@@i.j.f.2200 Trump did say that, but that's not quite accurate. Gas was about $2.40 nationwide when he left office, and while I don't know about nationwide deodorant prices, as I've never heard anyone complain about THAT, I can get mine off Amazon for $9.
@@zigzag321go false. Gas was $1.50 at its lowest in my Midwestern state under Trump. Deodorant is just one of thousands of examples of basic goods that have a 40%+ inflation hike since Trump left office. To pretend otherwise is just dishonest and retarded. We all shop at the same stores, you cannot convince people otherwise when they literally swipe their cards every day and see it with their own eyes.
@user-yz8fs5zq6z The planet is doing alright, its the people on it that has a problem. The planet has no problem with +5 degrees C extra. But animals and people will suffer.
Good enough tbh, keep it simple let the experts running the industry figure the rest out. Subsidies and initiatives will always result in fraud and manipulation of the industry - which is BAD
@@TheTrumpToy-k2j I listed to both debates, and speeches. I won't talk about the speeches, because they're mostly incomprehensive rambling from an old man, but his words from the debate really stuck with me: "I have concepts of a plan" So yeah, no. Speeches or not, Trump is full of shit, and has no plan. If he did - he'd have already presented it before/after winning. Whatever rambling bullshit you got out of his speeches is literally just your interpretation, because anything and everything can be derived from his word salad.
I would assume it's mostly appealing to his base. But in many cases they're reliant on those industries or they're reactionaries to climate change through believing in denial narratives. Conspiracies about polticial control likely. Very circular reasoning there.
@@0xCAFEF00D It does appeal to his base - but that's just a tool, the real reason is rich friends. Clean energy is actually expected to be much more economically viable in the future (partially already is), but thats not the kinda companies his donors own. Its not a conspiracy, its plain fact - lobbying is just a nice word for legal bribery. While one car argue that the IRAs subsidies also do that to some degree for green tech/energy companies, it has the notable side effect of helping save the very planet we live on, instead of emitting more greenhouse gases and accelerating us to unforeseen climate disasters yet to come (yearly category 5 hurricane for florida anyone?)
@@0xCAFEF00D His base will eat up anything he and his media friends say. Just look at how the ecosystem surrounding the repubs were able to immediately sway public opinion on the bipartisan border bill as soon as Trump said to tank it in the senate. I remember it the day before and after, the change in opinion from the MAGA camp was startlingly quick.
We currently have field oil of 13.5m bpd. This is higher than the pre-covid peak of 12.9m bpd. Oil companies have thousands of leases in their hands which they are not using. Besides the 13.5m bpd, the USA has about 6.5m bpd of liquified natural gas, and another 1.5m bpd of other oil products, distillates. The USA exports 10m bpd of oil / products and imports 8.5m bpd. The USA exports mostly lighter sweet crude and imports more heavy sour crude. The USA refineries are mostly set up for the heavier crude, or which much of our imports from Mexico and Canada. The oil price is based on world demand and supply, not the USA alone.
While you got everything else right, the drillers are NOT sitting on thousands of unused leases. That's a lie by omission. The leases they have are for exploration only. The Biden admin has denied the vast majority of drilling permit requests.
The companies are using their leases, but they're only permitted for exploration. Most requests for drilling permits have been denied during the current administration.
Oil Companys are not interested in More (a lot) drilling, they want hold Prices steady or higher, so they make a good profit and can pay dividend to shareholders. If the War In Gaza/libanon + Possible the war in Ukraine ends ? then oil price would drop, so realy no reason to drill more. OPEC is delaying to ramp up productions for Years/months because it would hurt Oil income. So as long China and India don´t increase oil Imports ? oil price would be low.
@@mabuhayproductionltd3627 Democrats shouldn't have let those hundreds of smaller drilling companies go under during the Saudi-Russian run on the market.
@@mabuhayproductionltd3627 And China, without a growing population, and with an economy growing slowly, not like decades before, plus EVs there, I do not see a strong reason to increase output. If there is, then the rest of the world will as well.
Considering Canada's largest single export to the US is oil, and the US imports a lot of Canadian oil, that 25% tariff on all imports from Canada isn't going to help reduce gas and energy prices in the US. And another large import from Canada is electricity from Quebec. Again, that 25% tariff is going to hit US consumer and commercial energy costs painfully.
They’re threats truth is blanket tariffs probably won’t happen. It will probably be on end goods not raw materials. He’s already looked at reviving Keystone XL.
@@hereticalgames3695 Imagine basing a huge part of your political campaign on things you're not planning on doing. In most countries, this wouldn't fly, but since Trump is "owning the libs", his supporters will bow down to everything.
My family has Natural Gas rights in western Ohio covering multiple gas wells the last 5 years and the energy company has only ever opened one well. Energy companies are only ever going to produce enough to maximize profits. They are not going to over produce and drive down the price.
The climate has and always will be drastically changing. Nothing new here. This isn't something the US could even stop if it wanted to do why shoot yourself in the foot pretending like we can change the world? The world is far safer now for all humans and far better as well as the air and water in developed nations is as clean as ever. It's time to drastically roll back these environmental regulations. I am a farmer and care more about my land, water than the government ever could. They want to tell me what I can do on my own land I pay taxes for? No thank you, my land my choice. I am pro land choice, Democrats what to take my rights away without any evidence and without just compensation.
Actually, he acknowledges it, but says it’ll be to the nations benefit. After all, the sea’s coming to you inland! Nevermind that rising sea levels would destroy his properties in Mar a Lago and in New York City. Idiot.
Australia is building one of the largest renewable energy (solar/wind) facilities in the world. Some of the dirt cheap energy generated will be used to produce green hydrogen for domestic and export purposes. Nations will have a ckear choice between using fossil fuels or low carbon alternatives in energizing their heavy industries.
We have energy security though and Trump won’t use that leverage on Russia don’t you remember one of the times he got impeached and his supporters desires for cutting off Ukraine.
Reminds me of the Monsanto Oil Company lol. Can't wait for deregulation to get so bad that my drinking water contains chemicals that were banned in the 60s :)
I would even be inclined to support subsidizing energy to make it cheaper. We need more electricity. The opposite of this would be Europe where gasoline is $3 a liter and nobody can afford to drive so it kills productivity.
@@protorhinocerator142 You say no one can afford to drive...our roads definitely have cars on them. Public transport is actually functional here though so it's sometimes preferred.
@@greenrico10 I love comments like this. No substance. Just whining Criticize him. Agree with him. Attack him But pick a point to add. Take a side. But with something to add.
What “oil field” did Biden shut down that you worked on? Oil production in the US has done nothing but surge, so you’re either a liar (likely) or worked on a shit field that got beat out by a better faction.
Taxing 25% on Canadian oil even though we import from them the most...pickup truck owners will like those new gas prices. 😂 Even if we drill domestically it doesn't mean we have the capability for to refine the oil here. But with all these tariffs why would anyone want to import US oil?
Don’t pretend tariffs will be implemented and that’s it.. it’s a bargaining chip and these countries need us more than we need them by a longggggg shot
25% tariffs IF Canada doesn’t clamp down on its borders. Canada can just do the smart thing and take the border seriously. It would be a win for both countries.
@@Stjorn I didn’t even use the word crisis. But ya Ontario alone had 36,000 people last year waltz across the border and claim refugee status. You cannot be a refugee from the United States that’s not how this works. You can’t be a refugee to Canada from a country that we all go and vacation in. And yes lots of drugs do go back and forth between the USA and Canada. The border isn’t only an American issue it should be a Canadian issue too.
Only 2% of oil wells are in federal land. Why? It can take a month to draft an agreement a well on private land. It takes about 6 month for federal land. The simple fact is that we do not need to drill in federal land. Leases on federal land really isn't an issue. However, we do need more pipelines.
United States has sweet light crude oil, gasoline, kerosene jet fuel, no problem. What we don’t have is heavy crude . This is imported. It’s used for plastics roads synthetics . Fertilisers. So no matter drill BabyDrill we still need to import some oil from outside countries . We can never be 100% energy independent because we don’t have the correct oil But what we can do is be the worlds gasoline station easy
You don't need to produce all kinds of oil to be energy independent. You only need to produce the stuff you use most to keep the wheels turning, so to speak.
LOL This person is smoking something thats not chemistry nor economics. Road synthetics is the shit of the crude thats why its used for roads. plastics and fertilisers can use simple infact simple carbons makes it more flexible to make all plastics. US was once energy independent and a giant, why else would you have the richest man of crude needing antitrust to break up. what is this "correct oil", any oil (carbons) can be burned or transformed in one way or another even with 1950s technology.
@@ryankolbe365 yeah but gas was never nationally under $2 when trump was in office. In fact gas actually went up by 50c a gallon under him and even in 2020 the national average gas prices was still 1c higher than in 2016. Why are you believing trumps Bullshit?
I plan to retire at 62 in another country outside the US that is free, safe and very cheap with a high quality of life. I could fully just rely on only my SS if I wanted to when that times arrives but l'll also have at least one pension, a 403 (b) and a very prolific Investment account with my Stephanie Janis Stiefel my FA. Retiring comfortably in the US these days is almost impossible.
