Oil Price Increases After Biden Shuts Down Drilling Permits Again

[Restrain]

Stopped by Circle K. They were handing out coupons for discount on gas. 20 gallon cap but still.

 

[djd09]

Congress Just Gave Itself A 21 Percent Pay Raise With Pork-Packed Omnibus Bill While Surging Gas Prices, Inflation Hurt Americans​

As Americans face an economic crisis, historic inflation and surging gas prices, Congress released a $1.5 trillion omnibus bill on Wednesday allocating $5.9 billion of fiscal 2022 Legislative Branch funding to boosting the allowance and salaries of their staff.


The legislation would grant $774.4 million for the Members Representational Allowance, which funds the House budgets for lawmakers, including staffer salaries and $1.7 billion for House operations.

“This $134.4 million, or 21 percent, boost over the previous fiscal year marks the largest increase in the MRA appropriation since it was authorized in 1996, according to a bill summary by the House Appropriations Committee,” Roll Call reports.


The bill does not technically provide a raise for members of Congress, who earn an annual salary of $174,000. But House staffers, who members use to run errands, and family members of Congressional lawmakers who are often put on payroll, will see a pay increase.

The Capitol Police department would also receive $602.5 million, $87 million more than it was provided in the 2021 fiscal year.

“This bill is essential to keeping our democracy and the legislative branch of government functioning in a safe and accessible manner,” Sen. Jack Reed, D-R.I., chair of the Legislative Branch Appropriations Subcommittee, said in a statement. “At a time when the U.S. Capitol and the Capitol Police continue to operate amidst immense challenges, this agreement ensures they have the resources and staffing to protect the Capitol complex.”

Massachusetts Sens. Elizabeth Warren and Ed Markey secured $995,000 for “Grid Resilience and Equity in the Energy Transition” research at the University of Massachusetts, allowing the left to redistribute taxpayer dollars to fix alleged inequality in the energy system, the Heritage Foundation reports. Markey and Warren also a $500,000 earmark for Worcester State University to increase diversity and inclusion for STEM students to study climate change. Rhode Island Sens. Sheldon Whitehouse and Jack Reed secured $1.6 million of federal taxpayer funding for Roger Williams University for the “development of equitable growth of shellfish aquaculture in Rhode Island.”


The massive spending bill is heading to Joe Biden’s desk after the Senate cleared it late Thursday on a 68-31 vote.

Congress Just Gave Itself A 21 Percent Pay Raise With Pork-Packed Omnibus Bill While Surging Gas Prices, Inflation Hurt Americans | The Gateway Pundit | by Alicia Powe

As Americans face an economic crisis, historic inflation and surging gas prices, Congress released a $1.5 trillion omnibus bill on Wednesday allocating $5.9 billion of fiscal 2022 Legislative Branch funding to boosting the allowance and salaries of their staff.

www.thegatewaypundit.com

 

[Terrel L. Shields]

50 Minerals Critical To U.S. Security | OilPrice.com

Access to critical minerals and rare earth metals is crucial for U.S. security and its green agenda

oilprice.com

It is true 'rare' earths are not rare, but the minerals are so widely distributed it takes a lot of ore to get a small amount of those metals.

China refines nearly 90% of the world’s rare earths. Despite the name, these elements are abundant on the Earth’s crust and make up the majority of listed critical minerals. They are essential for a variety of products like EVs, advanced ceramics, computers, smartphones, wind turbines, monitors, and fiber optics.​

 

[IlliniApp]

Crap, gas is up to $4.499 here, up 90 cents since Russian invasion.

