28 Jul 2024 4:14 pm
Nope not letting pil companies sit on leases.*Huey » 28 Jul 2024, 4:12 pm » wrote: ↑ Here is why we are producing more oil than ever:
That ability to increase per-well performance through the application of more effective processes and advancing technologies has been crucial to the ability to raise overall production given that the upward curve has continued even in the face of an active rig count that has dropped by over 25 per cent in the past 15 months. That is a feat the US industry has never achieved in any other period in modern times.
AND:
Two years later, drillers were completing successful horizontal wells in the first of many productive shale formations in the Permian Basin of West Texas. By 2012, production from Texas, which had amounted to just a little more than 1 million bpd in 2008, had risen to 3 million bpd. In November 2023, Texas produced 5,657,000 bpd, and would rank as the 4th biggest producing nation on earth if it were a standalone country.These numbers are stunning, and they are coming in the face of a President, Joe Biden, and an administration that continues to invoke federal regulations and executive orders designed to impede the industry’s ability to grow. So, other than advancing technology and human ingenuity, how do we account for this ongoing expansion of America’s energy might?
https://www.ogv.energy/news-item/the-us ... -a-triumph
And that has been going on for years before Biden.
Recently, U.S. crude oil production has increased because of technological advancements and efficiency gains despite a 69% decrease in the number of active rigs since 2014. The number of new wells added every year in the United States has fluctuated over the past decade.
https://www.eia.gov/todayinenergy/detai ... t%20decade.
There are not more rigs under Biden. Despite Biden's best efforts it is technology that is allowing the oil companies to get more oil from rigs.
you have no clue.