Oil Price Increases After Biden Shuts Down Drilling Permits Again

[Dublin ohio]

Gas today - Local $3.89, in corner of state $3.39, in SW city MO, $3.47, in Grove, OK $3.91

Go figure. Tomorrow congress will get to grandstand. I'd love to see one of those Oil CEOs light into Fakahontas that that idiot Ed Marlarkey and tell them where to shove it.

Saw a little bit of it. Markley spouted on about the unused permits. Didn't get to hear much from the oil execs. The few "experts" I did see were as timid as a mouse.

 

[Dublin ohio]

With thousands of drilling permits already issued and the oil companies refuse to drill

Biden cancelled the keystone XL. Now he is begging Canada to ship more oil to U.S. refineries. But with no pipeline. Has to go by truck or rail. Wonder which method is more efficient and safer for the environment

 

[shrubberyvaluation]

With thousands of drilling permits already issued and the oil companies refuse to drill

I'm sure those oil companies just don't want to drill and get those profits...perhaps think before claiming they simply don't want to drill.

 

[Fernando]

Today I got gas at Costco and it was ridicuously cheap at $5.19/gallon.
That's cheaper than Invasion of Ukraine.
Thanks Biden. Keep lowering our gas.
And thanks CA Gov with propose gas refund. Together with wifey, we should get over $1,000 from the state.

 

[Terrel L. Shields]

The 9000 refers to leases. Leases can be large tracts or small tracts. They are nominated in part by the companies wanting to explore. Others are simply placed there by the agency (such as the BLM) You can bid on them starting at $2 an acre. But the nominated ones tend to lease for $50-5,000 or more per acre. You pay the money and (normally) have to drill within 10 years and pay a "rental" annually of $1.50 or more per acre if you don't drill. If sued by a third party over the lease the lease is tolled until the suit is finished. Then to drill you have a whole bunch of steps to go thru, procure a drilling rig, etc.

SANTA FE, N.M. —The Bureau of Land Management (BLM) New Mexico raised $4,076,273 in its quarterly oil and gas lease sale held Jan. 14, 2021. Nearly 50 percent of the revenue from the sale will go to the states where the oil and gas activity occurs–in this case New Mexico, Texas, Oklahoma and Kansas–while the rest will go to the U.S. Treasury.​

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For this sale, the BLM offered leases on 37 parcels totaling 6,850.72 acres. The highest bid per acre was $15,101, which sold to PBEX, LLC for 80 acres in Lea County. The same parcel also received the highest bid per parcel with a total of $1,208,080.​

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The BLM awards oil and gas leases for a term of 10 years and as long thereafter as there is production of oil and gas in paying quantities. If the leases result in producing oil or gas wells, revenue from royalties based on production is also shared with the state.​

 

[IlliniApp]

That's worse than stupid. 2200 of the permits are being contested in court. over 4,000 held up due to no permits to either build a road or a pipeline. What's the point in drilling a well if you cannot sell the gas with it? All the leases are 5 or 10 year terms. So if they don't drill, it goes back out again for possible lease. Some leases turn out to be failures after they run seismic. You don't deliberately drill dry holes and there is no promise that there is oil on the property. Many of these leases will be nixed by the BLM, BIA, or Minerals management (whatever they call it now for offshore Gulf) on environmental grounds. But mostly with the moratorium on pipelines, they simply cannot get the oil and more so the gas out of some of the more remote areas.

Boy, you must be stuck on stupid. This stops today.

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[Mike Ault]

Interesting discussion on oil pricing and the futility of green energy initiatives

 

[OSU Beavers]

 

[Terrel L. Shields]

If every blue state had gas lines and/or limit to 5 gallons it would tickle me a deep pink...aka red.

 

[mp2277]

You like Fox LOL, I assume you also get your property values from Zillow.
09/29/2020
"Just read U.S. District Judge Mary Kay Vyskocil's opinion, leaning heavily on the arguments of Fox's lawyers: The "'general tenor' of the show should then inform a viewer that [Carlson] is not 'stating actual facts' about the topics he discusses and is instead engaging in 'exaggeration' and 'non-literal commentary.' She wrote: "Fox persuasively argues, that given Mr. Carlson's reputation, any reasonable viewer 'arrive with an appropriate amount of skepticism' about the statement he makes."

Vyskocil, an appointee of President Trump's, added, "Whether the Court frames Mr. Carlson's statements as 'exaggeration,' 'non-literal commentary,' or simply bloviating for his audience, the conclusion remains the same — the statements are not actionable."
"