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News & Current Events Discuss America Has Won The War Against OPEC's Price Gouging at the General Forum; Although I'm not a fan of fracking, the outcome of Trump's energy policy is positive, and it's great to see ...

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Old 01-13-2019, 09:32 AM
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Default America Has Won The War Against OPEC's Price Gouging

Although I'm not a fan of fracking, the outcome of Trump's energy policy is positive, and it's great to see OPEC's stranglehold on the oil markets abolished. Below are some excerpts from a longer article that you can read in the link given below.

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American innovation has delivered a conclusive victory in one of the most significant economic battles of our time: the war against international oil price gouging. For much of the past 45 years, just a hint or rumor of the Organization of Petroleum Exporting Countries cutting back oil production was sufficient to send oil prices soaring and U.S. consumers searching for cover.

OPEC's power was once so strong that then-President Jimmy Carter proposed gasoline rationing in the late 1970s. Middle Eastern oil producers could hold the U.S. economy hostage by threatening production cuts in response to American foreign policy decisions. America and the world monitored every OPEC meeting with bated breath. From 1970 to 2008, U.S. oil production fell by nearly 50%. As a result, we became even more dependent on and vulnerable to OPEC production decisions.

But those days are over, and good riddance.

The situation began to change in 2008, when advances in directional drilling and hydraulic fracturing, commonly called "fracking," technologies unlocked oil and natural gas resources that had been too difficult and too expensive to recover. After a decade of increasing production, U.S. energy producers in 2018 finally topped our previous record production that occurred in 1970.

Most of the production increases during the past decade occurred on private and state-owned lands, as the Obama administration actively stifled energy production on federal lands. The Trump administration, however, has undone many of the Obama-era restrictions, significantly adding to the increase in American oil production. Final data from 2018 will likely show a 20% increase in oil production compared to 2016, the last year of the Obama administration.

And the news keeps getting better. In late 2018, the U.S. Geological Survey, still one of our most trusted federal science agencies, reported that the huge Permian Basin oil play in Texas and New Mexico contains twice as much petroleum as the agency's largest previous assessment. The Permian is now believed to be the center of the oil and natural gas extraction world.

With a strong assist from Permian Basin production, America during the final week of November became a net oil exporter for the first time since the federal government began keeping records 75 years ago. America's growing oil production coupled with America's prodigious natural gas and coal exports is fulfilling President Donald Trump's pledge to transform the nation into the world's dominant energy power.

Further, Acting Secretary of the U.S. Environmental Protection Agency Andrew Wheeler recently announced a reversal of stifling regulations on the oil and gas industry installed by the Obama administration. Wheeler said "removing these excessive regulatory costs will generate roughly $484 million in cost savings and support increased domestic energy production." The new rules also empower the states to work more closely with the federal government in regulating the oil industry. https://www.investors.com/politics/c...cking-gouging/
Trump said he would eliminate regulations that stifle our economy, and he is delivering, although those gullible folks who follow fake news have no idea about what is really going on.
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Old 01-13-2019, 02:08 PM
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Default Re: America Has Won The War Against OPEC's Price Gouging

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Originally Posted by Lumara View Post
Trump said he would eliminate regulations that stifle our economy, and he is delivering, although those gullible folks who follow fake news have no idea about what is really going on.
Another aspect is that Congress lifted the ban on exporting US oil a couple of years ago...That turned us into direct competition with OPEC...
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