True, and there is more demand when there is less of a supply....keep upslowing product, equals higher prices.....thanks to XidenRight, they have to raise their prices to stay in business because of Biden's policies...that's what we have been sayingThere is no clue as to win the "pause" is going to be lifted, those they have to dip into their savings....when someone has to deep into their savings, they are often very conservative on how it's used, in the case of a business that drives up prices.So what does this represent?Gas prices continue to increase, with the national average up nine cents on the week to $2.72. That is a 30 cent increase from the beginning of February, 28 cents more than a year ago and the most expensive daily national average
If the rate continues at even half or 15% per month a year from now? At least $11/gal...(close to what Obama wanted..equal to Europe).AAA Gas Prices
gasprices.aaa.com
Tue January 26, 2021
President Joe Biden is set to order a moratorium on new oil and gas leases on federal lands on Wednesday, according to a person familiar with his plans. The move is expected to be the most prominent in a series of climate actions the President will take on Wednesday, including elevating the climate crisis as a national security issue.
Biden to halt new oil and gas leases on federal lands Wednesday | CNN Politics
President Joe Biden is set to order a moratorium on new oil and gas leases on federal lands on Wednesday, according to a person familiar with his plans.www.cnn.com
Killing more Texas jobs," Brady said in a Jan. 22 tweet. "After killing #KeystoneXL pipeline, #Biden suspends new oil/gas leasing on fed lands/water. If permanent, 120,000 TX jobs lost. 120,000 MORE jobless. Pssst... aren't you supposed to CREATE jobs?"
Biden’s move will have a disproportionate effect on states with large swaths of federal lands used for oil and gas activity. New Mexico, for instance, has 24 million acres of federal land, or about 32% of the state’s total land mass; Wyoming has 29 million federally owned acres, or about 47% of the state.
Fact-check: Will Biden’s drilling ban on federal leases 'kill' 120,000 Texas jobs?
U.S. Rep. Kevin Brady, R-Texas, expressed concern over how Biden's ban on federal land leasing would impact jobs in Texas’ oil and gas sector.www.statesman.com
Oil from federal lands tops 1B barrels as Trump eases rules
Oil from federal lands tops 1B barrels as Trump eases rules
BILLINGS, Mont. (AP) — Oil production from U.S.- managed lands and waters topped a record 1 billion barrels last year, federal officials said Tuesday, as technological advances helped drive development in new areas and the Trump administration eases rules on the industry. The production figure...apnews.com
About a quarter of U.S. oil and an eighth of the nation's natural gas is produced on federal lands. In Colorado, the Bureau of Land Management had leased 2.5 million acres to oiland gas companies through 2019, according to federal data
I can't imagine the current rise in prices has much to do with it. There is a lot of lead time between getting permits and actual production.
The oil majors really don't want to drill on Federal lands. The regulations have always been ornerous.. even back during the Bush presidency..
About a quarter of U.S. oil and an eighth of the nation's natural gas is produced on federal lands. In Colorado, the Bureau of Land Management had leased 2.5 million acres to oiland gas companies through 2019, according to federal data
If they don't want to then why how does 25% of US oil come from federal lands?
About half of leases on federal land never get developed. They don't even get test wells. Lot of speculation in the oil and natural gas lease field.
Yep.. Is it half? I knew it was counted in thousands of leases.
" Oil and gas production was occurring on less than half of the more than 26 million acres of land already under a federal lease by the end of fiscal 2019, according to the most recent federal Bureau of Land Management data, which doesn’t include millions of acres leased in the Trump administration’s final year. " Oil, Gas Industry Stockpiled Drilling Leases Before Biden ‘Pause’
Good article.
"President Joe Biden imposed what he described as a “pause” on federal oil and gas leasing on Wednesday as part of his climate policy—while allowing millions of acres of existing leases to remain unaffected. Nevertheless, industry representatives and elected officials in the West lambasted the move, saying it’ll deprive Western states of much-needed income for basic state services.
But the industry’s “huge inventory” of undeveloped existing leases and drilling permits are evidence that the oil and gas industry anticipated a “pause” in leasing long ago, said John Leshy, a law professor at the University of California, Hastings and former Interior solicitor in the Clinton administration.
That “makes the ‘sky is falling’ rhetoric from the industry and its allies a bit over the top,” Leshy said Thursday. “Especially since many of the Trump-era lease offerings attracted no bids, or only minimum bids.”
If the ppb doesn't increase you put domestic producers out of business. Oil companies have to make a profit unless you want to nationalize them and take the socialist route on energy prices.
LOLOL.. Nope.. The US has the highest lift costs in the world. Domestic producers need $60 to stay in the game. WTI and Brent are always a dollar more per barrel than OPEC. Biden has done NOTHING that impacts US production. This is political hysteria not facing reality. If you want cheap gasoline embrace socialism and nationalize Exxon, Chevron, Phillips Conoco etc. Me? I'll stick with capitalism.
LOLOL.. Increased demand raises prices , you idiot.
Can you read a chart?
WTI Crude Oil Prices - 10 Year Daily Chart
Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years. The prices shown are in U.S. dollars.www.macrotrends.net
LOLOL.. There's plenty of supply.. Have you ever heard of just in time inventory?
Storing oil above ground is a losing proposition.. Actually, its the height of stupidity. OPEC, Russia, Brent are all holding production down to keep the price viable.
You still haven't grasped the basics. .Just try to remember that the oil business is a business.
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