US
Oil Companies Unlikely to ‘Drill, Baby, Drill’ Under Trump, Exxon Executive
Says (Connecting the Dots: Exxon, Chevron, Department
of Energy, Department
of Interior, Belizean Grove, Bohemian Club, Business Roundtable & Soros
Funding, All Networking)
Trump
had vowed throughout his presidential campaign to allow energy companies to
drill more for oil and gas to boost output and lower prices for consumers.
By
Jack Phillips
11/26/2024
Updated:11/26/2024
An
oil pumpjack is shown near the Callon Petroleum vicinity in Monahans, Texas on
March 27, 2024. Brandon Bell/Getty Images
https://www.theepochtimes.com/us/us-oil-companies-unlikely-to-drill-baby-drill-under-trump-exxon-executive-says-5766506
Despite
President-elect Donald Trump’s vow to drill more for oil and gas, an executive
with oil giant Exxon
said that petroleum producers are unlikely to radically increase production as
companies remained focused on capital discipline.
“We’re
not going to see anybody in ‘drill, baby, drill’ mode,” Liam Mallon, head of
Exxon’s upstream division, told the Energy Intelligence Forum conference in
London on Tuesday, quoting Trump’s election promise to expand drilling once in
office. “A radical change [in production] is unlikely because the vast
majority, if not everybody, is focused on the economics of what they’re doing.”
Mallon
said that “maintaining the discipline, driving the quality, driving the
information, will naturally limit that growth rate.”
But
Mallon said that the federal relaxing of land permitting processing could
provide a short-term boost to oil and gas production.
Exxon
earlier this year completed the $60 billion acquisition of smaller U.S. rival
Pioneer Natural Resources, consolidating its position as the largest shale
producer. Exxon expects to grow oil production in the Permian shale basin to
more than 2 million barrels per day, Mallon said.
“We
see growth beyond the 2 million probably for a couple of years but not at that
continuous same rate ... certainly up to 2030 we see it growing,” he told the
conference.
Throughout
his 2024 presidential campaign, Trump vowed to allow energy companies to drill
more for oil and natural gas to boost output and lower prices for consumers.
During rallies and in advertisements, the president-elect used the slogan
“drill, baby, drill” to refer to his energy plan while in office.
The
United States has become the world’s top oil producer following a surge in
shale oil production, pumping more than 13 million barrels per day earlier this
year. It is also the world’s leading natural gas producer.
Chevron officials have said that they will see their peak
capital expenditure in the Permian soon. Mike Wirth, the company’s chief
executive, said
in a quarterly earnings call on Nov. 2 that “this year is probably going to be
the peak in Permian CapEx,” according to a transcript of his call.
In
his campaign speech at Madison Square Garden in late October, Trump asserted
that his policies would “cut your energy prices in half,” adding that Americans
would see a 50 percent reduction in their costs within a year of Inauguration
Day.
Days
after winning the election, Trump tapped North Dakota Gov. Doug Burgum to
oversee the Department of Interior, which oversees land permitting for
drilling. Burgum will also oversee a newly created National Energy Council to
bolster U.S. energy production.
“This
Council will oversee the path to U.S. ENERGY DOMINANCE by cutting red tape,
enhancing private sector investments across all sectors of the Economy, and by
focusing on INNOVATION over longstanding, but totally unnecessary, regulation,”
Trump said in his Nov. 15 statement
announcing Burgum as his selection for the position.
The
president-elect also said in his statement that the “radical left” is engaging
in a war on U.S. energy in the guise of climate action.
Separately,
Trump announced this month he would nominate fracking services executive Chris
Wright to head the Department of Energy, signaling that he would ramp up drilling
for oil and gas during his term.
“Chris
has been a leading technologist and entrepreneur in Energy. He has worked in Nuclear, Solar,
Geothermal, and Oil and Gas,” Trump wrote
in a statement announcing his selection of Wright for the role.
Fracking,
or hydraulic fracturing, accounts for the majority of America’s domestic gas
and oil production, according
to the Energy Department’s figures, which show that about 95 percent of new
wells use the process.
Connecting
the Dots:
James R. Schlesinger was the
secretary for the U.S. Department of Energy and an honorary
director for the Atlantic Council of the United States (think tank).
Open Society Foundations was a funder
for the Atlantic Council of the United States (think tank).
George Soros is the founder & chairman
for the Open Society Foundations and was the chairman for the Foundation
to Promote Open Society.
Foundation to Promote Open Society was a funder for the International Rescue
Committee and the Aspen Institute (think tank).
