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Why is the US oil industry sitting on a stockpile of unused drilling license?

justoneman said:
The American tax payer is getting screwed by not selling new land leases. That is less revenue. Biden's policies are hurting us in every direction.
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Awww.. we get you want to continue the socialist approach to federal oil royalties but some of us want to treat it "like a business"... You know, CHARGE for the value of the product... Do you feel oil companies should continue to be entitled to a socialist approach to royalties? When did you become a socialist?
 
justoneman said:
No we don't New reserves exist and we do not know exactly where they are.
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There has been enough exploratory drilling that we know exactly where it is. It's called petrol-geology. There is no need to drill production wells.

These maps weren't created by Miss Cleo.

National-Map.png
 
justoneman said:
The American tax payer is getting screwed by not selling new land leases. That is less revenue. Biden's policies are hurting us in every direction.
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Again, do YOU not understand the difference between a lease and a permit or just hoping that those who agree with your position don't know the difference?
 
diz said:
Some people working for oil companies are paid to do all of this. They don’t make money unless they drill wells. They are paid to get wells ready. Sometimes the well dies because of commodity price, sometimes it dies because some clown cancelled the pipeline permit, sometimes it dies because someone drilled a well nearby or shot some seismic that provided new information that ruined the economics. Sometimes wells die because you can’t get the budget to drill them, or rig rates have been skyrocketing, or crews are not available, or steel price went up. Sometimes the wells get drilled.

That doesn’t mean any given well is ready to go at any given time. Have you ever been involved in producing anything?

Most things don’t just spring forth in ready to execute packages. If you woke up today and decided you were going to drill an economically successful oil well starting from nothing you’d find pretty quickly you were many months away. Permits are one step in a process, not a goal in themselves.
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Can you explain to the audience the difference between a LEASE on federal land and a PERMIT on federal land?
 
BlueTex said:
Again, do YOU not understand the difference between a lease and a permit or just hoping that those who agree with your position don't know the difference?
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You live in Texas, what could you possibly know about the oil industry?...................................../S.

BlueTex said:
Can you explain to the audience the difference between a LEASE on federal land and a PERMIT on federal land?
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This will end well..................
 
Lisa said:
You live in Texas, what could you possibly know about the oil industry?...................................../S.
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To be fair, although I live in Texas, I don't work with the oil industry much but am an expert at seeing bullshit... Notice how they jump back and forth between leases and permits on federal lands?
 
The 9k permits are on garbage land with nothing under it.

Hopefully Joe Biden chokes to death on his dentures tonight.
 
BlueTex said:
To be fair, although I live in Texas, I don't work with the oil industry much but am an expert at seeing bullshit... Notice how they jump back and forth between leases and permits on federal lands?
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Trust me. I noticed. That's why I knew the trap you were setting up.
 
Warcok said:
The 9k permits are on garbage land with nothing under it.

Hopefully Joe Biden chokes to death on his dentures tonight.
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Bullshit... NOBODY seeks a permit on land they have LEASED without a high probability of production.. Learn the difference between LEASES and PERMITS... Oil companies are hoping and preying the American voter doesn't learn about the sweetheart deal they have been playing for over 100 years.. Jigs up...
 
justoneman said:
The American tax payer is getting screwed by not selling new land leases. That is less revenue. Biden's policies are hurting us in every direction.
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Are you ten years old? Do you understand how the real world works?
 
BlueTex said:
Awww.. we get you want to continue the socialist approach to federal oil royalties but some of us want to treat it "like a business"... You know, CHARGE for the value of the product... Do you feel oil companies should continue to be entitled to a socialist approach to royalties? When did you become a socialist?
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You do not want to Charge for the value of the product and neither does Biden. He ended new leases. There are no new ones to charge any amount for. No new oil discovered on these lands and no leasing revenue for the government. On top of it we get higher inflation from it all. Biden's oil policy is killing our economy.
 
pocket aces said:
Are you ten years old? Do you understand how the real world works?
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Ha! Are you two years old? Do you not understand that Biden ended new leases? There is no revenue coming to the government from them.
 
