Gas Prices Skyrocketing Thanks Biden!
- Thread starter Maple Grove MN Driver
- Start date
No idea what ANWRA is. ANWR is the Arctic National Wildlife Refuge.
DriveInDriveOut
Inordinately Right
Yes.
On December 3 2020 out of 22 tracts of ANWR that were put out for lease bid only 11 of them received bids and 9 of them were bought up the the State of Alaska . Not exactly falling all over one another to get the chance to drill there. Exxon Valdez and lowered estimates of how much recoverable oil is actually there plus development and shipping costs along with reduced willing ness of major banks to bankroll the venture has raised industry doubts about the economic viability of the venture.
Gee, can't imagine why they didn't fall all over each other considering it was one of Biden's first acts as president suspending all drilling leases in ANWR. You never told us what ANWRA is by the way.
A stands for area. The Biden administration suspended Trump administration oil leases PENDING both an environmental review and settlement of the questions raised regarding the legality of the oil leases. In addition 3 of the largest private investment banks have stated publicly that they will not finance anymore Artic drilling ventures .
With or without Artic oil leases hopes for a return to the days of cheap liquid fuels mindlessly wasted are likely to remain unfulfilled for a long time if ever.
That's because of the ESG scores y'all are pushing banks to use against the oil industry. Nah, y'all aren't trying to destroy the fossil fuel industries, are you?
If I was then why do I hold shares in the highly speculative Tellurian and Excelerate Energy? Nope. The banks have lost enough money on wildcat oil drillers. They're doing well enough. They can finance their own drilling projects using their own money.
Without financing most wildcatters would be forced out. As intended.
Whether it's oil or soil when you go to the bank today looking for somebody else to put their money at risk you better have a very strong case in order to get them to do it.. And given the ongoing FTX investigation even tougher banking regulations as it pertains to risk management are likely to be the outcome .
FTX has nothing to do with current banking practices. Crypto is a totally unregulated industry that, if Congress does enact regulations on, it still has nothing to do with lending to wildcatters. What does matter is wokeness has crept into banking at the behest of the Biden administration. Oil companies can't get financing because of it.
PT Car Washer
Banned
Oil wildcatting is more high stakes gambling. How many banks are willing to stake a ride at the casino?
Oil wildcatting happens all the time. Wildcatters bring in the majority of new wells.
Are you a crypto trader? What do you know about the practice? Cash buys crypto. The repeal of Glass Steagall and the crash of 2008 which required the passage of Dodd Frank which in turn requires the maintenance of much higher reserves has resulted in banks far less willing to throw scarce reserves down empty holes in the ground.
Oil companies are perfectly capable of raising their own capital through MLP's and secondary stock offerings which are readily available for purchase by people like yourself who can easily set up their own brokerage trading accounts and buy a stake in the venture.
Exactly. If people want to have a go at at the venture they can put their own money in the pot and accept the risks that go with it. Some years back I bought some shares in a publicly traded Colorado based independent wildcatter . When the price for oil and gas nosedived and it couldn't recoup it's drilling costs it struggled to stay afloat until another wildcatter offered to buy it out for pennies. Rather than to take shares in another wildcatter who was simply the same thing. I sold them my shares and learned from the experience.
Talk is cheap. Drilling for gas and oil isn't. If people want an aggressive domestic drilling program initiated believing that it will result in cheaper gas at the pump they can put their own savings at risk.....Or keep their mouth shut and do their part by finding ways to reduce their consumption.
Again, what goes on in crypto has nothing to do with oil companies getting financing. What you're talking about doing takes time. Getting financing is much faster. And now much more difficult because the Biden administration is choking off access to funds by pressuring banks to not lend to fossil fuel industries. That's not some FOX News conspiracy, oil companies are saying so. You people are telling us how much you care with a big smile while working behind the scenes to completely alter our lives.
Read my response to the earlier post from PT Car Washer. There are numerous publicly traded oil drillers out there openly inviting the public at large to economically invest in their ventures.
The public is you and me. As I pointed out earlier I didn't sit around all day complaining and assessing blame. I invested hard earned savings in quests for more energy. They have been both profitable as well as unprofitable It is all a question of RISK.
As the old saying goes....."Money talks and bull feces walks". And it's never more true than in the oil business as domestically discovered and recovered sources of oil becomes harder to find and more expensive to recover.
Of course they're trying to get public funding. They're having a very difficult time getting bank financing due to woke ESG scoring. Thank you Biden administration.
Don't give me all that "woke" nonsense. Banks incurred huge losses in the 2008 collapse and oil companies struggled to stay afloat during the pandemic . Now that their balance sheets are positive and stabile they are not about to make that same mistake twice. Condemning those who have money invested by those who have no money invested for their failure to give them cheap gas? What good is that going to do? . And even if there were to be a dramatic easing of environmental law there is still no guarantee that you'll get your cheap gas.
It's the free market at work. And for those who have found themselves on the wrong side of the supply/demand equation...who's fault is it?
Always wanting to assign fault to others. Cheap fuel helps the economy. And it's a national security issue to have an abundant supply. And don't tell me "they aren't going to make that mistake again." The market is being rigged against fossil fuel producers. No mistake about it.
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