Cartoon Of the Month
We're fair and balanced at Oily Stuff Blog; when you're as dumb as a fence post about America's long term energy security, we call it. Regardless of political persuasion.
Shutting down the Keystone pipeline was stupid; American refineries need Canada's heavy oil for blending and better product yields. As it is, we can't use anymore light tight oil than we already are in the US, so we're exporting 3.5MM BOPD of HZ tight oil from Texas to Asia, including China, some 500K BOPD to China, in fact, all below the cost of doing business in US, including paying down OVER $300 billion of public and private shale oil debt. Drill, Baby, Drill is essentially just a QE funded jobs program when the American consumer doesn't get the benefit of its own sovereign oil resources.
China, by the way, could actually be using HZ tight oil from Texas to currently assist the Taliban. Or, since it too has an SPR, maybe China is saving Permian oil to use against the US someday. Exporting the last of US oil resources needs to stop; we're the largest oil consuming nation in the world and oil does NOT grow on trees.
Then, as my friend John, suggests, while the the clusterf@%k in Afghanistan was going on last week, there was this: https://www.reuters.com/world/middle-east/saudi-deputy-minister-defense-signs-military-cooperation-agreement-between-2021-08-23/
But wait, least you think this is just liberal Democrat, anti-oil, ignorance last year's conservative Republican, pro-oil, ignorance led to Americans being told we have "unlimited oil resources in our nation" and "its no longer economically imperative Americans conserve oil." If you think THAT's right, your nuts; the proven developed reserve to production ratio in America's shale oil basins is 3.2 years. Under the previous administration, US shale oil, funded on credit/debt, was used as a foreign policy tool.
And remember, its Republicans in Austin that allow associated gas to be wasted like we don't need the stuff and New Mexico to haul its produced water over to Texas SWD wells because it does not want earthquakes in it's State. And its Austin that has allowed down-spacing, over-drilling core areas, rising GOR and falling well productivity. We use to believe in pressure preservation in our State's oil plays, and conservation of our resources; not anymore. WE had a plan for the future. Now. its just about money and votes. And not necessarily in that order.
Regarding America's hydrocarbon policies...leave it all in the ground or "Drain America First" and export it, below costs. Pick your poison.