Depleting US Strategic Oil reserves is all about election year damage control.

[B. Kidd]

You just made that up

Bidenista's lie in their desperation.

 

[Winston]

What did Biden do to encourage more production last year?
It wasn't telling people "We're going to get rid of fossil fuels", was it?

Maybe that was part of it. Does it not make sense? Two scenarios. First, a president standing up and proclaiming fossil fuels are going to around forever, global warming is all bullshit. What incentive is there for oil companies to boost production? I mean oil still in those wells is like money in the bank. Second scenario, a president proclaiming that we must move away from fossil fuels because global warming is real. Suddenly, the oil in those wells has an expiration date. Seems to me, those oil companies would be getting it while the getting is good. But hey, don't take my word for it, try the Dallas Fed.

• The administration’s efforts to curtail fossil fuel development is creating a larger gap between supply and demand, therefore causing an increase in commodity prices and drilling activity.

Oil and Gas Activity Continues Expanding; Outlook Improves Further

Activity in the oil and gas sector continued growing strongly in second quarter 2021, according to oil and gas executives responding to the Dallas Fed Energy Survey.

www.dallasfed.org

 

[Toddsterpatriot]

Maybe that was part of it. Does it not make sense?

Does it make sense that leases he sold, that he complains aren't being drilled, led to increased production?

 

[Toddsterpatriot]

Maybe that was part of it. Does it not make sense? Two scenarios. First, a president standing up and proclaiming fossil fuels are going to around forever, global warming is all bullshit. What incentive is there for oil companies to boost production? I mean oil still in those wells is like money in the bank. Second scenario, a president proclaiming that we must move away from fossil fuels because global warming is real. Suddenly, the oil in those wells has an expiration date. Seems to me, those oil companies would be getting it while the getting is good. But hey, don't take my word for it, try the Dallas Fed.

• The administration’s efforts to curtail fossil fuel development is creating a larger gap between supply and demand, therefore causing an increase in commodity prices and drilling activity.

Oil and Gas Activity Continues Expanding; Outlook Improves Further

Activity in the oil and gas sector continued growing strongly in second quarter 2021, according to oil and gas executives responding to the Dallas Fed Energy Survey.

www.dallasfed.org

Thanks for the link.

• We are closely monitoring potential changes to the tax code that could negatively impact the oil and gas industry. We are especially concerned about the elimination of intangible drilling cost deductions and flow-through entity taxation.
• We have relationships with approximately 400 institutional investors and close relationships with 100. Approximately one is willing to give new capital to oil and gas investment.
• Our biggest fear is the administration’s executive actions. Inflation will cause higher oil prices. That will hurt demand over time.
• The Fed [Federal Reserve] leaning on banks to address climate change in their lending decisions is not helpful. Despite some healing in the high-yield bond market, the banks remain severely strained and price decks, advance rates and assumptions are all working to limit borrowing bases. All of this will work to constrain capital flows to develop resources and stem decline curves in the industry, ultimately leading to higher prices.
• The current mess in Washington adds an unacceptable and adolescent level of challenge to strategic planning. Considering the administration’s attitude toward oil and gas, it is obvious that there is no basic understanding of the fact that, for the present and near term, the economy is absolutely dependent on the oil and gas industry to provide the energy to fuel the economy. Contrary to the current fiction, that fact will survive far into the conversion to renewables, and it will be tragic and expensive to believe to the contrary.

Didn't look like your link showed many things the Biden administration is doing to increase production.

 

[Mac-7]

Mac, no US president controls US oil companies.

The oil companies do not need to be controlled

just leave them alone

 

[Winston]

Thanks for the link.

• We are closely monitoring potential changes to the tax code that could negatively impact the oil and gas industry. We are especially concerned about the elimination of intangible drilling cost deductions and flow-through entity taxation.
• We have relationships with approximately 400 institutional investors and close relationships with 100. Approximately one is willing to give new capital to oil and gas investment.
• Our biggest fear is the administration’s executive actions. Inflation will cause higher oil prices. That will hurt demand over time.
• The Fed [Federal Reserve] leaning on banks to address climate change in their lending decisions is not helpful. Despite some healing in the high-yield bond market, the banks remain severely strained and price decks, advance rates and assumptions are all working to limit borrowing bases. All of this will work to constrain capital flows to develop resources and stem decline curves in the industry, ultimately leading to higher prices.
• The current mess in Washington adds an unacceptable and adolescent level of challenge to strategic planning. Considering the administration’s attitude toward oil and gas, it is obvious that there is no basic understanding of the fact that, for the present and near term, the economy is absolutely dependent on the oil and gas industry to provide the energy to fuel the economy. Contrary to the current fiction, that fact will survive far into the conversion to renewables, and it will be tragic and expensive to believe to the contrary.

