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re: ‘Drill, Baby, Drill!' Will Secure American Prosperity For The Twenty First Century
Posted on 3/12/24 at 6:41 am to TigerAxeOK
Posted on 3/12/24 at 6:41 am to TigerAxeOK
quote:
The Never-Trump brigade that's currently saturating the other thread will be along shortly to tell us why more drilling and refining is actually bad for America.
Its not. But its an unstable industry due to global actions, so I wouldnt count on it "unleashing the economy."
1
Posted on 3/12/24 at 6:50 am to RogerTheShrubber
quote:
But its an unstable industry due to global actions, so I wouldnt count on it "unleashing the economy."
Lifting regulations and leasing federal lands again will have the Gulf Coast humming as long as oil prices stay decent.
Posted on 3/12/24 at 7:37 am to AFistfulof$
quote:
This but the majority of our aging refineries are set up for heavy crude. Shale oil is lighter and requires a cracker to process. Investment is needed to update the majority of our refineries.
You know little about refining. A hydrocracker makes more diesel and less gasoline than a cat cracker does. The problem is in the crude unit where all the light ends flood the top of the main distillation column thus vapor locking it unless run at a lower capacity, around 30% less throughput. What some refiners have done is installed a condensate splitter for the "crude" oil to be processed first, where light ends (entrained gases) are removed first. Using such light crude (technically speaking it's actually condensate not crude oil but congress changed its legal name in the 1970's) causes refineries go bankrupt after being forced to operate with around 30-40% loss in capacity.
There are actually 7 brand new refineries designed and permitted for Texas specifically designed for West Texas Light. The main issue is demand and funding.
There are other products which refineries can make with a higher profit margin than gasoline and diesel.
Posted on 3/12/24 at 7:39 am to Motownsix
quote:
Wasn’t Trump the worst energy president in recent memory? Cheap foreign oil bankrupted the US energy sector all four years of his term. Thousands of US companies went bankrupt and billions of US dollars in investments were lost.
But I’m sure he’ll do better next time.
Global covid lockdowns, especially in China, caused demand to go down and a number of refineries to shutdown forever, here in the USA.
Posted on 3/12/24 at 7:43 am to Kjnstkmn
Ronbots and leftists uniting ITT to shite on this. Hilarious but not surprising.
Posted on 3/12/24 at 7:45 am to Kjnstkmn
Your need to get info from credible sources. Your are clueless.
Biden threw a bone to envirowhackos with the moratorium on Fed lands which aren't already permitted.
We have LNG export terminals either permitted or already under construction to more than triple export capacity. Contracts for exports have already been signed for them to even be funded to be built.
The biggest block to offshore oil and gas in the Gulf of Mexico has been Florida for several decades. We already know and have discovered it there but the state keeps 1/3 of the Gulf of Mexico off limits
Biden threw a bone to envirowhackos with the moratorium on Fed lands which aren't already permitted.
We have LNG export terminals either permitted or already under construction to more than triple export capacity. Contracts for exports have already been signed for them to even be funded to be built.
The biggest block to offshore oil and gas in the Gulf of Mexico has been Florida for several decades. We already know and have discovered it there but the state keeps 1/3 of the Gulf of Mexico off limits
Posted on 3/12/24 at 7:55 am to elprez00
quote:
Investment which is not happening under this administration.
Problem is I don’t believe large scale refining investment has happened under the past several administrations. It absolutely needs to, though.
Posted on 3/12/24 at 7:58 am to CitizenK
quote:
There are actually 7 brand new refineries designed and permitted for Texas specifically designed for West Texas Light. The main issue is demand and funding.
Did not know that. Good to hear on the permitting. Sounds like now they need investors.
Thanks for that info.
Posted on 3/12/24 at 7:59 am to Kjnstkmn
Oil companies say, " Yeah, baby, but not all that fast, let's take our time....you know what, we kind of like the way things are right now....don't want so much on the market that our profits take a hit. We'll think about it and get back to you."
Posted on 3/12/24 at 8:07 am to ragincajun03
quote:
Did not know that. Good to hear on the permitting. Sounds like now they need investors.
Thanks for that info.
Permitting of new refineries was done during Obama, but those two went belly up in 2014 being built in ND with target profit center of diesel for drilling services.
The 7 permitted only produce gasoline and diesel, are modular with one at 10,000 BPD, one at 20,000 BPD and five identical at 50,000 BPD.
I have refineries for sale closed during Covid and never reopened. One has had a lot of brand new units since 2006 with upgrades and replacement of major items in the crude, platformer and cat cracker units.
This post was edited on 3/12/24 at 8:11 am
Posted on 3/12/24 at 8:17 am to CitizenK
The US has always been an exporter of refined products. Due many new refineries have been built in South America and Africa, demand has decreased.
