"Oil companies declined to bid in a US government auction for drilling rights in the Arctic National Wildlife Refuge" Note: This decision is about the cost of drilling not environmental concerns. www.bloomberg.com/news/article... - ThreadSky

akshatrathi.bsky.social • 59 days ago

"Oil companies declined to bid in a US government auction for drilling rights in the Arctic National Wildlife Refuge"

Note: This decision is about the cost of drilling not environmental concerns.
https://www.bloomberg.com/news/articles/2025-01-08/oil-companies-offer-zero-bids-for-arctic-refuge-drilling-rights?sref=jjXJRDFv

Comments

ellinst.bsky.social•59 days ago

I don't care that much why they didn't bid, I'm just glad they didn't.

flyflicker.bsky.social•59 days ago

Trump: "Drill baby drill ! Go nuts guys ! I opened everything up for ya !"
Oil Companies: "Yeah, no, we'll pass."

gdmcdonald.bsky.social•59 days ago

So, the question is can donald and vlad and the saudis raise the price of oil enough
to make destroying Arctic National Wildlife Refuge profitable?

" Oil companies declined to bid in a US government auction for drilling rights in the Arctic National Wildlife Refuge"

tkillion.bsky.social•59 days ago

A win is a win, though, right?

tanninman.bsky.social•59 days ago

Not cost effective and existing US drilling production leads the world. The industry already told everyone in 2022 they are no longer into drill baby drill rather sustained production because of how much it drives up costs associated with production.

climatenews.bsky.social•59 days ago

@justinmikulka.bsky.social

justinmikulka.bsky.social•59 days ago

"The true hoax of this energy transition is the idea that the U.S. has unlimited oil and gas that is just waiting to be produced as soon as those tree-hugging liberals stop standing in the way."

There is plenty of oil left. It's just too expensive to produce for profit. So they blame the hippies

mi-forest.bsky.social•59 days ago

Fossil fuels are a literal dead end. It doesn't matter how much is left and whether or not it is profitable, it is destructive! That is the only thing that matters!

justinmikulka.bsky.social•59 days ago

Yes, but if they could still make money on it, they would. It really helps when they can't make money on it. We need all the help we can get in this fight.

mi-forest.bsky.social•59 days ago

Good point! 🥂

dgofnb.bsky.social•59 days ago

M. King Hubbert introduced the concept in a 1956 paper, predicting U.S. production would peak between 1965 and 1971, but his global peak oil predictions were premature because of improved drilling technology.[10] [However,] Current forecasts for the year of peak oil range from 2028 to 2050.[11]

justinmikulka.bsky.social•59 days ago

Current forecasts of economic oil production in the US are fantasy. They have very little profitable oil left at $70 a barrel. And that is with the Saudis holding back supply. Interestingly enough, it appears the industry will have more oil then they can sell for a profit in the near future.

dgofnb.bsky.social•59 days ago

That’s been the prediction for at least 75 years. The closer it comes to reality, the less stable the world is. The real problem for human survival is not running out, but burning it all into the atmosphere.

justinmikulka.bsky.social•59 days ago

I should clarify. The price of oil would be much lower if the Saudis were not curtailing production. At $50 oil the US oil industry is a money loser.

climatenews.bsky.social•59 days ago

It is ironic that the Saudis are indirectly responsible for the economic attractiveness of solar and wind energy.

pakita.bsky.social•59 days ago

The clean ups are really costly. Ask BP. ⚖️

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