Biden admin cancels massive oil and gas lease sale amid record-high gas prices

Luckily we don't need gas or oil.

Biden admin cancels massive oil and gas lease sale amid record-high gas prices

The Biden administration canceled one of the most high-profile oil and gas lease sales pending before the Department of the Interior Wednesday, as Americans face record-high prices at the pump, according to AAA.

The DOI halted the potential to drill for oil in over 1 million acres in Alaska's Cook Inlet, along with two lease sales in the Gulf of Mexico. The move comes as Biden has taken a few actions to combat high gas prices, despite his administration's generally hostile approach to the oil industry.

The DOI halted the potential to drill for oil in over 1 million acres in Alaska's Cook Inlet, along with two lease sales in the Gulf of Mexico. The move comes as Biden has taken a few actions to combat high gas prices, despite his administration's generally hostile approach to the oil industry.

A DOI spokesperson cited a "lack of industry interest in leasing in the area" for the decision "not to move forward" with the Cook Inlet lease sale, CBS News reported. The spokesperson also said the department canceled the Gulf of Mexico leases – lease 259 and lease 261 – due to "conflicting court rulings that impacted work on these proposed lease sales."



Good thing we are not facing low supplies of oil and gas or I'm sure the administration would prioritize this.

 

Prioritize what ? You didn't actually read your own FaUX propaganda piece.

Next.

 

Heh, "FaUX!"

I actually tried to find another source for the story but the only other one I found was about Republicans reaction to it, which is not the story. Hopefully there are more news stories on this other than "FaUX."

 

Even Biden/Pelosi fans in San Francisco may be having trouble ignoring reality while the lowest price for a gallon of gasoline today is $5.39.

 

They'll blame either Putin, Trump or some combination.

 

There were no takers. Same thing happened last year. Drillers are making a ton of money without having to invest in new leases.

 

Then they will keep paying through the nose for their folly.

 

https://www.cnbc.com/2022/02/24/bid...ew-oil-and-gas-leases-amid-legal-battle-.html'

The Biden administration is delaying decisions on new oil and gas leases and permits after a Louisiana federal judge blocked officials from using higher cost estimates of climate change when making rules for polluting industries.

The leasing pause is an unintended result of the Feb. 11 decision by U.S. District Judge James Cain, who sided with a group GOP-led states and argued that the Biden administration’s attempt to raise the real cost of climate change would hike energy costs and hurt state revenues from energy production.

 

They blamed trump at first as inflation pished prices higher die to biden policys then blamed puting after prices went past 3.50 a gallon .

 

Even if they started drilling today it would take 8 months to year before any oil was realized. Biden has not been very friendly towards oil companies. Let's see Biden go on national tv and beg them to start drilling. And beg for more baby formula while he's at it.

 

If biden had not killed the pipe line by now it would be pumping as much as 900000 barrels a day and we would not be selling our emergency reserve off that will cost billions to replace and could be needed by our military or us one day

 

You must not have looked too hard. I saw the story elsewhere. I'm not surprised that Faux is misusing this to create anti-Biden propaganda, given that's their bread and butter, but the fact remains that Biden did not in any way limit the supply of oil by doing this since the leases were not being used anyway.

If you want someone to blame, blame the US companies and the foreign producers who all refuse to increase production because they would rather rake in record profits than ease prices at the pump.

 

Just a quick factoid: about 90-95% of branded stations are individually owned; price at the pump is operator choice not "Big Oil".

 

Here is a nice little illustration of what Russia has become:


Courtesy of:

 

Good point. It's also been pointed out that gas prices weren't as high the last time crude oil was so expensive, which no doubt ties in with this particular factoid.

 

The manufactured "absurdly high gas prices and inflation" buck stops at Pedo-Joe's desk!

 

But but but lying biden said it was trumps fault

 

He has already begged, but the oil industry is in private hands and they are still freaked out after the losses they took last time they went "all-in" in when prices were high. They poured in the money only to see prices plummet in 2020. They don't want to repeat that mistake, and admitted that is the only reason.

Should there be a national option for situation like this?

 

Americans usually blame the party in power for a higher cost of living -- especially high gas prices. Empty supermarket shelves are a new thing, and IMO, the political cost for the DP will be very high.

Which is no guarantee that the hapless RP will not blow its political advantage.

 

Got proof? I bet not - that thing was always going to be a turkey

 

That may be part of it, but I think they're extremely concerned about having the rug pulled out from underneath them by Biden, like he did on Keystone XL. Imagine all the money invested in that project, and on Day One of his term, without so much as gathering some experts around a table to see if shutting it down was a good idea or not, he destroyed it with a swipe of his pen. Now imagine oil producers get leases in AK or the Gulf and start building infrastructure, only to have him cancel those projects 12 months from now with another swipe of his pen, after they've invested billions of dollars.

Biden is anti-petroleum, or at least is acting on the behest of people who are, and that creates an understandable skittishness in the industry. He essentially put petroleum sanctions on the US with his actions, and now we're paying for it. I know people literally hated Trump, but we would not be in this boat had he been reelected.

This fall will be a bloodbath for the dems, but even with full control of both houses of Congress, I'm not sure what the GOP might be able to do about unwise EOs, especially considering even if they pass a bill, Joe would have to sign it, or they would have to have enough votes to override a veto, a scenario that seems unlikely without bipartisan support.

 

But, it then has an affect on the futures and you would see prices drop much like they skyrocketed as soon as Biden signed the anti-energy executive orders. Within a couple of months we were paying $1 more per gallon of gas.

Democrat polices have negative consequences on the regular folk.

 

According to them its pretty much all of it. They took a BIG hit in 2020, and its only 2 years ago.

And then again, with oil prices this high, they are raking in tons of money without having to invest more in new projects.

 

On a positive note

U.S. oil pipeline operators gear up for higher shale output
https://www.reuters.com/business/en...ators-gear-up-higher-shale-output-2022-05-11/
HOUSTON, May 11 (Reuters) - The volume of crude oil flowing on pipelines from the top U.S. shale field to export hubs on the U.S. Gulf Coast could surge to pre-pandemic levels by October, analysts said, signaling the end of desperate days for some Texas oil pipeline operators.

The pandemic doused a shale-oil pipeline construction boom that had added 2.5 million barrels per day export capacity from West Texas to hubs on the U.S. Gulf Coast. As oil prices collapsed in early 2020, that overcapacity led pipeline companies to provide cut-rate deals and sweetened terms.

Oil production in the Permian basin of West Texas and New Mexico is climbing toward a predicted 5.7 million bpd next year with U.S. crude trading around $100 a barrel.

 

Well give us some pro-Biden propaganda then. Show me some of those stories that put the blame squarely on Big Oil for not increasing production. I'm open to all opinions.