I know this lady you just mentioned. Stephanie Janis Stiefel is a portfolio manager and investment advisor. She gained recognition as an employee of neuberger berman; a renowned investor she is. Stephanie Janis Stiefel has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
I’m planning on moving to Thailand in the next 5 years if trump’s government doesn’t do anything with the high prices of groceries and taxes What about you??
Inflation caused by tariffs is not the same at inflation caused by an increase in the money supply. The fed will not raise rates. In fact, spending will decrease by this kind of inflation (it's not really inflation, it's just taxes causing price increases) so they might even need to lower rates to counteract the reduction in GDP Trump's plan will cause. This will seriously severe the economy. Regarding the energy independance by drilling more oil: it'll never work without building new oil refineries. We haven't built a new refinery since the 70s and none of them can process the type of oil that we drill anymore. We literally drill more to export and will always have to import oil for our own needs unless we build refineries that can handle this oil we're exporting. As an engineer, this disgusts me that we're wasting fuel to move oil around the world. But i do understand that we're not intending to harvest oil forever, so why bother building new refineries? The real issue is the regulations. Trump won't touch those because drill baby drill is just campaign nonsense.
I had to read that first paragraph twice to understand it. I think I understand it now. (To be clear, I had to read it twice because I had not thought of it like that before. It is worded well etc.)
China has been investing in electric car, batteries, and photovoltaic cells for decades. Meanwhile US is expanding in oil extraction which further decentivize alternatives (renewables and nuclear). Sigh... I mean I still overall prefer democracy, but holy molly democracy often is a messy process where better politicies tend to win because better policies tend to come with better propoganda, not because people actually rationally understood the better policies. Who won directly is the result of propaganda not rational understanding.
The Paris Agreement is pretty useless. It's just a bunch of country's patting each other on the back. Very few of them are on route to reach their net zero goals.
It s so useless that the guy keeps running away from it to emphasize how the paper is useless while he isn’t at all useless when it comes to climate policy…
The science says we can't burn all the proven fossil fuel reserves we already have and the fossil fuel companies are still spending billions looking for more. That tells us all we need to know.
bro, it's pointless to talk about climate change if Russia, China, India and the United States don't sit at the same table. What's the point of the EU or the United States implementing green energy if China literally opens coal-burning plants every month?
But he should not allow Oil companies to export the oil the dig out of the ground. That's the only way to get the price to drop but Oil companies don't want that.
Releasing oil from the SOR is not the same as drilling new oil. There's a finite amount of oil in the SOR. Fracking is now cheaper than drilling in Saudi Arabia.
The Paris accords were always a joke, so him withdrawing does nothing. And Chinese tariffs are just a continuation of previous policy. The big fear is Canada and Mexico tariffs, those would really make prices jump and crush the manufacturing supply chain.
@@roo_stonks "Strangers in Their Own Land: Anger and Mourning on the American Right" Arlie Russell Hochschild This Book is from 2016. They do, they know it, they proof it in this book all the time...and they just don´t care. - The oil industry has caused cancer rates to explode? Well...yes...but at least we had jobs. - You can't eat fish from the river anymore? Hmm, okay, true, but we used to eat them too and it didn't do us any harm! - Yeah, I dumped barrels full of chemical waste into the river back in the day because my boss forced me and I blame the Republicans for not protecting the rivers. Who am I voting for? Republicans, of course! They make that kind of argument all the time. People are not stupid or incompetent, quite the opposite, but heavily indoctrinated.
it's like people in Florida rapidly experiencing more numerous and intense hurricanes and instead of understanding why that's happening, they'll just find a way to blame Democrats and FEMA for it, it's incredible what an echo chamber can do to people
The other issue is that most of the oil the US produces is incompatible with their existing refining infrastructure because of legacies from the early 20th century. Its cheaper to export their oil and import foreign crude than to update the infrastructure.
@diegopinon5275 Canada and Mexico, are these the hostile countries you're talking about? Of the oil America imports, 60% of it comes from Canada, which has the 3rd largest oil reserves in the world. Long after the US has used up it's heavy oil reserves, Canada will still have plenty left to feed an oil hungry US. But the best thing the US can do to lessen its oil dependency is stick to the green plan and electrify. Save the oil for military consumption.
@@diegopinon5275 In theory yes, but again, the hundreds of billions of dollars to build the new refining infrastructure wasn't considered viable even before the phasing out of oil began. Besides, the USA only has about 25 years of reserves at current production levels, its not sustainable.
Honestly, as someone who works adjacent to the solar industry, the subsidies need to go or at least get reworked. Its a huge racket right now with tons of fraud and incompentence
Some fraud and incompetence might be a price worth paying. Oil isn't infinite, or it's getting more expensive to produce. Renewable is an investment into a future where 3 billion africans, a billion Indians, etc, who all want western standards of living. In that future, fossil fuels will be much more expensive. Plus there are health, environmental and climate benefits as well.
@@chigehwhat is your source? You might be actually thinking about coal. We have reached peak oil, and their will be a tendencial rise of fuel price if their isn't a shift to electricity
If prices get too high people stop buying. Remember oil is useless to them in storage, they NEED it all to be bought and a sharp decline in demand would make many gas stations close. Even companies that delivered oil to residential homes was negatively impacted by the sharp increase of prices because people kept heating to a minimum.
This video: "Trump's policy would be an unworkable disaster to the extent that he wasn't actually lying about implementing it, luckily everyone believes he was lying"
So frustrating to hear over and over, the Biden administration had already done those things or those things were in some kind of process. Did they ever say anything about this at any rallies?
Subsidizing solar and wind is literally worse than private investment in it. For 2 big reasons. 1. It sends money through a bunch of unnecessary steps since the money passed through the government which means that it will have less benefit for the same cost as private investment. 2. Wind and Solar, when you account for the cost of mitigating the negative impacts they have on the grid are much more expensive than non-intermittant alternatives. So you are effectively by manipulating the cost to the implementer forcing a market shift to an economically inferior method of production. All that to say the IRA didn't just make inflation worse by spending government money, it did so while also making our infrastructure worse.
@@JW-do2wcit's pure economics, most of the shale oil companies are in debts, yes, in debts, despite high government subsidies, so if they reduce the price, they will be bankrupt, remember the pandemic? How the oil price dropped globally and the oil companies were screaming
You have a small error at 2:37. You state that “under Biden the US has become the world’s largest oil producer” but your graph doesn’t bear that out. Your graph shows that change actually happens under Trump in 2018 and the US’s status as the largest oil producer continued under Biden. The status was retained but not attained under Biden
@ yes, which is why the subsequent claim of oil production increasing to its highest ever under the Biden administration is correct. But to say something “becomes” something else implies a change of state, which was not accurate. The US had become the world’s largest oil producer under the Trump administration and then had its highest oil production under the Biden administration
Is there really such a thing as energy independence? If it means what it sounds like, that the price of gas in the US won’t be affected by the international market that seems to be impossible.
During his first term, whatever he said, renewables kept increasing and coal dying , because it just makes economic sense. And the same would probably keep happening. That's not to say that a lot of problems couldn't be unleashed here and there.
That is because he never had the time during his first term. Every thing was or just about ready to go. Biden and is communist were the once that stop anything from moving forward. But I can tell you this. You well see a much better and stronger American then what you can even imagine.
I am convinced that the environment is now fucked. Some of us cared to something about it but not enough since 72 million people voted a climate skeptic back into office.
@yahnah9116 cope with the fact that the world will be ending within the century or just a few decades? Cope that none of us, including you, have a future?
Thank you for a totally misleading video of oil in the US, according to recent reports, the cost of drilling for shale is currently coming down, with estimates suggesting a potential 10% decrease in costs this year due to increased fracking. Fracking of oil shale has made natural gas cheaper in the U.S., and in the last decade natural gas appears to have offset coal use for electricity generation. operational efficiencies and lower material prices; however, further reductions may be limited in the coming years. More than half a million new jobs exist because of shale gas. Of note, in Pennsylvania, home to the Marcellus shale that has spurred a natural-gas boom, energy experts project 200,000 new jobs by 2020 thanks to shale. And the pay is good too. The average salary for an oil and gas worker is about $60,000, 50 percent higher than the average private wage in the state. At the 2010 rate of consumption, potential shale resources can last more than 100 years of use. Some even say shale will help the U.S. become a net gas exporter within the next decade. This fact also bodes well for chemical companies, which rely on natural gas. As a result, companies such as Dow Chemical are investing more in the U.S. than abroad. THESE are the facts.
