Guest “Biden’s American Energy Impotence” by David Middleton
What would a Joe Biden win mean for oil and gas?
As Biden nudges ahead in the polls, the US oil and gas industry should prepare for far-reaching potential changes29 July 2020
Justin Rostant
Principal Analyst – US Gulf of Mexico UpstreamWith analysis from Julie Wilson, Research Director Global Exploration, Ed Crooks, Vice-chair, Americas and Rowena Gunn, Research Analyst
[…]
The most eye-catching of Biden’s proposals for the offshore industry is a promise to ban “new oil and gas permitting on public lands and waters.”
He also plans new protections for the Arctic National Wildlife Refuge and other areas President Trump has sought to open up for oil and gas development, including the eastern Gulf of Mexico (GoM).
How much does the oil and gas industry stand to lose if Biden’s policies are enacted?
Biden’s plans lack clarity: it’s unclear which permits would be included in his proposed ban. But by any definition, the impact on investment, production and tax revenues would be substantial.
How stringently the measures are applied – which could range from the least restrictive option of not awarding new exploration leases to the most draconian: putting a complete stop to oil and gas production – will be important.
The devil is in the detail: Biden’s proposed policies by the numbers
Each step towards tighter restrictions would wipe out tens of billions of dollars of capex.
So how do the numbers stack up?
In our base case, total remaining estimated capex is US$276 billion.
If no new leases are awarded under the least restrictive scenario, US$76 billion of that spending would be lost. And that would escalate if the measures were applied more stringently.
Nearly 25 billion boe is yet to be produced from the US GoM and Alaska. The least restrictive application of Biden’s policy – banning new leasing and drilling of exploration wells – would wipe out almost 12 billion boe of potential future production.
And in the worst case, shutting in all production would mean giving up that 25 billion boe in its entirety.
[…]
Explorers could miss out on US$20 billion of potential value. And government coffers would be US$135 billion lighter.
If production in the US GoM is shut in, this could be catastrophic: US$340 billion in revenue over the first ten years would be wiped out. Meanwhile, more than 1 billion barrels of economically viable reserves could be left in the ground in Alaska, which would dash hopes for sustained growth in the region.
And that could open the US government to potential legal challenges
Upstream producers have already sunk billions of dollars into exploration and development projects, the value of which could be eradicated.
In US GoM alone, companies have invested over US$180 billion since 2005, developing discoveries on the premise that they will be able to produce these resources.
[…]
Wood Mackenzie
It would “open the US government to potential legal challenges” and they would get their @$$es kicked in court. The leases were issued under laws passed by Congress. The laws require the Federal government to allow the lessees to develop the mineral resources under the leases. Once the Federal government issues a lease in the Gulf of Mexico, the operator owns the mineral resources, subject to the terms of the lease agreement (a legally binding contract). If the government simply declared an prohibition of “new oil and gas permitting on public lands and waters,” without fairly compensating the lease owners, it would be violating the “Takings Clause” of the United States Constitution, not to mention serial breaches of contracts.
As the WoodMac article notes: “The devil is in the detail”… And we have not heard any details, just, often contradictory, phrases from Biden. He has clearly stated that he would ban frac’ing…
During the primary season, as he worked to secure the votes of his Party’s left-leaning voter base, Mr. Biden has promised at various times to enforce a policy of “no new fracking” in his administration; to end the use of oil and natural gas in the United States; and to end new drilling on federal lands in the U.S. While promises like those and others played well to the voters in Party primaries around the country, they have the potential to come back to haunt Biden during the general election in key swing states like Michigan, Pennsylvania, Ohio and New Mexico, where the industry supports hundreds of thousands of jobs and the state governments rely heavily on income from oil and gas taxes.
Forbes, June 11, 2020
“No new fracking” = A ban on frac’ing.
However, Biden has also said that he would not ban frac’ing:
Shut down the fracking industry? No
During an interview in April, Biden told KDKA television in Pittsburgh that he would not shut down the fracking industry. He said that he would not allow new leases on federal land, adding that 90% of the leases are on private land.“I would make sure … the water is not being contaminated, but I would not shut it down, no,” he said.
USA Today, June 19, 2020
Firstly, I don’t know what “the fracking industry” is, and I’ve been petroleum geologist for almost 40 years. Secondly, if you read the USA Today “fact check” in it’s entirety, it’s pretty clear that neither Joe Biden, nor the USA Today knows what “frac’ing” is.