Didn't look like your link showed many things the Biden administration is doing to increase production.

Look at that list. "potential changes", "biggest fear", "administration's attitude". What bullshit. I mean here is a thought, you don't need to be worrying about tomorrow when today is staring right down your face. It is horseshit. I mean look at the last little bit,

the economy is absolutely dependent on the oil and gas industry to provide the energy to fuel the economy. Contrary to the current fiction, that fact will survive far into the conversion to renewables, and it will be tragic and expensive to believe to the contrary.

And yet what are the oil companies doing? Believing to the contrary. I mean it is stupid, beyond stupid. Get it while the getting is good, and it is damn sure good right now. I mean I don't know who these stupid strategists are, but they need to wake up and smell the coffee. Again, I have to turn to my son. Five years ago he was a college graduate entering the job market. Sure, it took some balls to go into that market with a mechanical engineering degree, energy concentration, specializing in coal. And it didn't make sense, being raised in a screaming liberal tree hugging environmentalist household like mine. But I knew the reality on the ground. Coal is currently a necessity when it comes to providing the base load for energy production. And while natural gas might be the next best alternative, it appears going forward that natural gas is going to be for export. So when he failed to run away from coal in the job interview, well, he got the damn job. Three promotions and near completion of his Phd since then has only confirmed that he made the right decision.

Honestly, I believe all this horse shit about regulations, moving to green energy sources, is just a smoke screen. Hell, I ain't no rocket scientist, even I can see the need for those fossil fuels even if we make the transition to green energy sources. Do I really believe those oil companies don't see the same thing. This is all about externalizing costs, period. Those companies want to be able to externalize their costs, the environmental cost, to the public in the form of increased asthma, increased pollution, and increased environmental damage, like coal ash. Can they afford those costs? Damn skippy, but if they can avoid them it is more profits for them. You, along with all those that support your position, are little more than useful idiots. Wake up and see the writing on the wall. Profits are all fine and dandy, but when they come at the expense of the American public it is little more than extortion.

 

[surada]

The oil companies do not need to be controlled

just leave them alone

I agree.

 

[surada]

Look at that list. "potential changes", "biggest fear", "administration's attitude". What bullshit. I mean here is a thought, you don't need to be worrying about tomorrow when today is staring right down your face. It is horseshit. I mean look at the last little bit,

the economy is absolutely dependent on the oil and gas industry to provide the energy to fuel the economy. Contrary to the current fiction, that fact will survive far into the conversion to renewables, and it will be tragic and expensive to believe to the contrary.

And yet what are the oil companies doing? Believing to the contrary. I mean it is stupid, beyond stupid. Get it while the getting is good, and it is damn sure good right now. I mean I don't know who these stupid strategists are, but they need to wake up and smell the coffee. Again, I have to turn to my son. Five years ago he was a college graduate entering the job market. Sure, it took some balls to go into that market with a mechanical engineering degree, energy concentration, specializing in coal. And it didn't make sense, being raised in a screaming liberal tree hugging environmentalist household like mine. But I knew the reality on the ground. Coal is currently a necessity when it comes to providing the base load for energy production. And while natural gas might be the next best alternative, it appears going forward that natural gas is going to be for export. So when he failed to run away from coal in the job interview, well, he got the damn job. Three promotions and near completion of his Phd since then has only confirmed that he made the right decision.

Honestly, I believe all this horse shit about regulations, moving to green energy sources, is just a smoke screen. Hell, I ain't no rocket scientist, even I can see the need for those fossil fuels even if we make the transition to green energy sources. Do I really believe those oil companies don't see the same thing. This is all about externalizing costs, period. Those companies want to be able to externalize their costs, the environmental cost, to the public in the form of increased asthma, increased pollution, and increased environmental damage, like coal ash. Can they afford those costs? Damn skippy, but if they can avoid them it is more profits for them. You, along with all those that support your position, are little more than useful idiots. Wake up and see the writing on the wall. Profits are all fine and dandy, but when they come at the expense of the American public it is little more than extortion.

The US has a poor record for production emissions. Not as bad as Venezuela, but not good. We can do better. Why not? Saudi Arabia has a very clean record.

