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Oil companies could be drilling for more oil domestically. Why aren't they?

By Curt_Anderson
June 8, 2022 10:02 pm
Category: Fact Check

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"Trump encouraged and empowered domestic energy production, providing high paying US jobs and insuring that our oil production would be far better regulated than it ever will be in Venezuela, Saudi Arabia and Iran. Joe blew it." --HtS

Let's check the truth of the above statement. As we all know, what a person hears from Sean Hannity or Tucker Carson may not be true.


There are 9,000 unused federal oil drill permits.
Biden said the oil industry has “9,000 permits to drill now. They could be drilling right now, yesterday, last week, last year.”

Biden’s number is correct: There are 9,137 approved permits to drill on federal and Indian land, and the oil industry could use those permits and drill. However, once the permit is approved, drilling doesn’t start overnight. Some companies choose not to drill for corporate reasons — because they can raise funds from investors by not drilling on leases with proven reserves.

Biden approved more oil drilling permits than Trump
WASHINGTON— New federal data shows the Biden administration approved 3,557 permits for oil and gas drilling on public lands in its first year, far outpacing the Trump administration’s first-year total of 2,658.


All that said, high gasoline prices are a good thing in the long run. And not just for the environment. If we can lessen our use of fossil fuels it will make some horrible countries, namely Russia, Venezuela and the sheikdoms in the middle-east less relevant. I suspect that $5 gas will cause many car shoppers to seriously consider electric and hybrid vehicles.

Cited and related links:

  1. poynter.org
  2. biologicaldiversity.org

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Comments on "Oil companies could be drilling for more oil domestically. Why aren't they?":

  1. by Donna on June 9, 2022 8:04 am
    And the rest of us who can't afford to buy a hybrid or fully electric vehicle and who work jobs that require a lot of driving can pound sand I guess.

    Just to be clear, though, I'm not blaming high gasoline prices on the government, although the West's response to Russia's invasion and war on Ukraine, which I support, is one of the reasons gasoline prices have remained high.


  2. by islander on June 9, 2022 8:12 am

    Why are gas prices so high? For the oil companies, at least in the short term...If you are an investor, it makes perfect business sense!
    time.com


  3. by Curt_Anderson on June 9, 2022 8:19 am
    "And the rest of us who can't afford to buy a hybrid or fully electric vehicle and who work jobs that require a lot of driving can pound sand I guess.". --Donna

    Not really. One of the reasons and perhaps the main reason that gas prices are so high is that people are driving and flying a lot more than they've done during the past two years during the heights of the covid epidemic. Demand is up so prices are up. If more people drove electric and hybrid vehicles the demand would decrease therefore gasoline prices would decrease. So you would be better off.




  4. by islander on June 9, 2022 8:37 am

    We don't have a lot of our retirement savings in the stock market, but we just received the largest dividend check ever since we have owned this stock (17 years)...As you might have guessed, it's a propane gas company. Does this make me happy? No !!


  5. by Donna on June 9, 2022 8:56 am
    Technically that's right, Curt. But I doubt that enough people are going to buy electric vehicles to make much of a dent if any in gasoline prices to help us poor folks out any time soon.

    I just watched a CNN report that predicted $6/gal gasoline prices in some states this summer. Most Americans are going to hold the party in power responsible for that, even though the blame is misplaced.

    Building on what you posted about available drilling permits, I just watched a video clip where Biden said that the oil companies are investing their money in stock buybacks to increase their profits instead of drilling for more oil.

    IOW we're being gouged by the oil industry.

    The truth is that capitalism doesn't give a flying fuck about the poor.

    Capitalism is turning me from a social democrat into a socialist.




  6. by Curt_Anderson on June 9, 2022 9:03 am
    Donna if it makes you feel any better in Europe people are paying a whole lot more for gasoline. And Great Britain for example they're paying the equivalent of $8.60 per gallon. In Norway they are paying more than $10 a gallon.


  7. by Donna on June 9, 2022 9:14 am
    That doesn't make me feel any better. Europeans don't have to pay though the nose for healthcare or college. And not surprisingly, in contrast to the US, homelessness is not nearly the problem it is here.

    Capitalism is to blame for that. Europe is capitalist, but they've regulated it to the point that it hasn't become a scourge on its citizens.


  8. by HatetheSwamp on June 9, 2022 10:05 am

    You all see what I see when oil industry people are interviewed on Fox or Newsmax and hear what I hear on talk radio, especially on the show featuring that gay Guy Curt's never heard of.

    Oh.

    Bahahahahahahahahahaha hahahahahahahahaha hoohoohoohoohoohoohoo heeheeheeheeheeheehee hahahahahahahahaha hoohoohoohoohoohoohoo heeheeheeheeheeheehee hahahahahahahahaha hoohoohoohoohoohoohoo heeheeheeheeheeheehee hahahahahahahahaha, ahhhhhhhhhhh.

    Apparently, there's an uneasiness in the industry that Biden and his bureaucrats will over regulate new drilling.

    The Doddering Old Fart's team has a well earned reputation that inhibits entrepreneurialism.

    And, we're all paying the price.


  9. by Donna on June 9, 2022 10:47 am
    That doesn't maje any sense because they have literally thousands of unused drilling permits.

    Your problem is that you don't understand capitalism.


  10. by HatetheSwamp on June 10, 2022 6:42 am

    What I know about capitalism is that businesses will only invest when they think they'll make a profit.

    Again. Your not arguing with me. You're arguing with people who make a living in the oil industry. So, now you know more about drilling than people who do that for a living.

    Yesterday, you were more articulate than the Senate majority leader.

    These are po-isms. If po hasn't hacked you, Donna, maybe the two of you should take a break from each other.


  11. by Donna on June 10, 2022 7:17 am
    You understand more about capitalism than I have you credit for. My bad.

    But what I said about drilling isn't something I pulled out of my ass. I've done quite a bit of reading on the topic from people with impressive credentials.


  12. by HatetheSwamp on June 10, 2022 7:24 am

    Thanks.

    I'm a common sense country boy.

    The people who own the drilling rights explain why they're not exercising those rights. Unless there's good reason, beyond my own prejudice, to think they're lying, I take them at their word.

    That's common sense country boy thinking.


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