Are Biden’s comments about banning “new oil and gas permitting on public lands and waters,” something to be taken literally? Or simply a phrase he doesn’t understand?
While a ban on “new oil and gas permitting on public lands and waters” wouldn’t immediately drop Gulf of Mexico oil production to zero-point-zero, it eventually would do just that.
According to a study prepared for the National Offshore Industries Association (NOIA):
Impact of No New Drilling Permits Being Issued
Another potential restrictive policy change that has been advanced for the Gulf of Mexico offshore oil and natural gas industry is that regulatory authorities no longer issue new drilling permits for Gulf of Mexico wells. This scenario assumes that no new drilling permits would be issued from 2022, but that existing permits would be unaffected, and that no other major policy or regulatory changes impacting the Gulf of Mexico offshore oil and natural gas industry would be enacted.
▪ Average combined oil and natural gas production across the forecast period is projected to decline from around 2.5 million barrels of oil equivalent per day to 1.1 million barrels of oil equivalent per day (an over 55 percent decline). In 2040, combined oil and natural gas production is projected to be around 323 thousand barrels of oil equivalent per day compared to 1.96 million barrels in the Base Case.
▪ Average annual employment supported is projected to decline to 179 thousand jobs from around 370 thousand jobs nationally (a 52 percent decline).
▪ Average annual contributions to GDP are projected at $14.2 billion, around a 55 percent reduction compared to contributions of $31.3 billion in the Base Case.
▪ Government revenues are projected at an average of around $2.7 billion per year, a 61 percent reduction from the $7 billion per year projected in the Base Case.
▪ State revenue sharing under the Gulf of Mexico Energy Security Act (GOMES) is projected to fall to an average of around $273 million per year, compared to around $374 million in the Base Case (a 27 percent reduction). LWCF funding, including GOMESA and non-GOMESA offshore funding is project to fall to just under $585 million a year compared to $1.3 in the Base Case.
NOIA
All operations in the Federal waters of the Gulf of Mexico require permits… And production can only be maintained through ongoing operations. Right now, the Gulf of Mexico is the second most productive oil province in the US, with massive remaining growth potential. The Gulf of Mexico is second only to the Permian Basin.
The only one of those regions that wouldn’t be eviscerated by a frac’ing ban, is the Gulf of Mexico. However, a ban on “new oil and gas permitting on public lands and waters” would be devastating.
On top of the reckless destruction of value, a ban on “new oil and gas permitting on public lands and waters” would also drive many, if not most, operators into bankruptcy, leaving them financially incapable of properly abandoning and retiring billions of dollars of infrastructure that was just rendered worthless by the government.
Hurricanes in 2005 (Katrina & Rita) and 2008 (Ike) inflicted extensive damage on Gulf of Mexico oil & gas infrastructure, depressing production by about 250,000 bbl/d from 2006-2008. The Obama maladministration’s unlawful drilling moratorium and “permitorium” in response to the Deepwater Horizon blowout and oil spill depressed production by about 500,000 bbl/d from 2011-2013.
Since then, Gulf of Mexico oil production has surged to record levels, topping 2 million barrels per day in 2019. Due to the COVID-19 shutdown, production has fallen off a bit, however EIA forecasts that it will remain relatively flat for 2020-2021.
EIA forecasts GOM production to remain relatively flat, averaging 1.9 million b/d in 2020 and 2021, nearly unchanged from its 2019 average. In addition, EIA expects no cancellation in announced GOM projects for 2020 and 2021. EIA forecasts that crude oil production from Alaska will remain at an average of 460,000 b/d in 2020 and that it will increase slightly in 2021.
EIA, May 14, 2020
| Year | Million bbl/d |
| 2018 | 1.76 |
| 2019 | 1.90 |
| 2020 (Jan-May) | 1.88 |
EIA forecasts global oil consumption to recover to pre-lockdown levels by Q3 2021.
US motor gasoline demand has recovered to 8.6 million bbl/d from a lock-down low of 5.3 million bbl/d and is only about 1 million bbl/d lower than it was in August 2019.
