RE: Drill Baby Drill20 Jan 2025 22:33
Some thoughts. Not quite sure of his game plan. At 70 for WTI (say 73 for Brent) some shale fields start quite quickly running off/closing down. But we're, as ever, going to see some volatility.
If he has a game plan it has to have the effect of displacing Russian oil on the world market in the low 70s. Sounds an unlikely target but hey, maybe.
Opening up possibly cheaper conventional oil on federal lands, unless its on a huge scale at some point, might just push the price down a bit from here and displace some US shale. But he also envisages greater consumption as well.