Tracy Allaway

So when oil prices collapse, like they seem to be doing today, do the oil service providers start cutting their prices as quickly as they raise them?

Well, setting price aside, one of the things the administration said it wanted to do to get oil pumping is basically streamlining environmental review and the leasing process, basically liberalizing the regulatory environment around starting new drilling projects.

And I know you're not necessarily specialized in exploring for new locations, but do you get a sense from your colleagues elsewhere in the industry about whether or not that liberalization has actually

you know, translated into people drilling more or thinking about drilling more?

You know, you referred earlier to this idea of like short cycle shale or short barrels from the shale patch.

And this is one thing I'm curious about when, you know, given that, again, I'm looking at the Baker Hughes oil rig count, but like, has that assumption kind of eroded given that a lot of these basins have matured?

And also, you know, we spoke about capital discipline before and investor expectations.

It doesn't seem like shale is as responsive as it used to be.

They're insane.

And the story that I wrote, I guess it was like back in 2016, was actually super interesting to me.

And it was literally about like the oil companies getting together to standardize a bunch of drilling components that hadn't been standardized before.

And so even eking out these tiny improvements in cost end up like...

adding to the overall supply and enabling people to keep drilling even when the benchmark price is really low.

I just found it really fascinating.

I meant to ask that question.

Oh, I'm kicking myself.

So I always hear different things about this because I hear that story.

And then I hear other people say that like actually the idea that we can't refine light sweet crude, Joe, that's just for you.

Thank you.

Sorry.