There is an old saying: “Everything shines by dimming”. That can be applied to U.S. oil production. Yes, U.S. oil production (crude oil + condensate) set an annual production record in 2023 at 12.927 million barrels/day (mb/d). But there is more to the story. Almost all of the increase in U.S. oil production since 2008 has been tight (fracked) oil production from 5 shale plays: Permian Basin (TX/NM), Eagle Ford (TX), Bakken (ND), Niobrara (CO/WY) and Anadarko (OK). Those 5 plays now produce about 70% of U.S. oil production with the Permian Basin alone producing ~45%. The rest of the U.S. oil production increase since 2008 came from the deep water Gulf of Mexico (GOM). The deep water GOM represents about 15% of U.S. oil production and it is now a mature producing region. U.S. oil production rose rapidly through 2023 but many areas have been declining in 2024. As an example, GOM oil production has been running about 200,000 b/d below the highest monthly value in 2023 (Sept). The latest monthly value (August 2024) was off about 190,000 b/d. North Dakota Bakken oil production was off approximately 100,000 b/d in August 2024 relative to the highest value in 2023 (Sept). Oklahoma’s oil production, mainly Anadarko, was down 60,000 b/d in August 2024 relative to May 2023, the highest producing month in 2023. Colorado/Wyoming oil production (mostly Niobrara) was down 26,000 b/d in August 2024 relative to December 2023, the highest producing month for 2023. The ultimate oil recovery for the 5 shale plays listed above will be approximately 50 billion barrels. For the period 2008-2023, total oil production for the 5 plays was approximately 25 billion barrels. Here is a statement by prominent petroleum geologist Art Berman from a recent report he wrote concerning the Bakken shale play: The implications of this Bakken study and recent evaluations of the Permian and Eagle Ford plays are clear-this is the beginning of the end for the tight oil plays. Here is a statement from an oil industry insider, stated several years ago, concerning the future of U.S. tight oil production: "Shale [tight oil production] will likely tip over in five years, and US production will be down 20 to 30% quickly. When it does-this feels like watching the steam roller scene in Austin Powers. Oil prices in the late 2020s will be something to behold.” An industry executive responding to a poll by the Dallas Fed; What you won’t hear from the media in the U.S. is that most of the production from new tight oil wells occurs in the first two years of production. To maintain or increase production, wells have to be added at a rapid pace or production declines. At some point, the “sweet spots” within a play get saturated with wells and production declines. That has occurred in Bakken, Eagle Ford, Anadarko and Niobrara. It will occur in the Permian Basin as well. Almost all the increase in U.S. oil production this year is from Texas and New Mexico with minor increases in Utah and Ohio. Almost all of the increase in Texas and New Mexico has come from the Permian Basin. I'm expecting the Permian Basin to start declining in the next year or two. What oil companies have been doing is sacrificing future U.S. oil production to maximum present oil production. That can only go on so long. It would not be surprising if U.S. oil production declines 5.0 mb/d or more by 2033, relative to 2023, about 5.5%/year. To put that in perspective, United Kingdom (U.K.) oil production has dropped 75.5% since 1999, at a rate of 5.4%/year. In the 1990s, the U.K. was one of the world’s major oil producers but they ran out of fields in the North Sea and production has thus declined. Conventional U.S. oil production reached a maximum in 1970 at 9.637 mb/d while Alaskan production peaked in 1988 at 2.017 mb/d. Production from conventional U.S. oil is now about 1.6 mb/d and that from Alaska is about 0.4 mb/d. The shale plays and deep water GOM were the last highly fruitful places to go in the U.S. for oil so I expect future U.S. oil production to parallel the decline of the U.K. I expect that some people will say we are going electric so it doesn’t matter what happens to U.S. oil production. In the last 10 years the number of EVs on the roads of America. increased by around 2.5 million vehicles. In spite of that, U.S. total liquid hydrocarbons consumption (oil + other organic stuff) increased by almost 900,000 b/d. There are around 283 million registered vehicles in the U.S. and a high percentage of the vehicle owners are never going electric. That is the harsh reality.
Guys, You can tell you’ve got little idea about the world. Releasing the entire oil reserve would do next to nothing for the price of oil. The UK as a whole uses approximately one million barrels a day. The US uses approximately 20 million per day. Do the maths. 7.3 billion barrels worth of oil a year. A few million will do sweet f-all to the price of oil. Use your brains, please. 🙏
@PietroRusso-n8q That's not how that works. You know companies can just keep it at a certain price? It's a syndicate, the free market is a naive fantasy.
He will never let oil prices come down, that would actually hurt oil company profits. They need oil consumption to go up in lock-step with increased production, that's why he wants to go after green energy bills.
@@DJ_Spazzy Crude oil prices went down to 43$ during OBAMA'S term. Trump's term saw nothing but a raise in oil prices. I'm not sure what we're supposed to remember. Like yeah oil prices went down during the pandemic but I doubt you'd call the 2020 recession a resounding success for Trump or something.
@@reaperz5677 What you are saying is true, but not the full picture. Here are the average prices in the usa according to macro trends (I believe inflation adjusted, which improves Biden's numbers) Obama (2009-2017): $76.68 per barrel Trump (2017-2021): $56.17 per barrel Biden (2021-2024): $79.20 per barrel For actual production, here are the averages for each presidents term. Obama (2009-2016): 8,560.74 bpd Trump (2017-2020): 10,859.73 bpd Biden (2021-2024): 12,258.54 bpd Obama left the reserves with about 700 mil Trump with 600 mil Biden with 375 mil
At least you pointed out that the main aim of the "Inflation Reduction Act" was nothing to do with reducing inflation. The names of American acts are pure propaganda.
He did not say that. He said it is used to help renewable energy for climate change. If we become less dependent on gas we have a more energy efficient country which would lower inflation. Even trump said inflation is connected to energy that’s why he wants to keep drilling gas, even though we drill the most in the world under Biden.
@@tommyho3086this is true. It is generally understood that lowing transportation costs lowers the costs of producing goods across the entire economy which then reduces inflation on the supply side.
@@Dracon7601 With newer technologies it's becoming easier to get geothermal energy from places where it wasn't possible just like what happened to oil and gas industry with fracking.
the united states oil hoarding strategy is profitably smart by hoarding opec+ would hesitate on hoarding their oil supplies because once they do united states would then export their hoarded oil reserves thus making the opec+ efforts irrelevant it does not only make the united states a total control to the global oil prices but it also makes every drop of their oil worth more as it should be because of the price increase created by opec+ a price warping and infinite money glitch scheme at the same time
@@kronos7110 yeah it seems like not being part of the opec+ bloc is actually more profitable for countries as opec+ have to cut the supply then non members can just flood the market with oil and make trillion times more profit than they should and also fighting the bloc's attempt to increase the price
Wouldn't it make more sense for energy independence to move away from fossil fuels? Why be beholden to the whims of OPEC when you can simply make your energy at home. Manufacturing green tech also adds jobs in general, too.
Conventional oil fields in the US peaked 50 years ago and nothing we know of will change that. The only oil field still increasing production in the US is the oil-shale Permian basin. Like conventional oil, the other oil-shale basins have peaked and are going down. The Permian basin is expected to peak in the next few years. Drilling more will not change this. It will slow the decline and give us more time but if we don't invest in alternative energy (of whatever source), it is just pushing the trouble off to a later date and that later date is not that far in the future. Trump's plan is a recipe for disaster.
@@Steven-vo4ee Germans might, because they're known two faced snakes. Some other countries might too, especially with far right on the rise who are very pro-Russia for whatever reason.
The good news it will accelerate plans to become less dependent upon Gas and Oil. "The Stone Age Did Not End Because the World Ran Out of Stones, and the Oil Age Will Not End Because We Run Out of Oil" ... Ahmed Zaki Yamani.
@@Denes2005 Is it really, though? Inflation is down, and jobs are up. That's like, the universal determinant of whether or not a presidency is good or not. I'm not sure what more Biden could've done if this isn't enough. Do you people genuinely want deflation, because "high prices"? Do you not understand basic economics, and why deflation would be bad for any economy?
Trump’s ‘plan’: “Me, me, me… It’s all about ME! I’m the best! No one in the history of being the best is better at being the best than me. Everything I do is perfect and when it’s not, it’s your fault.”
Nokia, blackberry etc chose to not make smartphones and look what happened to them. America will follow the same route if it prioritises oil and gas over renewables. Solar and batteries are getting cheaper at rates never seen before and will be the cheapest by 2030. Lack of cheap energy will make america uncompetitive in every aspect and lose its dominance.
TLDR: "Under Biden, America has become the world's biggest oil producer." Also TLDR: **presents a graph showing that it actually happened under the Trump Administration in 2018.** Do you guys even read the graphs? LOL
@@NormalAmericans under Biden in 2023 it was the highest ever been @2:32 indicating that Biden encouraged even more oil production to lower the gas prices unless you think oil production in the US has started in 2018 under the god almighty Trump then that's a different story!
So what your saying is there's likely going to be great Continuity with the IRA, and it was not overly Provisional, and that We Ourselves may continue to see the benefits of it?... Gerry Adams...
Exactly. Highest inflation rate in nearly 50 years, highest number of border crossings, hundreds of thousands of kids unaccounted for and record levels of drug overdoses.
@@hakeemfrancis1099 he was handed this country in a horrible state... Trump got it when we were doing good n left a mess for Biden to clean up. Not saying Biden did great but to think Trump really did anything useful is even crazier
@@hakeemfrancis1099do you know the whole world has been hit with inflation? You know cause of covid! (Wouldn't surprise me if you don't believe in it). And we handled inflation better than most... prices would still begoing up under Trump. Go to Europe or S.america n you'll really see what bad inflation is
I think the overlooked issue is massive regulation of the oil and gas industry. For example ANWAR has massive oil reserves that can be accessed with very little environmental impacts. (It is a very large area that is sparsely populated with wildlife so any industrial activity will be less impactful than say Texas or California oil operations) The environmental rules and impact study's that need to be done make it prohibitively expensive to explore. If these burdens can be reduced then oil prices could actually fall.
