Great solution to partner with oil companies to increase production, THREATEN HIGHER NEW FEES.
Usually when I get low on food I go out to local growers and buy more——I don’t buy food from Iran and raid my emergency stash at the same time.
Biden is a moron. He probably thinks drilling for oil is like putting gas in your car. You know, real easy to do. 🙄
Trump had gas below $2/gal w/o these threats. What changed?
The fining of non activity on federal leases is a breach of contract and would not stand up in court. If one side (gub-mint) unilaterally changes the contract by imposing fines, it nullifies the contract. Then the feds would have to refund the lease to the oil company.
Go ahead Joe, give them their money back and watch them walk, see how that fixes supply.
Pretty sure whoever writing slow Joe’s scripts knows this. It’s all bluster to try and place blame someone else for problems lefty policy creates. Media will dutifully run with it. They need this diversion to paper over the fact that the reserve release will have nominal impact. US refiners can’t absorb 1MM bbl a day more instantly.
“One CEO even acknowledged that, even if the price goes to $200 a barrel, they’re not going to step up production,” the White House said.”
He (Scott Sheffield, CEO of Texas shale driller Pioneer Natural Resources) went on to say that a major reason was because of the new restrictions and delays imposed by the Biden Administration. (as well as the financial beating frackers took on the last two boom/bust price cycles)
They need to rationally assess that they will be able to recoup their costs and profits, before they go flinging shareholder money at new production. Government has been imposing new costs, delays, and risk since Biden took office.
We should have been building refineries and leaving our pipeline open. Seems they are trying to break us quick..
Biden must be stopped or he will leave us with nothing for our defense if we need it. He is not smart enough to know what he is doing. Because of that, he is manuveuring us into a place of military weakness. The one thing I am grateful for is that I did not vote for the democrats in 2020.
What azzholes in the White Hut. What fool would invest in an industry where the country's president has said "We are going to destroy your industry"? Petroleum, coal and power are among the most capital intensive industries and require a stable regulatory environment to ensure your investments will pay off in 20 or 30 years. With jerks like Biden wiping out $10 BILLION of investment in a pipeline and canceling leases, is it any surprise investment is in the toilet?
The extremely lame "We are all in this together" argument simply doesn't wash when it comes to corporate fiduciary responsibility to shareholders and wise investment decisions.
With radical greens forcing companies to adopt ESG (Environmental, Social and Governance) policies that are very anti-fossil fuel, who will invest?
Is there anything more unseemly and pathetic than the bastard who single-handedly killed the industry now begging that industry to produce more?
Leave it to the Dems to excoriate business at every turn and, at the same time, come begging hat in hand for more output.
What a shame we don't have a stellar businessman in the White House. I think we had one some time ago, didn't we?
Never attribute to stupidity that which can be attributed to evil.