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I worked 36 years in the oil and gas industry. I have forgotten more about the oil and gas industry than you ever knew.If you have ever worked in the petroleum industry you know it is a feast or famine type of operation it depends on the price of crude. Right now there is an oil glut and that will lay folks off also, not a lack of more permits for exploration.Families of service companies mainly. They don't have deep pockets. They will furlough their employees. It's already happened before back in 2010.What families, this ban is on issuing anymore permits those already issued can still be used..Too bad it's just a political grandstanding ploy to satiate his constituents. The finding will be that a permanent ban on drilling would require congressional approval and keeping the companies that hold the leases whole. So it really won't accomplish anything more than pulling the wool over the eyes of his constituents. Too bad for the American families that will be negatively affected by this action.
Biden administration pauses federal drilling program in climate push
U.S. President Joe Biden's administration has temporarily suspended oil and gas permitting on federal lands and waters in the latest of a series of rapid-fire orders aimed at fighting climate change and tamping down the U.S. fossil fuel industry.www.reuters.com
But there will be a trickle down affect on all businesses in the region.
Dec 21, 2018,08:52am EST
America's Oil And Gas Reserves Double With Massive New Permian Discovery
America's Oil And Gas Reserves Double With Massive New Permian Discovery
The United States Geological Survey just identified the world's largest unconventional oil and gas potential buried within the Permian basin, containing over 46 billion barrels of oil and 280 trillion cubic feet of natural gas.www.forbes.com