Quote:
Originally Posted by Tron_fdc
I’m not at all blaming Biden for the status of the market. But I find it ridiculous that Biden is appealing for more off shore production, when the Democrats have twice now canceled a pipeline with a 600000 bpd capacity out of Canada in favour of Saudi or Russian oil. It’s absurd.
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I kinda get it unfortunately.
It’s not that it was a pipeline with 600kbpd of capacity. It’s that it was a pipeline with 600kbpd of capacity for many many decades. That’s strategically inconvenient when you want to get as many of your own drops out of the ground as possible in the meantime. The economics of boats are much easier to turn off on a relative whim.
And it’s probably more Venezuelan heavy that we woulda displaced, not Saudi or Russian. But I’ve been out of the loop for a few years so anyone feel free to correct.