Yes they are. The courts have pretty much sided with free market companies. So precedence has been set. How long? Who knows but it’s sure looking good for the industry as a whole. Obama and Biden both know/knew pain at the pump costs votes even though they shouldn’t. Matter of fact his base is starting to complain about him being so obtuse about oil. The greenies are starting to scream.
Oh and remember it’s a speculative market. Supply and demand don’t dictate the price completely. It’s driven by thoughts and actions. Not by just policy.
My point is if all the new permits are in a general area that has very little oil, let's call it Lackofoil, Alabama, the increase really doesn't really mean anything. The increase in permits also means very little if the regulatory red tape is prohibitive.
You aren't saying that gubment would throw some pretty glittery gorilla dust in the air to distract from the fact that they make it impossible or worthless in the down stream process....... That no one ever digs into in this 15 second sound bite world, would ya?
Oil and gas companies won’t lease on bad ground. They know where the oil is at. Politics are mostly rhetoric anyway. Like trump opening ANWAR. Not one oil company stepped up to apply. It just looked good. So here comes Biden closing those opened federal lands. Had very little affect but looked great to the greenies. The XL pipeline was a politics too. We knew in 2014 that thing wouldn’t be completed.
He really has. His base is starting to tell him about it.I suspect there is oil in the Gulf, and Biden has really caught hell from environmentalists for this:
There is no guarantee that all the leases will be taken up by oil and gas companies but the Department of the Interior, which oversees public lands and waters, has estimated there is as much as 1.12bn barrels of oil and 4.2tn cubic ft of gas available for extraction. A separate lease sale offered by the government in Alaska’s Cook Inlet will offer up another 192m barrels of oil and 301bn cubic ft of gas to drillers.
US auctions off oil and gas drilling leases in Gulf of Mexico after climate talks
Biden administration launching auction of more than 80m acres for fossil fuel extraction that experts call ‘incredibly reckless’www.theguardian.com
Biden has already sent the signal he won’t touch it further. Line 5 is still running and he’s approving leases on federal lands at a pace greater than trump. His comments in the media are all smoke and mirrors. His base is getting pissed at him for it. I ask people if they want socialized energy. They get a confused look. They don’t understand it’s a speculative world commodity.
This…..people don’t understand oil companies/refineries buy futures/contracts. It’s like going to the store and buying toilet paper on sale for a month/year supply. You speculate the price will go up on that product.
Oil down $40 in less than a week and market down in that time frame.
Russian imports had already dropped to near zero in Feb due to corporate actions. (per CNN). This was an optical illusion.
Lmao a perfect combo of things I know nothing about. I'd be better off at the blackjack tables at the boat. Beats getting my financial advice from a vendor driver
I can tell you the US government bought a bunch when it was cheap.
Yep. Then they pull the light Bakken crude off and get rid of the what’s left.
And, 2021 domestic production was slightly higher than 2020 but.....demand is much higher now as we get back to semi-normal after the 2-year pandemic
But our production is back to capacity. It’s the rest of the oil countries that aren’t going back to ore pandemic levels. OPEC still drives this bus.
