BP is a Gulf of Mexico drilling operation. Drilling and oil refinery is the backbone of the old BP. The new company’s goal is to get out of oil altogether by 2050. They are moving into green energy. BP has been selling off its leases. For example, they were the oil industries spearhead for the Crimea upcoming drilling. Then sold out.
Basically, you went and got a company that fit your beliefs. A company owned by investment firms.
Then you say, “what you are saying, and this is often the case, goes against all of the experts in oil exploration.” You are just reaching. There are several types of oil exploration. They are all dollar driven.
I did a job for BP a couple decades ago. Nothing to do with oil. I had to certify the finial finish dimensions of a satellite BP was putting into space. I bid the job and was concerned about getting paid. They held their part of the deal, and I would recommend BP.
BP is run by bankers and lawyers. Driven by the dollar. That is the reason we had the oil blow out in the Gulf. The driller had stripper rubber in the circulation and was overridden by the corporate management to keep drilling. The stripper rubber indicates something wrong with the blow out equipment. Should have came out of the hole. Corporate wanted more drilling depth and over road the driller. You know what happened next. I have had two crews working the shift before me killed working in the oil field. Both following the directions of corporate officers. Point being. The Federal Reserve can afford the best experts in the world. And we were told that this inflation is just transitory. Garbage in equals garbage out. Stay away from the political garbage. Get a better source before claiming “all the experts in oil exploration.”
Makes them as bad as Shell Oil Company and I’m not biased. My grandfather worked for and retired from Shell Oil Company and I had an uncle who was a foreman on the Alaskan Pipeline. They are all bad, greedy, polluting, climate changing contributors, about to destroy life on Earth.
I can’t link all the experts and show the consensus, you’ll have to figure that out for yourself. Meanwhile, why do they want out of the oil business? You say there’s oil all over the place. Why aren’t any companies going to get it? Biden doesn’t control the whole world
That takes us back to the morals issue. I always found that the oil companies don’t hurt the environment the way the public claims with pre-refined products. It is the public hurting the environment with the refined products that can and should be stopped. I have stopped by drill sites that I drilled on ten years before and could find no signs of any drilling had ever taken place. So much difference from the production fields that were in operation before the 60’s. Today we have the technology to prevent most polluting. Hydrocarbons are biodegraded by naturally occurring microorganisms. But if in heavy concentration then we end up with sites like the La Brea tar pits.
The largest oil company in the world is Aramco. It was setup and operated by Americans. Saudi Aramco now run the old Aramco. America built the petroleum industry. Russia will take over in the next decade as having the largest oil fields and the most reserves.
The capitalist system has its faults with oil pollution and so does the none-capitalist systems. The fix is very simple. Bonding or insurance against pollution is all it takes. But that must be done in a market friendly method that works with the economy.
Right and you have a corner on morality when oil and coal are damage the planet? Solar and wind is more moral concerning the planet.
That’s B.S. They really do. They pollute the water, destroy the forest, and more before they reach the power plants and burning oil and coal pollute the air we breathe. So don’t even try.
Let’s stop everything that deals with oil, coal, and fracking now and invest in green jobs now. Anything else is BS.
Key word is commodity. You can say the same thing about most commodity over time. Wars, weather, political regulations, and now pandemics can cause commodities to change other than the standard supply and demand. My view is that the problem today is caused by the US involvement in Ukraine. Show me who owns the transparent sub-soil mineral rights of the Russian speaking Ukraine and I will show you who caused this mess and why the US broke treaties and drug the 2014 conflict to a major problem today.
The oil industry is changing. It is not the standard wood derricks that once hammer drilled a two-hundred foot hole and got oil in Texas. It is now billion dollar off-shore rigs and ships. You are not going to drill unless you got a major insurance company willing to back you as well as investors who are worried about political regulations.
To understand the drilling market. Follow the mineral and royalty valuations. The pandemic dropped the price of oil to $50/barrel. The mineral rights follows the barrel market.
The actual drilling is by rig count. The rig count is moving up. The mineral rights costs should follow.
Example for US.
On May 27 we have 727 rigs operating. On May 20th we had 726 rigs operating. We increased by one rig. On May 28th 2021 we had 457 rigs operating. We increased 270 rigs in one year to be ready for the end of the pandemic.
The problem is we should be selling oil. Instead we are importing oil. This is because of Biden’s policies.
Personally I back geothermal energy. That is my choice for major energy to replace oil and coal.
Compare that to what the public does to pollute. Since 2000, the coal fired power has doubled. Countries like China and India own the plants. The air is polluted by farming too. I don’t think we need to stop farming. So, what is an acceptable level? We don’t know because every figure the Climate scientists come up with is false. Show me a court case where this pollution taking place today is enough to win in a court case on a world wide level.
Biden doesn’t control that either. Greedy corporations do.
The public doesn’t own the oil and coal plants, but the energy sources they offer is all the public has to use. Now if the greedy corporations changed, the public would too because they’d be offered something else.
No, the climate scientist do know, but no very few listen. Many won’t listen or try to insist they are wrong.
The public does not need to be told what to do by corporations. You can go off grid anytime you want. In CA we have PG&E supplying power to 16M people. They are governed by the CA energy commission. They have to follow and invest where the commission says. The commission is political. The commission went green and made PG&E invest in green projects. The power grid was not maintained do to money spent on the green projects and fires were started by the power grid. PG&E went into bankruptcy and now has rolling blackouts. The costs of electricity has increased where PG&E customers pay 80% more than the national average.
That is an example of the public forcing a corporation to offer green energy. There must be good examples too. But I don’t know of any offhand. We had solar where the energy companies had to buy the excess energy made by your house solar system. But they changed the regulations and it now is a cost to you. A lot of unhappy solar owners paying more for electric than promised.
Many listening is the problem. We just need a few in court case where facts are brought up by all parties and scientists can be questioned by other scientists.
You deftly side stepped this comment, guess that’s okay. But then you went and tried to pass yourself off as someone with special knowledge about the oil industry yet again, and that’s not so okay - so let’s try again -
It appears you don’t know where that oil actually comes from. So, how about tell us about the difference between the continental oil bearing rocks and oceanic oil bearing rocks?
So you want more Monkey Trials, huh? Gee, that’s a laugh. They already showed evolution is true, even in court, what else do you want a Monkey Trial over? We’ve been there done that, don’t need to that stupidity again, because just like those Delusional God Believing Flat Earthers lost, so will you.
That’s why I laugh. We’ve already done that before and it was the stupidest thing on earth. Of course now, schools don’t even teach the science. They don’t teach anything.
The public isn’t being told what to do by the greedy corporations, the greedy corporations aren’t giving them any other options. IMHO, you do not understand how greedy corporations work. They see they are making so much money by offering one product or one product that makes many things, in this case, oil, and they push it to it’s fullest extent making as much money as possible. That’s what’s happening with inflation lately too. The greedy corporations are jacking up prices so they can get as much money as they possibly can. The 1% own the greedy corporations, as well as the government currently too, and the 1% want it all, leaving the public with nothing. We have an oligarchy currently, but you can’t seem to understand that.
Right and you have a corner on morality when oil and coal are damage the planet? Solar and wind is more moral concerning the planet.
I’m still young though.