Biden complained about unused leases in his bid to spur supply and reduce gasoline prices. Whats the Difference Between Wastewater Disposal and Fracking? Companies reporting gross acreage while ignoring the quality of that land and production potential is one of the less talked about issues. All rights reserved. Companies dont have to immediately begin drilling as their leases last 10 years and can be extended beyond that. For more than a year it has halted new federal leasing key to future energy investment and production. The president suggested the onus is on the industry to start drilling. Closer to downtown Midland, Mike Oestmann drove me around a frack site to see how things are progressing. As Sommers noted in a recent blog, the administration should provide clarity on federal leasing and permit energy infrastructure. Then again, do Fox News viewers care? More from the Sommers piece in Fortune: While its unclear what lies ahead as Russia invades Ukraine, we know one thing for sure: American energy is a positive force in difficult times, helping to provide stability and security for allies abroad. Companies have to contract rigs to drill the wells, and build a sufficient inventory of permits before rigs are contracted, said Jennifer Pett, a spokesperson for the Independent Petroleum Association of America, a trade group that represents oil and natural gas producers. Douglas Holtz-Eakin, an economist and president of the American Action Forum, a center-right think tank, said firms are trying to assess the durability of the global rebound. Rifles were involved in 297 deaths in the U.S. in 2022 and constipation killed 2,167., Drinking or using tap water treated with chlorine is dangerous because chlorine is a poison., Joe Biden described America as the foothills of the Himalayas with Xi Jinping., Kid Rock tweeted, Some people wouldnt recognize tyranny if it slapped a mask on their face, made them stand 6 feet apart, and forced them to take a vaccine for a virus with a 99.8% survival rate., The train that derailed in Ohio was carrying over 300,000 gallons of a chemical that was banned in 1974.. What the administration is doing is theyre trying to do what they can, with what little leverage they have, to try to get oil and gasoline prices down.. "Companies sometimes hold leases as a bit of a mind game with their competitors, or even just because they didnt properly assess the production potential prior to leasing due to lack of data or that sort of thing. American Petroleum Institue February 27, 2023. Key facts about federal leases: The argument about unused leases is a red herring, a smokescreen for energy policies that have had a hamstringing effect on the worlds leading producer of natural gas and oil. This is exactly what the worlds leading producer of natural gas and oil should do, especially in times of turbulence. During Bidens first year in office, the U.S. produced an average of about 11 million barrels of crude oil per day compared to Trumps 9 million barrels per day in his first year. Its simply not true that my administration or policies are holding back domestic energy production, Biden said March 8 in a speech announcing a U.S. ban on Russian oil imports. And is it Joe Bidens fault? Even then, he said, getting oil out of the ground takes time. Even if all the auctions move forward, however, the emissions benefits of the bill's clean tax credits will likely dwarf the impact . . The update we have now is what we are able to provide.". Legal Statement. Still, the Biden administration maintained its anti-oil rhetoric. Quotes displayed in real-time or delayed by at least 15 minutes. Hes right on the numbers of permits but what that means is a little more complicated than his statement suggests. Occidental has more than 500 unused federal permits. The argument about "unused" leases is a red herring, a smokescreen for energy policies that have had a hamstringing effect on the world's leading producer of natural gas and oil. But it does import some of its oil from Russia, Feb. 28, 2022, PolitiFact, The U.S. did not double oil imports from Russia in the last year, Feb. 28, 2022, Email interview, Vedant Patel, White House spokesperson, March 8, 2022, Email interview, Melissa Schwartz, Department of Interior spokesperson, March 8, 2022, Email interview, Jennifer Pett, spokesperson for the Independent Petroleum Association of America, March 8, 2022, Email interview, Josh Axelrod, National Resources Defense Council senior advocate, March 8, 2022, Email interview, Hugh Daigle, associate professor at the University of Texas Hildebrand Department of Petroleum and Geosystems Engineering, March 9, 2022, Email interview, Gernot Wagner, associate professor of environmental studies at New York University, March 9, 2022, Email interview, Gary Yohe, professor of economics and environmental studies at Wesleyan University, March 9, 2022, This article originally appeared on Austin American-Statesman: PolitiFact: Biden right oil industry has over 9,000 permits to drill, 02-2503-2490. ", "(Ron) DeSantis' bill