Posted on 03/07/2022 5:28:40 PM PST by frogjerk
BILLINGS, Mont. (AP) — In the closing months of the Trump administration, energy companies stockpiled enough drilling permits for western public lands to keep pumping oil for years and undercut President-elect Joe Biden's plans to curb new drilling because of climate change, according to public records and industry analysts.
An Associated Press analysis of government data shows the permit stockpiling has centered on oil-rich federal lands in New Mexico and Wyoming. It accelerated during the fall as Biden was cementing his lead over President Donald Trump and peaked in December, aided by speedier permitting approvals since Trump took office.
The goal for companies is to lock in drilling rights on oil and gas leases on vast public lands where they make royalty payments on any resources extracted. Biden wants to end new drilling on those same lands as part of his overhaul of how Americans get energy, with the goal of making the nation carbon neutral by 2050.
...snip...
Most companies have up to two years to act on federal permits, so a one-year moratorium wouldn't have much impact on oil supply and they could shift production to private or state-owned land, Mariani said.
But such a shift would come at a cost, because royalty rates on private or state-owned land can be twice as much as federal land. “Because the break-evens are so much lower, you’re not going to see every dollar re-allocated to other places,” said Parker Fawcett, analyst for S&P Global Platts Analytics.
With a ban on new federal drilling permits, U.S. production could fall by about 1 million barrels per day, or about 10%, by 2024, Fawcett estimates. “You will have a supply impact.”
(Excerpt) Read more at news.yahoo.com ...
A pretty good article from over a year ago which sums up the stupid lease argument the left is going to now make.
Someone tell Matt and Cathy that Biden never lead Trump.
Ever.
Only in their fictionalized polls, and of course fraudulent vote counts.
Seriously? Biden asking Russia and Saudi Arabia for help to curb rising gas prices Aug 12, 2021
The Democrats really don’t understand supply/demand do they? Maybe it’s intentional.
The US economy is how many times the size of Russia’s?
You weaken Russia’s economy by strengthening the US’s, not by weakening both as the globalists want.
The US had the opportunity to strengthen North America with the XL pipeline, they chose to allow Russia to weaponize energy.
Now Biden is looking at allowing other dictatorships to weaponize energy further.
So, we wimp out and let our GREEN NEW DEAL DUMMIES run our energy policy, Russia, Saudi Arabia and China ALL make money while polluting the world much more than our measly oil producing needs could EVER Accomplish?
BullShit
I am arguing that the US under the democrats, would rather buy oil from dictators vs domestically or within their North American free trade agreement.
Did you misunderstand me? Or maybe, I didn’t explain correctly?
Your “measly oil producing needs” might just be the bridge you need…while developing enough alternative energy to replace it…
Question for you?
What is the US annual energy demand increase per year vs the increase of alternative energy production per year?
The drillers told Biden to go pound sand….there will not be huge drilling boom…
They went into debt in the last boom and many went broke when prices crashed…
There not using debit now only profits in the bank
As one oil guy put it, ‘there may be 9000 permits or 9,000,000 permits, but they are all useless without a way to get that oil to a refinery. The Biden administration is blocking all new pipeline construction, so we do not drill because that would be a waste of money’.
Its apparent that the Biden admin see it as more important to collect money from enviro-wackos than to allow US to harvest its own oil. Its also apparent that the Biden Admin would rather get oil from dictators and bad actors than to allow Americans to have less expensive gasoline.
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