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Beyond the impact of any specific policy, these decisions lead to the very obvious conclusion that oil faces significant political headwinds during the Biden ad
by leereeves 4y ago
Beyond the impact of any specific policy, these decisions lead to the very obvious conclusion that oil faces significant political headwinds during the Biden administration and is therefore a bad investment right now.
It's fair to argue that this is right decision for the future of humanity, but not to claim that these policies have no effect on short term energy prices.
Long term, I think the country (and the world) are still divided (though HN clearly leans hard against oil). The future for oil could go either way, depending on the results of future elections.
- deleted 4y ago[deleted]
- jonnycomputer 4y agoI think people already knew that oil faces political headwinds because of global warming--which fewer and fewer people deny is happening, because they can see it for themselves.. Besides, from what I've read, Biden's executive action pause on new leases was overturned in court by June 2021. Figure 1 of this page (https://www.citizen.org/article/bidens-oil-letdown/ https://www.citizen.org/article/bidens-oil-letdown/) doesn't seem to indicate any real slow down in new oil leases [if someone has a more neutral source, I'd be happy to see it]. In any case, only about a quarter of US oil production is on federal land.