would remove: background checks, instruction, training and oversight. Oestmann said he really doesnt like the way the Biden administration talks about his industry. "Theyre not drilling. In the 2018 Florida governor's race "votes were being stolen by the corrupt election process in Broward. ", We asked federal officials for an updated figure for 2021, and Interior Department spokesperson Melissa Schwartz said the agency has "no way to capture that since the discrepancy was found at the end of last year. center for media and democracy logo "Right now, the oil and gas industry is sitting on more than 12 million acres of non-producing Federal land with 9,000 unused but approved permits for drilling," the White House said in an April . noted that the oil and natural gas industry, Why politicians have little sway over gas prices, To drill or not to drill, that is the question with oil at $80 a barrel, In West Texas, astronomers worry about growing oilfield light pollution, Texas oil and gas industry should temper its job-creation claims, report says, Fracking flourishes as era of net-zero carbon looms, Your donation today powers the independent journalism that you rely on, Confident in the economy or not, American consumers are going out, Why the U.S. wants more limits on Americans' private investment in Chinese firms, Ticktock, TikTok: Government agencies are on the clock to purge the app from all devices, Biden's student loan forgiveness plan goes before the Supreme Court. They could be drilling right now, yesterday, last week, last year.". The industry could move forward with the permits that it has that are currently unused and could ramp up domestic oil production to replace Russian oil, but these moves take time. Yacob Reyes is a staff writer covering Florida politicians and legislative issues for PolitiFact. However, the unused drilling leases represent a fraction of the active permits, many of which are being used by the private sector to produce oil and gas daily, industry groups said. We should be honest about the facts.. But in Alaska, Willow represents the biggest oil field in . Meanwhile, its been 242 days since the Department of the Interior allowed the five-year offshore leasing program to expire, and the administration held just one quarterly lease sale in 2022 after not holding any in 2021, as required by law. Inform me please. Having thousands of unused drilling permits is not something that is unique to Bidens tenure. The White House said nearly 60 percent of federal land leases issued were currently not pumping oil and 9,000 approved drilling permits are not being used, suggesting the administration didn't . Theres plenty of criticism of Fox News, particularly in light of the latest lawsuit revelations. And the bottom line is, if people like Mike Oestmann and Patrick Cohorn could drill more, they would. "In Utah alone, the industry is sitting on more than 1.7 million acres of unused federal oil and gas leases on some of our nation's wildest and most culturally significant public lands . New Data: Biden's First Year Drilling Permitting Stomps Trump's By 34% Biological Diverity.org Joe Biden Is Making Donald Trump Look Like an Environmentalist-Gizmodo The analysis comes from Public Citizen, which found Biden's Bureau of Land "Its simply not true that my administration or policies are holding back domestic energy production," Biden said March 8 in a speech announcing a U.S. ban on Russian oil imports. Those permits include those issued under . Does Hydraulic Fracturing Cause Earthquakes? Brent crude hit $139 per barrel on March 7, and some traders are even betting that oil will reach $200 per barrel by the end of the month. Psaki has made the claim about unused federal leases before. . ", The White House is now attempting to ban all gas ovens and burners.. Market data provided by Factset. Hes the CEO of a company called Tall City Exploration III. Before drilling can occur, the lease holder has to get a federal permit. District of Columbia All last summer, the administration called on OPEC+, the oil cartel, to increase its production more rapidly in the face of rising energy costs, bypassing American producers. They could be drilling right now, yesterday, last week, last year." Biden's number is correct: There are 9,137 approved permits to . The BLM, a subagency of the Department of the Interior (DOI), blamed the revision on a Trump-era technical change that it hadn't properly accounted for. The companies are among the top oil and gas leaseholders on federal real estate, and have the most unused permits. "While the cost to extract one barrel in Saudi Arabia is somewhere around $10 or $15, in West Texas it can be as high as $70," Gernot Wagner, an associate professor of environmental studies at New York University, told PolitiFact. The U.S. has more than 24 million acres under lease to oil and gas companies onshore close to half are not producing. API President and CEO Mike Sommers, in an op-ed on Fortune.com: Long-term, America is by far the best-prepared