 

[Toddsterpatriot]

Look at that list. "potential changes", "biggest fear", "administration's attitude". What bullshit. I mean here is a thought, you don't need to be worrying about tomorrow when today is staring right down your face. It is horseshit. I mean look at the last little bit,

the economy is absolutely dependent on the oil and gas industry to provide the energy to fuel the economy. Contrary to the current fiction, that fact will survive far into the conversion to renewables, and it will be tragic and expensive to believe to the contrary.

And yet what are the oil companies doing? Believing to the contrary. I mean it is stupid, beyond stupid. Get it while the getting is good, and it is damn sure good right now. I mean I don't know who these stupid strategists are, but they need to wake up and smell the coffee. Again, I have to turn to my son. Five years ago he was a college graduate entering the job market. Sure, it took some balls to go into that market with a mechanical engineering degree, energy concentration, specializing in coal. And it didn't make sense, being raised in a screaming liberal tree hugging environmentalist household like mine. But I knew the reality on the ground. Coal is currently a necessity when it comes to providing the base load for energy production. And while natural gas might be the next best alternative, it appears going forward that natural gas is going to be for export. So when he failed to run away from coal in the job interview, well, he got the damn job. Three promotions and near completion of his Phd since then has only confirmed that he made the right decision.

Honestly, I believe all this horse shit about regulations, moving to green energy sources, is just a smoke screen. Hell, I ain't no rocket scientist, even I can see the need for those fossil fuels even if we make the transition to green energy sources. Do I really believe those oil companies don't see the same thing. This is all about externalizing costs, period. Those companies want to be able to externalize their costs, the environmental cost, to the public in the form of increased asthma, increased pollution, and increased environmental damage, like coal ash. Can they afford those costs? Damn skippy, but if they can avoid them it is more profits for them. You, along with all those that support your position, are little more than useful idiots. Wake up and see the writing on the wall. Profits are all fine and dandy, but when they come at the expense of the American public it is little more than extortion.

I mean here is a thought, you don't need to be worrying about tomorrow when today is staring right down your face.

Exactly! Invest millions today, don't worry that Biden could impose a new regulation
tomorrow that destroys your investment.

 

[Nuthin' Fancy]

9,000 permits sounds like a lot but really isnt for 24 million acres

No, it isn't.
So, if they have so little to work with, why aren't they drilling on 50% of them?
Seems like, they would take advantage of limited resources.
Instead, they don't, so they can gouge the consumer.
Republicans STILL blame Biden.

or an industry as vast as oil production

I know 90% of there oil rigs don't involve any federal land.
Republicans whine about the 10% that does.

 

[Nuthin' Fancy]

A tax break it their way of nationalizing the oil companies?
You might want to check the doses of your meds. Something is off.

The only ones off are republicans.

Exxon Mobil made $23 billion in profit for 2021,was the highest it had been since 2014.

Chevron also experienced its most profitable year since 2014, with the company reporting in January that it made $15.6 billion in revenue for 2021.

BP reported it made $12.85 billion in 2021, with $4.1 billion being made in the fourth financial quarter, the profit was the largest the company has had since 2013.

Shell made significant profits in 2021, earning $19.29 billion for the year, up from $4.85 billion in 2020. In the final financial quarter of 2021, the company earned $6.4 billion, Shell’s highest quarterly profit since 2014.

Trumptard "solution"?
Lease more federal land and of course more tax cuts.

 

[Nuthin' Fancy]

They just need to "start drilling"?
No regulatory hoops to jump through? Are you sure?

Nope, the permits for drilling were cleared,
Why do you think this comment was made?

"They have 9,000 permits to drill now. They could be drilling right now, yesterday, last week, last year. They have 9,000 to drill onshore that are already approved."

 

[Mac-7]

No, it isn't.
So, if they have so little to work with, why aren't they drilling on 50% of them?
Seems like, they would take advantage of limited resources.
Instead, they don't, so they can gouge the consumer.
Republicans STILL blame Biden.


I know 90% of there oil rigs don't involve any federal land.
Republicans whine about the 10% that does.

We are just exposing biden’s promise to kill domestic oil production

if he had as much authority over private land as he does federal land US oil production would be practically nil

 

[Toddsterpatriot]

Nope, the permits for drilling were cleared,
Why do you think this comment was made?

"They have 9,000 permits to drill now. They could be drilling right now, yesterday, last week, last year. They have 9,000 to drill onshore that are already approved."

Nope, the permits for drilling were cleared,

That's all they need? A permit?

I don't believe you.