If you think that refineries, especially on the Gulf Coast, were strictly for supply US consumers, you have been wrong for many decades.
IF you think that refineries make money on gasoline, jet fuel and diesel, you are wrong.
If you think that paraffinic tight shale crude is good for making asphalt and petroleum coke you won't have paved roads or aluminum among many other things.
If you think that refineries, especially on the Gulf Coast, were strictly for supply US consumers, you have been wrong for many decades.
IF you think that refineries make money on gasoline, jet fuel and diesel, you are wrong.
If you think that paraffinic tight shale crude is good for making asphalt and petroleum coke you won't have paved roads or aluminum among many other things.
Posted on 3/12/24 at 8:22 am to ragincajun03
quote:
Problem is I don’t believe large scale refining investment has happened under the past several administrations. It absolutely needs to, though.
In refining it sure had, several multibillion dollar expansions occurred since 2010, as in over $10 billion each. Reportedly, over $20 billion at Motiva in Port Arthur alone
Posted on 3/12/24 at 8:26 am to CitizenK
That was basically a fully new 325,000 BPD integrated stand alone next to an existing refinery with 347 Stainless steel designed specifically for Canadian heavy crude and to be completed at the same time the original completion of Keystone XL which was to terminate at the hub where local refineries receive their crude oil through.
Posted on 3/12/24 at 8:31 am to CitizenK
“Global covid lockdowns, especially in China, caused demand to go down and a number of refineries to shutdown forever, here in the USA.”
before covid the saudis went on an attack to drive a lot of smaller oil companies out of business because the price of oil was very high and lots of small time producers getting into the business and stealing Saudi market cap..
saudis were successful in driving a lot out of business by flooding the market… then covid and even less demand… saudis have done this is the past and would do it again if required.. however as op said.. the unconventional oil/gas companies are using more tech and knowledge from past and producing more at better cost..
Reality is .. it is economics not politics…
Worked the GOM during the boom and worked it when we called it the Dead Sea.. …price of oil drives it.. not politics
before covid the saudis went on an attack to drive a lot of smaller oil companies out of business because the price of oil was very high and lots of small time producers getting into the business and stealing Saudi market cap..
saudis were successful in driving a lot out of business by flooding the market… then covid and even less demand… saudis have done this is the past and would do it again if required.. however as op said.. the unconventional oil/gas companies are using more tech and knowledge from past and producing more at better cost..
Reality is .. it is economics not politics…
Worked the GOM during the boom and worked it when we called it the Dead Sea.. …price of oil drives it.. not politics
Posted on 3/12/24 at 8:32 am to elprez00
quote:
Hence the elevated prices
Tell us what prices should be.
Posted on 3/12/24 at 8:34 am to loogaroo
quote:
Lifting regulations and leasing federal lands again will have the Gulf Coast humming as long as oil prices stay decent.
Its a highly volatile market due to manipulation. Thats not gonna change.
I wouldnt depend on O&G to be the magic economic pill and spread those eggs a bit more.
Posted on 3/12/24 at 8:38 am to TigerAxeOK
quote:
The never trump brigade.
It’s a cult
Posted on 3/12/24 at 8:40 am to dstone12
quote:
It’s a cult
Its not liberal, like MAGA.
Bernie explains y'alls economics better than Donny. Hes a populist too.
Posted on 3/12/24 at 8:53 am to Thecoz
quote:
before covid the saudis went on an attack to drive a lot of smaller oil companies out of business because the price of oil was very high and lots of small time producers getting into the business and stealing Saudi market cap..
saudis were successful in driving a lot out of business by flooding the market… then covid and even less demand… saudis have done this is the past and would do it again if required.. however as op said.. the unconventional oil/gas companies are using more tech and knowledge from past and producing more at better cost..
Reality is .. it is economics not politics…
Worked the GOM during the boom and worked it when we called it the Dead Sea.. …price of oil drives it.. not politics
Saudis did that in 2014, prices came back an cost to drill tight shale went down. Correct many small indies went belly up in 2014 and again in 2020.
What people don't understand is that oilfields are developed using financing by Wall Street money, even by Exxon.
It is a fact that oil was discovered off Florida and we already know prolific formations extend well into the Gulf of Mexico there. The dumbasses think that tar balls are caused by drilling instead of natural seeps.
The chemical makeup of thousands of different crude oils determine profitability when refined and for which products. Crude oil is not a monolith but the low info crowd will believe whatever they are told.
We export a LOT of crude oil now thanks to loopholes in legislation of the 1970's which legally changed condensate into crude oil and banned exports except from CA and AK
This post was edited on 3/12/24 at 9:02 am
Posted on 3/12/24 at 9:56 am to RogerTheShrubber
It's not manipulation when it requires at least $1 billion for an offshore development.
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