this post was submitted on 31 Jan 2025
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U.S. President Trump wants more drilling, but the oil market is already saturated with hundreds of idle oil leases sitting untapped in the Gulf of Mexico (grist.org)
submitted 2 days ago by [email protected] to c/[email protected]
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Of the 2,206 active leases in the Gulf of Mexico, only a fifth are producing oil, according to records from the Bureau of Ocean Energy Management, which regulates offshore drilling. Oil industry executives and analysts say the current number of 448 oil-producing leases is unlikely to grow significantly, even if Trump makes good on promises to expand leasing opportunities and expedite drilling permits.

The market is saturated with oil, making companies reluctant to spend more money drilling because the added product will likely push prices down, cutting into profits.

“It’s not the regulations that are getting in the way, it’s the economics,” said Hugh Daigle, a professor of petroleum engineering at the University of Texas in Austin. “It’s true that there are a bunch of undeveloped leases in the Gulf, and it’ll stay that way if we continue to see low or stagnant oil prices.”

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[–] [email protected] 5 points 1 day ago (1 children)

At least they designated America as a sensitive country. I find that funny.

Tbh, it's not Googles place to take sides in border disputes.
The mockery and criticism should be directed at the US government. Google is doing what they have always done.

[–] [email protected] 5 points 1 day ago* (last edited 1 day ago)

i don’t necessarily disagree with how they’ve chosen to proceed in the US: personally, on this single issue ignoring all others I probably wouldn’t make the same decision but i don’t think it’s cut and dry (for Google)

what i think is completely fucked is they’ve stated they’re making the change for the entire world (last time i heard)… fuck you google: the world isn’t ruled by the US government… we, unlike the US, tend to follow global standards: metric, borders, place names… we have organisations that determine those. we don’t want to be part of the US (hi canada, hi greenland), we don’t want to follow you everywhere