Reply- To Drill Barr or not to Grill Trump

Stone Mountain GA

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The USA has in recent years produced more oil than other countries, but the fact is the Saudis and other Persian Gulf countries have more reserves that are higher in quality than our or Canada's Shale Oil. Right now Kuwait could increase their oil production 25% and lower world prices by $35 a barrel, if they wanted to. But why would they want to do that? Sure we liberated their country in 1991 when Iraq invaded them, but they seem to have forgot about that. You point out the thing most people do not understand about crude oil, depending on where it comes from, it comes in various qualities. Middle East oil is low in carbon and easy to refine, so is Texas Sweet crude. The oil Russia produces is higher in carbon, but still not as high as Candian Shale or the oil produced here via fracking. The biggest USA consumer of Russian oil is the state of Hawaii. That makes sense, they are in the middle of no where in the Pacific Ocean, so their only refinery buys oil on the international market, and it has to be delivered by a ship. I'm not sure what you mean by "issue the permits and restart the pumps?" For starters no President has the power to stop any oil production that was already approved on public land and presently in production. So those pumps never stopped. At most 15% of our oil production comes from public land the President has some control over, the other 85% is on private land or in Canada our President has no control over. Biden did put a 60 day suspension on new permits last year, but that is long gone now. In 2020 oil companies secured hundreds of leases for oil production on public land, they have several years to use them. But they are still busy producing oil on existing leases our President could not stop. In 2015 right after OPEC (the Saudis) flooded the world market with oil and wiped out hundreds of USA producers, I told my peers now is the time to invest in energy stocks. They laughed at me and said oil is going to be cheap now forever especially with electric cars taking over. Our energy exports go every where. When the Savanah Elba Pipeline was built 10 years ago we were told it was because we needed to import Natural Gas (LNG). But then 2 years later it was reversed so we could use it to export Natural Gas (LNG). 20% of the oil pumped through the Keystone Pipeline that opened in 2012 from Canada to Texas is exported. The second Keystone XL pipeline our President stopped would have carried 80% Canadian oil for export. I'm up 90% in an Energy Fund since 2016, not counting dividend reinvestment. In a few weeks I plan on selling off 35% that fund and recouping my initial investment plus some, and using that money to buy a nice building lot in North Ga. for my retirement home. Oh, William Barr wants to be a decent human being, but he has no idea how to do it.