#oil #gas #shale #permits
$USO $UNG $DVN $XOM $EOG $OXI
“Mr. Biden’s promised ban on new Oil & Gas drilling on federal lands will have little or no effect on Top drillers because they have a huge stockpile of permits, Big Oil is really big.”— Paul Ebeling
Federal lands are the source of about 10% of US Crude Oil and Nat Gas supply.
Fossil fuels produced on federally managed lands and waters are an easy target for the administration’s climate agenda.
Mr. Biden’s bombastic pledge would attempt to reverse President Trump’s efforts to maximize drilling and mining on federal property.
That pledge will have little or no effect on Big Oil drilling in the Lower 48.
The Biden administration suspended any new Oil & Gas leasing and permitting on federal lands for 60 days while it reviews the legal and policy implications of the mineral leasing program. Such a freeze or ban will not end production in those areas for many yrs to come.
The 7 big companies control 50% the federal supply onshore in the Lower 48 states own the major leases and permits, they are permanent and not cancelable. Big Oil will continue unfettered development on federal land in the lower 48.
The Top producers are Devon Energy, EOG Resources, ExxonMobil, Occidental Petroleum, ConocoPhillips, and Mewbourne Oil.
Have a healthy weekend, Keep the Faith!