Biden calls for ‘use it or lose it’ policy for oil leases on federal land

[itstony]

Outstanding, oil companies will need to either start using the unused federal leases, or pay a fine and lose their rights to the land. That in addition to the new daily releases of crude out of the federal reserves should have start reducing oil company profits and be seen as a reduction at the pumps.

Biden calls for ‘use it or lose it’ policy for oil leases on federal land

US President Joe Biden on Thursday slammed oil companies for refusing to increase production to make up shortfalls caused by the removal of Russian oil from US markets.

www.independent.co.uk

 

[Hamish Howl]

Now the MAGA freaks will be against drilling.

 

[PirateMk1]

Outstanding, oil companies will need to either start using the unused federal leases, or pay a fine and lose their rights to the land. That in addition to the new daily releases of crude out of the federal reserves should have start reducing oil company profits and be seen as a reduction at the pumps.

Biden calls for ‘use it or lose it’ policy for oil leases on federal land

US President Joe Biden on Thursday slammed oil companies for refusing to increase production to make up shortfalls caused by the removal of Russian oil from US markets.

www.independent.co.uk

What a dummy Biden is. He has no clue how that stuff actually works. You get a lease to explore for oil. Thats the point of the lease. Which if you find it then you get the permits to drill pump and transport it.

 

[366h34d]

Did he ban something on the Fed land when he moved into WH? Also, his admin added a few taxes and duties to oil companies a couple of days ago. I guess he forgets all about it

 

[Mycroft]

Outstanding, oil companies will need to either start using the unused federal leases, or pay a fine and lose their rights to the land. That in addition to the new daily releases of crude out of the federal reserves should have start reducing oil company profits and be seen as a reduction at the pumps.

Biden calls for ‘use it or lose it’ policy for oil leases on federal land

US President Joe Biden on Thursday slammed oil companies for refusing to increase production to make up shortfalls caused by the removal of Russian oil from US markets.

www.independent.co.uk

Typical left wing tactic.

On one hand, try to force someone to do something.

On the other hand, make it impossible for them to do it.

 

[Lovebug]

Now the MAGA freaks will be against drilling.

and liberals will be for more fossil fuels? Yeah, best comeback I can come up with.

 

[Gateman_Wen]

What a dummy Biden is. He has no clue how that stuff actually works. You get a lease to explore for oil. Thats the point of the lease. Which if you find it then you get the permits to drill pump and transport it.

Why would you purchase an oil lease if you don't know whether there's oil or not?

 

[ClaraD]

What a dummy Biden is. He has no clue how that stuff actually works. You get a lease to explore for oil. Thats the point of the lease. Which if you find it then you get the permits to drill pump and transport it.

well then they will need to get to exploring

 

[PirateMk1]

Why would you purchase an oil lease if you don't know whether there's oil or not?

To look for it and maybe do a couple of test wells to see what is there quantity wise and determine if it is worth pursuing further. Most leases don't have oil profitable enough to pursue producing.

 

[PirateMk1]

well then they will need to get to exploring

Thats expensive and time consuming. That aint going to happen if the oil companies are just going to be bent over anyhow.

 

[ClaraD]

Thats expensive and time consuming. That aint going to happen if the oil companies are just going to be bent over anyhow.

if they have an oil lease, they need to use it or lose it. If they don't want to explore in that area they don't need a lease for that area.

 

[Hamish Howl]

and liberals will be for more fossil fuels? Yeah, best comeback I can come up with.

We're stuck with fossil fuels until we can build more reactors.

 

[Lord of Planar]

What a dummy Biden is. He has no clue how that stuff actually works. You get a lease to explore for oil. Thats the point of the lease. Which if you find it then you get the permits to drill pump and transport it.

Isn't that a minimum two year process before you know if the location is viable for oil?

 

[Lord of Planar]

Did he ban something on the Fed land when he moved into WH? Also, his admin added a few taxes and duties to oil companies a couple of days ago. I guess he forgets all about it

I don't remember the numbers, but I think the press secretary tried to convince the people, that the oil companies could pump plenrty of oil, that they has I think they said, 9,000 oil permits. At the time I did a little research and found that 2 year number. I also found out that the Biden Adminitration boasting that 9,000 number, was reduced from something like 37,000 permits the prior year.