 

[CrusaderFrank]

So he's draining the Strategic Petroleum Reserve (meant for actual emergencies, not Biden-created messes) and leaving it for the next POTUS to deal with, all in an attempt to prop up his and the Democrat's sagging poll numbers.

democrats = Party > Country

 

[Winston]

We are just exposing biden’s promise to kill domestic oil production

if he had as much authority over private land as he does federal land US oil production would be practically nil

That is so much bullshit.

Production by month

This dataset contains monthly production volumes on federal lands and waters and Native American lands.

revenuedata.doi.gov

We were importing more oil from the Middle East under Trump. Production has increased significantly since Trump left office, perhaps more on public lands than private lands. The Biden administration has auctioned off leases on those public lands and offshore areas at the fastest rate since Bush Jr. You can't name a single regulation, executive order, or legislative action that has hampered production or drilling. While Biden attempted to stop granting new leases on public land that EO was voided by a court order.

 

[Mac-7]

That is so much bullshit.

Production by month

This dataset contains monthly production volumes on federal lands and waters and Native American lands.

revenuedata.doi.gov

We were importing more oil from the Middle East under Trump. Production has increased significantly since Trump left office, perhaps more on public lands than private lands. The Biden administration has auctioned off leases on those public lands and offshore areas at the fastest rate since Bush Jr. You can't name a single regulation, executive order, or legislative action that has hampered production or drilling. While Biden attempted to stop granting new leases on public land that EO was voided by a court order.

Federal Onshore and Offshore Oil and Gas Leasing Pause and Review - Harvard Law School

This page tracks the federal oil and gas leasing pause and related litigation. For more on these leasing programs, see our Onshore Leasing Page and Offshore Leasing Page. If you’re a reporter and would like to speak with an expert on this rule, please email us. Quick Take The IRA makes it hard...