 

[Terrel L. Shields]

The idea that there are 9,000 permits instantly ready to drill is BS. Once a LEASE is bought, you have YEARS before production. First, a biologist has to determine if there are any "endangered species". Then an archaeologist has to determine if there is any potential ancient ruins, etc. One arrowhead and the site is squashed. One BLM geologist told me that many permits were compromised because of supposed melted glass that was possibly an Indian campsite. But when he investigated he found them to be lightning strikes melting the rocks - something you call fulgurites. Then are there any endangered species. An endangered mayfly subspecies or prairie cricket (which was later discovered to not be very rare at all) stymied many projects across Oklahoma and Arkansas. Then challenges to the applications to drill are time consuming delays. 2,200 hundred of those permits above are being litigated in court by the environmentalists. And the amount of leases is nonsensical. And some leases are discovered to be geologically unsuitable. The lack of pipelines and permitting them, means the company would be wasting their time to a well they cannot produce. You don't truck natural gas and almost all oil wells also produce some gas. Finally, the Biden administration has been pressuring banks not to lend to oil and natural gas companies.

The Roberts Canyon gas field in Mesa County Colorado was nearby when I worked there in 1980. It had been drilled by Texaco in the 1950s, but even then they were unable to build a pipeline to get the gas out. Gas was too cheap then, and it made no oil. It was on a high plateau above I-70 east of Grand Junction. I doubt it is developed yet.

Then there are permits to build the road, and convoluted roads must maintain a certain elevation to avoid drainage issues, the site must be built according to an approved plan. Then you have to get permits to move the rigs from the state, and permits for this and permits for that. And you got water to haul. Permit. Fuel haulers. Permit. on and on...

 

[KHS445]

Terrel,
My experience in the oil and gas field is much more limited than yours, but I know back (late 60's to mid-80's) in the day in northern & western Michigan when the Niagaran Reef was in play regulations and required permitting were a real pain. Wells were permitted as 80-acre units and many of the early leases were acquired by Shell Oil, whereby they would lease say 1,000 or more acres in a particular area that appeared to hold promise and then drill a couple of wells, holding the balance of the leased land under a production clause. Which basically, says if a well is drilled on any portion of the leased land, the entire parcel remains under the control of Shell, as they wanted to control the number of straws that were stuck in the same pocket of oil/gas. Once a well is determined to be worth finishing, there is a significant amount of equipment and services that need to be put in place prior to any profitable production.

As a commercial lender at the time, I learned an awful lot about kelly points, settlement tanks, gas flaring, heater treaters, wire lines, water haulers, glider kits for trucks, disposal wells, waste pits, standby dozers, points, working interests, seismic and seismic lines, site preparation & restoration, etc. My first customer was a water hauler who didn't initially have a physical location and had a landline installed in a rural bar and worked out of a corner booth for about six months. Because his starting time was before the bar opened, the bar owner gave him a key to the door. The oil field workers worked hard and played even harder. Made a lot of friends in the oil field and the Bank made a lot of money. It was something you either had to really understand and go all in or stay the hell out of. I know I couldn't live thru those times again. The collapse of Penn Square Bank in 1982 changed the oil field significantly from a lenders and regulators standpoint. A friend and customer of mine had a $12,000,000 construction loan called by Continental Bank (Chicago) about two months before his new office building overlooking Grand Traverse Bay was completed.

It would be interesting to know how many of the supposed 9,000 permits are in areas where there are known reserves, where there is the capability to transport production at a reasonable cost, where routine maintenance and treatment services are available and most importantly how many of these permits are being held defensively to prevent competitors from sucking out of the same formation.

Lastly, reserves are not around forever. At one time my wife's grandparents were receiving royalty checks close to $10,000 per month, now for the same land her uncle is receiving less than $300 per month.

 

[Zoe]

Europe gets a bunch of oil from Russia. The oil companies know it. That is the reason for the jack in gas prices here. You would think congress would try to open up more drilling and pipelines.

 

[Zoe]

I don't even know how long it takes to do a new oil drill and start getting production. I'm, sure if govt was subsidizing it that it would get done. Don't know how long it would take.

 

[Zoe]

Automobile companies are investing billions in electric vehicles. Another factor. I don't know who will win that race. They are competing against each other. I'm sure the autos will not be cheap. You don't invest billions in something and not sell them.

 

[Zoe]

Uber is all over news. People quitting their UBER jobs.