The US economy is still far from being fully reopened… Yet gasoline demand has already recovered 3/4 of the way to “normal.” Assuming the economy continues to recover, oil demand will continue to recover. If Joe Biden gets elected and delivers on his promise to ban “new oil and gas permitting on public lands and waters,” where will he get the roughly 2 million bbl/d of crude oil that he just took off the table? Saudi Arabia? Russia?
Personally, I tend to think that if the unthinkable happens and Biden wins in November, his maladministration will be more akin to than of Obama’s and not a Sanders|Ocasio-Cortez|Warren Green New Deal Cultural Revolution. He will make it more difficult for us to do business in the Gulf of Mexico and he will not open any of the currently “off limits” areas. I don’t think he would even think about trying to shut down leasing and drilling in the areas of the Gulf of Mexico that have been open for about 70 years and comprise our nation’s second most important source of domestically produced crude oil. But… I could be wrong.
No problem. America will just clone the leader California and import most of its oil needs from oil rich foreign countries, some of which are 10,000 miles away. Like California, the state chooses to “leak” emissions to locations that are out-of-site, as Californians believe they only breath California air.
You think he’s going to make it to November? /sarc (kinda)
Biden is placeholder . Apparently DS wants Mattress Back . What surprise if she be connected with hang me Jesse S. and she be placeholder for Big Mike. Biden in six.
More likely we are in for Veepstakes II, as in “Who is Kamala going to pick for her VP?”
Does not work that way, Russell Cook. Per the presidential succession act, the next person after the Vice President is the Speaker of the House, and after that, President Pro Tempore of the Senate.
And there is a vote that has to be cast on that to confirm it. It is not automatic.
So if Joe Shmoe has a stroke and can’t function (sorry about that, it’s a pun), Harris (if elected) becomes Prezzie but does not have to choose a Vice President.
See Gerald Ford: https://en.wikipedia.org/wiki/Gerald_Ford
Speaker of the House only becomes president if both the President and VP die at the same time.
If the President dies, VP becomes President and picks a new VP.
If the VP dies, then the President picks a new VP.
The majority leader in the Senate does not become Speaker of the House, if the Speaker dies.
No. I don’t think he can make it through the debates
The sheer disaster of democrats regaining power with Biden (or more properly, ‘Harris’) is too much to really contemplate just now.
The words ‘total’, ‘absolute’, ‘monumental’ kind of fail and fizz out on the sheer scope of it.
Joe probably hopes that Kamala will give him a good tongue lashing if he does anything wrong. Maybe she already has.
Didn’t she once say that she believed the women that accused Biden of some sexual misconduct.
Seems she’s either up for a piece of the action, or else she’s a morally corrupt hypocritical power hungry egoist….. or both.
This fail and fiz was planned. It is the product of over 30 years of Socialist control of our indoctrination factories comically referred to as Public School and easy access college indoc…ahh learning.
They have been stamping out Woke ( read brainwashed) Social Justice Warriors (Read Junior Commander Communists) right under our noses and now they are all grown up to join their African American Brethren to vote straight ticket party line Soc…ahh Democrat.
So in one article he has the potential to win Texas and in others he will shut down their industry. Got it.
Joe ain’t going to win Texas.
https://www.thetrafalgargroup.org/news/tx-pres-0820/
“Joe ain’t going to win Texas.”
I agree with you, but the poll you cite is about the most biased, poorly conducted available. I’ll stick with the folks who actually do the work….
https://projects.fivethirtyeight.com/pollster-ratings/
Trafalgar Group nailed 2016… 538 didn’t.
https://www.politico.com/story/2016/11/how-could-polling-be-so-wrong-2016-231092
“Trafalgar Group nailed 2016… 538 didn’t.”
Citation for Trafalgar’s actual call, please? And it’s apples/oranges in any case. 538 didn’t “nail” anything, because they gave odds. They consolidate and evalaute polls, but don’t poll themselves. After the late breaking Comey wrench throw, 538 gave Trump a quite good chance of success. A fair comparison should be the metrics I fed you, of Trafalgar v others. Overall, they are pretty bad….
Read the Politico article.
Nate Silver (538) basically runs a poll-based Monte Carlo simulation. If I remember correctly, Clinton won 95-99% of the simulations right up until Wisconsin was called for Trump.
“If I remember correctly, Clinton won 95-99% of the simulations right up until Wisconsin was called for Trump.”
