Think Drill Baby Drill Is The Answer To Our Energy Solution? Think Again

[skews13]

It must be pointed out that the last time Saudi Arabia sent this ‘preservation of market share’ signal was in 2014 when they and OPEC flooded the market with millions of barrels of additional crude. That move was in response to the then-nascent boom in US shale oil production coming mainly from the Permian Basin, the Bakken Shale, and the Eagle Ford Shale. Saudi and other OPEC officials at the time saw this US shale oil cutting into their market share and decided to mount a defense.

The result was a dramatically oversupplied market, a supply surplus that some believed reached as high as 8 million barrels of oil per day, and a collapse in crude prices. Over the next two years, more than 200 US shale producers were forced into bankruptcy, creating the worst depression in the domestic oil and gas industry since the mid-1980s. By the end of 2016, Saudi Arabia was coordinating with Russia and other big oil producing countries to form the OPEC+ cartel to raise prices to more economic levels.

Saudi Strategic Shift Raises Specter Of Another Oil Bust — Forbes

Saudi Arabia is again signaling a shift in strategy to protect global market share. The last time this happened, an oil bust was the result.

apple.news

 

[Oddball]

Strawman argument.... Nobody has said it's the ONLY answer.

Another day, another skrewsy thread fail.

 

[hadit]

Strawman argument.... Nobody has said it's the ONLY answer.

Another day, another skrewsy thread fail.

Seriously, nuclear is a very, very important answer as well.

 

[martybegan]

Strawman argument.... Nobody has said it's the ONLY answer.

Another day, another skrewsy thread fail.

True, we need Nuclear, and we need to exploit more hydroelectric.

 

[Woodznutz]

Three-dollar gas is likely the best we can do.

 

[pknopp]

Strawman argument.... Nobody has said it's the ONLY answer.

Another day, another skrewsy thread fail.

Yes, that's because we are drilling at a record level so.......................

 

[skews13]

Yes, that's because we are drilling at a record level so.......................

You have to wonder if you are dealing with people that are truly this ignorant, or if they are just trolls.

Or ignorant trolls.

 

[pknopp]

You have to wonder if you are dealing with people that are truly this ignorant, or if they are just trolls.

Or ignorant trolls.

I go with brainwashed.

 

[Woodznutz]

All domestic economic problems are in the hands of consumers including energy. Business provides supply, consumers provide demand. Demand trumps supply.