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Biden actions on drilling with links. Use this against the left

surada

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Yeah they go deep in debt and bankrupt when the price of oil is down. Repubs should be excited oil is up.
They don't think of the oil business as a business. They think the US oil and gas companies should invest in expanding capacity when the ppb is low. That's not capitalism. What is that called?
 

Brain357

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They don't think of the oil business as a business. They think the US oil and gas companies should invest in expanding capacity when the ppb is low. That's not capitalism. What is that called?
The way Repubs act they want the oil industry socialized with price controls. They don’t get supply and demand.
 

surada

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The way Repubs act they want the oil industry socialized with price controls. They don’t get supply and demand.
Sure looks that way to me. They rant and rave about communism and socialism, but they want cheap gasoline like Russia.
 
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eagle1462010

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Mac-7

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And yet US oil production up 1.6 million BPD in just 1 year. Crazy how those oil companies find a way to get around these things
You demanded proof that biden at least tried to block oil production

here it is
 

bendog

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You demanded proof that biden at least tried to block oil production

here it is
Well, he issued a moratorium on new offshore leases, and leases on public lands. And now he's upping producer's royalties for leases. WITHOUT Ukraine, none of that would necessarily be inflationary, because US production was still rising, but with Ukraine .... oopsies.
 

surada

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Well, he issued a moratorium on new offshore leases, and leases on public lands. And now he's upping producer's royalties for leases. WITHOUT Ukraine, none of that would necessarily be inflationary, because US production was still rising, but with Ukraine .... oopsies.
Royalties is the wrong word.
 

bendog

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surada

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I don't think the word choice is wrong.
 

bendog

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Well yeah. But since the feds own the land, the govt is now requiring a higher "cut" (royalites) from the gas taken. For paying for carbon effects. I'm not arguing its right or wrong. Nor am I arguing the Biden admin was necessarily wrong to temp halt new drilling in the Gulf or to initially halt new permits on federal lands.

In light of Ukraine and pandemic induced inflation (and too much stimulus by the dems and fed reserve) it's helped cause inflation, but ... imo Biden deserves credit for correctly forecasting Putin's invasion. If not for Putin, then Biden's oil and gas moves could have been good policy.
 

surada

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Well yeah. But since the feds own the land, the govt is now requiring a higher "cut" (royalites) from the gas taken. For paying for carbon effects. I'm not arguing its right or wrong. Nor am I arguing the Biden admin was necessarily wrong to temp halt new drilling in the Gulf or to initially halt new permits on federal lands.

In light of Ukraine and pandemic induced inflation (and too much stimulus by the dems and fed reserve) it's helped cause inflation, but ... imo Biden deserves credit for correctly forecasting Putin's invasion. If not for Putin, then Biden's oil and gas moves could have been good policy.
. That's a clearer explanation of royalties.
Most oil companies have options on leases on Federal land. They just don't want to drill there because of increased regulations and paperwork. 🙂
The pandemic and Ukraine are wild cards.
 