Same, I met Elizabeth stark last year for the first time at a conference in Wilshire, after then my Life has changed for good.God bless Elizabeth stark
The USA's oil refinery capabilities are actually incapable of refining 90% of American drilled oil. Rather ironic, and to upgrade the refineries, it is estimated would cost hundreds of billions of dollars to do, which no one wants to pay for. 60% of US Domestic consumed crude, actually comes from Canada, and a further 10% US Domestic consumed crude, comes from Mexico. So with nearly 70% US consumed crude, coming from Canada and Mexico, and Trump wanting now to slap on 25% tariffs on 70% of US consumed crude, how much do you think that will increase the cost to US gas at the pump? Not to mention the drastic inflation it will cause, since virtually nothing in the USA moves around without gasoline which will now get 25% more expensive.
@@kronos7110China on a historical perspective hasn't produced as much CO2 as the US and is dedicated to investing in solar on massive scales. Blaming china doesn't even make much sense anymore.
"historical" Most Western countries are taking climate-conscious actions anyway. Why is this issue being brought up, so that China can emit more carbon emissions?
I think something missed about the American Oil Industry when it comes to domestic energy is when we dont expand operations its the even more polluting coal energy that benefits the most. Just as Germany had to rely on coal when they cut nuclear the US needs oil, or coal is the only cheap, practical alternative due to a lack of political will to expand nuclear and green alternatives for vast swathes of the country either not being possible or being extremely expensive as many practical cheap forms of green energy are already being tapped into or not available in various parts of the country.
@@obaidaserdar1780"green" energy is cheap only because governments spend hundreds of billions of dollars subsidyzing it. You just need nuclear power and some renewables and you'll already have clean energy production. Only renewables is like throwing money into a fire while gas companies score record high profits selling you energy that renewables can't provide you.
That’s a good thing, probably one of the only things my government did well 😂 Renewal energy account for 40% of energy in the Iberian peninsula. If you talking about green policies there’s some I don’t agree with but overall they not bad although it will take a backseat because we have more problematic issues Almost nobody in the eu wants drilling or mining in their backyard unlike in China,the USA,Australia and others.
The issue is the offshore use of energy, by offshoring production to foreign countries, we have the same global net use of energy... poor countries have dirtier power plants. Makes sense for the US to generate energy in the US to lower the cost of local production, which is globally better for the environment...
Much like 2016-2020, the phrase "Trump says this, but that's not quite accurate" will be heard a lot
This reminded me of Sharpiegate. Thank you for this
Even though gas was $1.50 a gallon under Trump and a stick of deodorant costs $11.00 now… right…
@@i.j.f.2200 Trump did say that, but that's not quite accurate. Gas was about $2.40 nationwide when he left office, and while I don't know about nationwide deodorant prices, as I've never heard anyone complain about THAT, I can get mine off Amazon for $9.
@@zigzag321go false. Gas was $1.50 at its lowest in my Midwestern state under Trump. Deodorant is just one of thousands of examples of basic goods that have a 40%+ inflation hike since Trump left office. To pretend otherwise is just dishonest and retarded. We all shop at the same stores, you cannot convince people otherwise when they literally swipe their cards every day and see it with their own eyes.
@@i.j.f.2200 COVID, and I get mine for 8 where the hell are you shopping
Everyone cares about the planet unless it means they have to spend more money.
Everyone cares about affordable food and shelter first, puppies and sunshine second
@user-yz8fs5zq6z The planet is doing alright, its the people on it that has a problem. The planet has no problem with +5 degrees C extra. But animals and people will suffer.
@@OneTrueKing23 you mean you care about big corporations
Capitalism over humanity's own good
thing is, fossil fuel subsidies dwarf that of renewables
What is really funny is the oil lobby has no interest in bringing down the price of oil. More supply drives down prices and reduces profitability.
Not really that's only true in a free market which oil really isn't, oil companies operate like cartels
Except most of the oil drilled in the US is exported because the refineries in the US are not suited to use US oil
"Drill baby, drill" is literally the plan.
Trump hasn't thought anything past the slogan.
Good enough tbh, keep it simple let the experts running the industry figure the rest out. Subsidies and initiatives will always result in fraud and manipulation of the industry - which is BAD
You don’t listen to trump speeches do you?
@@TheTrumpToy-k2j I listed to both debates, and speeches.
I won't talk about the speeches, because they're mostly incomprehensive rambling from an old man, but his words from the debate really stuck with me: "I have concepts of a plan"
So yeah, no. Speeches or not, Trump is full of shit, and has no plan. If he did - he'd have already presented it before/after winning. Whatever rambling bullshit you got out of his speeches is literally just your interpretation, because anything and everything can be derived from his word salad.
@PietroRusso-n8q The Inflation Reduction Act? Issuing of permits? The most oil produced in a year EVER by ANY country?
@@einar0801 you can issue as many permits as you like but If regulations are not slashed barely any heavy drilling can be done.
What is motivating it is lobbying by oil companies.
I would assume it's mostly appealing to his base. But in many cases they're reliant on those industries or they're reactionaries to climate change through believing in denial narratives. Conspiracies about polticial control likely. Very circular reasoning there.
@@0xCAFEF00D It does appeal to his base - but that's just a tool, the real reason is rich friends. Clean energy is actually expected to be much more economically viable in the future (partially already is), but thats not the kinda companies his donors own. Its not a conspiracy, its plain fact - lobbying is just a nice word for legal bribery.
While one car argue that the IRAs subsidies also do that to some degree for green tech/energy companies, it has the notable side effect of helping save the very planet we live on, instead of emitting more greenhouse gases and accelerating us to unforeseen climate disasters yet to come (yearly category 5 hurricane for florida anyone?)
@@roo_stonks honestly i wish more people saw it this way.
You mean, not having to pay €2 a litre for gas like most Europeans do.
@@0xCAFEF00D His base will eat up anything he and his media friends say. Just look at how the ecosystem surrounding the repubs were able to immediately sway public opinion on the bipartisan border bill as soon as Trump said to tank it in the senate. I remember it the day before and after, the change in opinion from the MAGA camp was startlingly quick.
So the oil industry has won
its the consumer thats decites what they will buy
@@mabuhayproductionltd3627thanks to the oil companies with all their FUD, the have consumers in their pocket too
Did they ever lose?
@@mabuhayproductionltd3627lol
@@davianoinglesias5030 that's what happens when you allow bribing in your country
Oh I'm sorry I meant "lobbying"
We currently have field oil of 13.5m bpd. This is higher than the pre-covid peak of 12.9m bpd. Oil companies have thousands of leases in their hands which they are not using.
Besides the 13.5m bpd, the USA has about 6.5m bpd of liquified natural gas, and another 1.5m bpd of other oil products, distillates.
The USA exports 10m bpd of oil / products and imports 8.5m bpd.
The USA exports mostly lighter sweet crude and imports more heavy sour crude.
The USA refineries are mostly set up for the heavier crude, or which much of our imports from Mexico and Canada.
The oil price is based on world demand and supply, not the USA alone.
While you got everything else right, the drillers are NOT sitting on thousands of unused leases. That's a lie by omission. The leases they have are for exploration only. The Biden admin has denied the vast majority of drilling permit requests.
The companies are using their leases, but they're only permitted for exploration. Most requests for drilling permits have been denied during the current administration.
Oil Companys are not interested in More (a lot) drilling, they want hold Prices steady or higher, so they make a good profit and can pay dividend to shareholders. If the War In Gaza/libanon + Possible the war in Ukraine ends ? then oil price would drop, so realy no reason to drill more. OPEC is delaying to ramp up productions for Years/months because it would hurt Oil income. So as long China and India don´t increase oil Imports ? oil price would be low.
@@mabuhayproductionltd3627 Democrats shouldn't have let those hundreds of smaller drilling companies go under during the Saudi-Russian run on the market.
@@mabuhayproductionltd3627 And China, without a growing population, and with an economy growing slowly, not like decades before, plus EVs there, I do not see a strong reason to increase output. If there is, then the rest of the world will as well.
Considering Canada's largest single export to the US is oil, and the US imports a lot of Canadian oil, that 25% tariff on all imports from Canada isn't going to help reduce gas and energy prices in the US. And another large import from Canada is electricity from Quebec. Again, that 25% tariff is going to hit US consumer and commercial energy costs painfully.
And the best part is that the Republicans will blame the Democrats for the price increase, as they have for the last 4 years
Same with Canadian Wood, Canadian Cardboard, Canadian Pulp...........US-buyer and Consumer.......pay the price!!!
Trump is unfortunately going to run roughshod over my country and believe are incredibly weak prime minister into doing whatever he wants
They’re threats truth is blanket tariffs probably won’t happen. It will probably be on end goods not raw materials. He’s already looked at reviving Keystone XL.
@@hereticalgames3695 Imagine basing a huge part of your political campaign on things you're not planning on doing. In most countries, this wouldn't fly, but since Trump is "owning the libs", his supporters will bow down to everything.
