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

Hmmm... to whom are you referring in this case? Energy (Granholm), Treasury (Yellen), or Interior (Haaland)?? Or some combo??

Notice all three of those probably pass the Blackburn test to qualify as women....

 

They will when they get a super Majority in November. Come Jan 2023 they will be able to override any veto by the Toddler President.

 

1) Are you confident enough to actually say what you think Republicans can, and will, do? Otherwise, yours is an empty boast.

2) President Biden has actually recommended that Congress do something about this: he has suggested fining (I would prefer lease revocation) those companies that have just been holding on to leases, for years, without pumping out any oil-- "use it or loose it," as Biden said. So, will the Republicans support this idea, to force higher oil production, or are they going to try to stop it?

 

How would it accomplish that? The crappy leases they were sold had to go along with the good ones. So they let the bad ones go only to be "bundled" in with the good ones again. It's a revenue stream for the Government.

If electric cars are ever to be a viable source of transportation, they need a good clean constant source of energy to produce the electricity. Face it if electric cars are ever to climb above the novelty status they hold now, we will simply have to accept nuclear power as the way to do that.

 

Oil execs are saying investors want more restraint due to past failures, and righties are here saying they are lying its Bidens fault.

Hilarious

 

What you describe, is purely your own invention. Oil producers were never forced to buy "crappy leases," along with the "good ones." Where do you get such a fictional idea? Please offer something beside your say-so, that there is any truth, at all, to your claim. These "crappy," leases, have oil wells, on them. A company does not go through the effort of drilling, if they do not expect to find sufficient oil, below, to make it worth their while. Your assertions are patently bunk. Below is information about oil leasing, from our Department of the Interior.

https://www.doi.gov/ocl/oil-and-gas-leasing-program

[SNIP]
For purposes of oil and gas leasing, lands within a planning area are identified as fitting into one of three categories – lands open under standard lease terms, lands open with restrictions, and lands closed to leasing.

While the RMPs identify appropriate uses of public lands, generally it is industry who will nominate lands for leasing in the form of expressions of interest (EOIs). Upon receipt of an EOI, the BLM determines where lands are eligible for leasing under the governing RMP. The BLM holds competitive lease sales on nominated and eligible lands in accordance with applicable laws and regulations. After a lease sale is held, protests are resolved, and the lease is issued, an operator may then submit an Application for Permit to Drill (APD) for a specific area within its lease and begin working with the BLM on final surface use and downhole drilling plans. Operators assess their drilling targets based on ongoing analysis of resource potential and business model decisions.
[End]

So these leases are areas that were first identified by the oil drilling company. Then they decide where to drill wells, on that land. The motivation for leasing out of federal lands is not for a government "revenue stream." How ludicrous! It is intended to promote the development of our natural resources, by industry. And the reason they are not producing oil, is purely a matter of economics, for them: if too much oil is produced, the price falls. The current problem is due to the fact that the companies also decide when to work those wells, and when not to.


You totally discredit your own promoting of Republicans, as the answer to increasing our energy production. I pointed to a specific measure, now being pushed by President Biden, for Congress to act on, which would put pressure on oil companies to start producing, from the wells that they have kept idle. But instead of supporting that idea, you float excuses for the oil & gas industry. If your attitude is representative of Republicans in Congress, it proves exactly the opposite of your thesis. But we will see, if Republicans actually support Biden's idea to increase oil production, or if they will work against it.


Stay tuned, everyone, to see Republicans show their true colors.



Here is an additional, interesting story, about how the oil & gas industry, after finishing a well, is supposed to cap it, but often does not. As a result, nearly $5 billion of the recent, bipartisan infrastructure deal, passed by Congress & signed into law, is earmarked for we citizens, picking up the tab for industry, and plugging these abandoned wells.

[Snip]

The bipartisan infrastructure package signed into law back in November included $4.7 billion of our tax dollars for plugging and cleaning up abandoned or orphaned oil and gas wells. These are wells that the oil companies themselves were required to plug and clean up as a condition of their drilling permit.

[End]

https://www.google.com/amp/s/thehill.com/opinion/energy-environment/593183-orphaned-oil-wells-costing-taxpayers-a-bundle?amp


I wonder what our Republican advocate, Professor Peabody, thinks we should do about this-- more subsidies, for the poor oil & gas companies, that evil "Government" has been exploiting, by requiring them to buy leases on land without oil?