Henry A. Kissinger was a
director at the Atlantic Council of the United States (think tank) an
overseer at the International Rescue Committee, a lifetime trustee
at the Aspen Institute (think tank) and a member of the Bohemian
Club.
Belizean_Grove is
the equivalent to the male-only social group, the Bohemian Club.
Henrietta
Holsman Fore is a member of the Belizean Grove, a trustee
at the Aspen Institute (think tank) and a director at the Exxon
Mobil Corp.
Henry A. McKinnell Jr. was a
director at the Exxon Mobil Corp. and the chairman for the Business
Roundtable.
Akin,
Gump, Strauss, Hauer & Feld, LLP was the lobby firm for the Business
Roundtable, is the lobby firm for Chevron USA, Inc. and
the Hess Corporation.
Vernon E. Jordan
Jr. is a senior counsel for Akin, Gump, Strauss, Hauer &
Feld, LLP and an honorary trustee at the Brookings
Institution (think tank).
Foundation to Promote Open Society was a funder for the Brookings
Institution (think tank) and the Carnegie Endowment for
International Peace (think tank).
George Soros was the chairman for the Foundation to
Promote Open Society and is the founder & chairman for the Open
Society Foundations.
Open Society Foundations was a funder
for the Carnegie Endowment for International Peace (think tank).
Carnegie
Endowment for International Peace (think tank) was a
funder for the U.S. Department of Energy.
Rose
Gottemoeller was a senior associate at the Carnegie Endowment
for International Peace (think tank) and the deputy undersecretary for
defense & nuclear nonproliferation for the U.S.
Department of Energy.
Carnegie
Endowment for International Peace (think tank) was a
funder for the Nuclear Threat Initiative (think tank).
Sam Nunn is a
co-chairman & CEO for the Nuclear Threat Initiative (think tank),
a director at the Hess Corporation and was a director at
the Chevron Corp.
Chevron USA, Inc. is
a subsidiary of the Chevron Corp.
Akin,
Gump, Strauss, Hauer & Feld, LLP is the lobby firm for Chevron
USA, Inc., the Hess Corporation and was the lobby firm for
the Business Roundtable.
Henry A.
McKinnell Jr. was the chairman for the Business Roundtable
and a director at the Exxon Mobil Corp.
Henrietta Holsman Fore is a
director at the Exxon Mobil Corp., a member of the Belizean
Grove and a trustee at the Aspen Institute (think tank).
Belizean_Grove is
the equivalent to the male-only social group, the Bohemian Club.
Henry
A. Kissinger was a member of the Bohemian Club, an
overseer at the International Rescue Committee, a lifetime trustee
at the Aspen Institute (think tank) and a director at the Atlantic Council of the United States (think tank).
Foundation to Promote Open Society was a funder
for the Aspen Institute (think tank) and the International
Rescue Committee.
George Soros was the chairman
for the Foundation to Promote Open Society and is the founder &
chairman for the Open Society Foundations.
Open Society Foundations was a funder for
the Atlantic Council of the United States (think tank).
James R.
Schlesinger was an honorary director for the Atlantic Council
of the United States (think tank) and the secretary for the U.S.
Department of Energy.
DOE loan program is
a loan program for the U.S. Department of Energy.
Herbert M.
Allison Jr. oversaw the investigation of the DOE loan program,
the assistant Treasury secretary for the Barack Obama administration,
led investigation of government loans for Solyndra, Inc., a
director at the Atlantic Council of the United States (think tank)
and married to Simin N. Allison.
Henry
A. Kissinger was a director at the Atlantic Council of the
United States (think tank), a member of the Bohemian Club, a
lifetime trustee at the Aspen Institute (think tank) and an
overseer at the International Rescue Committee.
Open Society Foundations was a funder for
the Atlantic Council of the United States (think tank).
George Soros is the founder & chairman
for the Open Society Foundations and was the chairman for the Foundation
to Promote Open Society.
Foundation to Promote Open Society was a funder
for the Aspen Institute (think tank) and the International
Rescue Committee.
Simin N. Allison was
a director at the International Rescue Committee and married
to Herbert M. Allison Jr.
David H. Koch is
a trustee at the Aspen Institute (think tank) and the EVP for Koch
Industries.
Latham &
Watkins, LLP is Koch Industries law firm.
Bradley C. Faris is
a partner at Latham & Watkins, LLP and an attorney at Koch
Industries.
Timothy P.
FitzSimons is a partner at Latham & Watkins, LLP and
an attorney at Koch Industries.