My family has Natural Gas rights in western Ohio covering multiple gas wells the last 5 years and the energy company has only ever opened one well. Energy companies are only ever going to produce enough to maximize profits. They are not going to over produce and drive down the price.
Misleading TLDR:
Trump is a climate denier, not climate skeptic. And that is totally different in terms of economic, social and ecologic policies.
YourMomsAClimateDenier
The climate has and always will be drastically changing. Nothing new here. This isn't something the US could even stop if it wanted to do why shoot yourself in the foot pretending like we can change the world? The world is far safer now for all humans and far better as well as the air and water in developed nations is as clean as ever. It's time to drastically roll back these environmental regulations. I am a farmer and care more about my land, water than the government ever could. They want to tell me what I can do on my own land I pay taxes for? No thank you, my land my choice. I am pro land choice, Democrats what to take my rights away without any evidence and without just compensation.
@@AnthonyAfrikaans ayo! Easy there buddy! They're not wrong at all!
Actually, he acknowledges it, but says it’ll be to the nations benefit. After all, the sea’s coming to you inland! Nevermind that rising sea levels would destroy his properties in Mar a Lago and in New York City. Idiot.
@@connormclernon26like dead flat ocean front estates with mansions bought by Gore, Obama, Pelosi?
Australia is building one of the largest renewable energy (solar/wind) facilities in the world. Some of the dirt cheap energy generated will be used to produce green hydrogen for domestic and export purposes. Nations will have a ckear choice between using fossil fuels or low carbon alternatives in energizing their heavy industries.
Energy security = national security and HUGE amounts of leverage with Russia
We have energy security though and Trump won’t use that leverage on Russia don’t you remember one of the times he got impeached and his supporters desires for cutting off Ukraine.
Reminds me of the Monsanto Oil Company lol. Can't wait for deregulation to get so bad that my drinking water contains chemicals that were banned in the 60s :)
Halving electricity prices would halve electricity company profits. That will fly like a lead balloon in board rooms.
He specifically mentioned that that was his goal during the campaign.
I hope he succeeds....
I would even be inclined to support subsidizing energy to make it cheaper. We need more electricity.
The opposite of this would be Europe where gasoline is $3 a liter and nobody can afford to drive so it kills productivity.
@@DaveSmith-pm2yq Have you ever heard about the concept of lying?
@@protorhinocerator142 You say no one can afford to drive...our roads definitely have cars on them. Public transport is actually functional here though so it's sometimes preferred.
@@greenrico10 I love comments like this.
No substance.
Just whining
Criticize him. Agree with him. Attack him
But pick a point to add. Take a side.
But with something to add.
Man, I don't know what you're talking about. I was in the oil field when Biden shut it down. I lost my job because of that.Get your facts straight
What “oil field” did Biden shut down that you worked on? Oil production in the US has done nothing but surge, so you’re either a liar (likely) or worked on a shit field that got beat out by a better faction.
Taxing 25% on Canadian oil even though we import from them the most...pickup truck owners will like those new gas prices. 😂
Even if we drill domestically it doesn't mean we have the capability for to refine the oil here. But with all these tariffs why would anyone want to import US oil?
Don’t pretend tariffs will be implemented and that’s it.. it’s a bargaining chip and these countries need us more than we need them by a longggggg shot
25% tariffs IF Canada doesn’t clamp down on its borders. Canada can just do the smart thing and take the border seriously. It would be a win for both countries.
What border crisis in Canada lmao?
Drug smuggling apparently.
@@Stjorn I didn’t even use the word crisis. But ya Ontario alone had 36,000 people last year waltz across the border and claim refugee status. You cannot be a refugee from the United States that’s not how this works. You can’t be a refugee to Canada from a country that we all go and vacation in. And yes lots of drugs do go back and forth between the USA and Canada. The border isn’t only an American issue it should be a Canadian issue too.
Only 2% of oil wells are in federal land. Why? It can take a month to draft an agreement a well on private land. It takes about 6 month for federal land. The simple fact is that we do not need to drill in federal land. Leases on federal land really isn't an issue. However, we do need more pipelines.
United States has sweet light crude oil, gasoline, kerosene jet fuel, no problem.
What we don’t have is heavy crude . This is imported.
It’s used for plastics roads synthetics . Fertilisers.
So no matter drill BabyDrill we still need to import some oil from outside countries .
We can never be 100% energy independent because we don’t have the correct oil
But what we can do is be the worlds gasoline station easy
You don't need to produce all kinds of oil to be energy independent. You only need to produce the stuff you use most to keep the wheels turning, so to speak.
Sweet Saudi Arabia will give us that oil
LOL
This person is smoking something thats not chemistry nor economics.
Road synthetics is the shit of the crude thats why its used for roads.
plastics and fertilisers can use simple infact simple carbons makes it more flexible to make all plastics.
US was once energy independent and a giant, why else would you have the richest man of crude needing antitrust to break up.
what is this "correct oil", any oil (carbons) can be burned or transformed in one way or another even with 1950s technology.
Better than Russia being it.
I mean technically speaking if required those heavier oils can be synthesized using the lighter oils as a base.
The US is already energy dominant and oil/gas prices aren't particularly high tho
Yeah but having under 2$ gas would probably go a long way towards supporting the development of a continental autarky in most manufactured goods
@ryankolbe365 assuming china doesn't keep undercutting energy prices
@@atrumluminariumChina cant do that it doesnt have much energy of its own
In gas they are self sufficient, in oil they will never be. Even with records of oil production 50% is import.
@@ryankolbe365 yeah but gas was never nationally under $2 when trump was in office. In fact gas actually went up by 50c a gallon under him and even in 2020 the national average gas prices was still 1c higher than in 2016. Why are you believing trumps Bullshit?
I plan to retire at 62 in another country outside the US that is free, safe and very cheap with a high quality of life. I could fully just rely on only my SS if I wanted to when that times arrives but l'll also have at least one pension, a 403 (b) and a very prolific Investment account with my Stephanie Janis Stiefel my FA. Retiring comfortably in the US these days is almost impossible.
I know this lady you just mentioned. Stephanie Janis Stiefel is a portfolio manager and investment advisor. She gained recognition as an employee of neuberger berman; a renowned investor she is. Stephanie Janis Stiefel has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
I’m planning on moving to Thailand in the next 5 years if trump’s government doesn’t do anything with the high prices of groceries and taxes
What about you??
Been debt free for two years thanks to Stephanie Janis Stiefel. So sad to see my friends in their 40s with car loans, mortgages and credit card debt.
Please stop gentrifying countries
How can i reach Stephanie if you don't mind me asking?
Heard she’s an IA.
Inflation caused by tariffs is not the same at inflation caused by an increase in the money supply. The fed will not raise rates. In fact, spending will decrease by this kind of inflation (it's not really inflation, it's just taxes causing price increases) so they might even need to lower rates to counteract the reduction in GDP Trump's plan will cause. This will seriously severe the economy.
Regarding the energy independance by drilling more oil: it'll never work without building new oil refineries. We haven't built a new refinery since the 70s and none of them can process the type of oil that we drill anymore. We literally drill more to export and will always have to import oil for our own needs unless we build refineries that can handle this oil we're exporting. As an engineer, this disgusts me that we're wasting fuel to move oil around the world. But i do understand that we're not intending to harvest oil forever, so why bother building new refineries? The real issue is the regulations. Trump won't touch those because drill baby drill is just campaign nonsense.
Thank you for actually being informed and understanding these things. We don't have enough smart people like you in this country.
I had to read that first paragraph twice to understand it. I think I understand it now. (To be clear, I had to read it twice because I had not thought of it like that before. It is worded well etc.)
i never realized just how orange his face actually is
He's clearly just wearing a ton of makeup to hide his age and looks. Narcissists tend to care a lot about that
Depends a lot on the lighting too, favorable lighting can mask it well and other times it can accentuate further the color
It's apart of his brand now
hater 🤨
@@fathertedczynski literally anything would be an upgrade over looking orange lmao
China has been investing in electric car, batteries, and photovoltaic cells for decades. Meanwhile US is expanding in oil extraction which further decentivize alternatives (renewables and nuclear). Sigh... I mean I still overall prefer democracy, but holy molly democracy often is a messy process where better politicies tend to win because better policies tend to come with better propoganda, not because people actually rationally understood the better policies. Who won directly is the result of propaganda not rational understanding.
@@captainm1ner996 Even the most cursory check disproves your claim “The Ministry of Ecology and Environment”. You’re welcome.
China is opening 2 new coal fired power stations per week.
@@gvibration1 At least China did more than just sole coal
Well USA might not be a democracy anymore
@tiglishnobody8750 where they make money out of it.
The Paris Agreement is pretty useless. It's just a bunch of country's patting each other on the back. Very few of them are on route to reach their net zero goals.
It s so useless that the guy keeps running away from it to emphasize how the paper is useless while he isn’t at all useless when it comes to climate policy…
The science says we can't burn all the proven fossil fuel reserves we already have and the fossil fuel companies are still spending billions looking for more. That tells us all we need to know.
True, but it does keep the conversation going and provide a forum for coordinated action.
bro, it's pointless to talk about climate change if Russia, China, India and the United States don't sit at the same table. What's the point of the EU or the United States implementing green energy if China literally opens coal-burning plants every month?
