Instead of supporting oil and gas producers in Montana, North Dakota, and elsewhere- Biden is supporting Venezuela. And instead of that oil and gas revenue going towards infrastructure for our national parks, it is going into the pockets of dictators.
Alan Olson: "The only increase we see coming down the pike in increased refining capacity is in China. Refining capacity in Europe has dropped. In the United States it's dropped, but the Chinese are increasing refining capacity. And that is not for export."
Why are we turning to countries like Iran, Venezuela, and Saudi Arabia for oil when we could be turning to Montana, North Dakota, and Texas for oil? Plus, with oil prices skyrocketing, is production in the Bakken oil fields already ramping up due to price alone?
Plus, if you think gas prices are high now, imagine if President Joe Biden and Congressional Democrats had their way. In the past year alone, Biden and the Democrats proposed 17 additional taxes on made in America energy.
Aside from natural gas, what else is brought to the surface when we drill for oil? Water. A lot of it. That's what makes a company eyeing a move to Billings, Montana even more interesting- they're able to take the wastewater from the oil fields and turn it into useable water for agricultural irrigation.
When I heard $70 a barrel, I thought- well that's interesting. I mean, ten years ago the US Energy Information Administration (EIA) predicted that come 2020 oil prices would be hovering around $100 a barrel. Here we are in the midst of a crisis with Iran in 2020 and oil prices are still far lower than even the EIA predicted.