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Texas driller produces US oil industry 'miracle'
#1
Kristen Altus
Fri, March 11, 2022, 8:37 AM



In the vast Permian Basin located in western Texasoil isn’t hard to come by according to producer and drilling company Tall City Exploration.
With record-high gas prices and the market’s need for more supply, Tall City CEO Michael Oestmann says the company is working to increase daily production from 10,000 barrels to 20,000 by the end of the year.
"It's right here and it's good for America," Oestmann told FOX Business’ Lauren Simonetti. "It creates American jobs."
While Tall City’s private land can receive drilling permits in as quickly as 10 days, some of their Permian Basin neighbors on federal land are waiting anywhere from 9 to 12 months.[/size]
Though it’s a "miracle" any oil is being drilled at all, Simonetti points out three reasons why the U.S. doesn’t see more domestic production.
"Wall Street has a straitjacket on these companies," she noted, while adding that Senate Democrats' plan to tax oil companies’ windfall profits could disincentivize investors.
More importantly, however, is how U.S. drillers feel insulted by reportedly ongoing oil trade negotiations with Venezuela.
"They're going to produce it in a very unfriendly environmental way. It's going to be very bad for the environment," Oestmann said. "We're going to produce it much cleaner here."
To attract more workers and ultimately produce more oil, Tall City increased wages by 20%.
But, that still may not be enough to pump the brakes on climbing gas prices – which ended the week at a fresh record of $4.33 Friday, according to the latest AAA data.
One oil market expert told Fox News Digital Thursday the national average is headed for $4.50 and could go higher if tensions between Ukraine and Russia continue to escalate.[/font][/size][/color]
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#2
Hmmm, that's interesting, I heard there's over 9000 permits approved for drilling already that aren't even being used, only 15 wells being used in the Bakken, appears to be corporate greed that's keeping the price of gas drove up.
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#3
Us common folk are NEVER going to know or understand the ins & outs of the oil industry.  The Feds and the oil industry CEOs do everything behind smoke & mirrors to keep us in the dark.  It's all being done to gain more wealth and more power.  Consumers have no choice and no voice in any of it.  We do what we can to live with it based on what we can afford to spend in time, labor, and funds.  And then we die.  So, enjoy what you can when you can.  We don't get replays.   Big Grin

Based on fuel cost projections for this year, Willard, Hyrum, and East Canyon will see me and my boat the most this Summer.
Bob Hicks, from Utah
I'm 81 years young and going as hard as I can for as long as I can.
"Free men do not ask permission to bear arms."
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#4
(03-14-2022, 03:13 PM)dubob Wrote: Us common folk are NEVER going to know or understand the ins & outs of the oil industry.  The Feds and the oil industry CEOs do everything behind smoke & mirrors to keep us in the dark.  It's all being done to gain more wealth and more power.  Consumers have no choice and no voice in any of it.  We do what we can to live with it based on what we can afford to spend in time, labor, and funds.  And then we die.  So, enjoy what you can when you can.  We don't get replays.   Big Grin

Based on fuel cost projections for this year, Willard, Hyrum, and East Canyon will see me and my boat the most this Summer.

Agreed, there is little we can do about it, at least until Nov, then we will see.
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