Washington DC is broken - Sept 7

[dan_s]

Here is what the Democrats want to do to the U.S. oil & gas industry. Remember, all increased taxes and fees will be passed on to consumers in the form of higher energy prices.

Total elimination of:
Intangible Drilling Costs
Percentage Depletion
Amortization of Geological and Geophysical Costs
Marginal Well Tax Credit
Passive Loss Exception
New and Increased Fees:

ONSHORE:
Royalty Rate Increase – 12.5% goes up to 20%
Minimum Bids – $2/Acre increased to $10/Acre
Royalties to be paid on all extracted methane
Length of leases halved; 10-year lease terms reduced to 5 years
Idle Well Fees
Rental Rates of $100/Acre

OFFSHORE:
Moratorium on leasing in the Eastern Gulf of Mexico, Atlantic, and Pacific
Royalty Rate increase from 18% to 20%
Inspection Fees
Methane Fees

Additionally, a new Methane Tax has been proposed by Senators Whitehouse (D-RI), Booker (D-NJ), and Schatz (D-HI) which would impose another layer of significant costs on energy producers and American energy consumers.

[Fraser921]

They won't get any bids...which is what they want

Puleeese Iran , send us more oil, you can make nukes and blow up Israel, send us more oil , puhleeese, because I'm a demented nut.

[mrbill]

Let's see, China and India increasing the amounts of coal they burn, not in accord with the Green Deal. China says no more money for Wind and Solar projects unless they can show they will be profitable. These Washington loons think people will be "altruistic" and risk money and time on oil/gas projects that won't make money.
I know, I know, it's just too nuanced for my understanding.

Anecdotal, shipyard in Harvey, LA on the West Bank said they were getting generator power today. Maybe open next week for shipments. You can see New Orleans from there. Which means further South down to the Gulf has to be a horror story. Grandson stocks shelves at a Walmart in Gulfport, MS at night. Sent him home last night because
the trucks come out of New Orleans and there was nothing to stock on the shelves.

[dan_s]

Back in 1980 then President Jimmy Carter passed the Windfall Profit Tax the idiots in Washington watched gasoline prices go through the roof. How can anyone not understand that all taxes on corporations will be passed on to consumers?
I guess "keep the sheep in FEAR" (Covid, Climate Change, etc.) and they will agree to anything.

Covid is real but an overblown FEAR, but Climate Change / Global Warming is total BS. Read the book "Unsettled" to understand why it is foolish to think China and India are going to participate in this Green New Deal nonsense.