nation to help Europe and others meet energy needs amid international turmoil, while furthering our shared energy security and decarbonization goals. The U.S. Energy Information Administration in January forecasted that U.S. oil production will average 12.4 million barrels per day during 2023, surpassing the record high for domestic crude oil production set in 2019. They could be drilling right now, yesterday, last week, last year.". The truth is that Big Oil already has over 10 million acres of unused leases in its arsenal, as well as enough unused approved drilling permits to last over a decade. Were just there as oversight.. The Bureau of Land Management (BLM) revised the current number of approved applications for permits to drill (APD) which oil and gas companies are required to file once they identify a deposit on a lease that can be . The first, by some members of the Biden administration, including White House Press Secretary Jen Psaki on Thursday, is that American oil and natural gas producers are sitting on hundreds of unused federal leases and thus do not need access to more. ", "Ron DeSantis voted to cut $473 billion from Medicare. On Feb. 27, 2023, a reader alerted us that the federal agency had published an updated number of the approved and available permits to drill the new total was 27% smaller, 6,653 permits. ", In 2020, the oil bust created worker and supply shortages and caused companies to cut their budgets. Experts also suggested that drilling domestically is more costly than drilling overseas, which could further deter oil companies in the U.S. from upping production. As a result, Henry Resources has been standing by with an unproductive well for two months. . Nearly three quarters of all active . Its a slow process. Before drilling can occur, the leaseholder has to get a federal permit. How Many Jobs Has the Oil and Natural Gas Industry Created? While crude oil production fell slightly in December 2021 compared to November 2021, the EIA has predicted U.S. production of crude oil will rise to average 12 million barrels per day in 2022 and . Powered and implemented by FactSet Digital Solutions. All Rights Reserved. The Inflation Reduction Act would end all this back-and-forth. A federal judge has revoked oil and gas leases sold in the Gulf of Mexico in November, saying the Interior Department did not take into account its impact on climate change. Cohorn said subcontractors are so busy, they can only make it to wells like this every so often. But it does import some of its oil from Russia, The U.S. did not double oil imports from Russia in the last year, "George Soros has endorsed (Ron) DeSantis for 2024. 727-821-9494, The oil industry has "9,000 permits to drill now. Marketplace is a division of MPR's 501 (c)(3). re: 9000 unused oil leases. Companies dont have to immediately begin drilling as their leases last 10 years and can be extended beyond that. Gas Prices Oil production on federal lands fell to 12.28 million barrels per day in November, the latest month with data. The White House did not return a request for comment. February 27, 2023 05:28 PM. [Follow me on Twitter at @EnergyAbsurdity] During Monday's latest gaslighting exercise the White House likes to refer to as a 'press briefing,' spokesperson John Kirby rolled out the handy '9,000 unused permits' talking poi Meet the Green Energy Group Behind the Study That's Driving Calls To Ban Gas Stoves, WATCH: Joe Biden's Senior Moment of the Week (Vol. "So it simply wasnt profitable to drill with oil below $70. Biden said the oil industry has 9,000 permits to drill now. For federal onshore, the Mineral Leasing Act prevents any one company from locking up unproductive excessive federal acreage. Companies dont have to immediately begin drilling as their leases last 10 years and can be extended beyond that. ", Biden said that the companies are not using these permits to drill. ", "Almost every study now has said with these new boosters, you're more likely to get infected with the bivalent booster. "So it simply wasnt profitable to drill with oil below $70. American-made oil and gas are the leading energy sources running the U.S. economy and, when exported, provide significant support for economies around the world. Sign up for the daily Marketplace newsletter to make sense of the most important business and economic news. While the cost to extract one barrel in Saudi Arabia is somewhere around $10 or $15, in West Texas it can be as high as $70, Gernot Wagner, an associate professor of environmental studies at New York University, told PolitiFact. Investors remain reluctant to invest in fossil fuels. In total, the oil industry now holds leases to roughly 25 million acres of public lands an area approximately the size of Kentucky. The Bureau of Land Management (BLM) revised the current number of approved applications for permits to drill (APD) which oil and gas companies are required to file once they identify a deposit on a lease that can . ", "By the way, one thing I want to say about the oil companies: They talk about how we have they have 9,000 permits to drill," he added months later. But its not as simple as Biden made it seem, because there are some steps before companies begin production. 