BlueTex said:
Bullshit... NOBODY seeks a permit on land they have LEASED without a high probability of production.. Learn the difference between LEASES and PERMITS... Oil companies are hoping and preying the American voter doesn't learn about the sweetheart deal they have been playing for over 100 years.. Jigs up...
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DID YOU LEASE THE PERMITS???
 
justoneman said:
You do not want to Charge for the value of the product and neither does Biden. He ended new leases. There are no new ones to charge any amount for. No new oil discovered on these lands and no leasing revenue for the government. On top of it we get higher inflation from it all. Biden's oil policy is killing our economy.
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Bullshit.. I would be fine with merely charging what my own state charges for royalties.. That would be DOUBLE what the teat suckers on federal lands pay today..
 
BlueTex said:
Bullshit.. I would be fine with merely charging what my own state charges for royalties.. That would be DOUBLE what the teat suckers on federal lands pay today..
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It does not matter what you want because Biden stopped all new land leases at any percentage.
 
Lisa said:
There has been enough exploratory drilling that we know exactly where it is. It's called petrol-geology. There is no need to drill production wells.

These maps weren't created by Miss Cleo.

National-Map.png
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uh oh
 
Lisa said:
There has been enough exploratory drilling that we know exactly where it is. It's called petrol-geology. There is no need to drill production wells.

These maps weren't created by Miss Cleo.

National-Map.png
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No we do not know exactly where all the oil is. It is simply not true. That is a map of where we know oil deposits are today. Look at a map from 30 years ago and it would have been diffferent. You think if you own property somewhere in the colored area that you can drill and hit oil? That is ridiculous.
 
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justoneman said:
No we do not know exactly where all the oil is. It is simply not true. That is a map of where we know oil deposits are today. Look at a map from 30 years ago and it would have been diffferent. You think if you own property somewhere in the colored area that you can drill and hit oil? That is ridiculous.
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A few of you guys are really attempting way too hard to make everyone believe that the oil industry is a bunch of idiots who can't figure out where the oil is as they pump massive amounts of oil and make massive amounts of money.

And that oil they're currently popping is coming from technology that they used decades and decades and decades ago to find it.

Why don't you just admit that the oil industry is very smart and very savvy and very technologically advanced and they know what they're doing. You would gain a little respect.
 
CaughtInThe said:
A few of you guys are really attempting way too hard to make everyone believe that the oil industry is a bunch of idiots who can't figure out where the oil is as they pump massive amounts of oil and make massive amounts of money.

And that oil they're currently popping is coming from technology that they used decades and decades and decades ago to find it.

Why don't you just admit that the oil industry is very smart and very savvy and very technologically advanced and they know what they're doing. You would gain a little respect.
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A few of you guys are trying to make it out like there is oil under every piece of land the oil producers have leased. It's really ridiculous. We need to encourage more oil exploration not discourage it. Biden is driving this reduced US capacity.
 
justoneman said:
A few of you guys are trying to make it out like there is oil under every piece of land the oil producers have leased. It's really ridiculous. We need to encourage more oil exploration not discourage it. Biden is driving this reduced US capacity.
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No, you're trying to make the oil industry (I guess all over the world) look like idiots after they have found oil many times (with older technology) and pump that oil for massive profit. All while you try to make us all believe that the oil industry (I guess all over the world) is just too stupid to find more oil OR up production.

No one with a brain is buying that crap.
 
CaughtInThe said:
No, you're trying to make the oil industry (I guess all over the world) look like idiots after they have found oil many times (with older technology) and pump that oil for massive profit. All while you try to make us all believe that the oil industry (I guess all over the world) is just too stupid to find more oil OR up production.

No one with a brain is buying that crap.
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Are you bothered by gasoline being $4.60 a gallon?
 
justoneman said:
Are you bothered by gasoline being $4.60 a gallon?
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which has nothing to do with the fact that you're trying really hard to convince us all that the oil industry (I guess all over the world) is too stupid to find more oil or up production.

what you should do is add more oil stocks to your portfolio. they will make a mint during this era.
 
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