busybee01

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BIDEN ADMINISTRATION​

Read More
Jan. 20, 2021 DOI issues Secretarial Order No. 3395, announcing that the agency is temporarily suspending its authority to issue any onshore or offshore fossil fuel authorizations, including new lease sales, for 60 days.
Jan. 20, 2021 In Executive Order 13990, President Biden revokes the Trump Executive Order 13783 titled “Promoting Energy Independence and Economic Growth.” EO 13783 directed federal agencies to streamline the oil and gas leasing process and suspend, revise, or rescind regulations that burdened the development of domestic energy resources.
Jan. 27, 2021 President Biden signs Executive Order 14008, which pauses all new federal offshore and onshore oil and gas leasing pending a comprehensive review of the leasing and permitting program. The order also revokes Trump’s EO 13795.
March 15, 2021 The Biden administration asks the Ninth Circuit to dismiss the case reviewing President Obama’s withdrawing certain Arctic and Atlantic coastal areas from oil and gas leasing in light of President Biden revoking President Trump’s EO 13795 (the EO challenged in this case). The Biden administration asks the court to vacate the lower court ruling and remand with instructions to dismiss the case. League of Conservation Voters v. Trump, No. 19-35460 (9th Cir.).
March 24, 2021 Louisiana and twelve other states file a lawsuit challenging President Biden’s pause on new federal oil and gas lease sales arguing that the Outer Continental Shelf Lands Act (OCSLA) and the current 5-year Leasing Program prohibit the moratorium. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
April 13, 2021 The Ninth Circuit dismisses the appeal of the March 29, 2019 decision by a federal judge to reinstate President Obama’s withdrawals of Arctic and Atlantic areas from oil and gas leasing because President Biden’s Executive Order 13990 revoking Trump’s EO 13795 rendered the appeal moot. League of Conservation Voters v. Trump, No. 19-35460 (9th Cir.).
June 15, 2021 A federal judge in the Western District of Louisiana issues a preliminary injunction blocking President Biden’s pause on oil and gas lease sales. The court holds that the leasing moratorium violates statutory authority given to DOI, the Bureau of Land Management, and BOEM under the Outer Continental Shelf Lands Act and the current 5-year leasing program. The judge further holds that the immediate impact of the pause renders the preliminary injunction an appropriate remedy and that the DOI may not continue to pause upcoming Lease Sales 257 or 258. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 9, 2021 Plaintiff states file a motion asking the court to order Lease Sale 257 and asking the federal government to show why its failure to make the sale does not put it in contempt of the preliminary injunction. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 16, 2021 The Biden administration appeals the preliminary injunction that blocked the moratorium on new federal oil and gas leasing. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 24, 2021 DOI announces that it will continue to prepare lease sales during the appeal process.
Aug. 24, 2021 The Department of Justice (DOJ) files a memorandum in response to the plaintiff states’ August 9 motion. DOJ argues that DOI had restarted the leasing program and was therefore complying with the preliminary injunction. DOJ further argues that the preliminary injunction did not require the Lease Sale to occur on any timeline, and the government was therefore entitled to complete a new environmental review. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 31, 2021 Environmental groups file a lawsuit challenging DOI’s decision to hold Lease Sale 257 in the Gulf of Mexico, seeking vacatur and injunction of the sale. The groups argue that the sale of Lease 257 violates the NEPA and the APA and estimate that the sale “will result in the production of up to 1.12 billion barrels and 4.4 trillion cubic feet of fossil fuels over the next 50 years.” Friends of the Earth, et al. v. Haaland, et al., Docket No. 1:21-cv-02317 (D.D.C.).
Sept. 17, 2021 Plaintiff states withdraw their motion to compel Lease Sale 257. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Oct. 4, 2021 BOEM publishes a notice in the federal register that it will open and publicly announce bids received for oil and gas leases in the Gulf of Mexico Outercontinental Gas Lease Sale 257 on Nov. 17, 2021.
Oct. 29, 2021 BOEM publishes a draft environmental impact statement (DEIS) for Lease Sale 258, which would offer leasing for oil and gas in Cook Inlet in the Gulf of Alaska. BOEM also announces a 45-day public comment period on the DEIS.
Nov. 17, 2021 BOEM holds its largest sale ever, the Gulf of Mexico Lease Sale 257 for 308 tracts, covering 1.07 million acres of federal waters in the Gulf. In approving the sale, the DOI claimed it was acting “consistent with a U.S. District Court’s preliminary injunction.” However, environmental groups argue that this sale was not required by the June 15 preliminary injunction. These groups contend that by not conducting a new environmental review like the DOJ memo suggested was allowed, the federal government sped up the lease sale and worked against its decarbonization goals.
Nov. 26, 2021 DOI issues a report reviewing the federal oil and gas leasing process and making recommendations for reform. The report finds, among other things, that the current system does not give taxpayers fair returns and does not fully account for environmental harm, and that the current system encourages speculation by and decreases competition among oil companies. The report outlines recommendations to fix these problems and concludes that DOI is deciding how it will act on these recommendations and encourages Congress to pass reforms to the oil and gas leasing process.
Dec. 3, 2021 Democratic members of the House Committee on Natural Resources file an amicus brief in support of environmental groups challenging the Gulf of Mexico lease sale, arguing that the administration’s environmental review “substantially underestimates” the environmental harms of the lease sale. The brief also argues that the nationwide injunction issued by the District Court for the Western District of Louisiana “in no way excused” DOI’s obligations under NEPA and the APA. Friends of the Earth, et al., v. Haaland, et al., No. 21-cv-02317-RC (D.D.C.).
Jan. 19, 2022 Over 360 environmental groups sent a legal petition to the Biden administration to reduce oil and gas drilling to 98% lower than current levels by 2035. The petition explains that, without action, it will be difficult for the United States to keep its pledge to keep global temperatures from rising beyond 1.5℃.
Jan. 20, 2022 Over 80 environmental organizations sign and send a letter to the Biden administration, which urges the Department of the Interior to write a new 5-year Offshore Lease Program that bans lease sales starting in 2022. The letter also calls on Secretary Haaland to repudiate Lease Sale 257.
Jan. 27, 2022 The District Court for the District of Columbia blocks Lease Sale 257 in the Gulf of Mexico because the Department of the Interior failed to take a “hard look” at the environmental impact of the project or to account for the effect of overseas fossil fuel use when calculating climate impacts, which violated the National Environmental Policy Act. Friends of the Earth, et al., v. Haaland, et al., No. 21-cv-02317-RC (D.D.C.). For more background on the ruling, see EELP’s overview of the NEPA Review Process or visit our NEPA Tracker Page for the most up to date review requirements.
Feb. 1, 2022 The Department of the Interior mistakenly posted language on its oil and gas webpage that indicated royalty fees for leases would increase to 18.75%. The Department later removed the language, and a spokesperson for the Department said the decision to increase royalty rates was not yet final.