 

[Lord of Planar]

and liberals will be for more fossil fuels? Yeah, best comeback I can come up with.

They want to be in their happy place by telling people to buy $60,000 electric cars, but drive their SUV.

 

[Lord of Planar]

if they have an oil lease, they need to use it or lose it. If they don't want to explore in that area they don't need a lease for that area.

I think you should research what the process is behind the lease, and rethink your decision.

 

[ClaraD]

I think you should research what the process is behind the lease, and rethink your decision.

the requirement does not mean they have to be pumping oil...just that they have to be actively using the lease...in other words, exploring.

 

[Lord of Planar]

the requirement does not mean they have to be pumping oil...just that they have to be actively using the lease...in other words, exploring.

Not true from what I read.

Biden also called on Congress to impose new fees on oil companies that hold roughly 9,000 permits to drill on federal lands but aren’t producing oil – what he called a “use it or lose it” policy to increase supply. “U.S. oil companies are recording their largest profits in years and can put those profits toward productive use,” a senior White House official said. “While some companies have already announced they are increasing immediate production, too many are choosing right now to make extraordinary profits without investing in more supply.”​

Biden Will Tap US Oil Reserve, Up to 180 Million Barrels

In an effort to bring down soaring gasoline prices, President Joe Biden announced a plan Thursday to release 1 million barrels of oil per day from the nation's strategic reserves over the next six months. "Our prices are rising because of Putin's actions,” Biden said, pinning the blame for...

news.yahoo.com

It takes about two year to pump oil, once the site is deemed to be a priciong location. What I just quoted on the "use it or lose it" indicates if it isn't an production site.

 

[Lord of Planar]

In post 18, the link is about 180 million barrels released from the strategic reserves.

Just how much of an F'n idiot is Biden? This is for emergencies. High gas prices are not an emergency. What if he depletes these reserves, and starts WWII with his interferance between Russia and Ukraine?

Let's Go Brandon!

 

[Lord of Planar]

The statistic oil reserve has a maximum capacity of 714 million barrels. He is asking to release 25% of that maximum. I call this irresponsible. It is currently only about 83% full, and this will take it to about 58%.

 

[Lord of Planar]

What a dummy Biden is. He has no clue how that stuff actually works. You get a lease to explore for oil. Thats the point of the lease. Which if you find it then you get the permits to drill pump and transport it.

It's amazing how many stupid lefties believe what comes out of that fools mouth.

 

[Hamish Howl]

The statistic oil reserve

The what?

 

[Schism]

Biden came out swinging on DAY ONE of his presidency against fossil fuel companies by signing EO's to cripple production and increase regulations.

What is the benefit vs. risk on these unexplored leases that may not even produce? Further, why would any industry want to invest in R&D and exploration when the party in power openly speaks out against that industry and made it clear they are going to hobble them in favor of new technology?

 

[Lord of Planar]

Biden came out swinging on DAY ONE of his presidency against fossil fuel companies by signing EO's to cripple production and increase regulations.

What is the benefit vs. risk on these unexplored leases that may not even produce? Further, why would any industry want to invest in R&D and exploration when the party in power openly speaks out against that industry and made it clear they are going to hobble them in favor of new technology?

Especially after the Biden Administration already took 28,000 of them away, some that were already producing oil. Why invest when they money will be lost to government seizure?

 

[ClaraD]

Not true from what I read.

Biden also called on Congress to impose new fees on oil companies that hold roughly 9,000 permits to drill on federal lands but aren’t producing oil – what he called a “use it or lose it” policy to increase supply. “U.S. oil companies are recording their largest profits in years and can put those profits toward productive use,” a senior White House official said. “While some companies have already announced they are increasing immediate production, too many are choosing right now to make extraordinary profits without investing in more supply.”​

Biden Will Tap US Oil Reserve, Up to 180 Million Barrels

In an effort to bring down soaring gasoline prices, President Joe Biden announced a plan Thursday to release 1 million barrels of oil per day from the nation's strategic reserves over the next six months. "Our prices are rising because of Putin's actions,” Biden said, pinning the blame for...

news.yahoo.com

It takes about two year to pump oil, once the site is deemed to be a priciong location. What I just quoted on the "use it or lose it" indicates if it isn't an production site.

a permit to drill....that comes when they already know oil is there. If they sit on that, they should lose it.