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Biden Promises ‘No More Drilling’ Just Days After Demanding More Drilling

NatMorton

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Source: here.

If it's not this nearly comical level of flip-flopping, Biden is busy calling oil companies "war profiteers" and threatening a windfall profits tax.

If you were perhaps wondering why fossil fuel companies are hesitant to invest in more production (and lower the cost of energy we all pay), this is one very good example of why. They are reluctant to risk large-scale capital investment in a political climate where nonsense about their industry rules the day.

This administration's stance on energy production is an eff-ing disaster. They are as clueless as they are rudderless.
 
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Joe should never be believed he is more of a liar than Trump in the world of politics
 
Bonkers in Yonkers.

Anyone else have a "Read my lips: No new taxes" flashback?
 

Manchin is mad about coal? Those jobs are gone. Im all for nuclear plants.
 
In all fairness to Biden, he just reads the scripts he's handed.
 
LOL So coddling them even more will change their minds about doing stock buybacks instead of drilling for oil. You must be joking. They make their own decisions and they do not want more oil production. Why should they? Exxon made $19 billion in profits last quarter.

Oil Companies Prioritize Buybacks Over Production Gains​

Oil Companies Highlight Buybacks Over Production​

During second quarter earnings calls, oil company executives were tight lipped about 2023 development and production plans. However, they did hint they are more focused on returning value to investors, mainly in the form of buybacks, than on increasing oil production.

Buybacks effectively reduce the number of a company's shares available while propping demand for the stock. This supply/demand combination tends to boost the per-share stock price. In addition, company earnings are figured against a smaller number of shares, effectively boosting the quarter-end earnings-per-share numbers. Both are factors seen as highly desirable by investors.

Buybacks also deliver more voting leverage back into the hands of companies. Such authority has held increased significance in the minds of oil industry executives since last May. That's when activist investment firm Engine No. 1 rallied Exxon shareholders to elect three board members tasked with emphasizing climate change as a priority, and beginning to diversify the oil company away from fossil fuel.

https://www.investors.com/news/oil-...cks-over-production-increases-as-prices-drop/
 
iguanaman said:
So coddling them even more will change their minds about doing stock buybacks instead of drilling for oil.
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No, getting them to believe investing in production is more profitable than other uses for the capital, like buybacks, is the goal. The people who run these companies are not stupid. Alas, our President is.
 
NatMorton said:
No, getting them to believe investing in production is more profitable than other uses for the capital, like buybacks, is the goal. The people who run these companies are not stupid. Alas, our President is.
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But they make the most profits when prices are high so it would be stupid to increase production and lower prices. When you can sell less product and make more money it makes sense not to drill for oil. What Biden is doing is highlighting what they are doing to the American consumer which is basically robbing them. But since like the right they have no shame and they have shills like you pimping for them for free, they just ignore the President and do what they want anyway. $19 billion profit in a quarter is nothing to sneeze at is it?
 
NatMorton said:
That's at least rational. The Biden administration's energy policies are not.
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Has the Biden Admin stopped drilling? The big oil companies have unused permits. Biden tried to do a side deal with the Saudis and MBS backed out.

Trump trashed the energy policy and never did much but undo previous policies while adding nothing but empty promises to coal country.
 

I saw that and thought, "damn, tks Joe for sealing the left's coffin tomorrow"......thought leftist are smart and intelligent.....guess not.
 
But think about all the jobs he’s creating in White House staff who have to walk back his comments and practice saying “what the President meant to say…”. No wonder unemployment is so low!
 
A large segment of the Democratic Party just can't handle an all-of-the-above energy policy.

And it's absolutely bonkers.
 
So the point you are trying to make and that the piece tries to make is that while the Biden Administration has not shut down drilling or fracking and had not before oil prices shot up, he has told us "where his sentiments are".

OK....SO WHAT!

So Biden did a lousy two step over the issue. Until he actually does something that curtails either drilling or fracking you just don't have anything but a rhetorical leg to stand on.

The Right does not even care about the people Biden directed his campaign comments regarding fracking and drilling toward. So what the hell are we even talking about?
 
No, Biden's messaging is wildly conflicting, and that you have to resort to personal attacks is evidence you have no argument to make.
 
You're missing the point. With this administration's policies in place there is massive regulatory risk with further investment. You need more than permits. You need capital, and why should they risk it?
 
But why wouldnt oil companies invest billions in new drilling? I mean...its not Like Biden is threatening to shut them down and bankrupt companies that work with them!
 
redbeer said:
I saw that and thought, "damn, tks Joe for sealing the left's coffin tomorrow"......thought leftist are smart and intelligent.....guess not.
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Unfortunately, there's a great deal of shallow thinking out there that believes "no more drilling" is a good thing.
 
No, you've missed the point.
 
Moon said:
But think about all the jobs he’s creating in White House staff who have to walk back his comments and practice saying “what the President meant to say…”. No wonder unemployment is so low!
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Those poor folks are risking traumatic stress disorder and might just qualify for combat pay.
 
Schism said:
In all fairness to Biden, he just reads the scripts he's handed.
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The problem is he goes off-script a lot. He doesn't even know where he is half the time.
 
NatMorton said:
You're missing the point. With this administration's policies in place there is massive regulatory risk with further investment. You need more than permits. You need capital, and why should they risk it?
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I am not missing the point, I asked a question about the ability to drill now. Risk it? Profits are at record levels and we should cater to them, why?
 
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