Now TRUMP


The Trump Administration Initiative The Trump Administration introduced an initiative in Secretarial Order 3354 to seek ways to improve the oil and gas leasing system and ensure that the regulatory process serves its intended purpose. More specifically, the initiative seeks to clear up the backlog of applications for permits to drill and hold quarterly lease sales held by the BLM state field offices. An Instruction Memorandum (IM 2018-034) was published on February 1, 2018, that presents BLM policy with the intent to streamline (expedite) the oil and gas leasing process by “alleviating unnecessary impediments and burdens and to ensure quarterly lease sales are held as required in the MLA.”


The Trump administration prioritized domestic oil production by expanding both onshore and offshore leasing. Trump’s Executive Order 13783 directed federal agencies to ease regulations slowing down the oil and gas leasing process and his Executive Order 13795 instructed DOI to limit offshore energy regulation. For more on this Executive Order, see our EO 13795 page.

When the Biden administration entered office in January 2021, it prioritized limiting offshore and onshore drilling. Biden revoked both Trump Executive Orders, and DOI announced a 60-day suspension of all new federal oil and gas leases. In Executive Order 14008, President Biden also announced that his administration would continue to pause all offshore and onshore leasing pending a full review of the federal leasing and permitting program.

The facts are simple and it has nothing to do with government regulation. Oil companies can make more money by keeping supplies low and prices high. Oil companies are making more money now than they have in more than a decade. In addition by keeping gas prices high, they can try to get rid of Biden and put someone in that they can control. The ultimate goal there would be to get rid of all regulations which would make them even more money. They have already shown that they have enough influence by buying off Republicans and a few Democrats like Manchin to torpedo Biden's Fed nominee.

"But, according to other sources, the real reason that Big Oil won’t raise production is a matter of simple economics. Keeping the supply tight is just too good for the bottom line. And if it’s President Biden who will take the heat for high prices at the pumps, that’s just the cherry on top of a very, very lucrative cake. In fact, according to figures from Deloitte LLP, oil explorers in the United States are making more money now than at any other point in the more-than decade-long history of the nation’s shale revolution. “And this may just be the beginning,” Bloomberg Markets reported this week. “Free cash flow, the key metric watched by investors, probably will increase by 38% next year, presuming oil prices remain elevated.”

This kind of restraint is a new development for the shale industry, and it is clearly paying off. Historically, the Permian Basin has been unable to resist a “drill, baby, drill” mentality when oil prices are high, ultimately flooding the market and deflating prices. This would then be followed up by a period of production cuts and austerity measures until oil prices recovered, and then companies would buck production caps and the process would start all over again in an amazingly predictable boom and bust cycle.

But no longer. “After effectively subsidizing consumers through the 2010s with break-neck drilling that depressed global oil prices, the shale industry appears to have struck a winning formula: moderating production, limiting reinvestment in new wells and shaving debt,” Bloomberg writes. As such, U.S. shale is digging its heels in and refusing to pump despite any amount of begging and pleading from the White House. Despite the fact that global energy demand has bounced back to pre-pandemic levels, U.S. oil production has stubbornly remained 12% lower than they were in February 2020, right before the impact of the pandemic was felt around the world. This represents a huge volume of supply -- a 12% contraction is the equivalent of nixing the entire oil output of the Gulf of Mexico."

