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The Biden administration canceled one of the most high-profile oil and gas lease sales pending before the Department of the Interior Wednesday, as Americans face record-high prices at the pump, according to AAA.
The DOI halted the potential to drill for oil in over 1 million acres in Alaska's Cook Inlet, along with two lease sales in the Gulf of Mexico. The move comes as Biden has taken a few actions to combat high gas prices, despite his administration's generally hostile approach to the oil industry.
Thanks Dems, we really appreciate record high gas and diesel prices. Why did you put this ignorant, old, mush-brained fool in the Oval Office?
Thanks Dems, we really appreciate record high gas and diesel prices. Why did you put this ignorant, old, mush-brained fool in the Oval Office?
That's amusing.
It would take a year to test drill and run the oil assay.
If everything's a go, it would take several more years to build feeder lines to connect into the main oil pipelines.
You wouldn't see that oil for at least 5-6 years or longer, and if it is sour (high Sulfur) then it is of no value to you so you would decrease the gasoline supply and drive gasoline prices up while you refined it and then exported it because current law prohibits the export of raw crude oils.
Congratulations are in order for causing everyone more pain at the pump.
Was that leased area in the Gulf of Mexico part of the rejected deal from earlier this year?
Quote:
WASHINGTON (AP) — A federal court has rejected a plan to lease millions of acres in the Gulf of Mexico for offshore oil drilling, saying the Biden administration did not adequately take into account the lease sale's effect on planet-warming greenhouse gas emissions, violating a bedrock environmental law.
The decision by U.S. District Judge Rudolph Contreras in Washington on Thursday sends the proposed lease sale back to the Interior Department to decide next steps. The judge said it was up to Interior to decide whether to go forward with the sale after a revised review, scrap it or take other steps.
A longtime observer of the industry in Alaska questioned whether any oil companies would have shown up to bid in a sale, which could have been held this year. Industry groups, on the other hand, said there’s no way of gauging industry interest without holding a sale.
An Interior official said in an email that the department “received no comments indicating specific company interest in leasing during the scoping period or in DEIS comments.”
Quote:
“The industry hasn’t exactly been clamoring for Cook Inlet leases,” said Larry Persily, a former Alaska deputy commissioner of revenue and former federal coordinator for an Alaska gas line project. ”Of course, the industry is always interested in leasing potential, but this wasn’t an area where they have eagerly and energetically, with open checkbooks, been waiting to drill.”
Cook Inlet was once Alaska’s leading region for oil and gas production, but its fortunes have since faded. Only about 10,000 barrels of oil are produced there daily, the equivalent of about 2% of North Slope production. But Cook Inlet natural gas provides electricity for most of the state’s population.
Quote:
In 2017, Hilcorp was the lone bidder in the last federal Cook Inlet lease sale, acquiring 14 leases for more than $3 million.
That was the first time in 20 years that a company had bid on leases in the area. A 2004 federal lease sale generated no bids, and the federal government canceled three lease sales between 2006 and 2010, citing a lack of industry interest.
Gas prices, leading up to Memorial Weekend when gas prices traditionally spike before the holiday, have dropped noticeably in Central/South Texas.
I drove from Central to South Texas last Tuesday and returned today. On Tuesday, prices were 4.39, thereabouts.
Today, on the return, they're 4.09 and in many places under 4.00.
Anyone else seeing an unexpected, significant drop?
Still the same price for the last couple weeks here. $4.11
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