Most of the referenced “simulations” were pre Comey wrench toss. Allow me to refresh your memory on their final call…
https://projects.fivethirtyeight.com/2016-election-forecast/
Too fracking funny!
Word is that Harris has the black vote locked up.
I just got this… 😆
That will hold till the truth comes out that BOTH of her parents were essentially from India heritage not African. Harris is like the Pocahontas II if they do a DNA test.
Agreed. But most polls are far closer than the highly dubious Trafalgar Group one. Have a look at:
https://projects.fivethirtyeight.com/polls/president-general/texas/
Hillary, 85% chance she’s the President. whoops.
“FiveThirtyEight’s polls-only model puts Clinton’s chances at 85 percent, while our polls-plus model has her at 83 percent.” Nate Silver said, “As I wrote last week, Hillary Clinton is probably going to become the next president.”
https://fivethirtyeight.com/features/election-update-why-our-model-is-more-bullish-than-others-on-trump/
There simply is no enthusiasm for Biden-Harris among Democrats or the far-Left.
Joel,
I am not sure what the point of your comment is. But the key word is the above quote
is “probably”. In so far as it makes sense to talk probabilities about something that only happens once, Trump’s electoral college victory was unlikely. Remember that in over 90% of the previous elections the winner of the popular vote also won the electoral college.
Which suggests that Nate Silver’s predicted odds of 85% was probably correct.
Besides that the point of the link to 538.com was to show that the Trafalgar poll is an outlier. Most polls show the race being a lot closer.
The point is that they aren’t as accurate as you are trying to make them out to be.
All forecasters talk probabilities. That’s what they do.
Mark,
I am not making out the polls to be accurate. I am pointing out that the Trafalgar poll is an outlier. Biden or any democrat winning Texas is unlikely but Trump is doing his best to ensure that it happens but continually attacking hispanics which are one of the largest demographics and also the most rapidly growly.
Premise #1:
Premise #2:
lol
I am pointing out that the Trafalgar poll is an outlier.
The same could have been said in 2016. Yet that outlier called it better than all those others including 538. When you’re an outlier from a group that’s got it all wrong, that’s a badge of honor rather than a bad thing.
As a Republican, I think I speak for a good percentage of Republicans when I say……I don’t answer the phone unless I recognize the number. Whereas Dems answer the phone because they hoping to make a friend. This skews the polls towards the Dems. Most polls don’t do “likely voters” either. I am more private and my life is none of anybody’s else’s business. I’m not on Facebook or any other social media platform. If Trump goes into November 3 a few points behind in the polls; he is going to win.
As for the hispanic vote; I think it may go for Trump in greater numbers than before. I say this because if you are an hispanic with recent US citizenship why would you vote for someone who is basically promising to keep your wages down by swamping the US with low wage workers? Once you have your US citizenship you would want to close the door behind you to protect your wages.
Democrats don’t have to worry that they might lose their jobs if some stranger finds out who they support.
The more important point is to act like the polls may be right and do everything in your power to show up and vote on election day to prove them wrong. Again.
Dave,
That poll was taken August 1-5. I wonder how Texas polls following Biden’s VP pick.
He’s comfortable in Colorado. https://projects.fivethirtyeight.com/polls/president-general/colorado/
You actually think that the John Roberts would rule against them? The Bush family ruined Texas. That’s all.
David,
You do realize Dementia Joe really isn’t in charge of “his” agenda? His campaign’s party-written platform is being finalized for delegate voting and release at their DNC convention. He put AOC on the climate change committee writing in the Green Deal garbage, which outright calls for a “fracking ban.”
They already have most of it on-line. The Dems current platform reads:
Paying for those “leaky pipes” repair will make gas production un-profitable and they know it.
But then on to who would certainly replace the dementia-ridden Biden should he win against Trump is his now VP running mate, Kamala Harris, and she has said on the record, “There is no question I am in favor of banning fracking,” Harris said during an all-night CNN town hall event focused on climate change.”
Quoting the Washington Examiner article: “Harris suggested she would start by taking executive action on “day one” to ban fracking on public lands and then move to have Congress pass legislation to extend the prohibition to private lands.”
https://www.washingtonexaminer.com/policy/energy/kamala-harris-no-question-i-would-ban-fracking
The political pressure on her from her party’s Left wing-nuts would accept nothing less than a Presidential EO from either Biden or a VP-come President Harris on fracking. I doubt they could get anything through Congress though, even nervous Dems in Texas know what that would do to their re-electability. But returning to heavy-handed methane regulatory rules from the EPA would make continuing nat gas production and drilling more unprofitable for many/most producers.
