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Do you think oil magically starts flowing once a human signs a piece of paper? It takes time, the impacts of the last decision are being felt now 2 years after
by hervature 4y ago
Do you think oil magically starts flowing once a human signs a piece of paper? It takes time, the impacts of the last decision are being felt now 2 years after the fact and the impacts of this decision will take 2 years. We are reaping what was sown 2 years ago and it was entirely predictable and the whole point of the policy of banning new leases was to make oil more expensive to expedite green energy adoption as it becomes more economically viable. It is pretty clear Biden is still signalling that these concessions are temporary and that, if inflation is curbed, will go back to being hard on oil. Like I said, this signaling is more powerful than the actual policy because it prevents investment as the ROI is too risky.
- pwinnski 4y agoDo you think there has been fewer permits issued under Biden? Because there haven't[0]. There were many thousands of existing leases not being developed[1], and now a record number of permits--both in percentage terms and as raw numbers--have been issued under Biden. Turn off the political info and look at the reality: this is not, and has not been, a domestic leasing issue. The Russian invasion of Ukraine has really been as catastrophic for oil prices as people have been saying, which is why this is a worldwide problem, not just a US problem. 0. https://news.yahoo.com/us-oil-and-gas-permitting-has-increased-under-biden-data-show-223504727.html https://news.yahoo.com/us-oil-and-gas-permitting-has-increas... 1. https://news.yahoo.com/fact-checking-biden-claim-9-170008791.html https://news.yahoo.com/fact-checking-biden-claim-9-170008791...
- hervature 4y agoMaybe third time is the charm. I'll quote myself. > Like I said, this signaling is more powerful than the actual policy because it prevents investment as the ROI is too risky.