 

Good luck with that dog and pony show in November.

 

Record natural gas production.
Haynesville Shale: Record Natural Gas Production
David Middleton
Guest “Fracking A, Bubba,” by David Middleton The Haynesville Shale (technically Haynesville/Bossier) in northeast Texas and northwest Louisiana is the third largest natural gas play, in terms of production rate…

 

Prices are high because Biden/Dem policy deliberately sabotaged the American Energy Sector in order to reduce supply and raise prices. In conjunction with that, they are also trying to spin themselves out of political retribution for their attack on the American People. They are fine with prices going even higher:

Senate plays Stump the Secretary: Are gas prices too high?

​

After Sensible Joe Manchin got done blasting the Administration for their deliberate policies of destruction, the extremists in the Biden WH flopped about some more:

"Haaland, however, refuses to tell John Barrasso that she thinks gas prices are too high:" Clip at the link.

"The US Energy Information Administration shows the average gas price for all formulations at a 30-year high:"

​

I think that's an all time high:

"The EIA average when Biden took office was $2.464 per gallon. Today’s average is $4.591 per gallon, an increase of 86.3% in just fifteen months. If that’s not too high, then there isn’t a definition for that in Haaland’s vocabulary."

Rapidly rising energy prices are exactly what the Degrowthers want.

"Haaland may not want to answer this is that high prices were a desired outcome of Biden’s policies. Biden campaigned on explicit promises to curtail drilling, fracking, and American production of fossil fuels. Progressives want higher prices for two reasons — to discourage the use of fossil fuels, and to make alternative energy sources more competitive. For those who pursue these progressive goals, no pump price will ever be “too high.”"

"That, however, raises Manchin’s question as to why we’re trying to import more oil from regimes like Venezuela, Saudi Arabia, and even Iran … other than to rescue Biden’s political chestnuts from the fire he himself set. Sen. Bill Cassidy also wanted to play Stump the Secretary, and followed up on Manchin’s complaint. Cassidy asked which country does a cleaner job of production — Venezuela or the US? That’s also a no-brainer, but Haaland didn’t want to answer that either, to Cassidy’s frustration:"

"Q: “Is it more environmentally friendly to develop and produce oil and gas” in the U.S. or in foreign countries, like Venezuela? Biden Interior Secretary: “I’m not an economist”"

Smug smart asses.

 

Unless, of course, all the companies are colluding with each other.

Like they used to do quite routinely before the Congress made the practice illegal in the late 19th and early 20th centuries

 

They've been promoting them since Carter put solar panels on the White House in the 70's (43 years ago, to be precise. Republican luddites and congress critters have been fighting it tooth and nail ever since.

 

Then maybe you'd like to tell us what prevented them all from "colluding" with each other before?

 

Wasn't Henry Ford basically an auto mechanic?

 

The Law is supposed to, but there can be all sorts of reasons the law is no longer being followed

 

Oh, so just coincidentally the law began failing to protect us from the evils of capitalism about this time...

Yeah, sure, that is a very convincing explanation, I'm sure many people who are able to use critical thought and think logically will buy that.

 

The law can be disobeyed, or it may become ineffectual,. I don't see why you have a such a problem with that.

Frex, the international aspect of these oil cos may place them beyond the law, at least partially.

Corporations break the law every day.

 

You know that's a game right? At gasoline you're putting you in your car was put in the refinery process about 2 years ago.

Drill baby drill is going to have to come back or you're going to be living in the dark ages. How do you think everything you eat are everything you drink is delivered to your house or to the grocery stores where you buy it it's not fun there on the wings of a magical angel.

 

If oil executive agreed was what we're experiencing now the oil prices would be low.

Gas prices are low sell more gasoline and generate more money.

 

agree, corporate greed is getting out of control

 

The problem is that they're not going to stop the spending. We're ****ed.

Inflation is as bad as it is and we're borrowing money from China, who is supporting Russia, to send to Ukraine to launder back to politicians.

Even if R's get in, there's not much they can do at this point.

 

Bingo.

No oil company is going to invest the time to find, set up, and drill when the Biden admin keeps cancelling leases and blaming the oil companies for democrat actions.

 

Helps Putin in my view to do this. Oil will still be used and when it's needed, we will know where to go