The destruction of affordable energy for America would be devastating to the US economy. But Democrats don’t care about that. They care about one thing and one thing only: How to get ever more power and suppress their political adversaries while appeasing their rabid base of support on the far-Left. To do that they will continue to weaponize every regulatory and prosecutorial tool they can to bring that hammer to bear on anyone who opposes them.
I had originally included commentary in the post that Joe was nothing but a sock puppet for the left… But, I was asked to dial back the partisanship a bit.
Did you hear the one about an Alzheimer patient and a hooker walk into a bar…?
The bartender said, “Why the long face?”… Oh, wait… That was a John Kerry joke… 😆
Why so wooden?
Never mind, that was an Al Gore joke.
A priest, a rabbi and an imam walk into a bar. The bartender says, “What is this, some kind of joke?”
Speaking of partisanship:
Party Of The Poor And Oppressed Nominates Old, Rich, White Man And Cop
U.S.—The party that claims to represent minorities, the poor, the oppressed, and the marginalized has nominated an old, rich, white man and a cop, sources confirmed Tuesday.
“If you want to fight for oppressed minority groups, you must vote for this rich, old, white man who authored the 1994 crime bill and this corrupt police officer who has made a career out of throwing minorities in jail for non-violent drug crimes,” said a DNC spokesperson. “It’s the only way to fight the establishment.”
According to sources at the DNC, the old white guy you’re supposed to vote for, in order to show that you love and respect women, has been accused of inappropriate sexual behavior by several women.
“Several photos circulating on the internet demonstrate proof-positive that Joe Biden loves women and children very much,” wrote Snopes, the internet’s premiere fact-checkers.
Campaign analysts believe that the cop bolsters the old, rich, white man’s bid to become President by bringing some much-needed group identity politics, along with her newfound stances on decriminalizing many crimes she formerly prosecuted and defunding much of the police, in a year in which being an old, white man and anti-crime is seen as a hindrance.
“Look, he has even nominated a woman of color to be his Vice President like a true champion for the poor and oppressed would,” reported Brian Stelter of CNN. “Just use your eyes and see: there is only one party in this country for people who care about the downtrodden.”
“Now I can go back on Charlamagne tha God’s program and show him Kamala,” mused Biden to some suddenly panicked staffers.
At publishing time, the DNC was airing ads in flyover country about how the cop they’ve nominated once called herself the “top cop” of California, threatened to arrest parents of truant students, and tried to keep prisoners in jail as long as possible in order to use them for cheap labor, while simultaneously airing ads on the coasts and big cities featuring clips from her interview in which she bragged about how much pot she smoked because she is part Jamaican.
https://babylonbee.com/news/party-of-the-poor-and-oppressed-nominates-old-rich-white-man-and-cop
I see Quid Pro Joe has tapped Komrade Kamala for his vice president nominee.
A few years back, Mayor Willie Brown tapped her also…..
I’ve heard Kamala is pretty laid back, but I have a hard time imagining that.
It’s been said that she rose to the top horizontally.
….. via the back door ?
Nah, the front was wide open.
Alright – I’m not even gonna sleep tonight.
I struggled through the Jimmy Carter years as a gold exploration geologist in Nevada, and it was absolutely amazing what chaos a progressive Democrat president can cause. The RARE II and Roadless Areas were some of the great ideas, like don’t allow road repair then declare the area to be roadless. Dick Carver, a lifelong Democrat, started the Sagebrush Rebellion over this (remember when he tried to run over a Forest Service Ranger with the bulldozer, enroute to repair a country road?). Dick later told me he was in the highest gear possible trying to get the Ranger. If Biden/Harris win the election it’s Venezuela/China here we come! David will have to hide the E$$on Ferrari in the garage. Joel, Enter Sandman – sleep with one eye open.
The benefits for the democrats are huge. Pay to play will get them big money from those they favor, those who pay, and tremendous virtue signaling to the hard left. Last I heard campaign contributions get taken with them when they “retire”.
