Biden's new "scheme" won't work - April 18

[dan_s]

Biden administration resumes oil leases on federal land. Wall Street Journal.
The Interior Department said it would make roughly 144,000 acres available for oil and gas drilling through a series of lease sales, an 80% reduction from the footprint of land that had been under evaluation for leasing. Companies will also be required to pay royalties of 18.75% of the value of what they extract, up from 12.5%.
C. Jeffrey Eshelman, chief operating officer at the Independent Petroleum Association of America, a trade group, took issue with the timing of the release late in the afternoon on Good Friday and Passover. “This administration has begged for more oil from foreign nations, blames American energy producers for price gouging and sitting on leases,” Mr. Eshelman said. “Now, on a late holiday announcement, under pressure, it announces a lease sale with major royalty increases that will add uncertainty to drilling plans for years.”

Biden’s revival of oil leasing program plays to mixed reviews. Forbes. Opinion.
In a standard Washington, DC information dump late Good Friday afternoon, Sec. Haaland’s office announced that DOI will revive the leasing program later this year, offering a smallish 144,000 acres of onshore lands for potential leasing. The number of acres to be offered represent a fraction of available federal lands that have been offered by previous administrations, reflecting the Biden DOI’s ongoing efforts to re-prioritize the best uses for public lands under the statutory “multiple use” requirements.

[Fraser921]

>blames American energy producers for price gouging

Biden is selling oil from the SPR at 110 that he paid $ 40 for. Is he gouging? On top of that , They get billions for taxes for gas and diesel sales. Is that gouging?

[dan_s]

Biden's weakness clearer each day:

"China is propping up the Iranian regime, representing almost all of Iran’s oil exports at present. A recent report stated that Tehran exports around 829,260 bpd of oil to China via a so-called ‘ghost armada’. Since the inauguration of U.S. president Biden, Iran has sold around $22 billion worth of crude to Beijing."

[dan_s]

Watch this short video: https://www.msn.com/en-us/money/markets ... 076658aa19

The Biden administration ending the moratorium on federal drilling leases will not help ease pain at the pump anytime soon, one energy executive cautioned on "Mornings with Maria" Monday.
"I think it's a good thing, but it's really not going to affect gasoline prices for over a year," Lipow Oil Associates President Andy Lipow told FOX Business' Dagen McDowell.