Drill Baby Drill

[bats]

Over half the voters did pick him... he won the majority vote!

I listened to what he proposes drill baby drill... he wants to sell the American crude to Europe to make more money for the US.  Sounds like a good idea hope it works.

He got more votes than Kamala, but he did not get a majority of the votes. He got 49.80%, while Kamala got 48.33%.

A majority is 50% + 1.

https://www.cookpolitical.com/vote-tracker/2024/electoral-college

[Danno]

36% of voters didn't vote, Egypt had only 12% not voting.

[Danno]

Europe doesn't want our crappy oil. we have to import good oil to make plastic

[kidinacandystore]

Looks like ANWR is back, thank goodness!

[thaikhan]

36% of voters didn't vote, Egypt had only 12% not voting.

This is every election. There is never a "majority" vote.

[thaikhan]

Next people are going to be surprised when they find out the USA is the world's biggest producer of oil and then wonder why we are so dependent upon foreign oil and then sit next to their TV to have their party explain the lie to them why we are dependent upon foreign oil.

[Danno]

Looks like ANWR is back, thank goodness!

7000 well permits sitting there for years, but the oil companies don't want to drill there. why use our oil when we can use other countries.

Should we drill for oil in an ANWR?

Should drilling for oil be allowed in the Arctic National Wildlife refuge? Yes, oil drilling should be allowed, and oil lease sales should be done; but the oil industry is not interested in drilling there for oil.

[HighStepper]

7000 well permits sitting there for years, but the oil companies don't want to drill there. why use our oil when we can use other countries.

Should we drill for oil in an ANWR?

Should drilling for oil be allowed in the Arctic National Wildlife refuge? Yes, oil drilling should be allowed, and oil lease sales should be done; but the oil industry is not interested in drilling there for oil.

The high cost of operations in such a harsh environment, uncertainty about the actual amount of recoverable oil reserves in the region, makes it a financially risky venture.  There are better potential returns on other drilling sites.

[dogwalker]

The oil industry has 7,000 permits to drill now. They choose not to.

I have been reading a fair amount about this and Danno hit on an important point.
Drill baby, drill used to be the motto of many oil companies long ago (when the US imported oil----it doesn't now) but that attitude got many of them into financial trouble because the increase in supply and subsequent drop in prices resulted in them being unable to pay for the capital investments and labor force expansions required for the increases in drilling. They paid for too much equipment and hired too many people in cases where the amount of oil produced, the oil price, and profits ended up being unfavorable.  Balancing more product but with a reduced price can be tricky.  So now the well managed companies are much more conservative about how much they expand which also relates to the point HighStepper made..  Similar to some airlines and semi conductor chip makers they'd now prefer to just operate ongoing wells/frack with predictable output, restrict supply, and keep prices a bit higher with current resources. They don't want to make additional large or risky investments until they have to.  A company that can pay its employees and a stock dividend is better than one that goes bankrupt.  Some airlines used to go crazy expanding routes, buying airplanes, and hiring people thinking bigger was better but then not enough customers flew on those routes or fuel costs ruined them.  Now they prefer to have fewer but more profitable routes.  Similar business model.   Also.....even if many oil companies starting doing more drilling/fracking there would be a lag of around 6-12 months between that and any drop in gas prices at the pump.  Potentially could occur before the 2026 midterm elections I guess....LOL.