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Today-10/28/21 at 6:30 PM-EST a barrel of crude oil cost $82.91

You did.

Last year, people were locked down and going nowhere, thus there was no Demand for crude oil.

Because there was no Demand for crude oil, oil wells had to be shut down.

You cannot shut down an oil well with a mouse-click.

An oil service crew has to drive to the well -- because we don't have Star Trek transporters yet -- and spend 6-10 days working 8-12 hours a day to cap the well, blow out the feeder lines, shut the valves, and drain the coolants and hydraulic fluids from the machinery to prep for long-term storage, because the US EPA says so.

Now Demand has increased, but in 2020 more than 61 oil service companies filed for Chapter 11 bankruptcy protection -- because there was no Demand.

You cannot open a well with a mouse-click.

An oil service crew has to drive to the well -- because we don't have Star Trek transporters yet -- and spend 6-10 days working 8-12 hours a day to uncap the well, blow the air out of the feeder lines, open the valves, and re-fill the coolants and hydraulic fluids from the machinery to get it running again.

Did I mention more than 61 oil service companies file for bankruptcy?

Just like you have a shortage of oil, you have a shortage of oil service workers to uncap the wells.

Did I mention that 1,000s of the 950,000+ oil and natural gas wells in the US (not counting off-shore platforms) were shut down?
And most of it was caused by the price war the Saudi's and Russia had
they drove the price of oil so low they were almost giving it away and our oil producers could not compete so they shut down
Have a nice day
 
And most of it was caused by the price war the Saudi's and Russia had
they drove the price of oil so low they were almost giving it away and our oil producers could not compete so they shut down
Have a nice day
No, that is not why. Global Demand decreased due to the pandemic.
 
However, the question is whether he will renew those leases that come up for renewal in the next 3 years. I haven't heard mention about whether he will or not. However, you seem to be more in the know on the small details than me. Do you know what he said about this?
Biden has never said he would stop renewing present leases. The oil producers have stockpiled a 25 year supply of them too. BTW current oil prices are down 27% from the OP at $66.22.

The oil industry is currently sitting on 9.9 million acres of idle leases in the West—47.4 percent of all leases in the region—that are available to drill even during the Biden administration's temporary leasing pause. The leasing pause is designed to provide time to evaluate the federal oil and gas leasing system. It is clear that the leasing pause will not devastate the oil and gas industry, as the industry has stockpiled enough leases and approved drilling permits to continue drilling for years. This stockpile is more than sufficient to tide the industry over until our broken federal land leasing system is evaluated and modernized.

https://storymaps.arcgis.com/stories/63745d4475104a33968081ff008e36b9
 
No, that is not why. Global Demand decreased due to the pandemic.
Think what you want but there is a lot of info saying different

this is an interesting link.


IF you had read any of that you would have learned like I said the Saudi's and Russia had a price war that drove prices so low our oil producers could not compete and shut down
Trump went to the Saudi's and told them to cut their production and RAISE PRICES and they did then demand went up and supply has stayed low
Demand may have dropped some but this is the major reason for what is happening now
Have a nice night
 
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