The White House has pushed oil companies to produce more oil to bring down gas prices, but a top oil CEO says there is isn't much room to grow.
"We just don't have that potential to grow U.S. production ever again," Sheffield told CNBC's Brian Sullivan on Tuesday at CERAWeek.
"We may get back to 13 million barrels a day," he said, which would match the record high average recorded in November 2019 by the U.S. Energy Information Administration. But he added it will be at a "very slow pace," taking two and half to three years to match that previous record level. "We don't have the refining capacity … if we all add more rigs, service costs will go up another 20%-30%, it takes away free cash flow," Sheffield said. "And secondly, the industry just doesn't have the inventory."
"The question is when do we break out? I predict sometime this summer to break fast $80, on the way to $90," he said.CEO Vicki Hollub told Sullivan at CERAWeek that the $75-$80 range for oil prices is a "sustainable price scenario for the industry to continue to be healthy."Thefor gas prices is an average $3.57/gallon this year, down from the $3.97/gallon seen in 2022.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Russia and China may try using their natural resources to back their moneyChina and Russia have announced they, along with Brazil, India and South Africa, are “working to develop a new global reserve currency” to compete with the U.S. dollar.
Consulte Mais informação »
German liquefied natural gas capacity may not be fully utilised-RWE CEOGermany's liquefied natural gas infrastructure may end up not being fully utilised, the chief executive of the country's top utility said in an interview, but added that simply having the import capacity was key to avoid a possible fuel supply squeeze.
Consulte Mais informação »
Pioneer Arcade affordable housing project in jeopardy as city support waversThe Hispanic Housing Development Corporation received a $6 million grant for the Humboldt Park site but that may get sent back to HUD.
Consulte Mais informação »
50 years of hip hop: the pioneer queens who dominate the genreWomen have come along way since the early days of Hip Hop, we are honoring the women who have opened doors and smashed glass ceilings to make sure their voices were heard – loud and clear.
Consulte Mais informação »
Santa Rosa students demand more resources in wake of deadly school stabbing'I want to feel safe at school. I do not feel safe at school. My teachers don't feel safe at school. I don't know a single student who feels safe at school and that needs to change,' said student Eden Glass.
Consulte Mais informação »
China's Xi says better use of defence resources needed 'to win wars'China needs to improve its use of defence resources such as technology, supply chain and national reserves 'to strengthen its army and win wars', President Xi Jinping said on Wednesday.
Consulte Mais informação »