@@segiraldovi
Mate, China has far lower per capita emissions than the US.
But he should not allow Oil companies to export the oil the dig out of the ground. That's the only way to get the price to drop but Oil companies don't want that.
Releasing oil from the SOR is not the same as drilling new oil. There's a finite amount of oil in the SOR.
Fracking is now cheaper than drilling in Saudi Arabia.
Two red herrings, Saudi topology isn’t directly comparable to American.
There's a finite amount of oil full stop
@@jjxed yes but a much bigger amount, and one we haven’t even fully tapped.
@@jjxed The whole full stop thing has been played out full stop
It really annoys me that nuclear energy was subsidized less than other renewables lol
The Paris accords were always a joke, so him withdrawing does nothing. And Chinese tariffs are just a continuation of previous policy. The big fear is Canada and Mexico tariffs, those would really make prices jump and crush the manufacturing supply chain.
“Drill baby drill”. I’m inlinced to believe he actually said that to Stormy Daniels.
I didn't know that the IRA included nuclear power. I like biden more now. That's not stupid.
Didn't the Squad get it excluded? I know they tried to add it
I doubt it actually does
Looking it up at least it does seem to.
@@kurtwagner350 Is that based on you checking its content, or your feelings about politics?
@@SocialDownclimber it’s based on experience, rarely do things like that come to fruition. Tepid support is useless.
Have fun in Louisiana and other states with massive environmental problems.... oh well, most people vote for him anyway.
I want to think that one day they will add 1 and 1 together, but i don't think the US education system will allow that.
@@roo_stonks
"Strangers in Their Own Land: Anger and Mourning on the American Right"
Arlie Russell Hochschild
This Book is from 2016. They do, they know it, they proof it in this book all the time...and they just don´t care.
- The oil industry has caused cancer rates to explode? Well...yes...but at least we had jobs.
- You can't eat fish from the river anymore? Hmm, okay, true, but we used to eat them too and it didn't do us any harm!
- Yeah, I dumped barrels full of chemical waste into the river back in the day because my boss forced me and I blame the Republicans for not protecting the rivers. Who am I voting for? Republicans, of course!
They make that kind of argument all the time. People are not stupid or incompetent, quite the opposite, but heavily indoctrinated.
it's like people in Florida rapidly experiencing more numerous and intense hurricanes and instead of understanding why that's happening, they'll just find a way to blame Democrats and FEMA for it, it's incredible what an echo chamber can do to people
Getting rid of the DoE and Common Core will help fix that.
@@patrickproctor3462cap
The other issue is that most of the oil the US produces is incompatible with their existing refining infrastructure because of legacies from the early 20th century.
Its cheaper to export their oil and import foreign crude than to update the infrastructure.
Though relying on potentially hostel powers for oil and energy instead of making it 100% ourselves might have drawbacks in the long run.
@diegopinon5275 Canada and Mexico, are these the hostile countries you're talking about?
Of the oil America imports, 60% of it comes from Canada, which has the 3rd largest oil reserves in the world.
Long after the US has used up it's heavy oil reserves, Canada will still have plenty left to feed an oil hungry US.
But the best thing the US can do to lessen its oil dependency is stick to the green plan and electrify.
Save the oil for military consumption.
@@IMGreg.. I think the problem is that the Oil price is Global, doesn't matter where it comes from OPEC sets the price.
@@Goatcha_M if America could produce 100% of its own oil and energy and be independent, we could undercut OPECs monopoly.
@@diegopinon5275 In theory yes, but again, the hundreds of billions of dollars to build the new refining infrastructure wasn't considered viable even before the phasing out of oil began.
Besides, the USA only has about 25 years of reserves at current production levels, its not sustainable.
Honestly, as someone who works adjacent to the solar industry, the subsidies need to go or at least get reworked. Its a huge racket right now with tons of fraud and incompentence
Subsidies in general need to be revorked, but not by incompetent pple like trump.
I kind of get you, I think it falls into the larger problem of greenwashing though.
Some fraud and incompetence might be a price worth paying. Oil isn't infinite, or it's getting more expensive to produce. Renewable is an investment into a future where 3 billion africans, a billion Indians, etc, who all want western standards of living. In that future, fossil fuels will be much more expensive.
Plus there are health, environmental and climate benefits as well.
@@wamingo oil isn't running out on any relevant time scale. The only valid reason for the push to non-fossil energy is climate.
@@chigehwhat is your source? You might be actually thinking about coal. We have reached peak oil, and their will be a tendencial rise of fuel price if their isn't a shift to electricity
"Trump doesn't like high oil prices". Bro, who does? (except oil companies)
If prices get too high people stop buying. Remember oil is useless to them in storage, they NEED it all to be bought and a sharp decline in demand would make many gas stations close. Even companies that delivered oil to residential homes was negatively impacted by the sharp increase of prices because people kept heating to a minimum.
Why did they intentionally leave out anything about gas in the oil and gas production discussion? Seems like they have an agenda….
Trump: We're going to dominate energy.
The Sun: Bro, you're a turnip.
Emblematic of Trump more generally: he doesn't have policies, he has slogans and wishing super hard
This video: "Trump's policy would be an unworkable disaster to the extent that he wasn't actually lying about implementing it, luckily everyone believes he was lying"
Thanks again for keeping an eye on us in the USA. Keep up the good work guys!!
So frustrating to hear over and over, the Biden administration had already done those things or those things were in some kind of process. Did they ever say anything about this at any rallies?
Yes repeatedly. No one listened and everyone believed trump and his stupid drill baby drill bullshit
Subsidizing solar and wind is literally worse than private investment in it. For 2 big reasons.
1. It sends money through a bunch of unnecessary steps since the money passed through the government which means that it will have less benefit for the same cost as private investment.
2. Wind and Solar, when you account for the cost of mitigating the negative impacts they have on the grid are much more expensive than non-intermittant alternatives. So you are effectively by manipulating the cost to the implementer forcing a market shift to an economically inferior method of production.
All that to say the IRA didn't just make inflation worse by spending government money, it did so while also making our infrastructure worse.
100% correct
All "pre-market intervention" by the government fails miserably.
Energy independence is the way to go.
You won't be.
@@tomizatko3138 The American people have spoken and want energy independence.
You still have to import a lot of oil from overseas, the energy independence is a myth, and a political one too.
@@loulahassan4191 Keep telling yourself that.
@@JW-do2wcit's pure economics, most of the shale oil companies are in debts, yes, in debts, despite high government subsidies, so if they reduce the price, they will be bankrupt, remember the pandemic? How the oil price dropped globally and the oil companies were screaming
2:32 the statement is different from thd graph where it says that it happened in 2018 under trump???
TLDR: Trump doesn’t know what he’s talking about. So no change
Well he is correct about about energy prices. Oil prices are still higher than they were under Trump.
@@ecnalms851I wonder what else has happened since then like Middle East tension or the war in Ukraine 🤔
But in 2019, energy in general was cheaper than in 2015
@@ecnalms851 I swear people are completely incapable of understanding economics and context and yet are rife with opinions.
@@plasmacannon1198 Your comments are not even remotely constructive.
Finally someone who will think of America first !
You have a small error at 2:37. You state that “under Biden the US has become the world’s largest oil producer” but your graph doesn’t bear that out. Your graph shows that change actually happens under Trump in 2018 and the US’s status as the largest oil producer continued under Biden. The status was retained but not attained under Biden
did you look at the margins?…
@ yes, which is why the subsequent claim of oil production increasing to its highest ever under the Biden administration is correct. But to say something “becomes” something else implies a change of state, which was not accurate. The US had become the world’s largest oil producer under the Trump administration and then had its highest oil production under the Biden administration
You’re wrong look again
Is there really such a thing as energy independence? If it means what it sounds like, that the price of gas in the US won’t be affected by the international market that seems to be impossible.
It's funny to see variations of 'think mark think' 😂😂😂
During his first term, whatever he said, renewables kept increasing and coal dying , because it just makes economic sense. And the same would probably keep happening. That's not to say that a lot of problems couldn't be unleashed here and there.
That is because he never had the time during his first term. Every thing was or just about ready to go. Biden and is communist were the once that stop anything from moving forward. But I can tell you this. You well see a much better and stronger American then what you can even imagine.
I am convinced that the environment is now fucked. Some of us cared to something about it but not enough since 72 million people voted a climate skeptic back into office.
*76 million
It's a shame Americans aren't actual people, and not puddles of e numbers, ignorance, and shit.
The climate was already fvck3d since China and India and any underdeveloped country will not stop CO2 emissions
Cope
@yahnah9116 cope with the fact that the world will be ending within the century or just a few decades? Cope that none of us, including you, have a future?
