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BIDEN BLOWS UP OIL PRICES BY CANCELLING DRILLING IN U.S. NOW BEGS OPEC
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<blockquote data-quote="Thebrownblob" data-source="post: 5746399" data-attributes="member: 60485"><p>As usual you spin things, granting more permits, while also putting roadblocks in the way. Shocker that you might lie.</p><p></p><p>[URL unfurl="true"]https://www.instituteforenergyresearch.org/fossil-fuels/gas-and-oil/175-ways-the-biden-administration-and-democrats-have-made-it-harder-to-produce-oil-gas/[/URL]</p><p></p><p>Here’s one of the big ones…</p><p></p><p>July 20, 2023</p><p></p><ol> <li data-xf-list-type="ol">Biden Administration Proposes to Raise Drilling Costs on Federal Lands. The Interior Department’s Bureau of Land Management (BLM) has proposed a rule to implement the increased increasing royalty rates for oil and natural gas drilling production on federal lands from 12.5 percent to 16.67 percent—about a third higher–and increased leasing fees that Congress passed in the Inflation Reduction Act (IRA). BLM goes far beyond IRA by also raising the minimum bond paid upon purchasing an individual drilling lease from $10,000 to $150,000. To top it off, they propose raising the minimum bond required for a drilling lease on multiple public lands in a state from $25,000 to $500,000—a 20-fold increase. Developers must pay the bond before drilling begins. The agency also proposes limits designed to steer development away from wildlife and cultural sites. The Interior Department estimates that energy firms will incur $1.8 billion in additional costs by 2031.</li> </ol></blockquote><p></p>
[QUOTE="Thebrownblob, post: 5746399, member: 60485"] As usual you spin things, granting more permits, while also putting roadblocks in the way. Shocker that you might lie. [URL unfurl="true"]https://www.instituteforenergyresearch.org/fossil-fuels/gas-and-oil/175-ways-the-biden-administration-and-democrats-have-made-it-harder-to-produce-oil-gas/[/URL] Here’s one of the big ones… July 20, 2023 [LIST=1] [*]Biden Administration Proposes to Raise Drilling Costs on Federal Lands. The Interior Department’s Bureau of Land Management (BLM) has proposed a rule to implement the increased increasing royalty rates for oil and natural gas drilling production on federal lands from 12.5 percent to 16.67 percent—about a third higher–and increased leasing fees that Congress passed in the Inflation Reduction Act (IRA). BLM goes far beyond IRA by also raising the minimum bond paid upon purchasing an individual drilling lease from $10,000 to $150,000. To top it off, they propose raising the minimum bond required for a drilling lease on multiple public lands in a state from $25,000 to $500,000—a 20-fold increase. Developers must pay the bond before drilling begins. The agency also proposes limits designed to steer development away from wildlife and cultural sites. The Interior Department estimates that energy firms will incur $1.8 billion in additional costs by 2031. [/LIST] [/QUOTE]
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BIDEN BLOWS UP OIL PRICES BY CANCELLING DRILLING IN U.S. NOW BEGS OPEC
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