eelp.law.harvard.edu

Jan. 20, 2021 DOI issues Secretarial Order No. 3395, announcing that the agency is temporarily suspending its authority to issue any onshore or offshore fossil fuel authorizations, including new lease sales, for 60 days.
Jan. 20, 2021 In Executive Order 13990, President Biden revokes the Trump Executive Order 13783 titled “Promoting Energy Independence and Economic Growth.” EO 13783 directed federal agencies to streamline the oil and gas leasing process and suspend, revise, or rescind regulations that burdened the development of domestic energy resources.
Jan. 27, 2021 President Biden signs Executive Order 14008, which pauses all new federal offshore and onshore oil and gas leasing pending a comprehensive review of the leasing and permitting program. The order also revokes Trump’s EO 13795.
March 15, 2021 The Biden administration asks the Ninth Circuit to dismiss the case reviewing President Obama’s withdrawing certain Arctic and Atlantic coastal areas from oil and gas leasing in light of President Biden revoking President Trump’s EO 13795 (the EO challenged in this case). The Biden administration asks the court to vacate the lower court ruling and remand with instructions to dismiss the case. League of Conservation Voters v. Trump, No. 19-35460 (9th Cir.).
March 24, 2021 Louisiana and twelve other states file a lawsuit challenging President Biden’s pause on new federal oil and gas lease sales arguing that the Outer Continental Shelf Lands Act (OCSLA) and the current 5-year Leasing Program prohibit the moratorium. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
April 13, 2021 The Ninth Circuit dismisses the appeal of the March 29, 2019 decision by a federal judge to reinstate President Obama’s withdrawals of Arctic and Atlantic areas from oil and gas leasing because President Biden’s Executive Order 13990 revoking Trump’s EO 13795 rendered the appeal moot. League of Conservation Voters v. Trump, No. 19-35460(9th Cir.).
June 15, 2021 A federal judge in the Western District of Louisiana issues a preliminary injunction blocking President Biden’s pause on oil and gas lease sales. The court holds that the leasing moratorium violates statutory authority given to DOI, the Bureau of Land Management, and BOEM under the Outer Continental Shelf Lands Act and the current 5-year leasing program. The judge further holds that the immediate impact of the pause renders the preliminary injunction an appropriate remedy and that the DOI may not continue to pause upcoming Lease Sales 257 or 258. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 9, 2021 Plaintiff states file a motion asking the court to order Lease Sale 257 and asking the federal government to show why its failure to make the sale does not put it in contempt of the preliminary injunction. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 16, 2021 The Biden administration appeals the preliminary injunction that blocked the moratorium on new federal oil and gas leasing. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 24, 2021 DOI announces that it will continue to prepare lease sales during the appeal process.
Aug. 24, 2021 The Department of Justice (DOJ) files a memorandum in response to the plaintiff states’ August 9 motion. DOJ argues that DOI had restarted the leasing program and was therefore complying with the preliminary injunction. DOJ further argues that the preliminary injunction did not require the Lease Sale to occur on any timeline, and the government was therefore entitled to complete a new environmental review. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 31, 2021 Environmental groups file a lawsuit challenging DOI’s decision to hold Lease Sale 257 in the Gulf of Mexico, seeking vacatur and injunction of the sale. The groups argue that the sale of Lease 257 violates the NEPA and the APA and estimate that the sale “will result in the production of up to 1.12 billion barrels and 4.4 trillion cubic feet of fossil fuels over the next 50 years.” Friends of the Earth, et al. v. Haaland, et al., Docket No. 1:21-cv-02317 (D.D.C.).
Sept. 17, 2021 Plaintiff states withdraw their motion to compel Lease Sale 257. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Oct. 4, 2021 BOEM publishes a notice in the federal register that it will open and publicly announce bids received for oil and gas leases in the Gulf of Mexico Outercontinental Gas Lease Sale 257 on Nov. 17, 2021.
Oct. 29, 2021 BOEM publishes a draft environmental impact statement (DEIS) for Lease Sale 258, which would offer leasing for oil and gas in Cook Inlet in the Gulf of Alaska. BOEM also announces a 45-day public comment periodon the DEIS.
Nov. 17, 2021 BOEM holds its largest sale ever, the Gulf of Mexico Lease Sale 257 for 308 tracts, covering 1.07 million acres of federal waters in the Gulf. In approving the sale, the DOI claimed it was acting “consistent with a U.S. District Court’s preliminary injunction.” However, environmental groups argue that this sale was not required by the June 15 preliminary injunction. These groups contend that by not conducting a new environmental review like the DOJ memo suggested was allowed, the federal government sped up the lease sale and worked against its decarbonization goals.
Nov. 26, 2021 DOI issues a report reviewing the federal oil and gas leasing process and making recommendations for reform. The report finds, among other things, that the current system does not give taxpayers fair returns and does not fully account for environmental harm, and that the current system encourages speculation by and decreases competition among oil companies. The report outlines recommendations to fix these problems and concludes that DOI is deciding how it will act on these recommendations and encourages Congress to pass reforms to the oil and gas leasing process.
Dec. 3, 2021 Democratic members of the House Committee on Natural Resources file an amicus brief in support of environmental groups challenging the Gulf of Mexico lease sale, arguing that the administration’s environmental review “substantially underestimates” the environmental harms of the lease sale. The brief also argues that the nationwide injunction issued by the District Court for the Western District of Louisiana “in no way excused” DOI’s obligations under NEPA and the APA. Friends of the Earth, et al., v. Haaland, et al., No. 21-cv-02317-RC (D.D.C.).
Jan. 19, 2022 Over 360 environmental groups sent a legal petition to the Biden administrationto reduce oil and gas drilling to 98% lower than current levels by 2035. The petition explains that, without action, it will be difficult for the United States to keep its pledge to keep global temperatures from rising beyond 1.5℃.
Jan. 20, 2022 Over 80 environmental organizations sign and send a letter to the Biden administration, which urges the Department of the Interior to write a new 5-year Offshore Lease Program that bans lease sales starting in 2022. The letter also calls on Secretary Haaland to repudiate Lease Sale 257.
Jan. 27, 2022 The District Court for the District of Columbia blocks Lease Sale 257 in the Gulf of Mexico because the Department of the Interior failed to take a “hard look” at the environmental impact of the project or to account for the effect of overseas fossil fuel use when calculating climate impacts, which violated the National Environmental Policy Act. Friends of the Earth, et al., v. Haaland, et al., No. 21-cv-02317-RC (D.D.C.). For more background on the ruling, see EELP’s overview of the NEPA Review Process or visit our NEPA Tracker Page for the most up to date review requirements.
Feb. 1, 2022 The Department of the Interior mistakenly posted language on its oil and gas webpage that indicated royalty fees for leases would increase to 18.75%. The Department later removed the language, and a spokesperson for the Department said the decision to increase royalty rates was not yet final.
Feb. 8, 2022 Intervenor defendant, the American Petroleum Institute files a notice of appeal with the D.C. Circuit, challenging the D.C District Court’s decision to block Lease Sale 257 in the Gulf of Mexico. Friends of the Earth, et al. v. Haaland, et al., Docket No. 1:21-cv-02317 (D.D.C.).
Feb. 14, 2022 Louisiana, another intervenor defendant, files a notice of appeal in the D.C. Circuit case that blocked Lease Sale 257. Friends of the Earth, et al. v. Haaland, et al., Docket No. 22-05037 (D.C. Cir).
Feb. 14, 2022 The Biden administration asks the 5th Circuit to reverse the Western District of Louisiana’s decision that blocked the Biden administration’s moratorium on new oil and gas drilling on federal lands and waters. Among other issues, the Biden administration argues that Biden’s Executive Order 14008 is both lawful and unreviewable and that the plaintiffs relied on erroneous interpretations of the Outer Continental Shelf Lands Act and the Mineral Leasing Act. Louisiana v. Biden, Docket No. 21-30505 (5th Cir.)
Feb. 18, 2022 Environmental groups file a motion to dismiss for lack of jurisdiction in the D.C. Circuit case that blocked Lease Sale 257. Friends of the Earth, et al. v. Haaland, et al., Docket No. 22-05037 (D.C. Cir).
Feb. 22, 2022 A federal judge in the Western District of Louisiana blocks the Biden administration’s application of an interim social cost of carbon metric., Louisiana v. Biden, No. 21-cv-01074 (W.D. La.). For updates on the metric and this litigation, see our Social Cost of Greenhouse Gases tracker page. In light of this decision, the Biden administration announces that it will delay decisions on new oil and gas drilling on federal lands.
Feb. 28, 2022 The Biden administration announces that it will not appeal the District Court’s decision that canceled Lease Sale 257 in the Gulf of Mexico. Friends of the Earth, et al. v. Haaland, et al., Docket No. 1:21-cv-02317 (D.D.C.).
Mar. 8, 2022 The Court of Appeals for the District of Columbia Circuit denies an emergency motion by American Petroleum Institute to expedite the appeal of the District Court decisionthat canceled Lease Sale 257. Friends of the Earth, et al. v. Haaland, et al., Docket No. 22-05037 (D.C. Cir).