Thank you for a totally misleading video of oil in the US, according to recent reports, the cost of drilling for shale is currently coming down, with estimates suggesting a potential 10% decrease in costs this year due to increased fracking. Fracking of oil shale has made natural gas cheaper in the U.S., and in the last decade natural gas appears to have offset coal use for electricity generation. operational efficiencies and lower material prices; however, further reductions may be limited in the coming years. More than half a million new jobs exist because of shale gas. Of note, in Pennsylvania, home to the Marcellus shale that has spurred a natural-gas boom, energy experts project 200,000 new jobs by 2020 thanks to shale. And the pay is good too. The average salary for an oil and gas worker is about $60,000, 50 percent higher than the average private wage in the state. At the 2010 rate of consumption, potential shale resources can last more than 100 years of use. Some even say shale will help the U.S. become a net gas exporter within the next decade. This fact also bodes well for chemical companies, which rely on natural gas. As a result, companies such as Dow Chemical are investing more in the U.S. than abroad. THESE are the facts.
So where were the lies?
When will we realize this is not sustainable
The early 1900s.
Not sure when we'll start acting on that realization.
There is an old saying: “Everything shines by dimming”. That can be applied to U.S. oil production. Yes, U.S. oil production (crude oil + condensate) set an annual production record in 2023 at 12.927 million barrels/day (mb/d). But there is more to the story.
Almost all of the increase in U.S. oil production since 2008 has been tight (fracked) oil production from 5 shale plays: Permian Basin (TX/NM), Eagle Ford (TX), Bakken (ND), Niobrara (CO/WY) and Anadarko (OK).
Those 5 plays now produce about 70% of U.S. oil production with the Permian Basin alone producing ~45%. The rest of the U.S. oil production increase since 2008 came from the deep water Gulf of Mexico (GOM). The deep water GOM represents about 15% of U.S. oil production and it is now a mature producing region.
U.S. oil production rose rapidly through 2023 but many areas have been declining in 2024. As an example, GOM oil production has been running about 200,000 b/d below the highest monthly value in 2023 (Sept). The latest monthly value (August 2024) was off about 190,000 b/d.
North Dakota Bakken oil production was off approximately 100,000 b/d in August 2024 relative to the highest value in 2023 (Sept). Oklahoma’s oil production, mainly Anadarko, was down 60,000 b/d in August 2024 relative to May 2023, the highest producing month in 2023.
Colorado/Wyoming oil production (mostly Niobrara) was down 26,000 b/d in August 2024 relative to December 2023, the highest producing month for 2023.
The ultimate oil recovery for the 5 shale plays listed above will be approximately 50 billion barrels. For the period 2008-2023, total oil production for the 5 plays was approximately 25 billion barrels.
Here is a statement by prominent petroleum geologist Art Berman from a recent report he wrote concerning the Bakken shale play:
The implications of this Bakken study and recent evaluations of the Permian and Eagle Ford plays are clear-this is the beginning of the end for the tight oil plays.
Here is a statement from an oil industry insider, stated several years ago, concerning the future of U.S. tight oil production:
"Shale [tight oil production] will likely tip over in five years, and US production will be down 20 to 30% quickly. When it does-this feels like watching the steam roller scene in Austin Powers. Oil prices in the late 2020s will be something to behold.”
An industry executive responding to a poll by the Dallas Fed;
What you won’t hear from the media in the U.S. is that most of the production from new tight oil wells occurs in the first two years of production. To maintain or increase production, wells have to be added at a rapid pace or production declines. At some point, the “sweet spots” within a play get saturated with wells and production declines. That has occurred in Bakken, Eagle Ford, Anadarko and Niobrara. It will occur in the Permian Basin as well.
Almost all the increase in U.S. oil production this year is from Texas and New Mexico with minor increases in Utah and Ohio. Almost all of the increase in Texas and New Mexico has come from the Permian Basin. I'm expecting the Permian Basin to start declining in the next year or two.
What oil companies have been doing is sacrificing future U.S. oil production to maximum present oil production. That can only go on so long.
It would not be surprising if U.S. oil production declines 5.0 mb/d or more by 2033, relative to 2023, about 5.5%/year. To put that in perspective, United Kingdom (U.K.) oil production has dropped 75.5% since 1999, at a rate of 5.4%/year. In the 1990s, the U.K. was one of the world’s major oil producers but they ran out of fields in the North Sea and production has thus declined.
Conventional U.S. oil production reached a maximum in 1970 at 9.637 mb/d while Alaskan production peaked in 1988 at 2.017 mb/d. Production from conventional U.S. oil is now about 1.6 mb/d and that from Alaska is about 0.4 mb/d. The shale plays and deep water GOM were the last highly fruitful places to go in the U.S. for oil so I expect future U.S. oil production to parallel the decline of the U.K.
I expect that some people will say we are going electric so it doesn’t matter what happens to U.S. oil production. In the last 10 years the number of EVs on the roads of America. increased by around 2.5 million vehicles. In spite of that, U.S. total liquid hydrocarbons consumption (oil + other organic stuff) increased by almost 900,000 b/d. There are around 283 million registered vehicles in the U.S. and a high percentage of the vehicle owners are never going electric. That is the harsh reality.
Guys,
You can tell you’ve got little idea about the world.
Releasing the entire oil reserve would do next to nothing for the price of oil.
The UK as a whole uses approximately one million barrels a day.
The US uses approximately 20 million per day.
Do the maths. 7.3 billion barrels worth of oil a year. A few million will do sweet f-all to the price of oil.
Use your brains, please. 🙏
@PietroRusso-n8q That's not how that works. You know companies can just keep it at a certain price? It's a syndicate, the free market is a naive fantasy.
He wants to tariff Canada which would cause gas prices to rise. How is that missing from this analysis?
Think the video was published before that announcement.
good to know. Thank you
If our environment start to go haywire next 5 years, US number 1 suspect.
He will never let oil prices come down, that would actually hurt oil company profits. They need oil consumption to go up in lock-step with increased production, that's why he wants to go after green energy bills.
Have you forgot his first term?
@@DJ_Spazzy
Let me guess the time when a certain "flu" was bad that nobody was on the road and oil prove went down?
@@DJ_Spazzy Crude oil prices went down to 43$ during OBAMA'S term. Trump's term saw nothing but a raise in oil prices. I'm not sure what we're supposed to remember.
Like yeah oil prices went down during the pandemic but I doubt you'd call the 2020 recession a resounding success for Trump or something.
green energy is a waste of money, oil is way cheaper
@@reaperz5677 What you are saying is true, but not the full picture.
Here are the average prices in the usa according to macro trends (I believe inflation adjusted, which improves Biden's numbers)
Obama (2009-2017): $76.68 per barrel
Trump (2017-2021): $56.17 per barrel
Biden (2021-2024): $79.20 per barrel
For actual production, here are the averages for each presidents term.
Obama (2009-2016): 8,560.74 bpd
Trump (2017-2020): 10,859.73 bpd
Biden (2021-2024): 12,258.54 bpd
Obama left the reserves with about 700 mil
Trump with 600 mil
Biden with 375 mil
Basically, he wants to do whatever the oil companies want and may even sabotage renewable energy projects
At least you pointed out that the main aim of the "Inflation Reduction Act" was nothing to do with reducing inflation. The names of American acts are pure propaganda.
He did not say that. He said it is used to help renewable energy for climate change. If we become less dependent on gas we have a more energy efficient country which would lower inflation.
Even trump said inflation is connected to energy that’s why he wants to keep drilling gas, even though we drill the most in the world under Biden.
@@tommyho3086this is true. It is generally understood that lowing transportation costs lowers the costs of producing goods across the entire economy which then reduces inflation on the supply side.
@@justinalexis5788 then the inflation reduction name isn’t propaganda?
The inflation reduction act was not signifcant, it didn't do anything, it probably made inflation worse
I love the trademark robotic TLDRnews delivery of "drill baby drill"
Hiring Musk is kind of strange since he wants electric
Not Pro or Anti Oil/Gas but just think that sooner or later it will be dug out and that it’s a finite amount so doesn’t matter when.
We should rather try to get geothermal energy instead. The geothermal energy we have is 50,000 time of total oil and gas reserves combined.
It won't be for over a century.
Also, green energy is smarter. It means total energy independence.
@@JSM-bb80uGeothermal energy is extremely finicky to get I can't see that as being a national plan.
@@kronos7110 If thats true, then its not smart to drill everything now. It would be vise to save Some Oil/Energy to later generations.
@@Dracon7601 With newer technologies it's becoming easier to get geothermal energy from places where it wasn't possible just like what happened to oil and gas industry with fracking.
4:44 what is that graph, my guy? Why is it percentages on the left?
the united states oil hoarding strategy is profitably smart
by hoarding opec+ would hesitate on hoarding their oil supplies because once they do united states would then export their hoarded oil reserves thus making the opec+ efforts irrelevant
it does not only make the united states a total control to the global oil prices but it also makes every drop of their oil worth more as it should be because of the price increase created by opec+ a price warping and infinite money glitch scheme at the same time
I think opec knows this though? They would have to be the dumbest people alive if they somehow let the US win this battle
OPEC is no longer in control, places like Guyana are gonna make sure of that:/ This is just more of healing the healty.
@@kronos7110 yeah it seems like not being part of the opec+ bloc is actually more profitable for countries as opec+ have to cut the supply then non members can just flood the market with oil and make trillion times more profit than they should and also fighting the bloc's attempt to increase the price
@@Wasnt-1
Yep. With so many producers of oil(some were find in Pakistan too), no one side will be too dominant.
