Producing Well to market.

What has been implied in the initial post was Biden suspending an auction on Federal land and the gulf is adding to the current inflated price of oil!

This is just NOT True. And your response to me again demonstrates my point and indicates that Biden is not responsible.

By the way the 30,000 leases you referred to as Biden rescinded is the general attrition rate of only 1 in 4 leases reaching production. Leases have been often deemed not commercially viable for recovery or as “dry holes” after seismic testing.

Nonetheless 9000 leases remain available for exploration and production, new leases on federal holdings are not needed for opening and would not have impact on current pricing. Furthermore it is not as simple as Investment in NEW crews, rigs and drilling platforms, would further add to costs, to bring more fields into production.

If it were that easy by putting additional steel resources towards new platforms, would with draw those materials from manufacturing of goods and construction of infrastructure in our economy in turn driving demand which leads to INFLATION.

Honestly have most critics on this board forgot everything taught in the Clark Building in Econ 101?


[Post edited by aggieram76 at 05/13/2022 07:45AM]