Wednesday, March 9, 2022

"Approve Our Permits": US Oil Industry Responds After Biden Cuts Imports From Russia

"On March 8, while President Joe Biden announced a ban on Russian oil and gas imports,regular gasoline at one BP gas station on Chicago’s South Side was nearly $5 a gallon.
$25 is only giving you half a tank,” Dacia, a customer who was buying a few dollars of fuel, told The Epoch Times. “I probably have to go to Indiana to find somewhere else cheaper. People don’t really have that much money.
when the Biden administration has been pressed on rising gasoline prices, which have trended upward since November 2020, it has blamed Russia and exempted its own policies from fault. 
At a March 4 press conference, White House press secretary Jen Psaki told reporters, “The reason why the price of gas is going up is not because of steps the president has taken. They are President [Vladimir] Putin is invading Ukraine, and that is creating a great deal of instability in the global marketplace.
In a Fact Check released on March 7, the Institute for Energy Research (IER) pointed out that oil exploration on federal lands rapidly declined under the Obama administration.
The reality is that federal lands vastly underperform on oil and gas production versus state and private lands because the federal government owns the majority of the mineral estate,” the IER wrote.
You can hold a lease without deciding to develop or produce it based on the economics of that lease. Companies have always made decisions based on lease economics,” Ingham said of TAEP. “To suggest they’re not going to offer more leases until companies drill what they have now—that’s making decisions on behalf of companies that the administration is neither qualified nor authorized to make.”
Tim Stewart, president of the U.S. Oil and Gas Association, had a straightforward response to Biden’s March 8 comments.
Cut the crap and approve our permits.””
ZH

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