Trump 2.0 - Energy Policy

TGHusker

TGHusker

Well-known member
Trump rhetoric hits reality.   Trump campaigned on the false idea that the Biden administration was holding back the oil industry in favor of renewables - environmentally friendlier options.  Of course, he doesn't realize that as a society we can walk and chew gum at the same time. It isn't an either / or thing.   The reality is that oil production has been high, gas prices have come down.  Lot of the downward trend has to do with supply/demand but also the fact that oil has not been hogtied by the Biden admin.  

Below, Exxon CEO says 'not so fast' on this drill baby drill.  Trump doesn't seem to realize that supply and demand is the captain of the ship and not himself.  Of course, his dillusional MAGA followers believed his stories and believed that he has a magical spicket that will turn up the flow of oil and bring prices down to the levels 'never seen before'.  

Exxon CEO - no magic oil spicket - only supply & demand

  •  
  • Trump has said he plans to bring down gas prices by boosting US oil production.
  • ExxonMobil CEO Darren Woods said he didn't see a US oil boom in the near future.
  • One energy analyst said a US president has little control over the oil and gas market.
President-elect Donald Trump's promise to unleash a big oil boom in the US and lower gas prices is running up against a market reality: The world is already awash in fossil fuels.

ExxonMobil CEO Darren Woods told Semafor on Tuesday that while he wanted to maintain US oil production at its current highs, the market was already well supplied.

"I don't think today that production in the US is constrained," he said. "I don't know that there's an opportunity to unleash a lot of production in the near term."

During his presidential campaign, Trump said he planned to lower energy prices — including the cost of gas — by increasing US oil production.

"We will frack, frack, frack and drill, baby, drill," Trump said last month. "I will cut your energy prices in half within 12 months." In September, Trump said he would reduce gas prices to below $2 a gallon.

Energy analysts told Business Insider that big oil companies were more focused on returning money to shareholders than investing in projects to boost production, especially since China isn't importing as much oil because of its economic downturn.
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Like so many things, Trump gets something in his head and through the disinformation provided by his more radical friends he runs with it. 

Tariffs, education, deportation, etc..   Energy - Drill, Baby, Drill.   Even though we had record drilling under Biden and even though Trump claimed that the oil industry was held back by Biden regulations, and even though he thinks he can manipulate the price by forcing energy comes to drill, it just ain't so.  

Again: More energy executives coming out and saying it isn't going to happen. Their goal isn't to fill every tank farm in America.  Their goal is ROI.  Something 'businessman' trump can't seem to grasp - probably because his only stockholders were him and his family.    As noted in the quote below, these execs even support Bidens IRA - Inflation Reduction Act which includes green energy initiatives.  Popping Trump's balloon on several fronts.  This clown got elected by spreading half truths and disinformation and he's putting in policies that he either will not work or which will hurt the country in the long run - policies led by clowns now call Secretary, Director, etc

https://www.bnnbloomberg.ca/markets/oil/2024/11/26/drill-baby-drill-is-unlikely-under-trump-exxon-says/

Oil and gas producers in the US will not raise output significantly in the coming years despite calls from President-Elect Donald Trump to “drill, baby, drill,” said Exxon Mobil Corp.’s Upstream President Liam Mallon.

“I think a radical change is unlikely because the vast majority, if not everybody, is primarily focused on the economics of what they’re doing,” Mallon said on Tuesday at a conference in London.

Trump is expected to open up federal lands for more oil and gas drilling, but much of the land in the country’s largest oil and gas producing state, Texas, is private. Still, there’s plentiful federal land in neighboring New Mexico which includes the oil- and gas-rich Permian Basin.

“If those rules were substantially changed, you would be able to drill more, assuming you have the quality and met your economic threshold,” Mallon said. “But I don’t think we’re going to see anybody in the drill, baby, drill mode. I really don’t.  Exxon’s European rival TotalEnergies SE is also skeptical of Trump’s vow to open US taps.

“Maybe he has a magic recipe to push them to drill like mad,” TotalEnergies Chief Executive Officer Patrick Pouyanne said at the conference. He cited US producers’ commitment to return cash to shareholders and said “it’s not only decisions by politicians” that drive American output.

The US is pumping more than 13 million barrels of crude a day, exceeding every other nation and up almost 45% in the past decade. With a surplus looming next year, the global oil market is watching to see at what rate American explorers drill new wells. Many of the biggest US operators are taking a long-term approach to production, weighing when to bring certain wells online against their overall inventory.

Mallon’s comments mark the second time since the election that the largest US oil company has diverged from Trump’s policies. CEO Darren Woods discouraged the president-elect from withdrawing the US from the Paris climate pact, arguing that it’s better to participate and push for “common sense” carbon-cutting policy.

Mallon reinforced Woods’s recent remarks supporting the US Inflation Reduction Act, which Trump has characterized as Washington’s “green new scam.” Some IRA incentives — including tax credits for capturing carbon, producing hydrogen and making sustainable aviation fuel — are particularly popular with oil companies.

“Our position on the IRA is very good,” Mallon said. “We strongly believe in what it is, what it stands for and the incentives it’s providing.”
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TGHusker said:
Like so many things, Trump gets something in his head and through the disinformation provided by his more radical friends he runs with it. 

Tariffs, education, deportation, etc..   Energy - Drill, Baby, Drill.   Even though we had record drilling under Biden and even though Trump claimed that the oil industry was held back by Biden regulations, and even though he thinks he can manipulate the price by forcing energy comes to drill, it just ain't so.  

Again: More energy executives coming out and saying it isn't going to happen. Their goal isn't to fill every tank farm in America.  Their goal is ROI.  Something 'businessman' trump can't seem to grasp - probably because his only stockholders were him and his family.    As noted in the quote below, these execs even support Bidens IRA - Inflation Reduction Act which includes green energy initiatives.  Popping Trump's balloon on several fronts.  This clown got elected by spreading half truths and disinformation and he's putting in policies that he either will not work or which will hurt the country in the long run - policies led by clowns now call Secretary, Director, etc

https://www.bnnbloomberg.ca/markets/oil/2024/11/26/drill-baby-drill-is-unlikely-under-trump-exxon-says/
Click to expand...
BRING IT BABY!!!!

The US has never produced more oil than it has right now.  There has never been another country in the world produce more energy than the US does right now.

I have been pounded by my MAGA friends for the last 4 years about Biden killing the oil industry.  So....I'm interested in seeing the massive increase in drilling and production over the next couple years.  Are the oil companies willing to drill more and make less per barrel?  Is Trump going to go back to Saudi and beg them for another OPEC 2020 deal?  pssssst.....that's a big reason why gas prices were high for a while.

 
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