Oil executives spill the beans on what happens to prices in 2026
Biden nearly destroyed America’s energy independence.Trump rescued it in record time.
And oil executives just revealed one stunning prediction about 2026 that changes everything.The heart of American oil country just delivered news nobody in Washington, D.C. saw coming.
Chevron CEO Mike Wirth sat down with FOX Business’ Maria Bartiromo in the middle of the Permian Basin and dropped a truth bomb about where oil prices are headed. “We’re prepared for prices in ’26 to be lower than they were in ’25,” Wirth told Bartiromo without hesitation.
This isn’t some Wall Street analyst making predictions from a Manhattan office tower. Wirth runs operations in the Permian Basin, which now pumps 40% of America’s oil and will hit 70% by 2040. He sees 2026 as the “low point” before the market stabilizes and prices climb back.
Diamondback Energy CEO Kaes Van’t Hof backed him up with even more direct language. “Economics drive capital allocation decisions. Today, oil’s at $57 a barrel. I don’t think we’re necessarily high-fiving with that oil price,” Van’t Hof explained. Translation: $57 oil hurts.
The executives are betting everything that American energy can survive a brutal price war in 2026.
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*The Permian Basin is a vast sedimentary basin in West Texas and southeastern New Mexico, renowned as the largest oil and gas-producing region in the United States. Its geological structure contains extensive deposits of shale rock, and advancements in hydraulic fracturing and horizontal drilling have unlocked enormous reserves, making it a global oil and gas powerhouse.
3 comments:
Praying they come down to $1 a gallon!
I'd love it to hit $2.00....From what I have read, if we hit $1.00 per gallon it would destroy our petroleum/oil industry. A sustained crash below the breakeven levels needed for new drilling (often above roughly $56 per barrel in U.S. fields) would trigger cuts to spending for finding, drilling, and extracting crude oil and natural gas, shut-ins of marginal wells, and likely job losses across all the parts of the US with major oil or gas wells. On the flip side, it looks like Trump is succeeding in getting the EU and many other nations to buy oil from America instead of Russia, and this will dramatically help our Oil companies with the short falls caused by crashed prices for barrels of oil here in the US.
I've been paying $2.89 a gallon...thought that was pretty good!
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