Do you know what talk is worth?
It means Biden hasn't raised drilling fees.
The drilling fees are only one of the costs.
Biden is raising lease fee 50%.
The Biden-Harris administration issued a report Friday to increase oil production costs in the United States by 6.25 percent.
www.breitbart.com
If President Joe Biden came out forcefully on the side of increasing US oil production, the price of a barrel could fall quickly, experts told The Post — even if it takes a while to bring that new …
nypost.com
Just look at what happened Wednesday in the wake of the United Arab Emirates and Iraq saying they’d up production by an estimated 800,000 barrels a day: The global price of oil dropped by $22 a barrel within minutes.
If Biden signaled full-throated support for US drillers to get to work — and perhaps allowed the re-starting of the Keystone XL Pipeline from Canada — global oil prices could similarly fall sharply, the industry experts told The Post.
“Biden could go to the oil and gas industry and say, ‘OK, I’ve said we’re going to get off oil and gas and that you guys are yesterday’s industry, but I’m going to drop that,'” surmised Myron Ebell, the director of the Competitive Enterprise Institute’s Center for Energy and Environment. “Part of the run up in oil prices is the psychology of it,” he said.
Biden could say to the industry: “‘I need your help,'” Ebell said. But so far, it’s been crickets, according to oil executives who’ve been willing to speak out.
Just last week, CEO Rick Muncrief of Devon Energy — a large driller worth around $40 billion —
told Bloomberg that he’d be happy to talk to US officials about upping production. But there’s been no call. “I’m a little mystified that there hasn’t been some dialog,” he said. “It’s not been that long ago that we were asked to drill less, not more,” he said. “They need to be talking about what is it they would really like U.S. producers to do.”
That’s the kind of inaction that’s keeping prices high — up more than 40% since Russia invaded Ukraine and the war has worsened — and up nearly 90% over the past year when looking at the global Brent crude benchmark, which has risen as high as $123 a barrel in recent days when compared to its level of around $63 a year ago."
