Terrel L. Shields
Elite Member
- Joined
- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
Of all countries in the world not only does Venezuela have 2nd highest reserves, the oil management is so bad, it is number one in pollution. So Biden goes to the biggest polluter on the planet begging for oil and all the while the oil companies are the bad guys...As if they control the world price of oil. This is the product of thinking "green" will replace fossil fuel by 2035. Think back 13 years - 2009 and tell me you think the nation can A-find enough lithium, cobalt and copper to build the batteries, the power plants (Nukes?) or the required 5x the capacity wind generators AND upgrade the electrical grid to handle the demand that will come. Not in 13 years, not is 30... maybe by the end of the century.
We were energy independent briefly. Yes, we bought foreign oil and sold oil and light oils overseas. But all in all, we had a zero trade balance in energy.
There is no doubt the oil price will be high as long as Ukraine resists and if they collapse it will go higher anyway.
The on-again, off-again Keystone XL pipeline — ultimately canceled by the Biden Administration — would have had a capacity of up to 830,000 BPD. It would have transported oil from Canada and from the Bakken Formation in the U.S. It would have moved more oil than we get from either Russia or Saudi Arabia — and nearly as much oil as we get from OPEC.
In an ideal world, we didn’t need Keystone XL. In the real world – without all of the delays that have gone on for years — it could have been completed by now (or at least close to it). It could have been displacing oil from places like Russia.
