The triumphant USA is now producing more oil and gas than any nation ever has weird how few people here seem to benefit from it compared to SA or other countries, but probably a function of money being more evenly dispersed and a much smaller base of people to split it in the ME countries.
lot of lease holders are doing very well with it. lots of millionaires in Ohio, WV, Pennsylvania, Oklahoma, NM and ND where other smaller tracts have been family owned for decades. Most of Texas is just a few people. either way, a lot of wealth being generated by selling off that volume of natural resources.
Well, everyone in Alaska receives a dividend. Other oil producing states could do the same, but I think this is more due to American politics than anything else. We just let our oil barons buy politicians and become right-wing cranks, then are happy when they fund college athletics, like T Boone Pickens.
I'm as fully behind the transition to green/sustainable energy as anyone. I'm glad to see US oil production at such levels.
"We" don't. Individuals choose to purchase oil from different locations, as do individuals in other countries. This is not a centrally planned economy.
Look up what type of refineries we have in the US and what type of Oil we produce. Very weird situation. The United States produces lighter crude oil, imports heavier crude oil - U.S. Energy Information Administration (EIA) Although large quantities of crude oil are produced in the United States, it still imports crude oil to meet domestic refining needs. Crude oils vary in qualities, including API gravity and sulfur content. Sweet crude oils have relatively low sulfur content, and sour crude oils have relatively high sulfur content. The U.S. refining complex is advanced and capable of refining heavier, more sour crude oils, which generally cost less than lighter, sweeter grades of crude oil.
alaska gets a royalty on the oil rights and gets paid from the pipeline. that doesn't apply elsewhere. they also don't have a lot of people there and the dividend has decreased a lot and continues to struggle.
For the same reason we make tons of cars here and people still choose to buy foreign. It’s a global market, and prices rule, not politics.
FYI EIA: US to remain net exporter of petroleum products through 2050 FOTW #1310, October 2, 2023: The United States Has Been a Positive Net Exporter of Primary Energy Since 2019
So how is this anything other than a setback to that goal? Its like saying "I'd love to have an electric car one day, but I love my brand new ICE Hummer."
Nothing happens in a vacuum. There are a myriad of political, economic, and global implications to this that benefit us.
and yet gas hit $3.70here in sw fl today that isn't going to help a sitting potus at the polls likely why we are asking Ukraine to cut back on strikes on Russian oil production and trying to negotiate something within the sanctions to get India to continue to buy Russian oil
