President Biden (predictably) cancels three huge oil & gas leases

Discussion in 'Economics & Trade' started by kazenatsu, May 13, 2022.

  1. kazenatsu

    kazenatsu Well-Known Member Past Donor

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    This is at a time when oil prices are very high, consumers are under strain from the higher prices, and many Americans (including many Democrats) are concerned that the high oil prices may have a negative impact on the economy.

    I heard some stupid Democrat in this forum say that Biden needs to force American oil companies to produce more oil, blaming oil companies for not wanting to expand production because (allegedly) they want to keep supply down and prices higher.

    Well, obviously some of these Democrats are completely oblivious to the situation, what should be totally obvious.

    The Biden administration says it is canceling three oil and gas lease sales scheduled in the Gulf of Mexico and off the coast of Alaska. One of the leases being canceled involves more than a million acres.

    Biden Cancels Offshore Oil Lease Sales in Gulf Coast, Alaska | Alaska News | US News

    Of course this was entirely predictable. This is the type of thing Progressive Democrats always do.
    But apparently there are many Democrat voters who, for whatever reason (sheer extreme ignorance?) don't realize this?

    These oil companies don't want to make expensive long-term investments to increase capacity if they have good reason to believe the Biden Administration is going to cancel their leases or later try to shut them down.
     

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