so what's the hold up? corporate $$??
1/'21-
Oil companies lock in drilling, challenging Biden on climate change...
In the closing months of the Trump administration, energy companies stockpiled enough drilling permits for western public lands to keep pumping oil for years and undercut President-elect Joe Biden’s plans to curb new drilling because of climate change, according to public records and industry analysts. 3,000+ drilling permit applications in a three-month period....Bureau of Land Management. Officials approved almost 1,400 drilling applications during that time. The administration issued more than 4,700 drilling permits in 2020 (lotta info here) https://www.abqjournal.com/1534860/oil-companies-lock-in-drilling-challenging-biden-on-climate.html
President Biden claimed that there are 9,000 unused oil drilling permits. That’s mostly true...Thousands of unused permits are not uncommon in any presidential administration..
Some companies choose not to drill for corporate reasons — because they can raise funds from investors by not drilling on leases with proven reserves.... https://www.poynter.org/fact-checking/2022/biden-9000-unused-oil-drill-permits/
If you're in an industry that the government has openly stated is coming to shut you down and put you out of business, why would you invest in further drilling or expenses?
Came here to say this. Thank you. You don't pour billions into exploration when you are being told your business will be shut down within 10 years.
Dad gets nightly calls from what he calls the Oily Boys trying to sell him investment opportunities in oil.
Refineries? We also have a shitload of fracking wells just waiting to pump gas but no pipelines or cracker plants to turn gas to liquid. This is all purposeful.
Number of permts means nothing. The maybe waiting on 9,000 environment studies to be completed in order to drill.
Those 9,000 permits maybe in areas uneconomical to drill in,and 10,000 permits denied where they want to drill.
With the hight price of oil,I'm 100% sure they are drilling the heck out of everything they can
No balls
michael Obama enters the chat
If it's Pointer, it's a lie in some way.
Simple.
There's no oil there.