When it comes to oil it is not getting in the way. No roadblocks. So instead of a pipeline wet trains transporting oil. A roadblock. An extra cost. Instead of continuing to give rights to drill for oil with expanding opportunities, we get a stoppage of that even with opportunities to drill still valid from past decisions. At extra cost. As peasants we are in the middle. We know now that we must flood the market with oil and products derived from it. Foreign problems in any way affect the costs also. So, OPEC is now dictating again due to old Joe and the progressive socialists. You know, the ones who are for the peons. Joe is a Delaware corporate stooge.
You're partially right. But the rest is just false propaganda you've been fed.
Taking out those leases did NOTHING to reduce oil production. For the simple fact that not one company held a lease on any of the leases that Biden halted. Then you've got at least 1 to 2 years to do the geological studies to find exact spots to drill. Then you have to apply for the permit. That takes another 2 to 3 years. Then it's another year to get the structure in place. All these years before they even drill their first inch. If a company had leased ANY part of what Biden halted, they still wouldn't be drilling today. In fact, it would be 2025 or 26 before drilling could start.
Oil companies slowed production on existing wells, themselves. There's millions of wells in this country that either are producing, or could be producing within a month. (capped wells). But it was a bust cycle, initiated by Trump himself when in April of 2020, 7 months BEFORE the election, he struck a deal with US oil companies, Mexico and Saudi to REDUCE production.
Whether Trump made the deal or not, the oil companies were going to go into a bust cycle because demand had bottomed out.
All Biden really did was play a part in the same scheme that's been going on since oil became a commodity. Play his part? You bet he did. How else do you explain how the oil companies received record high profits at the same time producing record low amounts of oil?
Had Biden not played his part, they could've NEVER gotten away with it. Bust cycles have to happen during peak demand. That's a market force. When demand is high, slow production to drive prices up. But this one was different.
The demand was waaaay down. Which always dictates lower prices for any commodity.