The Real Reason Big Oil Is Refusing To Boost Production | OilPrice.com

A Dallas Fed survey of oil executives showed that by a 59% to 6% margin, oil executives said that shareholders were the reason that they were not drilling, not government regulation.

"More than half of oil and gas executives pointed to shareholder influence as the main reason US crude producers are holding back despite surging energy prices.

In a March Dallas Fed survey, 59% of executives from 132 firms reported that the main reason publicly traded oil producers are restraining growth is due to investor pressure to maintain capital discipline.

Fifteen percent said "other," which includes a combination of personnel shortages, limited availability of equipment, and supply-chain snags, according to the data.

Environmental, social and governance issues garnered 11% of the vote, 8% said lack of access to funding, and just 6% blamed government regulations. Some also cited uncertainty around oil prices, and whether they would continue to remain elevated. "


The number of oil rigs in operation pre-pandemic were around 800. It hit a low in 219 in Mar 2020. It stood at 384 when Biden took office. In March of 2022m it is at 670. This is proof that the oil industry is keeping supply low. These rigs do not require and exploration money for oil to be produced.


"The profits were the highest since 2014, when crude oil prices last traded above $100 a barrel. This time, however, the majors are planning less capital spending on new production than in years past.

Instead, they are heeding investor demands to funnel cash back to shareholders,
said Sam Margolin, analyst at Wolfe Research, who said the companies had pursued “self help” during the 2020 downturn.

Exxon envisages capital spending of between $21bn and $24bn this year — sharply lower than plans to spend between $30bn and $35bn a year set out by chief executive Darren Woods in 2019. Chevron plans to spend $15bn this year, down from $20bn in 2019.

Once again, the facts do not support the Republican claim and it’s even worse than it appears. In December of 2021, The Washington Post wrote, citing analysis shared exclusively with The Climate 202, which found “Biden is approving more oil and gas drilling permits on public lands than Trump.” (Yikes!) In fact, the Biden administration approved them at a 35% higher rate than Trump’s first year.

But the bottom line to the point at hand, changes in the federal leasing policy would have a negligible impact on gas prices:

Zibel, the author of the Public Citizen analysis, called such rhetoric “disingenuous.” He pointed to a recent report by Taxpayers for Common Sense, a nonpartisan watchdog group, which found that changes in federal leasing policy would have a negligible impact on gas prices compared to global crude oil prices and consumer demand.
“The idea that the Biden administration’s public lands policies are having a meaningful impact on oil and gasoline prices,” Zibel said, “is just not a serious argument.”


Oil companies are holding more than 9,000 leases that they have not used. Giving them more oil leases does not mean they will use them especially if it lowers prices. Republicans like this because that money goes into their coffers in campaign contributions. The Republicans and the oil industry are attempting a takeover of this country. The only way to stop this is to nationalize oil companies just as many gulf states have state owned firms.
 
OP
eagle1462010

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The facts are simple and it has nothing to do with government regulation. Oil companies can make more money by keeping supplies low and prices high. Oil companies are making more money now than they have in more than a decade. In addition by keeping gas prices high, they can try to get rid of Biden and put someone in that they can control. The ultimate goal there would be to get rid of all regulations which would make them even more money. They have already shown that they have enough influence by buying off Republicans and a few Democrats like Manchin to torpedo Biden's Fed nominee.

"But, according to other sources, the real reason that Big Oil won’t raise production is a matter of simple economics. Keeping the supply tight is just too good for the bottom line. And if it’s President Biden who will take the heat for high prices at the pumps, that’s just the cherry on top of a very, very lucrative cake. In fact, according to figures from Deloitte LLP, oil explorers in the United States are making more money now than at any other point in the more-than decade-long history of the nation’s shale revolution. “And this may just be the beginning,” Bloomberg Markets reported this week. “Free cash flow, the key metric watched by investors, probably will increase by 38% next year, presuming oil prices remain elevated.”

This kind of restraint is a new development for the shale industry, and it is clearly paying off. Historically, the Permian Basin has been unable to resist a “drill, baby, drill” mentality when oil prices are high, ultimately flooding the market and deflating prices. This would then be followed up by a period of production cuts and austerity measures until oil prices recovered, and then companies would buck production caps and the process would start all over again in an amazingly predictable boom and bust cycle.

