{"id":363342,"date":"2025-01-25T15:12:17","date_gmt":"2025-01-25T14:12:17","guid":{"rendered":"https:\/\/climatescience.press\/?p=363342"},"modified":"2025-01-25T15:18:52","modified_gmt":"2025-01-25T14:18:52","slug":"trump-47-drill-baby-drill-2-0","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=363342","title":{"rendered":"Trump 47: Drill, Baby, Drill 2.0"},"content":{"rendered":"\n
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From Watts Up With That?<\/a><\/p>\n\n\n\n

Guest MAGA by\u00a0 David Middleton<\/a><\/p>\n\n\n\n

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Energy Stocks<\/h3>\n\n\n\n

Energy stocks ignite as Trump declares, \u2018Drill, baby, drill\u2019<\/h2>\n\n\n\n

Schlumberger, NRG Energy, Uranium Energy, KLX Energy Services rise<\/h3>\n\n\n\n

By <\/p>\n\n\n\n

Steve Gelsi<\/a><\/p>\n\n\n\n

Last Updated: Jan. 21, 2025<\/p>\n\n\n\n

Energy stocks moved up Tuesday on the heels of President Donald Trump\u2019s repeat of the slogan, \u201cDrill, baby, drill,\u201d in his inauguration speech.<\/p>\n\n\n\n

While oil futures fell Tuesday on the prospect for increased supply, Trump sparked buying in energy stocks after declaring a national energy emergency to speed oil and gas permitting.<\/p>\n\n\n\n

He also ordered the withdrawal from the Paris Agreement, an Obama-era international compact<\/a> that aims to combat climate change and which Trump pulled the U.S. out of<\/a> in his earlier presidential term. (Democrat Joe Biden had the U.S. re-enter the climate-agreement fold<\/a> on Day 1 of his term in 2021.)<\/p>\n\n\n\n

\u201cWe will drill, baby, drill,\u201d Trump said, quoting a phrase in the Republican campaign vernacular for nearly two decades. \u201cWe will bring prices down, fill our strategic reserves up again right to the top, and export American energy all over the world.\u201d<\/p>\n\n\n\n

[\u2026]<\/p>\n\n\n\n

MarketWatch<\/a><\/p>\n<\/blockquote>\n\n\n\n

Quantifying Drill, Baby, Drill<\/h2>\n\n\n\n
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SEB: Speculation Surrounding Potential USA Oil Output Surge Gains Attention<\/h2>\n\n\n\n

by Andreas Exarheas<\/a><\/p>\n\n\n\n

Rigzone Staff | Friday, November 29, 2024<\/p>\n\n\n\n

In a Skandinaviska Enskilda Banken AB (SEB) report sent to Rigzone on Thursday, Ole R. Hvalbye, a commodities analyst at the company, said \u201cspeculation surrounding a potential surge in U.S. oil production \u2013 up three million barrels per day \u2013 has gained attention\u201d.<\/p>\n\n\n\n

Hvalbye warned in the report that such a ramp-up could drive crude prices below $50 per barrel but added that it \u201cis considered unrealistic\u201d.<\/p>\n\n\n\n

\u201cU.S. producers understand the strategic risks involved, particularly with OPEC+ holding an estimated five to six million barrels of spare capacity,\u201d the analyst said in the report.<\/p>\n\n\n\n

\u201cA significant production increase by the U.S. would likely provoke a strong response from OPEC+, potentially flooding the market to protect market share,\u201d he added.<\/p>\n\n\n\n

\u201cSuch a scenario would lead to sharp price declines, ultimately punishing U.S. production rather than fostering growth. This dynamic makes the proposed ramp-up highly unlikely,\u201d he went on to state.<\/p>\n\n\n\n

[\u2026]<\/p>\n\n\n\n

Rigzone (We\u2019ll return to this article later)<\/a><\/p>\n<\/blockquote>\n\n\n\n

\u201cUp three million barrels per day\u201d<\/h2>\n\n\n\n

US crude oil production<\/a> is currently around 13.5 million barrels per day (mmbbl\/d):<\/p>\n\n\n

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Is it even possible to increase this by an additional 3 mmbbl\/d? Theoretically: yes. If all, currently off limits areas in the Alaska North Slope and its offshore areas were opened to exploration & production\u00a0*and*<\/em>\u00a0all of the newly opened plays were successful, we could add ~2.5 mmbbl\/d.<\/p>\n\n\n

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DOE\/NETL-2009\/1385<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n

Canada currently produces about 200,000 bbl\/d from its offshore Atlantic areas, immediately adjacent to the US North Atlantic Planning Area:<\/p>\n\n\n

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Assuming the US oil industry could at least match Canada in the North Atlantic Planning Area, that\u2019s another 200-300 thousand barrels per day (mbbl\/d), bringing us to ~2.7-2.8 mmbbl\/d.<\/p>\n\n\n\n

Then there\u2019s the Gulf of Mexico<\/s> America. Biden\u2019s malfeasance regarding permitting and particularly leasing, has resulted in production being ~100 mbbl\/d lower than what it should be.<\/p>\n\n\n

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Assuming a resumption of law-abiding permitting and leasing activities over the next 4 years, Gulf of America production should grow to ~2.4 mmbbl\/d, an increase of ~500 mbbl\/d.<\/p>\n\n\n\n

Getting there from here:<\/p>\n\n\n\n