I’m worried about what we’ll do about a replacement for President Trump four and a half years from now. Only he spoke for the forgotten people.
Anyway, we have a campaign where people will actually get to vote on real important issues.
The Democrats are convicted out of their own mouths. Working Americans should be terrified and they should vote accordingly.
This is not an election where Americans will get the same thing no matter how they vote. Everyone should see that their vote matters a lot.
Jobs or mobs
That should be one of the main Republican campaign ads. And others showing Senile Joe babbling a lot of incoherent statements. I just don’t see Main Street America voting for a party that openly supports the chaos and delinquency of the mob. Nor do I see main stream America voting for a black woman that will undoubtedly be President within 2-3 years tops, especially one that was an AG in California and led to all that loss of wealth that is ruining California.
When it comes to privately voting their conscience, Americans are going to choose prosperity and stability and go with what we know, which was going very well prior to the China Virus. All president Trump has to do now, is to turn on his professional inner CEO, not get tangled up in the barb wire of Democrat slurs, and talk up a hopeful positive message and keep it clean and respectful. That will convince the few % of undecided voters in the swing states to vote Republican. It will be close since America has never been so divided in generations, but the thought of having the mob and Democrat Governors rule over us as seen during this pandemic is frightful and while people might be scared to make their thoughts public, when they vote, there will be a lot of people who want what we had last year. Hopefully the voting fraud can be kept to a minimum which is the other big worry.
But I have been wrong before. Just last week I predicted here that Susan Rice would be the VP pick, so what do I know?
somehow I suspect that Trump can match Biden incoherent statement for incoherent statement. Just the other day he claimed that the Spanish flu pandemic of 1917 ended
WWII. Note to mention the fact that he apparently can’t pronounce Thailand and Yosemite.
Yep. It’s a conundrum and causes Trump Derangement Syndrome.
I wonder if Trump’s verbal spewings actually help him with the majority of Americans who are sick to death of the polished but insincere words of the Republican and Democrat politicians who have repeatedly thrown them under the bus.
There’s a big difference between ignorance and dementia. You CAN fix ignorance but, as with stupid, you can’t fix dementia.
Besides, Trump’s word salads are just an annoying schtick. He’s perfectly capable of speaking properly but it’s part of his brand that he talks in sentence fragments and repetitive catch phrases. Terrific, powerful sentence fragments. Nobody’s ever seen anything like it. Fake news can’t believe it. Sad, really, so much treason. CHINA virus! Never shoulda got out of China…
If you weren’t in favor of destroying Western civilization, Izaak, you’d overlook it, too, no matter how much it annoyed the piss out of you. And probably you’d enjoy it from time to time when you see it deployed against a bunch of self-righteous, puffed up, uber-biased twits in the media.
Instead you’re happy to excuse Biden’s workplace sexual abuse of junior employees and are unconcerned about his many racist comments, the fact that he verbally attacks people who ask inconvenient questions, and can’t remember which woman standing next to him is his wife.
It’s all about the ideology, isn’t it? The ends justify the means.
Thanks Rich.
I missed it the first time around but it does seem that Biden did indeed confuse his sister and his wife. awkward
Has Biden lost one of the two marbles lest in his head????
Thank you, David, for yet another well-written and well-documented post.
Stay safe and healthy, all.
Bob
PS: Say hello to Texas for me, David…haven’t visited there for a while.
Is Joe Public aware of the above ? That’s the problem.
this is to help save the Saudi economy,
Democrats have a long history of saying whatever the audience in front of them wants to hear.
The news media has a long history of helping Democrats hide this hypocrisy from the general public.
What a banner day for America!
Finally we have someone with ovaries and a prodigious melanin production on the ticket! What more could we want? Personally I can’t think of any other relevant qualifications for Vice President.
Oh, wait! The Thing…you know, the We The People thing… says you have to be at least 35 years old. Ok, well that’s it though. Nothing else.
David,
Typo in the gasoline consumption part, it states ‘ revovered ‘, interesting new word but i think ‘recovered’ would be better 😉
Good luck in november!
Best,
Willem
“Revovered” isn’t a word? Who knew? 😎
Fixed.
Rev-overed?
My driving instructor back in the day used to complain about me doing that, but hey, “Drive it like you stole it.”
Joe Biden represents “A Clear and Present Danger” to the economy of the United States. In so many ways.
