Team Biden now BEGGING for more oil production

[dan_s]

Oil executives meet with Biden officials on Texas home turf. Bloomberg.
Oil industry executives are meeting with U.S. officials this week as surging energy prices and mounting national security concerns bring together two groups that have had a distant relationship since President Joe Biden’s inauguration. Department of Energy officials including Secretary Jennifer Granholm will meet with representatives from Exxon Mobil Corp., Shell Plc and some shale producers on the sidelines of the CERAWeek by S&P Global conference in Houston, according to people familiar with the matter, who asked not to be named because the meetings are private.

Frackers say bottlenecks impede output boost as oil prices soar. Wall Street Journal.
American shale drillers say there are limits to how much and how quickly they can boost shaky oil supplies following Russia’s invasion of Ukraine, cautioning that supply-chain issues, investors wary of overspending, thinning inventories and other problems constrict growth. Leaders of the fracking companies that helped make the U.S. the world’s top oil producer say they are responding to calls by the Biden administration and others to increase production after oil prices this week topped $130 a barrel and gasoline prices surged, threatening to dent the broader economy. < MY TAKE: We completed a lot of DUC wells last year. The DUC inventory is depleted and now contains a lot of "Dead DUCs".

U.S. Oil & Gas Association President: “Cut the crap and approve our permits”. Oilprice.
Tim Stewart, president of the U.S. Oil and Gas Association, had a straightforward response to Biden’s March 8 comments. “Cut the crap and approve our permits.” Biden administration officials are making overtures to Venezuela, Iran, and Saudi Arabia in the hopes that those countries will boost production and reduce oil prices. “Venezuela has probably some of the dirtiest oil in the world,” Garg said. “Even if they remove the sanctions, that industry is in such a collapsed state that it’s going to require hundreds of billions of dollars and expertise from America.” “Higher oil and gas prices make electric vehicles and renewable energy more price competitive,” Blackmon said. “This is illustrated by the fact that officials like Pete Buttigieg continue to double down on that agenda as the ‘solution’ to our high gasoline price issue. That’s why you see him, Biden, and Kamala Harris advocate for more oil from Venezuela and Iran, but not from our own domestic industry.” < Mayor Pete is way over his head with no concept of the energy industry.

White House tells oil industry ‘we need more’ as fuel prices soar. Financial Times.
The US is engaged in an increasingly frantic search to replace oil supplies lost from Russia as it tries to repair diplomatic rifts abroad and boost production at home to stop fuel prices from spiralling out of control. Jennifer Granholm, US energy secretary, on Wednesday told an audience of industry executives that the country was on a “war footing,” adding: “That means you producing more right now, where and if you can”. Her plea for domestic oil companies to boost supplies is a pivot for a Biden administration that has burnished its green credentials, underscoring the new political reality after the US this week banned oil and gas imports from Russia.

U.S. Energy Secretary Granholm calls on oil and gas companies to raise output. CNBC.
With oil prices recently hitting the highest level since 2008, Secretary of Energy Jennifer Granholm took to the stage in front of a room full of energy executives with a simple message: raise output. “We are in an emergency, and we have to responsibly increase short-term supply where we can right now to stabilize the market and minimize harm to American families,” she said Wednesday at CERAWeek by S&P Global. The U.S. has tapped the Strategic Petroleum Reserve twice in recent months — last week and in November — and Granholm said a third release is not off the table. But she also called on the private sector — and Wall Street — to play a role at this pivotal time.

[dan_s]

Old Joe's Solution: "If everyone doesn't drive for two weeks, we can flatten the curve".