News Forum - Energy crisis will continue for 2 years says Bangkok Bank VP

[Thaiger]

The Russia-Ukraine conflict continues to be a political football as energy prices rise throughout the world. Russia is the world’s second highest exporter of crude oil after Saudi Arabia and accounts for around 10% of global petroleum production. International Energy Agency figures for December 2021 reveal the former Soviet state’s oil exports were 7.8 million barrels a day. But since the European Union decided to ban all oil imports from Russia because of its invasion of Ukraine, energy prices have risen throughout the world. The Senior Executive Vice-President of Bangkok Bank, Kobsak Pootrakool, says he does not expect this to […]

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[Poolie]

'Tis such a tangled web we weave, when first we practice to deceive..........

[Dmitrii]

It is interesting though why neither USA nor Saudi Arabia do increase oil production now. 

I think their oil companies are absolutely happy with their super profits and intend to keep us in deficit as long as they can.

[Thaidup]

Why can't the USA ramp up drilling? At least temporarily to ease the pain.

An order from the government may help.

https://en.wikipedia.org/wiki/National_Emergencies_Act

[farang]

thaidup,this crazy gas and oil price was created by joe biden and his lib democrat buddies!the idiot wants fossel fuel gone and everyone useing an electric car.but the fool has jumped the gun.no chargeing stations abound in usa,they are far and few between.he also yanked 30,000 oil and gas permits from oil and gas companies.on day one as he also killed the xl pipeline from canada.this idiot done this on purpose.its nothing to do with oil compines but its total on joe biden.under president trump  our oil and gas compines had 39,000 permits to drill and pump.we needed no oil or gas from  anyone!this is the fool democrats causeing this pain on all people who use gasand oil.one day when the fool is out of office and we get a republican back in office this crap will stop.i hope everyone will vote this nov 2022 to replace every democrat thats running.they are killing the usa and hurting other countries all over their ''new green deal'' which is nothing but total b/s!!vote republican please for common sence!

[EdwardV]

40 minutes ago, Dmitrii said:

It is interesting though why neither USA nor Saudi Arabia do increase oil production now. 

I think their oil companies are absolutely happy with their super profits and intend to keep us in deficit as long as they can.

The US is increasing oil production. While they are increasing the level of production in shale oil, they are coming up against many of the same issues as the general public. Lack of manpower, lack of resources (pipe, sand, water, etc.). Therefore it's expected they can only increase shale production by about 1M bpd by the end of the year. The problem is traditional drilled wells take about 3-4 years to bring online and any increase isn't going to help the existing market. Keeping in mind the current US government was very hostile towards oil production until recently (and even now is quite mixed). It's hard to turn the ship around, it takes time.  

[Thaidup]

I feel your pain farang, I think the American people are realizing how a "be nice" guy really cant run a country and the "nasty tweet" guy with some balls can actually get a country up and running. This guy in office now has a criteria to put people in charge,

1, LGBT

2, Black

3, Female

4, Green

As long as they tick the box they are in, regardless of any expertise.

[Thaidup]

Would be curious if an American Presidential candidate in 2024 simply came out and said, "I will open up American energy reserves" How the vote would be?