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Sunday, October 01, 2023 5:21:49 PM
E&P QUANTITATIVE INDICATORS FROM THE SURVEY:
Level of Business Activity climbed to 23 from 1
Oil Production expanded to 27 from 8
Natural Gas Wellhead Production increased to 15 from 2
Capital Expenditures grew to 31 from 10
Expected Level of Capital Expenditures Next Year jumped to 36 from 2
Company Outlook surged to 47 from a -8
Lease Operating Expenses welcomed a slight decrease to 25.6 from 26
Although Employment fell, Employee Hours increased.
Additionally, the 2023 forecast of the EIA’s September Short Term Energy Outlook (STEO) is for the total GOM oil production to increase by 7% from the previous year. 2024 total GOM oil production is forecast to increase by 3% to 694 million barrels from 675 million barrels.
And recall, the September EIA STEO forecasts World and Domestic consumption in 2024 to increase by 1.4% and 1%, respectively.
Be assured that John Seitz is pointing out these realities to all potential investors. We will have to see if any of these developments translate into positive news for Gulfslope Energy.
The push for EVs to supplant ICE vehicles in the USA is well under way. Expectations are China will dominate in future EV sales, so the question is how does the USA benefit? Or the World?
In 2022 only 14% of the vehicles sold worldwide were electric. Out of the 1.4 Billion light vehicle sales, roughly 26 million were EVs. The U.S. had 8% of the EV total, while China had 30%. Which by the way, those EVs are powered by coal generated electricity.
So does the USA benefit from imposing regulations that reduce oil exploration, increase inflation, and put our jobs and standard of living at risk? Stifling production in the U.S. will only relocate production someplace where clean energy is not a high priority. It is well documented that U.S. greenhouse gas emissions are among the lowest compared to other regions around the world. In fact, as a whole, GOM oil production, refining and it’s combustion are one of the lowest global emitters. Reducing U.S. emissions is not a solution if it results in increasing global emissions.
Which brings the question of what is the agenda behind this heavy push for EVs? The market place has proven that EVs are not competitive with ICE vehicles. So appearances are this is more of a political maneuver than a climate goal. The FERC and EPA environmental appointees and bureaucrats of this president will ultimately have to answer to the American people. As will he.
To quote the 44th POTUS “elections have consequences”.
I have been curious about whether or not we that support the oil and gas industry are on the right side of the debate. Considering all the facts and statistics mentioned above, I say we are in the ‘sweet spot’.
Mrs. Smith
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