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| World oil and gas prices have more than doubled since 2021 |
Texas oil and gas businessman Jason Herrick is trying to get as much gasoline as possible these days.
He believes that when petroleum prices rise, he will have a good chance to make a profit, but despite all his efforts, he does not think that his family's oil production will increase this year.
This will be the third consecutive year that the company has seen a decline in oil production.
For the past several years, Jason Berk's company, Pantera Energy, has made no investment to increase production.
Due to the code, petrol and gas prices fell sharply. In the early days of the code, energy prices were at zero.
"Our job is to maximize production, we've done as much as we could, but we're still far behind and it doesn't look like we'll be able to make up for the shortfall," he says.
This is one of the signals from the United States, the world's largest oil and gas producer.
This means that the problems of the people who are worried about expensive oil and gas are not going away.
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| Many oil projects are stalled due to lack of steel pipes |
No sign of relief from expensive oil
World oil and gas prices have more than doubled since 2021.
These prices have risen as fast as they did during the code lockdown in 2020.
Now, as oil prices rise, it is estimated that oil and gas production in the United States will increase by one million barrels per day this year.
But this increase would be less than 10% of GDP and would not be able to meet the growing demand.
When oil and gas prices rose in 2014, production in the United States increased by 20%, and the freaking (drilling technology for energy production) revolution was on the rise.
If companies do not appear to be in the mood to increase production, then the reasons for this are the rising cost of production of oil and gas, the shortage of raw materials and labor.
Investors are also asking how much oil and gas the world will need at the moment as people around the world are pushing for less fossil fuels due to climate change concerns.
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| Oil and gas prices continue to rise |
Mike Wendt, an engineer at oil exploration company Lone Star Productions, says his company has new plans but is unable to acquire steel pipes, which is delaying production and increasing costs.
"We want to drill as soon as possible but we are short of supplies," he said.
Such problems are tantamount to stifling the oil market.
Hesitant to deliver on climate change promises?
Political circles have spread panic in the oil and gas industry.
The industry feels that President Joe Biden has made climate change a major issue in his election campaign, so he has enacted laws to reduce carbon emissions.
We will insist on implementation and accelerate the renewable energy agenda.
However, their key proposals are still stalled and their chances of success are slim.Republican leaders have blamed Biden's environmental policy for the rise in oil and gas prices.
They have signed agreements to increase natural gas exports from the United States, release national oil reserves and approve hundreds of permits for energy drilling.
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| There are several obstacles to increasing oil prices |
"The Biden administration is reluctant to live up to its long-standing commitment to environmental protection," said Robert Rosinsky, an analyst with the Global Energy Monitor.
But change in the US position on climate protection and climate change alone is not uncommon.
Many Western leaders, including British Prime Minister Boris Johnson, have sought help from Saudi Arabia and other oil-producing countries for oil and gas.
Analysts believe that they have the potential to increase productivity without investment.
It is the fourth largest oil producer after Canada, the United States, Saudi Arabia and Russia. It has also resumed talks to complete its stalled oil and gas projects.
For example, there is talk of starting work on gas supplies to Europe.
Politics and oil and gas prices
But the question is, will a change in the political climate allay the suspicions of the oil market?
Especially with the way people are protesting against new oil and gas terminals and energy infrastructure such as pipelines, these projects could be delayed for years.
This is a sign of a complete change of heart, says Alfred Sorensen, CEO of Pyridi Energy.
The company has stalled plans to build its own LNG terminal in Nova Scotia due to a lack of investors, but could resume it after receiving more support from the government.
"Political leaders and the oil industry are currently promoting the idea that only Europe can and should save oil and gas."
"We are still enforcing the principles of the 20th century, but we know this will not work," he said.
, For example, gas cannot be exported from the Pierre Natural Gas Terminal until 2027.
Therefore, it will have no role in resolving the current crisis.
"The development of sustainable energy sources is a way to secure energy in Europe, Canada and the United States, and it is possible and necessary to do so," he said.
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