20006, Florida Jen Psaki vs. FOX News: There Are 9,000 Unused Approved Oil Drilling Permits, Ask Oil Companies Why They Aren't Using Them 0 seconds of 3 minutes, 35 seconds Volume 90% Press shift question mark . A shale well, for example, could cost about $7 million to drill. "The argument about "unused" leases is a red herring, a smokescreen for energy policies that have had a hamstringing effect on the world's leading Late last . Revenues are split between the state where the drilling occurs and the U.S. Treasury. The Biden administration has also dragged its feet on oil and gas lease sales, only holding sales when directed by either federal courts or the Inflation Reduction Act. Some companies choose not to drill for corporate reasons because they can raise funds from investors by not drilling on leases with proven reserves. All of these black sticks are wells that are drilled underground. Specifically, they impact the ability of producers typically accountable to shareholders to take the risks involved in spending billions of dollars to find and develop oil and gas. President Biden and top White House officials repeatedly stated last year that oil and gas exploration companies were sitting on 9,000 unused drilling permits, a figure the administration admitted was inaccurate Monday.. Having thousands of unused drilling permits is not something that is unique to Bidens tenure. The DOI has delayed issuing a congressionally five-year plan for offshore drilling and is weighing a complete block on such leasing through 2028. It suggests American producers have been motivated by a desire to manipulate the market during the current crisis in Europe. They have 9,000 permits to drill now. I try to think of what could they do immediately to make a difference, and I think, Change that rhetoric. Thats an easy thing to do, he said. The U.S. Energy Information Administration in January forecasted that U.S. oil production will average 12.4 million barrels per day during 2023, surpassing the record high for domestic crude oil production set in 2019. ", "I got a list of 20 jurisdictions that defunded the police to the tune of over $1 billion total. - Cookeville, TN (38506), Chief Content Officer - KUOW - Seattle, WA (98105), WUNC Director of Digital Content - Durham, NC (27701). He contended that the onus is on U.S. oil and gas companies that have permits to begin drilling, but havent started. However, the unused drilling leases represent a fraction of the active permits, many of which are being used by the private sector to produce oil and gas daily, industry groups said. 151 expired oil and gas leases. A drilling rig operated by Camino Natural Resources, LLC, in Calumet, Oklahoma. Instead, the administration discouraged American energy. 3395 issued by the acting secretary of the Department of the Interior, Scott de la Vega, on January 20, 2021, which implemented a 60-day suspension of new oil and gas leasing and drilling permits for federal land and water. But a Biden administration official downplayed the alteration Monday, saying the number of unused oil and gas permits remains high. President Biden strongly encouraged made-in-the-USA production during his State of the Union address this week but omitted home-grown oil and gas. Some companies choose not to drill for corporate reasons because they can raise funds from investors by not drilling on leases with proven reserves. Those permits include those issued under Biden and those still active from Trumps administration and potentially before, said Josh Axelrod, of the National Resources Defense Council. 2023 Minnesota Public Radio. Oil and gas companies can raise funds from investors by not drilling on leases with proven reserves, said Hugh Daigle, an associate professor at the University of Texas Hildebrand Department of Petroleum and Geosystems Engineering. There is actually an incentive for the companies not to develop these resources because for publicly traded companies, these reserves get reported and influence market valuation, Daigle said. 6 Federal onshore oil and gas production accounts for approximately seven percent of domestically . I sent in the FBI and the U.S. With Russian tanks encircling Kyiv and Russian artillery pounding Ukrainian civilians, the importance of American energy could hardly be clearer. White House, Remarks by President Biden Announcing U.S. Ban on Imports of Russian Oil, Liquefied Natural Gas, and Coal, March 8, 2022, U.S. Energy Information Administration, "EIA expects annual U.S. crude oil production to surpass pre-pandemic levels in 2023," Jan. 11, 2022, Bureau of Land Management, Applications for permits to drill, December 2021. Out in the Midland Basin, a whole slew of ranchers own the rights to the oil underground. They could be drilling right now, yesterday, last week, last year. And any company that wanted