Mark D. Gerstein is
a partner at Latham & Watkins, LLP and an attorney at Koch
Industries.
Shaun D. Hartley is
a partner at Latham & Watkins, LLP and an attorney at Koch
Industries.
Brad E. Kotler is
a partner at Latham & Watkins, LLP and an attorney at Koch
Industries.
David J. Hayes was
a partner at Latham & Watkins, LLP and the deputy secretary for
the U.S. Department of the Interior.
Michael Rossetti was
the counsel to the secretary for the U.S. Department of the Interior
and is a partner at Akin, Gump, Strauss, Hauer & Feld, LLP.
Akin,
Gump, Strauss, Hauer & Feld, LLP was the lobby firm for the Business
Roundtable, is the lobby firm for Chevron USA, Inc. and
the Hess Corporation.
Vernon E. Jordan
Jr. is a senior counsel for Akin, Gump, Strauss, Hauer &
Feld, LLP and an honorary trustee at the Brookings
Institution (think tank).
Foundation to Promote Open Society was a funder for the Brookings
Institution (think tank) and the Center for American Progress.
George Soros was the chairman for
the Foundation to Promote Open Society, a supporter for
the Center for American Progress and is the founder & chairman
for the Open Society Foundations.
Open Society Foundations was a funder for the Center
for American Progress.
Steven J. Spinner was
a senior fellow at the Center for American Progress, encouraged
prompt decision on DOE loan for Solyndra, Inc. and
a loan programs adviser for the U.S. Department of Energy.
Joseph Romm is
a senior fellow at the Center for American Progress and was the
acting assistant secretary for the U.S. Department of Energy.
Catherine
Radford Zoi was the assistant secretary for energy efficiency at the U.S.
Department of Energy for the Barack Obama administration
and is an executive for Silver Lake Kraftwerk Fund.
Soros Fund
Management was a partner at Silver Lake Kraftwerk Fund.
George Soros is the founder
of Soros Fund Management and the founder & chairman for
the Open Society Foundations.
Open Society Foundations was a funder
for the Atlantic Council of the United States (think tank).
James R.
Schlesinger was an honorary director for the Atlantic Council
of the United States (think tank) and the secretary for the U.S.
Department of Energy.
Henry
A. Kissinger was a director at the Atlantic Council of the
United States (think tank), a member of the Bohemian Club and a
lifetime trustee at the Aspen Institute (think tank).
Belizean_Grove is
the equivalent to the male-only social group, the Bohemian Club.
Henrietta
Holsman Fore is a member of the Belizean Grove a trustee
at the Aspen Institute (think tank) and a director at the Exxon
Mobil Corp.
Foundation to Promote Open Society was a funder
for the Aspen Institute (think tank).
George Soros was the chairman
for the Foundation to Promote Open Society.
Resources:
Past Research
Smaller
Bites – Connecting the Dots: Henry Kissinger & Soros Funding (Past Research on Henry Kissinger)
Wednesday,
November 29, 2023
https://thesteadydrip.blogspot.com/2023/11/smaller-bites-connecting-dots-henry.html
Smaller
Bites – Chevron (Connecting the Dots: Chevron, Venezuela, Smithsonian
Institution, Joe Biden, David M. Rubenstein & the Soros Funded Think Tanks,
All Networking) (Past Research on Chevron)
Sunday,
November 27, 2022
https://thesteadydrip.blogspot.com/2022/11/smaller-bites-chevron-connecting-dots.html
Obama
Enlisting Business Support for Spending, Debt Plans (Past
Research on the Exxon Mobil Corp)
Thursday,
November 21, 2013
https://thesteadydrip.blogspot.com/2013/11/obama-enlisting-business-support-for.html
Solyndra
Sequel: 'We're Back in Business' with $4 Billion Energy Loans (Past Research on the U.S. Energy Department)
Friday,
April 18, 2014
https://thesteadydrip.blogspot.com/2014/04/solyndra-sequel-were-back-in-business.html
Do
You See the Pattern at the U.S. Department of the Interior? Memorials, Bundy,
Offshore Drilling, Gaming, Indian Affairs (Past Research
on the U.S. Department of the Interior)
Monday,
April 21, 2014
https://thesteadydrip.blogspot.com/2014/04/do-you-see-pattern-at-us-department-of.html
Emails
Reveal Obama Admin Shut Down WW II Memorial Knowing Vets Were Coming (Past Research on the U.S. Department of the Interior)
Tuesday,
March 11, 2014
https://thesteadydrip.blogspot.com/2014/03/emails-reveal-obama-admin-shut-down-ww.html
