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Oil Price Increases After Biden Shuts Down Drilling Permits Again

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As far as climate change and the oil industry in the U.S. is concerned, it doesn't make any difference to the climate if the gas being burned came from a derrick in Venezuela or Alberta or Long Beach. I mean, apart from the local differences in required environmental controls.

What's different are the political and economic considerations.
 
We've inked a deal to send more LNG to Europe. At the same time, we are trying to discourage all drilling and threatening a windfall Profits tax. The WPT will set a basement price of oil from 2015-18 (when prices were low) and then tax 50% of the difference.... which, of course, the oil companies will not pay. They will simply add double the tax to the consumer's bill so that they end up making the same profit, less that part which the mineral owners will be forced to pay since they get the full banana from the WPT just like they did when a WPT was passed in 1979...and was abandoned 9 years later as the IRS begging to get off the hook since it cost them more to administer the tax than it made in taxes....

Elizabeth "Fakahontas" Warren and Bernie "the Commie" Sanders has to be the 2 biggest morons in congress.
 
Terrel L. Shields said:
We've inked a deal to send more LNG to Europe. At the same time, we are trying to discourage all drilling and threatening a windfall Profits tax. The WPT will set a basement price of oil from 2015-18 (when prices were low) and then tax 50% of the difference.... which, of course, the oil companies will not pay. They will simply add double the tax to the consumer's bill so that they end up making the same profit, less that part which the mineral owners will be forced to pay since they get the full banana from the WPT just like they did when a WPT was passed in 1979...and was abandoned 9 years later as the IRS begging to get off the hook since it cost them more to administer the tax than it made in taxes....

Elizabeth "Fakahontas" Warren and Bernie "the Commie" Sanders has to be the 2 biggest morons in congress.
Click to expand...
Actually there are more than 300 morons in congress :)
 
Terrel L. Shields said:
oilprice.com

Biden Administration Halts New Oil And Gas Drilling Permits | OilPrice.com

The United States has just delayed or halted work on federal oil and gas leases and permits following a key court ruling
oilprice.com oilprice.com

Facing high gasoline and gas prices and this idiot we call a president did what just because he lost in court?

The Biden Administration has delayed or stopped work on federal oil and gas leases and permits following a court ruling that struck down the Administration’s “social cost of carbon” metric to account for climate risk when holding lease sales or issuing permits.​
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Earlier this month, Judge James D. Cain, JR of a Louisiana district court granted a preliminary injunction sought by major fossil fuel-producing states in a lawsuit against the Biden Administration challenging the so-called “social cost of carbon” in rule-making and decision-making regarding lease sales.​
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As a result of this court ruling, the Administration has stopped or delayed work on leases, grants, permits, and rules​
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And this belongs on appraiser forum because...
 
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