One of the big lies floating out there is that oil companies production or exploration has been suppressed somehow by the Biden administration.

It's true that there was a big reduction in oil exploration. But this stsarted during the Trump administration because of finances. Oil and gas prices were low so banks insisted that oil companies stop chasing after oil that would cost too much to extract and start improving returns to shareholders.

In addition, the most productive oil producing areas with oil and gas that is cheap to extract like the Permian BAsis are in private hands

Also, as noted above, oil and gas companies have stored up huge supplies of permits thanks to the Trump administration policy of selling them off cheaply.

Finally, oil and as companies have been constrained by the same supply shortages as other industries.

The days of the easily extracted oil seem to be done.  

 

6 hours ago, candide said:

He's not having the reverse effect, he's putting more oil on the market.

 

BTW, the decrease of the SPR has been voted in a bipartisan law in 2018.

He's letting go of a strategic national asset that will be very difficult to replace.

 

Things have changed quite a bit since 2018.

6 hours ago, candide said:

As already stated this is a global issue and not a U.S. issue. There is no shortage in the U.S. so getting oil from Canada will not solve the global supply issue.

 

I agree that it is not in the interest of oil companies to make any long-term investment in any country, as there are uncertainties about the long-term demand and prices. There are currently plenty of permits which are not used. Their exploitation may be profitable under current prices, but not under the prices expected in a few years' time. This is a global and long-term trend. Worldwide investment in oil and gas started to decrease in 2015 and it's not going to recover the pre-2015 level.

A few years' time....hmmmmm.

8 minutes ago, nauseus said:

A few years' time....hmmmmm.

How long do you expect the current price level to last?

3 hours ago, candide said:

How long do you expect the current price level to last?

No idea. Everything is volatile already. The oil price will depend on world events and policies pursued by OPEC plus major producers. The green dream will take much more time to come true than many think.