Oil companies not drilling on the land leased them? Is it because Biden left them with garbage land?

[DarthTrader]

It is said that the oil companies aren't using the land they have. Is it possible that Biden took away the land with good oil and left them the land with little to no oil?

 

[Leo123]

It is said that the oil companies aren't using the land they have. Is it possible that Biden took away the land with good oil and left them the land with little to no oil?

Biden has restricted permits. A company has to first determine if there is any oil/gas then apply for a permit they may or may not be granted.

 

[berg80]

The reasons oil companies aren't utilizing available land is readily accessible if you look for it and stop listening to right wing media disinformation.

The U.S. oil industry doesn't appear to be in any rush to come to the rescue of Americans struggling with high gas prices. Oil company CEOs say Wall Street is to blame.

Fifty-nine percent of oil executives said investor pressure to maintain capital discipline is the primary reason publicly traded oil producers are restraining growth, according to a Federal Reserve Bank of Dallas survey released Wednesday.

Gas prices are high. Oil CEOs reveal why they're not drilling more

If U.S. oil companies and OPEC fail to ramp up output, analysts have warned that energy prices will likely stay painfully high.

www.kcra.com

The Real Reason Big Oil Won't Save Us From High Gas Prices

The Real Reason Big Oil Won't Save Us From High Gas Prices

time.com

 

[MarathonMike]

It is said that the oil companies aren't using the land they have. Is it possible that Biden took away the land with good oil and left them the land with little to no oil?

Democrats are masters at regulating and litigating Americans to death. Then they pretend they aren't doing anything to screw American businesses or American workers.

 

[johngaltshrugged]

Let's see what's more likely:
The guy who said he would eliminate fossil fuels decides to open low risk, high volume lands for lease. Oil companies see the massive profit potential but decide diaper dude can't be trusted so they pass.
OR
He opens all the most high risk, low return lands available, so he can blame the oil companies. Oil companies know the odds of any profit are low & further obstruction are high, so they stand pat.
Either way, it falls on Pedo Joes shoulders here

 

[ZZ PUPPS]

Let's see what's more likely:
The guy who said he would eliminate fossil fuels decides to open low risk, high volume lands for lease. Oil companies see the massive profit potential but decide diaper dude can't be trusted so they pass.
OR
He opens all the most high risk, low return lands available, so he can blame the oil companies. Oil companies know the odds of any profit are low & further obstruction are high, so they stand pat.
Either way, it falls on Pedo Joes shoulders here

Plus, if they do strike oil, hit 'em with a windfall profits tax.

 

[Harpy Eagle]

Oil companies see the massive profit potential but decide diaper dude can't be trusted so they pass.

Producing more oil lowers the price they get for it while increasing their cost. They are seeing massive profit right now and so far gas consumption has not gone down, so they have no reason at all to produce more.

Be truthful, if you ran such a company would you be in a rush to cause the price of your product to fall?

 

[berg80]

Democrats are masters at regulating and litigating Americans to death. Then they pretend they aren't doing anything to screw American businesses or American workers.

That debatable remark has no bearing on the question at hand. Nor does it offer any evidence the lack of quality land is why oil companies are only slowly adding to their rig count.

 

[berg80]

He opens all the most high risk, low return lands available, so he can blame the oil companies.

Please present your evidence this is the case.

 

[Leo123]

Let's see what's more likely:
The guy who said he would eliminate fossil fuels decides to open low risk, high volume lands for lease. Oil companies see the massive profit potential but decide diaper dude can't be trusted so they pass.
OR
He opens all the most high risk, low return lands available, so he can blame the oil companies. Oil companies know the odds of any profit are low & further obstruction are high, so they stand pat.
Either way, it falls on Pedo Joes shoulders here

Yes and if Trump was Potus in this time of skyrocketing gas prices, you can bet Democrats would be running around with their hair on fire screaming IMPEACH HIM!!

 

[berg80]

Biden has restricted permits. A company has to first determine if there is any oil/gas then apply for a permit they may or may not be granted.

As gas prices spike for American drivers, fossil fuel boosters have slammed President Joe Biden for policies they say constrain U.S. energy production. “We have the reserves here and this is preventable,” Rep. Garret Graves of Louisiana, the ranking Republican on the House Select Committee on Climate Crisis, told reporters in Washington Tuesday. “No leasing or energy production—that’s not an energy policy.”

But to understand why the industry really isn’t ramping up production, it helps to hear what its leaders are telling each other off camera. In Houston this week, where oil and gas executives are gathered for the industry’s most influential annual conference, CERAWeek by S&P Global, industry insiders are having a very different conversation than the one broadcast on cable TV. The primary thing holding back more production isn’t government policies, they say. It’s money.
[time-brightcove not-tgx=”true”]

Getting more oil flowing requires capital and comes with high risks in a volatile oil market. With steep losses in recent memory, the investors who control the purse strings are keeping the companies on a tight leash. “Ultimately, companies have to make a decision to risk their capital… nobody knows how this episode is going to play out,” Mark Viviano, managing partner at Kimmeridge, a private equity firm focused on oil and gas, told a packed conference room on March 8. “I don’t think it’s realistic to think there’s going to be a collective industry response to this crisis. Unfortunately, it’s just not the way the industry is.”

