Trump's pick for fracker-in-chief will have a tough time pumping a lot more oil [View all]

Source: CNN Business

Updated 10:06 AM EST, Mon November 18, 2024


CNN — President-elect Donald Trump may find the road to cheaper gas prices is a little rocky. “Frack, frack, frack and drill, baby, drill,” Trump said at an October rally. Trump has said he wants to lower gas prices — which currently average $3.07 per gallon — to below $2 a gallon.

On Saturday, he tapped fracking proponent Chris Wright, the CEO of Denver-based Liberty Energy, to serve as the secretary of energy. Wright is among the industry’s most vocal supporters of fracking oil and natural gas and has said the world is not in the midst of an energy transition. But the American oil industry is already booming and increasing output doesn’t mean gas prices will drop.

The United States produces more than 13.4 million barrels of oil each day and oil production is projected to increase to an estimated 13.6 million by the end of 2025 — the most oil produced by any country ever, according to the US Energy Information Administration.

That record is “unlikely to be broken,” the EIA reports, because no other country has come close to 13 million barrels per day. US output has been so strong that it has sent supplies overseas — exporting the same amount of crude oil, refined products and natural gas liquids as Saudi Arabia or Russia produces, according to a report published in December 2023 by S&P Global Commodity Insights.

Read more: https://www.cnn.com/2024/11/18/business/trump-fracking-oil-demand/index.html

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This is more proof of so-called "journalism" and their failure. The U.S. has been cranking out a record amount of oil, literally for a whole year straight. And it was tacitly reported by the business/energy media but not the M$ media covering the election and magnifying the GOP lies. And so now here we are at a "Hmmm.... oh by the way...".

Biden BROKE OPEC and OPEC+ and if OPEC/OPEC+ wants, they could crank it up enough to put ALL of those U.S. frackers out of business due to what price is needed to "break even", and sustain the more expensive fracking process. And the bigger issue that actually impacts gasoline, points to the refineries (and lack thereof).