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Originally Posted by Fundguy1
Numbers are correct but once ban is lifted i do see us being oil independent and potentially low balling Russia etc if they don't stay in line.
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We don't "low ball Russia", price goes up and down and the world producers deal with it, they are selling in the same market as we are, similar to a corn producer. We also export and import oil now and I really don't see "oil independent" being a great accomplishment, we will still export/import when it makes sense. As long as we have the oil in the ground we will be ok as any drastic shift if policy (OPEC) or demand and the resulting higher prices and we have the ability to produce more ourselves. One could argue we are better off having a mix of our and others oil and not going through our reserves so quick.
I and the oil producers in the U.S. do far better when world oil prices are up, at $4 a gallon I make more money than the gas in my car costs me.
We don't need more land to produce oil from as a huge numbers of wells aren't running right now.
https://www.eia.gov/todayinenergy/detail.php?id=27932
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DUCs are wells that have been drilled by producers, but have not yet been made ready for production. The full completion process involves casing, cementing, perforating, hydraulic fracturing, and other procedures to make the well ready to begin producing oil or natural gas. Following the large decline in oil prices since mid-2014, new drilling and completion activity slowed, and the number of DUCs in oil-dominant regions increased. A high inventory of DUCs has implications for the size and timing of the domestic supply response to changes in oil prices, with or without significant changes in the number of active drilling rigs.
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U.S. politicians love to talk about all of the things they can control but the reality is they can't do much about world oil prices.