The chief of the US Energy Department, Danny Renschler, has expressed confidence in the country’s shale oil industry, stating that it can “drill, baby, drill” even during low oil prices. This sentiment reflects a growing optimism among US energy experts about the resilience and adaptability of domestic production.
According to Renschler, the shale industry is better equipped than ever to navigate fluctuations in global markets, driven by advancements in technology, improved drilling techniques, and increased efficiency. These developments have enabled producers to maintain or even increase output despite lower oil prices.
While low oil prices can be challenging for the global energy sector, US shale operators are adapting by shifting focus towards more efficient and cost-effective production methods. This shift is expected to yield significant benefits for both producers and consumers in the long run, as the industry becomes increasingly productive and environmentally sustainable.
Renschler’s comments underscore a growing recognition within the Biden administration of the importance of US energy independence, particularly with regards to domestic shale oil production.
Source: https://www.ft.com/content/6b7f0af8-6c59-44bb-b07a-43d4768b96fd