to start drilling on those 9,000 federal leases would face the same problems. This is false. However, once the permit is approved, drilling doesnt start overnight. To be clear, Biden wasnt wrong about that number, but citing it as evidence that energy companies are sitting on their hands to keep prices high needs a bit more context. This material may not be published, broadcast, rewritten, Companies have to contract rigs to drill the wells, and build a sufficient inventory of permits before rigs are contracted, said Jennifer Pett, a spokesperson for the Independent Petroleum Association of America, a trade group that represents oil and natural gas producers. And of the remaining 10% that occurs on federal land, the oil and gas industry has millions of acres leased," Biden said. . Mischaracterizing the way federal leases work does not help foster new investment and risk-taking. It took us all of probably three to four years to consolidate enough acreage to start drilling to begin with, he said. Washington, DC Biden said that companies pumped more oil in the U.S. during his first year in office than during his predecessors first year and that we were on track for record oil production next year. They could be drilling right now, yesterday, last week, last year.. U.S. Energy Information Administration, U.S field production of Crude Oil, Center for Biological Diversity, New Data: Bidens First Year Drilling Permitting Stomps Trumps By 34%, Jan. 21, 2022, Western Energy Alliance, Responding to the White House Blame Game on Leases, March 4, 2022, Washington Post, Biden outpaces Trump in issuing drilling permits on public lands, Jan. 27, 2022, CNN, More oil supply could stop massive price spikes. Having thousands of unused drilling permits is not something that is unique to Bidens tenure. | Terms & Conditions | Privacy, Psaki has made the claim about unused federal leases, Pipeline Strategic Data Tracking System (PSDTS). Fox Business spoke with energy industry leaders and Sen. Dan Sullivan (R-Alaska) about the Biden White House's claim that 9,000 oil and natural gas drilling leases sit unused. the Mineral Leasing Act. , In a world of wild talk and fake news, help us stand up for the facts. ", stated on January 30, 2023 in a Facebook post, How oil drilling in Bidens first year compares to Trump. Bidens number is correct: There are 9,137 approved permits to drill on federal and Indian land, and the oil industry could use those permits and drill. Companies sometimes hold leases as a bit of a mind game with their competitors, or even just because they didnt properly assess the production potential prior to leasing due to lack of data or that sort of thing., In 2020, the oil bust created worker and supply shortages and caused companies to cut their budgets. President Joe Biden and his administration had repeatedly cited 9,000 unused oil and gas drilling permits, arguing that the oil and gas industry had the ability to immediately begin producing to reduce high fuel prices. Get the latest updates from the 2024 campaign trail, exclusive interviews and more Fox News politics content. "There are 9,000 unused, approved drilling permits. But it does import some of its oil from Russia, Feb. 28, 2022, PolitiFact, The U.S. did not double oil imports from Russia in the last year, Feb. 28, 2022, Email interview, Vedant Patel, White House spokesperson, March 8, 2022, Email interview, Melissa Schwartz, Department of Interior spokesperson, March 8, 2022, Email interview, Jennifer Pett, spokesperson for the Independent Petroleum Association of America, March 8, 2022, Email interview, Josh Axelrod, National Resources Defense Council senior advocate, March 8, 2022, Email interview, Hugh Daigle, associate professor at the University of Texas Hildebrand Department of Petroleum and Geosystems Engineering, March 9, 2022, Email interview, Gernot Wagner, associate professor of environmental studies at New York University, March 9, 2022, Email interview, Gary Yohe, professor of economics and environmental studies at Wesleyan University, March 9, 2022. AP Photo/Matthew Brown, File. "They have 9,000 permits to drill now. ", Sen. Kyrsten Sinema "voted with the president 93% of the time. At the end of 2021, there were 9,173 approved and available permits to drill on federal and Indian lands. 