LMAO, say what? Do you really believe it's that simple and easy? "Oh yeah yeah yeah Jack, let's just do domestic production, that'll solve it?" So why have they not done it already?
Answer: THEY CAN'T. It doesn't work like this, as some Westfag "experts" and rags would have you believe.
Have mentioned this hundreds of times here before, but here we go again:
OIL. IS. NOT. A. FUNGIBLE. COMMODITY.
Get this through your head.
Diesel and home heating oil require either medium heavy oil like Russia’s, or heavy sour like Iran’s and Venezuela’s. Shale oil and gas, the major oil commodity produced by The Great Satan, are very light and no substitute. Ditto the gas from Canada’s tar sands is also very light; people are arguing over its bitumen, which in theory could help but that was never intended to be transported to the Great Satan.
Moreover, there is a time lag between drilling and first oil, also because of years of underinvestment, capital discipline, discouraging federal policies toward the oil industry, and supply chain bottlenecks.
For example, even if ConocoPhillips decided to pump more oil today, the first drop of new oil would come within eight to 12 months.
Even if shale production responds to the price signal, it cannot grow by more than 1.4 mbd this year given labor and infrastructure constraints.
Also, a brief history lesson: In the 1970s during the oil crisis and the first real push to alternative sources of energy, natural gas was considered “clean” as compared to coal and oil and even nuclear, and what happened, was, the US electricity grid went from, like, 70 percent coal burning and 20 percent nuclear and 10 percent everything else (hydro, oil, gas, solar) to, today, 40 percent gas-fired plants.
A lot of the coal plants are shut down, and now The Great Satan relies on gas for nearly half of their electricity. Until very recently, as said before gas was considered one of the “good” sources of energy. Now with the removal of immediate supplies from Russia to Europe, there will be a stampede of investment and construction to set up a huge LNG infrastructure from the Great Satan to Europe, and this LNG will OF COURSE compete with their own needs. So, while Europe is facing a long dark winter no matter what, the US citizen is not far behind.
The Great Satan's Energy Administration reports that the source of much of this gas in the US is fracking – that is, the injection of water into old wells to force out remaining gas. These systems, it seems, don’t produce for that long at a high rate, and so, in order to maintain supply, you have to keep fracking new sites, drilling more wells, so as to keep up the volume of supplies. Fracking provides two thirds – 67 percent – of US natural gas.
So, while the higher prices due to European demand will generate money and therefore more drilling, the entire basis of this supply is seemingly built on a kind of pyramid scheme of injecting fluids into old wells.
This suggests, to me anyway, that it will not be at all surprising to discover say by next spring, maybe sooner, that in addition to having to pay three times what they are paying right now for gas, they will start seeing supply problems, serious ones.
During the oil crisis in the 1970s, that natural gas supplies were thin, and they may become thin again if the fracking craze stalls. Not to mention, the life of fracked wells is limited. Also, there are a shortfall of active rigs in the Great Satan right now. Fracked wells lose 40% of their output in the first year so they need to constantly drill. Basically drilling stopped during covid plus and there has been effectively a ban on drilling in federal lands.
There is massive under investment in the space right now to keep up with just domestic demand, mostly because of diminishing returns from fracking in most plays right now (need more wells to get same output).
Their only saving grace I know of (some potential for more discoveries) is for them to give more options for exploration for offshore wells. We know there is probably much more off the Atlantic coast that generally speaking has never been open. However those take ~5 years to get going and have massive investment costs. End of the day the majors are very good at manipulating pricing domestically regardless.
So, ban what exports of oil? They're already having to drill their Strategic Reserve which is at all-time lows, and when it is drained, shit will hit the fan anew. And which is why we should keep importing our oil from Russia, and maintain relations with the insufferable Saudis as well.
Shouldn't have broken off with Venezuela in the first place.