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

Lowering one tax and raising another to make up for it sounds less then smart .

 

Climate change is a huge problem and we need to restructure our tax system to replace our regular taxes with those that discourage CO2 emissions.

 

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Well, I am content to let the people decide what to do with politicians who hike taxes on the poor and the working class.

 

We are a republic not a democracy. Representatives decide not the people directly. I don't believe in hiking taxes on the poor and working class. Instead we should replace existing taxes with taxes that discourage CO2 use.

 

Ironically Biden has issued more leases that Trump did in any of his 3 years in office

High prices is the most effective way to encourage MORE oil production, not less.

Of course a president can't "drive up" (or down) the prices even if he wanted to. Trump didn't "drive down" global oil prices either, the prices just happened to collapse when he was in office, and US produced got burned by it.

Your own article says they canceled the auction because there were no takers.

 

Again, "I am content to let the people decide what to do with politicians who hike taxes on the poor and the working class."
In America the people do that when they elect their representatives.

 

I think the fact that 50% of Americans don't pay income tax at all says a lot about your claim about "hiking taxes on poor and working class". Its an old and trusted Republican talking point, just not a very honest one at this day and age.

 

The Inconvenient Truth: Regressive taxes like gasoline taxes only crush the poor and the working class.
"Regressive Tax Definition | TaxEDU
https://taxfoundation.org › tax-basics › regressive-tax

A regressive tax is one where the average tax burden decreases with income. Low-income taxpayers pay a disproportionate share of the tax burden, ..."

So, why are "progressives" supporting regressive tax hikes?

 

I never supported raising the overall tax rate. I support changing what we tax so CO2 emissions are discouraged. If you don't believe in human-caused climate change, I get why doing something about climate change isn't very appealing to you.

 

Again a nonsequitur and now a badly constructed strawman reach. It's too easy to get posters to devolve their motives to nonsense posts.

 

Paste up something from your posts that this answer does not address:
"Whenever government engineers an oil shortage the price of oil will rise." Ddy

I Double Dog Dare you.

 

Regressive government policies, like engineering high fuel costs punish the poor and the working class -- that bothers me. IMO, it should bother you too.

 

Government policies that hike the price of fuel are very regressive.
Yes, the RP, like the DP is a very regressive political party.
Cartel politics is all about screwing over the people.

 

Doubling down on a dumb nonsequitur & then an even weaker strawman seems to be an affliction of your posting on this site. Try harder, certainly you have the posting ability to do much better than continuous fails.

 

Yes, but I would make up for higher energy costs by lower property and sales taxes so it would all work out. No problem there. What is your plan for going zero carbon?

 

~ I believe many feel the same ...

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

There is ZERO connection to oil and gas prices and sales of drilling leases. Our oil and gas industry hold thousands of leases they do not develop. They hold them to keep them from competitors (each other) and to bank them for later use. If they are not developing them now, selling more leases isn't going to change anything for the American consumer.

But that's all beside the point.

No President of the USA has power to reduce prices or increase supply. Oil and gas are a global market and the entire planet's economies are controlling prices here in the USA and everyplace else. The only way a President can make a short-term impact is to do something global in scope. Such as Russia starting a war and nations around the world stopping buying from Russia. Biden cannot change that and selling American oil and gas leases to more oil and gas companies that aren't developing the leases they have would be even more powerless a response.

Now stop and think that in the USA there are no oil or gas shortages. We are fine, our refineries are fine, our gasoline vehicles are not starved of fuel.

And yet prices are insane.

The reason is how the markets are structured. Prices are set to the global situation not to any one country. This is a really great deal for commodity traders. They get to set the price for everyone according to the highest price for anyone. Europe has a problem, this pushes up prices globally regardless of what the situation is elsewhere.

If you want to see American fuel prices fall you will have to invent a different scheme of commodity trading. That's not a President's job or within a President's power. Not in a capitalist nation such as the USA. Were America an authoritarian state, a dictatorship or Marxist - Stalinist - Maoist paradise (SARCASM!) then yes, capitalist business could be forced to restructure as ordered.

But this is the United States of America and even with all the regulation we have over big business, we do not force markets to so completely bend to any politician's will.

For that, you need a Putin or other wannabe authoritarian.

 

No, the oil companies have no use for the leases because government has been denying permits for things like roads and pipelines, without which they can't transport the crude oil. There are literally thousands of leases going unused for that reason. Government is systematically raising oil prices to force more use of renewable energy. I wonder what would happen if they just explained why they are trying to put oil out of business and why they are continue to import illegal aliens as quickly as they can. Perhaps people would understand. I wouldn't but I'm just one man.

 

That's your mad up story to support partisan talking points.

Oil companies explained why they are not buying, and they have no reason to lie about it + their reasoning makes perfect sense, while yours does not.

US Government does not set the oil global prices.

The opposite is true. Oil companies are very happy with high oil prices.

You don't understand because everything you believe is founded on political propaganda,

 

Battling opinions. What fun. Since mine are based on what oil executives say, I'll stay with mine. You can have yours. But I should mention that of course oil companies like high prices. My point was that government does as well. You thought "they" were the oil companies. I meant "they" to mean the federal government. I should have been more clear.

 

This administration has no desire to bring down the price of oil. They want it higher

 

Those are part of the reason. But they can’t buy it for sure if Biden takes it off the table. Doesn’t matter what the reasons are.

 

The faux thing isn’t even original. It originated from a far left news site and they picked up on it. The fact it spread like that proves most lefties that use it get their info from far worse sites then faux lol

 

Mine is not an opinion, but fact. Majority of the oil companies say they are not going to risk their shareholders investments after what happened only few years ago in 2020 when they went all-in with new investment only to see prices collapse and investments became unprofitable. Besides they are raking in massive profits with the current situation, so there is no point in going all-in again. None of them claim the government refuses permits to build roads.

As to the topic if the thread (canceled lease auction), - the auction was canceled because oil companies were not interested in investing in them and the reason is as I explained.

U.S. producers reluctant to drill more oil, despite sky-high gas prices
https://www.cbsnews.com/news/oil-pr...As to why they weren,to the Dallas Fed survey.
Many oil and gas executives say they have little interest in increasing oil production — even at crude's near-record prices, which make extraction very profitable for their companies.

At that price, oil companies would normally race to snap up land and drill new wells. But a sizable number of oil and gas executives are saying they won't increase production at any price, according to a survey released this week by the Federal Reserve Bank of Dallas.

Asked what level the price of West Texas Intermediate oil would need to hit to get publicly traded oil and gas companies back into growth mode, 29% of executives said that their expansion plans weren't dependent on price. Another 9% named a price above $120 a gallon.
As to why they weren't drilling more, oil executives blamed Wall Street. Nearly 60% cited "investor pressure to maintain capital discipline" as the primary reason oil companies weren't drilling more despite skyrocketing prices, according to the Dallas Fed survey.

Only 11% cited environmental, social or governance issues; 8% said they had difficulty getting financing; 15% cited other reasons.

 

The auction was canceled because no one was buying. Same happened last year. Even the OP article says that much.