That’s a croc of shit Biden (well, not actually him) came up with to pretend their hostility towards the energy industry, and the effect it’s having on the middle class, is anybody’s fault but their own. You bought that shit (propaganda) hook, line and sinker. How many leases there are is meaningless.
https://www.api.org/news-policy-and-...-unused-leases
Originally Posted by Jacuzzme
Bought into what? I asked a question. You engaged. Don't pull a berry, assume and disregard.
I know that it's not uncommon for there to be thousands of idle leases at any given time during an administration. They're idle for a variety of reasons. Many may be on lands with unproven or non-viable deposits. Some are investor bait that are never intended to be drilled with. Some require a lot of capital and time intensive effort to get the right permits, contracts, equipment, etc. You don't just flip a switch and start drilling. You also don't just start magically pulling oil and gas out of the ground if you have an existing, idled well.
Yet, leases continued to be issued at a surprisingly high rate for a supposed war on energy. Pre Ukraine invasion, production for 2023 was estimated to hit 12.4 million bpd, which would exceed the all-time high of 12.3 million bpd from 2019.
LNG production is expected to continue to increase and our export capacity was expected to increase as multiple LNG export sites that haven't been halted would substantially add much needed capacity. A big one this year. Another big one in 2024.
In 2020, a couple things happened in terms of demand. There were massive layoffs. Oil was trading... at what level? One that scared investors that still haven't shaken off a fear of being caught with too much supply on hand?
Any guesses?
And why is XL a red herring?