 

[Mac-7]

And who know what dirty tricks biden is up to that we cant see?

 

[Winston]

I mean here is a thought, you don't need to be worrying about tomorrow when today is staring right down your face.

Exactly! Invest millions today, don't worry that Biden could impose a new regulation
tomorrow that destroys your investment.

That is just stupid. I mean why the hell are oil companies gobbling up the leases that are offered? It will be decades before fossil fuels are eliminated, more than enough time to get a return on investment. I mean do you Republicans ever listen to your own arguments. Oil companies are not drilling because they believe that Biden is going to unilaterally ban all fossil fuels one morning. Hell, he can't even stop issuing new permits on public lands. And if the oil companies really believed that they sure as hell wouldn't be buying new leases when they came up. It is like "Du Huh".

Common sense tells you what is going on. First, they are sucking up all the leases they can, stockpiling them, so when they do decide to drill, they will already have the leases. They got no damn interest in drilling now because they are making money hand over fist, limited supply, higher prices. Within this thread it has been noted that most of the major oil companies had record breaking profits last year--demand down, prices up, I mean hello howdy. What business wouldn't want to sell less for more. Again, "Du Huh".

Those oil companies are risk averse. They got their asses handed to them during the mortgage crisis, and handed to them again when Covid hit. Eliminate the pass through exemption, Trump's little personal gift to himself that many oil drillers have taken advantage of. Eliminate the depletion allowance, it's flippin stupid. Oil, and forestry, only two industries that it exist. I mean where is my depletion allowance on my well? And of course, we could increase the corporate tax rate and let the government subsidize some of that risk. But we have been down that road before.

 

[Winston]

Federal Onshore and Offshore Oil and Gas Leasing Pause and Review - Harvard Law School

This page tracks the federal oil and gas leasing pause and related litigation. For more on these leasing programs, see our Onshore Leasing Page and Offshore Leasing Page. If you’re a reporter and would like to speak with an expert on this rule, please email us. Quick Take The IRA makes it hard...

