{"id":24061,"date":"2024-11-27T11:38:55","date_gmt":"2024-11-27T15:38:55","guid":{"rendered":"https:\/\/energiesnet.com\/espanol\/?p=24061"},"modified":"2024-11-27T11:38:57","modified_gmt":"2024-11-27T15:38:57","slug":"big-oil-doesnt-need-to-drill-baby-drill-joel-mathisthe-week","status":"publish","type":"post","link":"https:\/\/energiesnet.com\/espanol\/big-oil-doesnt-need-to-drill-baby-drill-joel-mathisthe-week\/","title":{"rendered":"Big Oil doesn’t need to ‘drill, baby, drill’ – Joel Mathis|The Week"},"content":{"rendered":"\n
\"Trump
Trump wants to expand production. Oil companies already have record output. (Illustration by Stephen Kelly \/ Getty)<\/figcaption><\/figure>\n\n\n\n

By Joel Mathis <\/p>\n\n\n\n

Donald Trump wants America’s energy companies to produce more oil and \u00abunleash\u00bb a new era of energy independence. \u00abDrill, baby, drill\u00bb was a perpetual refrain on the campaign trail. There’s just one obstacle now that he’s been elected: The energy companies themselves.<\/p>\n\n\n\n

\u00abOil and gas companies<\/u><\/a> probably have other ideas,\u00bb said The Guardian<\/u><\/a>. The United States is already the world’s largest producer of oil and gas, and has been for the last six years \u2014 since the last Trump administration. Big companies right now are profitably focusing on low-cost, high-production wells and reluctant to spend money drilling new wells while crude oil prices \u00abstay flat,\u00bb said the Guardian. \u00abNobody’s got crazy plans to be drilling at accelerated rates,\u00bb said Peter McNally, an analyst at Third Bridge.<\/p>\n\n\n\n

Among the notable skeptics is ExxonMobil CEO Darren Woods. \u00abI don’t know that there’s an opportunity to unleash a lot of production in the near term,\u00bb he said to\u00a0Semafor<\/u><\/a>. Most companies are already \u00aboptimizing their production.\u00bb Woods naturally opposes climate policies designed to produce a \u00abrapid phaseout of oil and gas consumption.\u00bb But he doesn’t see a need to expand drilling, either. \u00abI don’t think today that production in the U.S. is constrained.\u00bb<\/p>\n\n\n\n

‘Market forces remain more powerful’<\/strong><\/h2>\n\n\n\n

<\/p>\n\n\n\n

\u00abDrill, baby, drill\u00bb is a \u00abpolitical slogan, not a business plan,\u00bb David Blackmon said at Forbes<\/u><\/a>. Oil companies take action in response to \u00abboth public policies and market realities\u00bb and while the Trump administration<\/a> will certainly be \u00abmore pro-oil and gas\u00bb than its predecessors, the market isn’t giving the green light to expanded oil production. Big oil patches like the Permian Basin<\/u><\/a> are in the \u00abmature, development phase of their life’s cycles\u00bb in which producers focus on maximizing the efficiency of existing wells instead of looking for new places to drill. Public policy is important, Blackmon said, but \u00abmarket forces remain more powerful.\u00bb<\/p>\n\n\n\n

\u00abTrump’s win is neither an oil gusher nor a green crusher,\u00bb Liam Denning said at Bloomberg<\/u><\/a>. Trump will reduce regulations and make it easier for oil companies to drill on federal lands<\/u><\/a>. But there are \u00abfar bigger forces shaping the outlook for prices.\u00bb Among them are the green technologies unleashed by President Joe Biden’s Inflation Reduction Act<\/u><\/a>, which spread climate-friendly tech production to red states. \u00abSelf-interest\u00bb among Republican members of Congress might prevent a repeal, Denning said. Presidential policies are only one part of the energy equation. \u00abThe raft of details matter.\u00bb<\/p>\n\n\n\n

<\/p>\n\n\n\n

‘The most oil produced by any country ever’<\/strong><\/h2>\n\n\n\n

<\/p>\n\n\n\n

Trump has selected oil company executive Chris Wright<\/a> as his secretary of energy, CNN<\/u><\/a> said. Wright is one of the \u00abindustry’s most vocal supporters of fracking oil and natural gas\u00bb and says the world is not transitioning away from fossil fuels. But the United States already produces<\/a> more than 13 million tons of oil a day, which is the \u00abmost oil produced by any country ever.\u00bb Market conditions will continue to rule, said former energy official Bob McNally. \u00abIt’s not like President Biden or any president has a dial in the Oval Office to increase production.\u00bb<\/p>\n\n\n\n

_______________________________________________<\/p>\n\n\n\n

Joel Mathis <\/em><\/strong>is a writer with 30 years of newspaper and online journalism experience. His work also regularly appears in National Geographic and The Kansas City Star. His awards include best online commentary at the Online News Association and (twice) at the City and Regional Magazine Association.\u00a0The views expressed are not necessarily those of EnergiesNet.com.<\/p>\n\n\n\n

Editor\u2019s Note: This article was originally published in The Week, November 25, 2024. We reproduce it for the benefit of readers. EnergiesNet.com is not responsible for the value judgments made by its contributors and opinion and analysis columnists.<\/p>\n\n\n\n

‘Drill, baby, drill’ might not happen | The Week<\/a><\/p>\n\n\n\n

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energiesNet.com 11 27 2024<\/p>\n","protected":false},"excerpt":{"rendered":"

By Joel Mathis Donald Trump wants America’s energy companies to produce more oil and \u00abunleash\u00bb a new era of energy independence. \u00abDrill, baby, drill\u00bb was a perpetual refrain on the campaign trail. There’s just one obstacle now that he’s been elected: The energy companies themselves. \u00abOil and gas companies probably have other ideas,\u00bb said The Guardian. The …<\/p>\n

Big Oil doesn’t need to ‘drill, baby, drill’ – Joel Mathis|The Week<\/span> Leer m\u00e1s »<\/a><\/p>\n","protected":false},"author":2,"featured_media":24062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[39],"tags":[],"class_list":["post-24061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/energiesnet.com\/espanol\/wp-json\/wp\/v2\/posts\/24061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/energiesnet.com\/espanol\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/energiesnet.com\/espanol\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/energiesnet.com\/espanol\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/energiesnet.com\/espanol\/wp-json\/wp\/v2\/comments?post=24061"}],"version-history":[{"count":0,"href":"https:\/\/energiesnet.com\/espanol\/wp-json\/wp\/v2\/posts\/24061\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/energiesnet.com\/espanol\/wp-json\/wp\/v2\/media\/24062"}],"wp:attachment":[{"href":"https:\/\/energiesnet.com\/espanol\/wp-json\/wp\/v2\/media?parent=24061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/energiesnet.com\/espanol\/wp-json\/wp\/v2\/categories?post=24061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/energiesnet.com\/espanol\/wp-json\/wp\/v2\/tags?post=24061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}