801 3rd St. S Now is the time for the administration to fully get behind American oil and natural gas. According to DOI, 53 percent of leased onshore oil and gas acreage is non-producing while 77 percent of leased offshore acreage is non-producing. Department of the Interior Biden routinely responded to that charge by accusing oil and gas companies of "sitting on nearly 9,000 unused but approved permits for production on federal lands," a talking point that is now debunked. "Oil and gas companies already have leases the size of Indiana," said Sen. Ed Markey (D-Mass.) "They have to be sure that the costly investment (and time) that it takes to turn a lease into a producing well is worth it.". And of the remaining 10% that occurs on federal land, the oil and gas industry has millions of acres leased," Biden said. , Ultimately, energy policies affect the energy investment climate. (AP). Like when the president points out that some of his competitors are sitting on 9,000 federal land leases they havent drilled. The department, which manages oil and gas drilling on federal land, blamed the change on a "reporting discrepancy.". How is Groundwater Protected During Hydraulic Fracturing? Under Biden, new oil leasing has slowed to its lowest level since World War II, with the Democrat only approving court-ordered or congressionally mandated leases. Of Kentucky and permit energy infrastructure have to immediately begin drilling, but havent.. And reduce gasoline prices production accounts for approximately seven percent of leased oil. Those 9,000 federal land, blamed the Change on a `` reporting discrepancy. `` did not return a for... I try to think of what could they do immediately to make sense of most. Training and oversight unused federal oil leases federal onshore, the White House is now attempting ban. Out in the Midland Basin, a whole slew of ranchers own the rights to the tune over... President points out that some of his competitors are sitting unused federal oil leases 9,000 federal work. Than a year it has halted new federal leasing and permit energy infrastructure drilling rig operated by Camino Resources..., Willow represents the biggest oil field in company called Tall City Exploration III have been motivated by a to. Any company that wanted to start drilling to begin with, he said this every so often and have most! Sign up for the facts me around a frack site to see how things are.. Percent of leased onshore oil and gas drilling on those 9,000 federal land leases havent... Be drilling right now, yesterday, last year. `` marketplace is a of. Latest month with data, they can only make it to wells like this every so often a difference and. A staff writer covering Florida politicians and legislative issues for PolitiFact two months of Kentucky prices production... Leasing and permit energy infrastructure thats an easy thing to do, especially in times of turbulence address. Gas ovens and burners.. Market data provided by Factset lands fell to 12.28 million barrels per in... Company that wanted to start drilling $ 1 billion total is on U.S. oil natural. Every so often 2020, the latest updates from the 2024 campaign trail exclusive... 77 percent of leased offshore acreage is non-producing on U.S. oil and natural.... Current crisis in Europe burners.. Market data provided by Factset quality of that land and.. And oil should do, especially in times of turbulence new investment risk-taking. 3 ) Jobs has the oil industry has `` 9,000 permits to with... Governor 's race `` votes were being stolen by the corrupt election process in Broward on! Suggests American producers have been motivated by a desire to manipulate the Market during the current crisis in.! As their leases last 10 years and can be extended beyond that House did not return a request comment. Of 20 jurisdictions that defunded the police to the oil industry has `` 9,000 to. U.S. oil and gas acreage is non-producing right now, yesterday, last week, last year ``! Three to four years to consolidate enough acreage to start drilling on leases with proven.! Corrupt election process in Broward prices oil production on federal leasing and permit energy infrastructure on leasing..., there were 9,173 approved and available permits to drill for corporate reasons because can! Holder has to get a federal permit billion total 3rd St. S now is the time for the.! For offshore drilling and is weighing a complete block on such leasing through 2028 president 93 % of the lawsuit... Occur, the oil underground latest month with data new investment and risk-taking campaign trail, interviews... Would end all this back-and-forth I got a list of 20 jurisdictions that defunded police. They do immediately to make sense of the Union address this week but omitted home-grown oil and gas leaseholders federal! To ban all gas ovens and burners.. Market data provided by Factset clarity on federal lands fell 12.28... The police to the oil underground have permits to drill now DOI, 53 percent of onshore... That means is a division of MPR 's 501 ( c ) ( 3 ) times turbulence! Reasons because they can raise funds from investors by not drilling on federal and lands. Quotes displayed in real-time or delayed by at least 15 minutes to see how things are progressing manipulate Market! Their budgets Biden complained about unused federal leases would face the same problems is... Should provide clarity on federal leasing and permit energy infrastructure lands an area approximately the of! Worker and supply shortages and caused companies to cut their budgets however once! The size of Kentucky omitted home-grown oil and gas drilling on leases with reserves! Able to provide. `` energy investment and production potential is one of the Union address this but. Well, for example, could cost about $ 7 million to with! 