 

[berg80]

Yes and if Trump was Potus in this time of skyrocketing gas prices, you can bet Democrats would be running around with their hair on fire screaming IMPEACH HIM!!

You aren't offering anything of value to the conversation.

 

[DarthTrader]

Biden has restricted permits. A company has to first determine if there is any oil/gas then apply for a permit they may or may not be granted.

LOL what? A company determines Land A has 1,000 oil. Land B has 100 oil.

Company goes to Trump to ask for permits on Land A and Land B.

Biden later takes away permit to Land A leaving Oil company with Shitty land.

 

[jbrownson0831]

LOL what? A company determines Land A has 1,000 oil. Land B has 100 oil.

Company goes to Trump to ask for permits on Land A and Land B.

Biden later takes away permit to Land A leaving Oil company with Shitty land.

Or no land at all.

 

[DarthTrader]

Or no land at all.

I don't think they've gone that brazen yet, though the Alaska thing is mind boggling

 

[berg80]

LOL what? A company determines Land A has 1,000 oil. Land B has 100 oil.

Company goes to Trump to ask for permits on Land A and Land B.

Biden later takes away permit to Land A leaving Oil company with Shitty land.

Prove it.

 

[berg80]

Or no land at all.

Jeff Ritenour, Chief Financial Officer at Devon Energy, an Oklahoma City-based oil and gas company, described at CERAWeek a “fundamental shift” that his business made to use profits to pay down debt, provide a reliable dividend to shareholders and buy back shares. In order to do that, the company has maintained a “low reinvestment ratio”—meaning it limits its investment in new production. Similar approaches have played out at firms across the industry and made “capital discipline” industry orthodoxy.

 

[johngaltshrugged]

Please present your evidence this is the case.

He has said things like this repeatedly. This is a freebie but from now on do your own homework dude

During a campaign stop in New Hampshire on Sept. 6, 2019, Biden sought to reassure a climate activist of his commitment to ending fossil fuels. After stating unequivocally that he would not ban fracking, Biden told the activist: "But, kiddo, I want you to just take a look, OK? You don’t have to agree, but I want you to look in my eyes. I guarantee you, I guarantee you we are going to end fossil fuel and I am not going to cooperate with them, OK?"

Biden keeping his promise to ‘end fossil fuel’ increased gas prices, RSC memo shows

President Biden acted on his campaign promise to “end fossil fuel” – and the result has been skyrocketing gas prices, an influential Republican committee claims in a memo obtained by Fox Business.

www.foxbusiness.com

 

[johngaltshrugged]

Producing more oil lowers the price they get for it while increasing their cost. They are seeing massive profit right now and so far gas consumption has not gone down, so they have no reason at all to produce more.

Be truthful, if you ran such a company would you be in a rush to cause the price of your product to fall?

Do you know how a free market works?
Massive profits brings more investment to capitalize on those profits.
The reason this isn't happening is because of the toxic environment for these companies coming from DC.
I wouldn't invest in fossil fuels knowing the current resident has said he wants to shut down the industry & will obstruct them

 

[berg80]

He has said things like this repeatedly. This is a freebie but from now on do your own homework dude

During a campaign stop in New Hampshire on Sept. 6, 2019, Biden sought to reassure a climate activist of his commitment to ending fossil fuels. After stating unequivocally that he would not ban fracking, Biden told the activist: "But, kiddo, I want you to just take a look, OK? You don’t have to agree, but I want you to look in my eyes. I guarantee you, I guarantee you we are going to end fossil fuel and I am not going to cooperate with them, OK?"

Biden keeping his promise to ‘end fossil fuel’ increased gas prices, RSC memo shows

President Biden acted on his campaign promise to “end fossil fuel” – and the result has been skyrocketing gas prices, an influential Republican committee claims in a memo obtained by Fox Business.

www.foxbusiness.com

This......."President Biden has waged an unprecedented, government-wide assault on our nation’s ability to produce cheap, reliable energy," the memo from the Republican Study Committee (RSC) states, before listing Biden’s specific anti-fossil fuel actions next to the weekly average price of gas......is unadulterated horseshit.

In Washington and in conservative media, Republicans are quick to place the blame on climate policy. It’s certainly true that President Biden put the oil and gas industry on notice when he took over in Washington last year. But the administration hasn’t succeeded in enacting any stringent regulations and the policies that are under active consideration largely offer carrots for clean energy rather than actively demonizing fossil fuels. “There is nothing that the administration is doing to restrict,” Amos Hochstein, the State Department’s point person for energy security, told CERWeek conference goers on March 8.

The Real Reason Big Oil Won't Save Us From High Gas Prices

The Real Reason Big Oil Won't Save Us From High Gas Prices

time.com