a mean tweet will come out that we will send in ICE to run the oil wells if the companies don't start pumping more.
Funny, but if we’re still seeing oil prices in the mid 80 to mid 90s come summertime, with midterm runoff campaigns in swing, it’ll be interesting if we start seeing “mean tweets” that sound a bit like Biden’s rhetoric when prices were sky high during 2022. Talks of greed and price gouging and intentionally not drilling wells to keep high for “record profits”.
Posted on 3/24/26 at 2:45 pm to fightin tigers
quote:
Today's tool
Asking industry to ramp up production for a conflict is "today's tool" in your opinion?
I can't imagine the hissy fit on here if the admin asked a sewing maching company to produce guns.
This post was edited on 3/24/26 at 2:48 pm
Posted on 3/24/26 at 3:16 pm to GRTiger
quote:
Asking industry to ramp up production for a conflict is "today's tool" in your opinion?
Yesterday was being nice and fabricating negotiation stories.
Day before was threatening the one's they were being nice to.
Before that was the Jones Act
Before that was summer gasoline reprieve
Before that was SPR release
The stories are released to try and slow the crude market.
Posted on 3/25/26 at 7:34 am to LemmyLives
quote:
Uh, they produce more in order to take advantage of the higher sales price, dummy.
So increased supply without a corresponding increase in demand maintains or increases prices. Interesting.
Posted on 3/25/26 at 7:57 am to upgrayedd
We have a giant sinkhole at the Addis location from a salt cavern collapse due rapid withdrawal during Desert Shield/Storm. It's not much different than the Bayou Corne sinkhole.
Much of what is released will be exported due lack of pipeline capacity to inland refineries. Also, SPR contains only two grades of crude oil which were consistent with 1970's and earlier refinery configurations not post reconfiguration for heavy crude oil. The exports are to stabilize the world markets and covered by treaty from before legislation to create the SPR was legislated.
Much of what is released will be exported due lack of pipeline capacity to inland refineries. Also, SPR contains only two grades of crude oil which were consistent with 1970's and earlier refinery configurations not post reconfiguration for heavy crude oil. The exports are to stabilize the world markets and covered by treaty from before legislation to create the SPR was legislated.
Posted on 3/25/26 at 7:58 am to ragincajun03
Oil companies see beyond the next few months and are opting not to increase drilling here due forecast prices.
Posted on 3/25/26 at 8:01 am to ragincajun03
quote:
Well Chris Wright was CEO of a huge completions and oilfield services company
The company specializes is "Green Completions" using wind and solar electricity instead of diesel power.
Posted on 3/25/26 at 8:10 am to AwgustaDawg
quote:if your IQ is above room temperature, I’m pretty sure you test out of qualifying as a cop
The frickers ain't qualified to be cops or they'd be cops.
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