eelp.law.harvard.edu

Jan. 20, 2021 DOI issues Secretarial Order No. 3395, announcing that the agency is temporarily suspending its authority to issue any onshore or offshore fossil fuel authorizations, including new lease sales, for 60 days.
Jan. 20, 2021 In Executive Order 13990, President Biden revokes the Trump Executive Order 13783 titled “Promoting Energy Independence and Economic Growth.” EO 13783 directed federal agencies to streamline the oil and gas leasing process and suspend, revise, or rescind regulations that burdened the development of domestic energy resources.
Jan. 27, 2021 President Biden signs Executive Order 14008, which pauses all new federal offshore and onshore oil and gas leasing pending a comprehensive review of the leasing and permitting program. The order also revokes Trump’s EO 13795.
March 15, 2021 The Biden administration asks the Ninth Circuit to dismiss the case reviewing President Obama’s withdrawing certain Arctic and Atlantic coastal areas from oil and gas leasing in light of President Biden revoking President Trump’s EO 13795 (the EO challenged in this case). The Biden administration asks the court to vacate the lower court ruling and remand with instructions to dismiss the case. League of Conservation Voters v. Trump, No. 19-35460 (9th Cir.).
March 24, 2021 Louisiana and twelve other states file a lawsuit challenging President Biden’s pause on new federal oil and gas lease sales arguing that the Outer Continental Shelf Lands Act (OCSLA) and the current 5-year Leasing Program prohibit the moratorium. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
April 13, 2021 The Ninth Circuit dismisses the appeal of the March 29, 2019 decision by a federal judge to reinstate President Obama’s withdrawals of Arctic and Atlantic areas from oil and gas leasing because President Biden’s Executive Order 13990 revoking Trump’s EO 13795 rendered the appeal moot. League of Conservation Voters v. Trump, No. 19-35460(9th Cir.).
June 15, 2021 A federal judge in the Western District of Louisiana issues a preliminary injunction blocking President Biden’s pause on oil and gas lease sales. The court holds that the leasing moratorium violates statutory authority given to DOI, the Bureau of Land Management, and BOEM under the Outer Continental Shelf Lands Act and the current 5-year leasing program. The judge further holds that the immediate impact of the pause renders the preliminary injunction an appropriate remedy and that the DOI may not continue to pause upcoming Lease Sales 257 or 258. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 9, 2021 Plaintiff states file a motion asking the court to order Lease Sale 257 and asking the federal government to show why its failure to make the sale does not put it in contempt of the preliminary injunction. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 16, 2021 The Biden administration appeals the preliminary injunction that blocked the moratorium on new federal oil and gas leasing. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 24, 2021 DOI announces that it will continue to prepare lease sales during the appeal process.
Aug. 24, 2021 The Department of Justice (DOJ) files a memorandum in response to the plaintiff states’ August 9 motion. DOJ argues that DOI had restarted the leasing program and was therefore complying with the preliminary injunction. DOJ further argues that the preliminary injunction did not require the Lease Sale to occur on any timeline, and the government was therefore entitled to complete a new environmental review. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Aug. 31, 2021 Environmental groups file a lawsuit challenging DOI’s decision to hold Lease Sale 257 in the Gulf of Mexico, seeking vacatur and injunction of the sale. The groups argue that the sale of Lease 257 violates the NEPA and the APA and estimate that the sale “will result in the production of up to 1.12 billion barrels and 4.4 trillion cubic feet of fossil fuels over the next 50 years.” Friends of the Earth, et al. v. Haaland, et al., Docket No. 1:21-cv-02317 (D.D.C.).
Sept. 17, 2021 Plaintiff states withdraw their motion to compel Lease Sale 257. Louisiana v. Biden, Docket No. 2:21-CV-00778 (W.D. La.).
Oct. 4, 2021 BOEM publishes a notice in the federal register that it will open and publicly announce bids received for oil and gas leases in the Gulf of Mexico Outercontinental Gas Lease Sale 257 on Nov. 17, 2021.
Oct. 29, 2021 BOEM publishes a draft environmental impact statement (DEIS) for Lease Sale 258, which would offer leasing for oil and gas in Cook Inlet in the Gulf of Alaska. BOEM also announces a 45-day public comment periodon the DEIS.
Nov. 17, 2021 BOEM holds its largest sale ever, the Gulf of Mexico Lease Sale 257 for 308 tracts, covering 1.07 million acres of federal waters in the Gulf. In approving the sale, the DOI claimed it was acting “consistent with a U.S. District Court’s preliminary injunction.” However, environmental groups argue that this sale was not required by the June 15 preliminary injunction. These groups contend that by not conducting a new environmental review like the DOJ memo suggested was allowed, the federal government sped up the lease sale and worked against its decarbonization goals.
