You consider 50 million barrels "huge"? Evidently you don't know how much oil the USA uses.
20,543,000 barrels per day.
In 2024, the United States consumed nearly ** million barrels of oil daily.
www.statista.com
Just for once... read the facts from the experts in oil and gas!
Just for once... common sense should prevail, i.e. when you cut exploration on land that's producing 25% of your gas you are telling the oil companies "RAISE YOUR PRICES" because your sources are drying up!
The Trump administration's efforts to drill on federal land have been walked back, with the Department of the Interior
imposing a 60-day moratorium on the sale of oil and gas leases on federal land. Goldman notes that this order is temporary but supportive of Biden's stated policies of halting the drilling on government-owned land. A more long-lasting moratorium could follow.
“As we argued ahead of the election, such actions point to both higher
production and financing costs for shale producers in coming years as well as lower recoverable resources,” Goldman analysts wrote.
The Biden administration's policies push demand and reduce supply somewhat — which will likely cause oil prices to rise.
www.yahoo.com
The Biden administration’s aversion to
traditional, more reliable sources of energy could induce lower supply and therefore higher costs. Actions to significantly curtail reliable forms of energy will not only impact individuals at the pump, but will balloon operational costs for nearly every business—big or small.
Gasoline prices are spiking across the country as warmer weather triggers an annual uptick in travel. Other factors, including the recent shutdown of the Colonial Pipeline following a cyber-attack and…
informationstation.org
At the same time, the
Western Energy Alliance and the Petroleum Association of Wyoming were fighting
Biden’s ban on oil and natural gas leasing after the Department of the Interior failed to comply with a Louisiana court ruling overturning the ban. As gas prices were going up and many Americans in the oil and gas sector were still out of work, “the Interior Department still had not issued a plan on how it would conduct its reported comprehensive review of the federal oil and natural gas program” as directed by a January executive order, the Alliance argued.
“[F]or six months the leasing ban [was] completely futile, as no progress [was] made on the supposed reason for the ban in the first place,” the Alliance said.
(The Center Square) – Oil prices hit a 7-year high this week as American oil and gas companies continue to fight the Biden administration over policies restricting production.
www.thecentersquare.com
