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If you are speaking about the revocation of Executive Order 13795 of April 28, 2017 (Implementing an America-First Offshore Energy Strategy) by Biden on 1/20/21, you obviously didn't read what that entailed. With that Executive Order, Trump opened up Arctic Refuge and Bering Sea oil drilling that was suspended by Obama. The revvocation order was immediately tied up in court and not a drop of oil or sq/in of gas was extracted during his administration from the areas affected by the EO. That is not "putting sanctions against American O+G production" or reducing production by 3M barrels/day. I love how you flat earthers spout that anyone challenging your nonsense must be Green extremists.
The US imports 3-4% of its oil consumption from Russia. China has agreed to buy any and all oil Russia wishes to sell it. Taking away US demand for Russian oil does nothing except raise the cost at the pump as supply is reduced while demand remains constant. Its a feel good move to not give Russia dollars and have the ability to point at Biden to say "your actions are raising gas prices". It's intentional partisan hypocrisy to score political points rather than do something that advances US interests. Why are their no sanctions against China for its support of the Butcher of Moscow?
As explained previously, we have been energy self sufficient since the Obama administration. We use oil for foreign aid and foreign policy. The lack of production is not the issue. On the flip side of increasing supply, if we (horrors!!!) reduce demand, price will decrease as a market mechanism.We should strongly encourage Saudia Arabia, Venezuela, and their ilk to pump like mad, take advantage of the high price. Deplete their reserves and flood the market. As an ExxonMobil stockholder, I KNOW that it cost EM $3 / barrel to extract oil from mature wells. The intentional economic rape at the pump serves only to fatten the share price and increase the dividend, not advance American interests. Even today, the oil companies could sell the product to refiners at $50/bbl and still make scads of money. Production is not the issue, profit is. You want oil prices to plunge? Use price controls for American product. Oil companies will still be fat cats, just not as obese.
The US imports 3-4% of its oil consumption from Russia. China has agreed to buy any and all oil Russia wishes to sell it. Taking away US demand for Russian oil does nothing except raise the cost at the pump as supply is reduced while demand remains constant. Its a feel good move to not give Russia dollars and have the ability to point at Biden to say "your actions are raising gas prices". It's intentional partisan hypocrisy to score political points rather than do something that advances US interests. Why are their no sanctions against China for its support of the Butcher of Moscow?
As explained previously, we have been energy self sufficient since the Obama administration. We use oil for foreign aid and foreign policy. The lack of production is not the issue. On the flip side of increasing supply, if we (horrors!!!) reduce demand, price will decrease as a market mechanism.We should strongly encourage Saudia Arabia, Venezuela, and their ilk to pump like mad, take advantage of the high price. Deplete their reserves and flood the market. As an ExxonMobil stockholder, I KNOW that it cost EM $3 / barrel to extract oil from mature wells. The intentional economic rape at the pump serves only to fatten the share price and increase the dividend, not advance American interests. Even today, the oil companies could sell the product to refiners at $50/bbl and still make scads of money. Production is not the issue, profit is. You want oil prices to plunge? Use price controls for American product. Oil companies will still be fat cats, just not as obese.
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