Wouldn't it make more sense for energy independence to move away from fossil fuels? Why be beholden to the whims of OPEC when you can simply make your energy at home.
Manufacturing green tech also adds jobs in general, too.
But that means less drilling of babies, and it's woke. That's just not feasible.
Conventional oil fields in the US peaked 50 years ago and nothing we know of will change that. The only oil field still increasing production in the US is the oil-shale Permian basin. Like conventional oil, the other oil-shale basins have peaked and are going down. The Permian basin is expected to peak in the next few years. Drilling more will not change this. It will slow the decline and give us more time but if we don't invest in alternative energy (of whatever source), it is just pushing the trouble off to a later date and that later date is not that far in the future. Trump's plan is a recipe for disaster.
I like how Trump's energy policy was reported
So the US will be doing the Climate Hokey Cokey. This will end well
The US imports heavy oil from Mexico. If tariffs are placed on Mexico's and Canada's oil, then prices in the US must go up. So, how?
It may actually be what happens in the Middle East and Ukraine that has the biggest impact on energy.
Normalizing Russia will drop the price of oil. Letting the Middle East burn will raise it.
@@richardarriaga6271European countries aren’t going to return to RU energy. That ship has sailed.
@@Steven-vo4ee Germans might, because they're known two faced snakes. Some other countries might too, especially with far right on the rise who are very pro-Russia for whatever reason.
The good news it will accelerate plans to become less dependent upon Gas and Oil.
"The Stone Age Did Not End Because the World Ran Out of Stones, and the Oil Age Will Not End Because We Run Out of Oil" ... Ahmed Zaki Yamani.
Every trump policy in 2 words: Biden bad
Have you forgotten the last 4 years???
@@DJ_Spazzy okay ye, it’s pretty difficult to argue biden was good
@@DJ_Spazzybecause you consider the result was bad doesn't mean you have to throw everything out of the window
@@Denes2005 Is it really, though? Inflation is down, and jobs are up. That's like, the universal determinant of whether or not a presidency is good or not. I'm not sure what more Biden could've done if this isn't enough.
Do you people genuinely want deflation, because "high prices"? Do you not understand basic economics, and why deflation would be bad for any economy?
Exxon-CEO........today.................."NOBODY in the US will fall in a drill-baby-drill mode!"
Trump’s ‘plan’: “Me, me, me… It’s all about ME! I’m the best! No one in the history of being the best is better at being the best than me. Everything I do is perfect and when it’s not, it’s your fault.”
@@Steven-vo4ee thing is that Americans actually agree with him
And then they wonder why the rest of the world thinks they're stupid
@@Trickaz94 I thought they reached peak stupid with Dubya, yet they've outdone themselves with Trump, twice!
@@Trickaz94 the rest of the world is jealous of our fuel and energy prices
we will continue to laugh as you keep paying 50% in taxes
@@reksapluss716 no we really aren't jealous, we are just smarter
@@Trickaz94 *poorer
We already are
Nokia, blackberry etc chose to not make smartphones and look what happened to them. America will follow the same route if it prioritises oil and gas over renewables. Solar and batteries are getting cheaper at rates never seen before and will be the cheapest by 2030. Lack of cheap energy will make america uncompetitive in every aspect and lose its dominance.
Maybe about time to drill for oil they can refine themselves 😂
The worlds cooked. 😎
Pretty fair coverage.
DRILL BABY, DRILL!
The shift to the right these past for years remains me of the 1920/1930s!
It’s a scary time for us all !!!
People have not gone further right. The left has gone too far.
Trump is going to do to American empire what Hitler did to Europe. Without Hitler, colonialism would have continued much longer.
Yeah, like the left wing governments taking away rights like freedom of speech, truly a scary time to live under any left wing government
It's the left walking towards war.
Oil Companies; Drilling will increase production, driving down the price of oil and require huge capex from us. No thanks...
he will drill oil and turn on the key stone pipe line
The Keystone Pipeline is active, it even had a leak in Kansas a few years ago. It's only a new section of it that's been blocked a while back.
Trump said oil and natural gas , and then also to drill for geothermal energy that is clean energy too !
TLDR: "Under Biden, America has become the world's biggest oil producer."
Also TLDR: **presents a graph showing that it actually happened under the Trump Administration in 2018.**
Do you guys even read the graphs? LOL
What are you talking about the graph was clearly bigger from 2020 to 2024
@@Somethingclever11111 it started in 2018 when America became the biggest oil producer. Look at the bar graph.
@@NormalAmericans under Biden in 2023 it was the highest ever been @2:32 indicating that Biden encouraged even more oil production to lower the gas prices unless you think oil production in the US has started in 2018 under the god almighty Trump then that's a different story!
So what your saying is there's likely going to be great Continuity with the IRA, and it was not overly Provisional, and that We Ourselves may continue to see the benefits of it?... Gerry Adams...
😂😂😂😂😂😂
Its crazy how Biden is quite possibly the best President americans had since 1960s every single fucking metric he fucking stomps
Exactly. Highest inflation rate in nearly 50 years, highest number of border crossings, hundreds of thousands of kids unaccounted for and record levels of drug overdoses.
@@hakeemfrancis1099 he was handed this country in a horrible state... Trump got it when we were doing good n left a mess for Biden to clean up. Not saying Biden did great but to think Trump really did anything useful is even crazier
@@hakeemfrancis1099you probably think these tariffs are good for us too
@hakeemfrancis1099 drug ODs will be just as high, if not higher under Trump. There is nothing he can do to stop people from doing drugs...
@@hakeemfrancis1099do you know the whole world has been hit with inflation? You know cause of covid! (Wouldn't surprise me if you don't believe in it). And we handled inflation better than most... prices would still begoing up under Trump. Go to Europe or S.america n you'll really see what bad inflation is
I think the overlooked issue is massive regulation of the oil and gas industry. For example ANWAR has massive oil reserves that can be accessed with very little environmental impacts. (It is a very large area that is sparsely populated with wildlife so any industrial activity will be less impactful than say Texas or California oil operations) The environmental rules and impact study's that need to be done make it prohibitively expensive to explore. If these burdens can be reduced then oil prices could actually fall.
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Trump doesn’t know much about oil
During trumps previous term, solar/wind grew - farmers were quite happy leasing land to companies. Trump was good for everyone during his first term.
Good for him self and Covid-19. He borrowed 8 Trillion $ now it has to be paid back.
Someone has a very selective memory!
Yep good for all the people with COVID who died under his term because he refused to do anything about it.
The USA's oil refinery capabilities are actually incapable of refining 90% of American drilled oil. Rather ironic, and to upgrade the refineries, it is estimated would cost hundreds of billions of dollars to do, which no one wants to pay for.
60% of US Domestic consumed crude, actually comes from Canada, and a further 10% US Domestic consumed crude, comes from Mexico.
So with nearly 70% US consumed crude, coming from Canada and Mexico, and Trump wanting now to slap on 25% tariffs on 70% of US consumed crude, how much do you think that will increase the cost to US gas at the pump?
Not to mention the drastic inflation it will cause, since virtually nothing in the USA moves around without gasoline which will now get 25% more expensive.
Than US have to take climate refugees too. US is the largest historical CO2 emitter followed by EU.
That would be China:/ Not US.
@@kronos7110China on a historical perspective hasn't produced as much CO2 as the US and is dedicated to investing in solar on massive scales. Blaming china doesn't even make much sense anymore.
"historical" Most Western countries are taking climate-conscious actions anyway. Why is this issue being brought up, so that China can emit more carbon emissions?
@@Dracon7601 China has used Coal Much longer than any western country (at least 1000 years)
@Dracon7601 look how much Coal China uses, and then look where it comes from
I think something missed about the American Oil Industry when it comes to domestic energy is when we dont expand operations its the even more polluting coal energy that benefits the most. Just as Germany had to rely on coal when they cut nuclear the US needs oil, or coal is the only cheap, practical alternative due to a lack of political will to expand nuclear and green alternatives for vast swathes of the country either not being possible or being extremely expensive as many practical cheap forms of green energy are already being tapped into or not available in various parts of the country.
and EU will limit itself to try to be green while others do not give a fuck
if done well on the long run this will be great for the EU economy
long term investment in green energy is cheaper
Europe doesn't have masses of hydrocarbons, nor do we need them. Nuclear and green is the key to European energy independence.
@@obaidaserdar1780"green" energy is cheap only because governments spend hundreds of billions of dollars subsidyzing it. You just need nuclear power and some renewables and you'll already have clean energy production. Only renewables is like throwing money into a fire while gas companies score record high profits selling you energy that renewables can't provide you.
How is EU being energy independent bad?
That’s a good thing, probably one of the only things my government did well 😂
Renewal energy account for 40% of energy in the Iberian peninsula.
If you talking about green policies there’s some I don’t agree with but overall they not bad although it will take a backseat because we have more problematic issues
Almost nobody in the eu wants drilling or mining in their backyard unlike in China,the USA,Australia and others.
The issue is the offshore use of energy, by offshoring production to foreign countries, we have the same global net use of energy... poor countries have dirtier power plants. Makes sense for the US to generate energy in the US to lower the cost of local production, which is globally better for the environment...
TLDR isn't known to be politically unbiased, so I will take your views with a pinch of salt.