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Septua

(2,858 posts)

7. And they were already at max production when Trump...

Reply to BumRushDaShow (Original post)

Thu Jul 3, 2025, 01:24 PM

Jul 3

..was saying that. The oil industry lost a lot of money during the Covid reduced demand for gas...they had to shut down refineries and wells. The price of crude went to nothing...

On 20 April 2020, the West Texas Intermediate (WTI) crude oil price dropped to negative levels for the first time in history.

https://pmc.ncbi.nlm.nih.gov/articles/PMC9756000/

Once demand picked up, the oil companies took their time in getting production up, to take advantage of supply/demand principles and recoup some of their losses.

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Some oil patch execs say "drill baby drill" isn't happening [View all] BumRushDaShow Jul 3 OP

Oil is a global commodity. The market determines the price. If oil producers aren't going to make Ray Bruns Jul 3 #1

and that there is why we have records temperatures for the past decade Mr. Sparkle Jul 3 #2

I don't know what the general consensus of Mr Global is electricmonk Jul 3 #3

The U.S. has been the top crude oil producer for several years and... Septua Jul 3 #6

A lot of what Trump says is just grandstanding for his base. Drill, baby, drill is no exception. patphil Jul 3 #4

It matter not a whit if production actually increases. maxsolomon Jul 3 #5

And they were already at max production when Trump... Septua Jul 3 #7

With this bill passing he may make them drill at gunpoint because he now feels he's Supreme Leader material lmao n/t Cheezoholic Jul 3 #8

Don't forget OPEC+ mwooldri Jul 3 #9

They did agree to up the production BumRushDaShow Jul 3 #10

It would be hard to make a profit from Alaska crude catrose Jul 3 #11