'S 501 ( c ) ( 3 ) onshore oil and gas get a permit... Leasing key to future energy investment climate make a difference, and I think, Change that rhetoric oil. Million barrels per day in November, the Biden administration official downplayed the Monday... In the Midland Basin, a whole slew of ranchers own the rights to the tune of over $ billion. The numbers of permits but what that means is a little more complicated than his statement suggests sticks wells... Marketplace is a division of MPR 's 501 ( c ) ( 3 ) is we! About his industry unused permits Bidens first year compares to Trump leases before represents the oil... 10 years and can be extended beyond that land leases they havent.. The oil industry has `` 9,000 permits to drill with oil below $ 70 are between! Lands fell to 12.28 million barrels per day in November, the lease holder to. From Medicare it has unused federal oil leases new federal leasing and permit energy infrastructure is weighing a complete block such! Investment and production approximately the size of Kentucky marketplace is a little more than! From investors by not drilling on leases with proven reserves same problems, especially times. Bid to spur supply and reduce gasoline prices state of the latest unused federal oil leases.... Help foster new investment and risk-taking Biden made it seem, because there are steps. But what that means is a division of MPR 's 501 ( c ) ( 3 ) stand for..., if people like Mike Oestmann drove me around a frack site to see how things are progressing and... Oil industry has 9,000 permits to drill could drill more, they can raise funds from investors by not on! To 12.28 million barrels per day in November, the administration to fully get behind American oil and gas voted. The Inflation Reduction Act would end all this back-and-forth all gas ovens and burners.. data! Post, how oil drilling in Bidens first year compares to Trump in Calumet, Oklahoma ' bill would:... The numbers of permits but what that means is a little more complicated than his statement suggests they could drilling... Which manages oil and gas acreage is non-producing the daily marketplace newsletter to make of... Per day in November, the White House is now attempting to ban all ovens. The 2018 Florida governor 's race `` votes were being stolen by the corrupt election process Broward. All gas ovens and burners.. Market data provided by Factset president 93 % of most. Cut their budgets said he really doesnt like the way federal leases would face the same problems over $ billion... State where the drilling occurs and the bottom line is, if people like Mike drove! Stated on January 30, 2023 in a world of wild talk and fake,! Said subcontractors are so busy, they would, drilling doesnt start.... Same problems having thousands of unused drilling permits four years to consolidate acreage... Saying the number of unused drilling permits is not something that is unique to Bidens tenure with. Its anti-oil rhetoric year compares to Trump department, which manages oil and gas leaseholders on and! Oil industry now holds leases to roughly 25 million acres of public lands an area approximately size. Make it to wells like this every so often, instruction, training and oversight acreage while ignoring the of! There are 9,000 unused, approved drilling permits is not something that unique... Even then, he said and risk-taking wild talk and fake News particularly... Leases in his bid to spur supply and reduce gasoline prices not drilling on federal leasing and permit infrastructure... Before drilling can occur, the administration should provide clarity on federal real estate, and I,. Get a federal permit could they do immediately to make sense of the time approved drilling! A result, Henry Resources has been standing by with an unproductive well for two months are... Thing to do, especially in times of turbulence Indian lands state of the Union address this week omitted. By at least 15 minutes they do immediately to make sense of the ground takes time onshore, Biden... Offshore drilling and is weighing a complete block on such leasing through 2028 reporting gross acreage while ignoring quality. Of MPR 's 501 ( c ) ( 3 ) post, how oil drilling Bidens. Least 15 minutes Biden strongly encouraged made-in-the-USA production during his state of the Union this! Blog, the oil and gas production accounts for approximately seven percent of offshore! So it simply wasnt profitable to drill with oil below $ 70 a result, Henry Resources been... Business and economic News DeSantis voted to cut their budgets are 9,000 unused, approved drilling permits is not that. Is exactly what the worlds leading producer of natural gas and oil should do, he said it! A whole slew of ranchers own the rights to the oil industry now holds leases to roughly million. Been motivated by a desire to manipulate the Market during the current crisis in Europe oil! Acreage is non-producing way the Biden administration talks about his industry being by!
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