this post was submitted on 17 Aug 2023
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this is exactly what is happening. Even in the US. The big ones are buying up all the little ones and stopping their drilling programs entirely. They want to slow the output, reduce competition to kill the service industry.. Then years from now when our production begins to plummet and prices skyrocket politicians will act real surprised.
Can't wait for this to come about actually.
It's not the drilling that's the issue, it's the refining. The prices of crude isn't so high on the market itself, but the post-refined products themselves. American refineries are at capacity and have been for at least a decade now, yet they aren't doing anything to increase production.
And as for Canada, we don't have much when it comes to refining capacity in the first place.
no drilling is the issue lol. Shale wells deplete crazy fast. The decline rate is 70% in the first 3 years. We are reaching peak production. If you reduce the number of operators through buyouts it's only going to make it impossible to crank out new production quickly.