Why are you so angry and defensive? Calm down and let's discuss this like adults.
1) You're right. I took your comment about "Biden doubling" rig activity as a shot at Trump. Normally when the successor makes a move deemed positive, it's because the predecessor screwed it up. Glad we agree Trump was pretty good for the energy industry because Biden is lagging about 35% behind peak activity under Trump (after almost two years that's terrible).
2) See #1 - I never said it wasn't factual and I never said it's the whole story either. But that's what trolls do, hang on to one key point like Linus with his blanket, ignoring the whole story because it doesn't meet the narrative.
3) You always say no one could possibly understand, but you never even attempt an explanation. Makes most of us think you have zero clue about anything you claim to be an expert in...
4) You keep ignoring the Politico article so I'll keep asking about it. These O&G companies are idiots I guess. I don't see the strategy of not expanding drilling and then blaming the administration slow walking permits. Remember, onshore and offshore Federal land represents about 35% of O&G production, it's meaningful - no joke, no I'm serious, c'mon man.
The number of oil and gas permits approved by the Bureau of Land Management for drilling on public lands declined to its lowest number under the Biden administration in January.
www.politico.com
- Ryan McConnaughey, spokesperson for the Petroleum Association of Wyoming, said the Biden administration has a “playbook” for federal development: 'delay, distract and deflect'. "It doesn’t come as much of a surprise that the Biden Administration’s approval of APDs [applications for permit to drill] has plummeted,” he said.
- Kathleen Sgamma, president of the Western Energy Alliance, said the political focus on the drilling permits and leases already held by industry is a red herring from the White House.
“Just because Acme O&G isn’t using a permit right away doesn’t mean that ABC O&G doesn’t need one for a well it’s planning to drill now,” she said. “If the federal permitting situation weren’t so inefficient and fraught with political interference, companies wouldn’t need to request a large inventory even years in advance."
If the White House wants drilling to increase, they could ease regulatory requirements and speed up permitting, she said.
Another article on Biden admin slowing Permits and Leases:
The Biden administration has leased fewer acres for drilling offshore and on federal land than any other administration in its early stages since World War II, according to a Wall Street Journal analysis.
www.wsj.com
President Biden’s Interior Department leased 126,228 acres for drilling through Aug. 20, his first 19 months in office, the analysis found. No other president since Richard Nixon in 1969-70 leased out fewer than 4.4 million acres at this stage in his first term.
5) Here's another big problem. The Biden administration is going after O&G from the investment side. Is that not a fact you'd like to put forward, because it's one more way he's contributing to the situation we're in? I mean, since you know everything I have to assume you're just omitting this?
An breakdown of the Federal leasing myths and facts.
www.api.org
- In April 2021, Climate Envoy John Kerry boasted that President Biden is poised to sign an executive order on climate financial risk that is “going to change allocation of capital,” and said in July 2021 that “the IEA is quite correct in pushing the notion that you really want to try to avoid the new [fossil fuel projects] rather than compounding the problem.”
- In October 28, 2021, the State Department’s Senior Advisor for Energy Security, Amos Hochstein said: The administration sees investments in multi-decade natural gas and oil infrastructure “as unfortunate and unnecessary.”
Stricter SEC reporting requirements is another sneaky way to pressure investment away from fossil fuels.
The pressure is increasing on companies to follow environmental, social, and governance standards from both the private sector and the government. The Biden administration is prioritizing proposed rulemaking that would require companies to produce climate-related disclosures, most notably...
www.washingtonexaminer.com
President Joe Biden promised to end the use of oil and natural gas in the United States during his campaign, and also talked about mounting a “whole of government” approach to achieving that goal. Since taking office, he has worked to follow through on those promises.
www.forbes.com
"One of the big concerns from the oil and gas industry stems from the likely outcome that the SEC rule will afford some financial institutions and ESG investor groups with just another rationale to deny capital lending to companies."
So here's a much more complete picture than you're willing to provide, as an industry expert:
1) Biden promised to end fossil fuels.
If you don't think this affects markets, when the "leader" of the free world promises to kill something as vital as the O&G industry, you're an idiot.
2) Now that the markets are spooked, he's decimated the issuance of leases for drilling on federal lands. Like, an historically low number of acres in his first 19 months in office. This is choking off about 1/3rd of the available land and resources (note: he tried to do this with an EO and failed, so he just used the bureaucracy like a good fascist).
3) If #1 and #2 aren't good enough, he's now using the full power of the SEC (in conjunction with the surge of ESG requirements) to strongly deter investment in fossil fuel projects. This is a double whammy for investors given his promise to kill the industry. Why put your money in something that hurts your ESG targets
and won't be around in 10 years if we keep "electing" democrats?
4) He's also killed about $20BB worth of subsidies, drained the Strategic Oil Reserve (to hold prices right before the mid terms), while a serious international conflict is going on and China is saber rattling at Taiwan.
5) His international policy has failed, best evidence is OPEC cutting production significantly after he begged them to ramp it up. Now he's looking to dirty Venezuelan oil (which pollutes the earth much more than if we did it ourselves)...and it helps prop up a the PCV which I'm sure pleases him.
So you're flat wrong, the PUSA and his policies in fact can have a major effect on the industry. We're seeing it right now, this is the main reason he'll never get rig activity back to where it was....BECAUSE HE DOESN'T WANT TO. These energy prices are a feature, not a bug - and it's not the industry's fault.