Nov. 26, 2021 DOI issues a report reviewing the federal oil and gas leasing process and making recommendations for reform. The report finds, among other things, that the current system does not give taxpayers fair returns and does not fully account for environmental harm, and that the current system encourages speculation by and decreases competition among oil companies. The report outlines recommendations to fix these problems and concludes that DOI is deciding how it will act on these recommendations and encourages Congress to pass reforms to the oil and gas leasing process.
Dec. 3, 2021 Democratic members of the House Committee on Natural Resources file an amicus brief in support of environmental groups challenging the Gulf of Mexico lease sale, arguing that the administration’s environmental review “substantially underestimates” the environmental harms of the lease sale. The brief also argues that the nationwide injunction issued by the District Court for the Western District of Louisiana “in no way excused” DOI’s obligations under NEPA and the APA. Friends of the Earth, et al., v. Haaland, et al., No. 21-cv-02317-RC (D.D.C.).
Jan. 19, 2022 Over 360 environmental groups sent a legal petition to the Biden administrationto reduce oil and gas drilling to 98% lower than current levels by 2035. The petition explains that, without action, it will be difficult for the United States to keep its pledge to keep global temperatures from rising beyond 1.5℃.
Jan. 20, 2022 Over 80 environmental organizations sign and send a letter to the Biden administration, which urges the Department of the Interior to write a new 5-year Offshore Lease Program that bans lease sales starting in 2022. The letter also calls on Secretary Haaland to repudiate Lease Sale 257.
Jan. 27, 2022 The District Court for the District of Columbia blocks Lease Sale 257 in the Gulf of Mexico because the Department of the Interior failed to take a “hard look” at the environmental impact of the project or to account for the effect of overseas fossil fuel use when calculating climate impacts, which violated the National Environmental Policy Act. Friends of the Earth, et al., v. Haaland, et al., No. 21-cv-02317-RC (D.D.C.). For more background on the ruling, see EELP’s overview of the NEPA Review Process or visit our NEPA Tracker Page for the most up to date review requirements.
Feb. 1, 2022 The Department of the Interior mistakenly posted language on its oil and gas webpage that indicated royalty fees for leases would increase to 18.75%. The Department later removed the language, and a spokesperson for the Department said the decision to increase royalty rates was not yet final.
Feb. 8, 2022 Intervenor defendant, the American Petroleum Institute files a notice of appeal with the D.C. Circuit, challenging the D.C District Court’s decision to block Lease Sale 257 in the Gulf of Mexico. Friends of the Earth, et al. v. Haaland, et al., Docket No. 1:21-cv-02317 (D.D.C.).
Feb. 14, 2022 Louisiana, another intervenor defendant, files a notice of appeal in the D.C. Circuit case that blocked Lease Sale 257. Friends of the Earth, et al. v. Haaland, et al., Docket No. 22-05037 (D.C. Cir).
Feb. 14, 2022 The Biden administration asks the 5th Circuit to reverse the Western District of Louisiana’s decision that blocked the Biden administration’s moratorium on new oil and gas drilling on federal lands and waters. Among other issues, the Biden administration argues that Biden’s Executive Order 14008 is both lawful and unreviewable and that the plaintiffs relied on erroneous interpretations of the Outer Continental Shelf Lands Act and the Mineral Leasing Act. Louisiana v. Biden, Docket No. 21-30505 (5th Cir.)
Feb. 18, 2022 Environmental groups file a motion to dismiss for lack of jurisdiction in the D.C. Circuit case that blocked Lease Sale 257. Friends of the Earth, et al. v. Haaland, et al., Docket No. 22-05037 (D.C. Cir).
Feb. 22, 2022 A federal judge in the Western District of Louisiana blocks the Biden administration’s application of an interim social cost of carbon metric., Louisiana v. Biden, No. 21-cv-01074 (W.D. La.). For updates on the metric and this litigation, see our Social Cost of Greenhouse Gases tracker page. In light of this decision, the Biden administration announces that it will delay decisions on new oil and gas drilling on federal lands.
Feb. 28, 2022 The Biden administration announces that it will not appeal the District Court’s decision that canceled Lease Sale 257 in the Gulf of Mexico. Friends of the Earth, et al. v. Haaland, et al., Docket No. 1:21-cv-02317 (D.D.C.).
Mar. 8, 2022 The Court of Appeals for the District of Columbia Circuit denies an emergency motion by American Petroleum Institute to expedite the appeal of the District Court decisionthat canceled Lease Sale 257. Friends of the Earth, et al. v. Haaland, et al., Docket No. 22-05037 (D.C. Cir).

Why are you wasting time and bandwidth, that EO has been suspended. Biden has been selling leases hand over fist.