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US Gas Companies Give Grim Warning To Europe: ‘No Bailout Coming’

by Jack McEvoy
September 16, 2022, 9:37 AM
in News and Opinion
Reading Time: 2 mins read
A A
9

fracking workerAmerican shale producers warned Europe that they won’t be able to pump enough oil and gas to alleviate Europe’s energy crisis, according to The Financial Times.

The European Union (EU) will ban Russian oil imports by the end of 2022 meaning that Europe will have to rely on other producers to fill supply gaps; however, U.S. shale companies will be unable to ramp up production in time as their exports of oil and liquefied natural gas to Europe have already reached maximum levels, the FT reported.

The EU proposed placing a price cap on individuals’ utility bills on Wednesday as natural gas shortages are causing household energy bills to skyrocket, according to the European Commission.

“We’re not adding [drilling] rigs and I don’t see anyone else adding rigs,” Scott Sheffield, CEO of Pioneer Natural Resources, told the FT. “I don’t see it coming,” he added when asked about fuel production stepping up to meet Europe’s demand.

Treasury Secretary Janet Yellen warned Sunday that the European Union’s ban on Russian oil could raise global fuel prices. Crude prices could rise to over $120 per barrel this winter as supplies become more scarce, Sheffield told the FT.

“It’s not like the US can pump a bunch more,” one of shale’s biggest investors told the FT. “There’s no bailout coming … not on the oil side, not on the gas side.”

Oil sales from Russia, the world’s largest petroleum exporter, could fall by nearly 20% when the EU embargo comes into effect, according to the International Energy Agency.

Brent crude oil prices rose 1% to $94 a barrel on Wednesday following the IEA’s report, according to the FT.

The current price of brent crude oil is $92.37 per barrel which is $17.88 higher than the price per barrel in September 2021.

Read rest at Daily Caller

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Comments 9

  1. Marin Marin Karras says:
    3 years ago

    EU should be forced to suffer the consequences of their stupidity and all their lying about Global Warming.

    Reply
  2. Spurwing Plover says:
    3 years ago

    When you get a Dictator like Biden running a the nation your going to get this sort of thing

    Reply
  3. Randy Verret says:
    3 years ago

    OK, I’ll weigh in with a second point. As a retired oil & gas professional & formerly qualified as a regulatory expert in multiple State & federal jurisdictions, I am quite confident I can produve a coherent opinion on oil & gas operations. You learn a few things when you spend over 36 years of your life in the “trenches.” That self agrandizment aside, we have to face a few basic facts about domestic production & the challenges of increasing domestic O & G production. Here are a few thought items, in no particular order: 1.) Shale has a very HIGH decline rate. The Bakken, for example is around 70%. So you have to drill CONSTANTLY to maintain production. By comparison, sandstone & carbonate reservoirs are around 5-10% per year. 2.) Current government policies, regulations & inancial conditions (ESG) will continue to DISCOURAGE private investment. 3.) Building any significant pipeline infrastructure without SIGNIFICANT regulatory reform will continue to be next to IMPOSSIBLE. Look no further than the ongoing Mountain Valley fiasco. 3.) The industry, between layoffs since 2014 & retirements has suffered a tremendous BRAIN DRAIN. You don’t put offsore platforms in 10,000’+ water depths in the Gulf of Mexico without expertise. 4.) The supply chain continues to be a constraint. Shortages of functional equipment, pipe, sand & qualified personel will continue to be a DRAG on any attempts to increase domestic oil & gas production. So, while I hate to be so pessimistic, I think this is just the current REALITY we face. It took a while to dig ourseves into this position. It will take a while (if ever) to fully recover…

    Reply
    • Sonnyhill says:
      3 years ago

      Randy is 100% right, which beats 97% every time. I have a question for you : When Americans claim energy self suffiency, are they claiming Canadian energy as “domestic”? I know that Alberta has few options for exporting their fossil fuels, and that American companies have been partners there since the beginning. The Keystone XL saga is proof that Uncle Sam has Alberta energy on a leash.

      Reply
      • Randy Verret says:
        3 years ago

        Sonnyhill, no my numbers are strictly domestic. However, Canada is our largest oil importing partner. I worked for about 4-1/2 years for a Canadian outfit that operated in the Bakken. Really enjoyed working with thos efolks. Good eggs!

        Reply
  4. Randy Verret says:
    3 years ago

    No surprise. The U,S, although it has extensive oil & gas reserves cannot easily “ramp up” production. I like Larry Kudlow on Fox Business, but unfortunately there is no “spiget” to turn on for domestic oil & gas production. I’d (also) like to EXPLODE one continual misrepresentation in the media. We were NOT energy independent under the Trump Administration. All we did was a have (more or less) a net BALANCE between our oil imports vs. our oil, gas, finished procucts (i.e. gasoline & diesel, LNG) & coal exports. Hyydrocarbons are a WORLD market. We are energy INTERDEPENDENT. Once you recognize that basic fact, it gives you the proper context. So, unfortunately, we won’t be “bailing out” the EU this winter. The only hope Europe has to avoid an outright disaster this coming winter rests on two things: 1.) A MILD winter season & 2.) Vladamir Putin does not shut off Nordstream 1. There is a very VALUABLE lesson we can learn from the EU. When you let blind ideology & wishful thinking dictate your energy policy rather than CRITICAL THINKING & energy imperatives (Physics) you get BAD RESULTS. Americans need to pay attention. This “Green Dream” infecting U.S energy policy will lead to the same ending. WAKE UP folks!

    Reply

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