But no longer. “After effectively subsidizing consumers through the 2010s with break-neck drilling that depressed global oil prices, the shale industry appears to have struck a winning formula: moderating production, limiting reinvestment in new wells and shaving debt,” Bloomberg writes. As such, U.S. shale is digging its heels in and refusing to pump despite any amount of begging and pleading from the White House. Despite the fact that global energy demand has bounced back to pre-pandemic levels, U.S. oil production has stubbornly remained 12% lower than they were in February 2020, right before the impact of the pandemic was felt around the world. This represents a huge volume of supply -- a 12% contraction is the equivalent of nixing the entire oil output of the Gulf of Mexico."

The Real Reason Big Oil Is Refusing To Boost Production | OilPrice.com

A Dallas Fed survey of oil executives showed that by a 59% to 6% margin, oil executives said that shareholders were the reason that they were not drilling, not government regulation.

"More than half of oil and gas executives pointed to shareholder influence as the main reason US crude producers are holding back despite surging energy prices.

In a March Dallas Fed survey, 59% of executives from 132 firms reported that the main reason publicly traded oil producers are restraining growth is due to investor pressure to maintain capital discipline.

Fifteen percent said "other," which includes a combination of personnel shortages, limited availability of equipment, and supply-chain snags, according to the data.

Environmental, social and governance issues garnered 11% of the vote, 8% said lack of access to funding, and just 6% blamed government regulations. Some also cited uncertainty around oil prices, and whether they would continue to remain elevated. "


The number of oil rigs in operation pre-pandemic were around 800. It hit a low in 219 in Mar 2020. It stood at 384 when Biden took office. In March of 2022m it is at 670. This is proof that the oil industry is keeping supply low. These rigs do not require and exploration money for oil to be produced.


"The profits were the highest since 2014, when crude oil prices last traded above $100 a barrel. This time, however, the majors are planning less capital spending on new production than in years past.

Instead, they are heeding investor demands to funnel cash back to shareholders,
said Sam Margolin, analyst at Wolfe Research, who said the companies had pursued “self help” during the 2020 downturn.

Exxon envisages capital spending of between $21bn and $24bn this year — sharply lower than plans to spend between $30bn and $35bn a year set out by chief executive Darren Woods in 2019. Chevron plans to spend $15bn this year, down from $20bn in 2019.

Once again, the facts do not support the Republican claim and it’s even worse than it appears. In December of 2021, The Washington Post wrote, citing analysis shared exclusively with The Climate 202, which found “Biden is approving more oil and gas drilling permits on public lands than Trump.” (Yikes!) In fact, the Biden administration approved them at a 35% higher rate than Trump’s first year.

But the bottom line to the point at hand, changes in the federal leasing policy would have a negligible impact on gas prices:




Oil companies are holding more than 9,000 leases that they have not used. Giving them more oil leases does not mean they will use them especially if it lowers prices. Republicans like this because that money goes into their coffers in campaign contributions. The Republicans and the oil industry are attempting a takeover of this country. The only way to stop this is to nationalize oil companies just as many gulf states have state owned firms.
Under Trump 5 million barrels a day were added with this policy. Nearly the entire export of Russia.
 

busybee01

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Sure is a time line on how we got to where we are today

No it is not. It has nothing to do with politicians. It is oil companies who are keeping prices high. Apparently you people are incapable or are conspiring with oil companies to rip this country off.
 

busybee01

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Meister

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No it is not. It has nothing to do with politicians. It is oil companies who are keeping prices high. Apparently you people are incapable or are conspiring with oil companies to rip this country off.
Ripping the country off with a 6.7% profit on a gallon of gas? Seriously??? :abgg2q.jpg:
The feds and the states are making more profit off a gallon of gas than the oil company.
idiot
 

jc456

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No it is not. It has nothing to do with politicians. It is oil companies who are keeping prices high. Apparently you people are incapable or are conspiring with oil companies to rip this country off.
Nope
 

jc456

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Ripping the country off with a 6.7% profit on a gallon of gas? Seriously??? :abgg2q.jpg:
The feds and the states are making more profit off a gallon of gas than the oil company.
idiot
The local stations set price
 

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