“…Biden’s plans lack clarity: it’s unclear which permits would be included in his proposed ban. But by any definition, the impact on investment, production and tax revenues would be substantial…”
I can remember when President Trump was considering debating the climate alarmists with the Red-Team Blue Team idea. The idea apparently died.
His failure to push back and go on offense against both the climate scare narrative and the false promises of wind and solar energy is what pretty much gives the hard Green Left of the Democratic Party the green light to plan open warfare on the fossil fuel industry in this election cycle. And they are.
Thus there is no serious scientific challenge to the climate scare and renewable energy narratives at the U.N., in the scientific institutions and academia, in national government and the mass media. It is thus still widely assumed among the American public and in the media that climate alarmism and renewable energy (wind and solar) have a sound scientific basis that justify govt action and support.
If Biden and Harris do win in November and send the USA’s domestic fossil fuel industry into serious decline, it will be because of a lack of support from govt for sound science (and perhaps govt’s lack of recognition of it). And it certainly doesn’t help any having climate alarmism pay well in institutions that deal in scientific matters, from the U.N. all the way on down the line.
In my mind, Trump (among many others) will be on the hook for all of this if it happens. I can only shake my head in despair if it does.
Lack of clarity is the plan.
That way they can claim that they are going to ban oil drilling when in front of environmentalists, while at the same time pointing out that the plan says nothing about banning anything when questioned directly.
A vote for a Democrat is a vote to destroy America, American prosperity, and all that Americans hold dear.
Energy control, gun control, second amendment control, nothing for all, all for few.
Which part is that hard to understand ?
Moot. Trump will be reelected. Trillions of fiscal and monetary stimulus favor the incumbent. Dow close to 28,000. So does Wall Street. Lowest interest rates in history. And there is no relevant historical precedent of the Dems making a comeback after only one term out. So for all his faults, the Trumpster will prevail in November.
Besides, casting secret ballots remains a national treasure. A majority of people will walk into a ballot booth and vote against anarchy – no matter what they say to preserve jobs and friends, etc.
The next think Leftists will attack (really, they already are) is the secret ballot box. They want national election to be conducted like caucus voting in Nevada – with goons watching over your shoulder as you vote.
Hmmm…
would Biden be doing anything oil companies aren’t doing themselves?
this is what the humorously named head of BP proposes…
https://www.bbc.co.uk/news/business-51475379
BP came out with their “Beyond Petroleum” campaign around 2000 and abandoned it in 2010 around the time of the BP Horizon disaster. Here we go again.
We would be better off if they invested in improving their safety performance.
The greatest beneficiary of Biden’s energy policies will be Vladimir Putin’s Russia. Are the Russians, therefore, meddling in the election process? If I were the Don I’d just mention that one-liner at every rally or speech.
Trump & Biden, the best America can find from its 450 million population?
You guys are screwed.
Whoa there, Adam. Is that counting another 122 million “undocumented immigrants” that Dementia Joe and Horizontal Harris plan to let in?
Socialists don’t do math.
Similar to having to hear “Americans are fat and lazy”… until we trounce the world in the Olympics medal haul. Again.
BTW, Leftists must hate the Olympics, right? I mean, a bunch of hard working, talented people being ranked by merit… no participation trophies… with celebrations done under national flags while listening to national anthems… It must be two weeks of hell for Leftists!!
Like most socialists, there is nothing more that Adam hates than a successful person.
It just highlights his own failures in life.
Sorry, but all Joe Biden will be doing if he is elected President is watching reruns of Matlock – until they lay a soaking wet towel over his face.
Also, this question just became more pertinent than ever: What did Kamala know about Jussie’s racist hoax, and when did she know it?
Biden would do everything in his power to hamper US oil and gas production.
Russia depends on oil and gas sales to provide most of his countries foreign currencies.
Hampering US oil and gas production will allow Russia to sell more oil and gas, at a higher price.
Tell me again why Putin is supposed to be rooting for a Trump victory.
Or simply a phrase he doesn’t understand
Dementia Joe? If he ever understood it, it’s not too likely he does now.
“All men and women are created, by the, you know, you know the thing”
“Come on, Man”
“I’m a Democratic candidate for the United States Senate. Look me over. If you like what you see, help me out; if not, you can vote for the other Biden”