Tall City Exploration, a producer and drilling company based in western Texas, says there is plenty of oil to be found in the Permian Basin.
With record-high gas prices and a demand for more supply, Tall City CEO Michael Oestmann has announced that the company will increase production from 10,000 barrels a day to 20,000 by the end of the year.
Tall City’s private land is permitted to receive drilling permits in as little as 10 days, while their federal neighbors in the Permian Basin have to wait from 9 to 12 months to drill.
Simonetti points out three reasons why domestic production of oil doesn’t increase in the U.S. despite the fact that drilling is taking place around the world.
“Wall Street has a straitjacket on these companies,” she said while adding that Senate Democrats plan to tax windfall profits of oil companies could discourage investors.
However, what is more, important is how U.S. drillers feel insulted by alleged ongoing oil trade negotiations with Venezuela.
“They’re going to produce it in a very unfriendly environmental way. It’s going to be very bad for the environment,” Oestmann said. “We’re going to produce it much cleaner here.”
Tall City increased wages by 20% to attract more workers and therefore produce more oil.
According to the latest AAA data, this still may not be enough to stop gas prices from climbing.
On Thursday, an oil market expert told Fox News Digital that crude oil could reach $4.50 if tensions between Ukraine and Russia worsen.