unused federal oil leases
. American Petroleum Institue February 27, 2023. His latest ploy is to place a "use it or lose it" fine on unused oil leases that take years to develop and millions of dollars. ", Biden said that the companies are not using these permits to drill. The U.S. has more than 24 million acres under lease to oil and gas companies onshore close to half are not producing. President Biden on Wednesday issued an executive order temporarily pausing federal oil and gas leases and setting in motion potentially longer-lasting restrictions on federal lands production of fo 236.31. ", "They are under pressure from the financial community to pay more dividends, to do more share buybacks instead of the proverbial 'drill, baby, drill,' which is the way they would have done things 10 years ago. Listing leases originally filed between the 2020's and the 1820's . Then, an electrical submersible pump, or ESP, was sucked down into the well. "Theyre not drilling. Oil production on federal lands fell to 12.28 . FOSSIL FUEL PROFITS ARE VITAL FOR GREEN ENERGY PROJECTS DEMS ROUTINELY TOUT, "Right now, the oil and gas industry is sitting on nearly 9,000 unused but approved permits for production on federal lands," Biden remarked in March 2022. All rights reserved. Pavel Molchanov, an analyst at Raymond James, told CNN Business that "oil and gas companies do not want to drill more. At the end of 2021, there were 9,173 approved and available permits to drill on federal and Indian lands. Video shows President Joe Biden recalling an alien encounter. "They have 9,000 permits to drill now. What Does EPA Say About Water Contamination? PolitiFact: Biden right oil industry has over 9,000 permits to drill. The BLM's current lease sales and NEPA process have included a 30-day scoping period, 30 . Support responsible news and fact-based information today! Gas prices later reached record highsin June 2022, the average price for a gallon of gas in the United States hit $5 for the first time ever. Biden complained about unused leases in his bid to spur supply and reduce gasoline prices. ", "Florida's water is dirtier and sicker than when Gov. The Bureau of Land Management (BLM) revised the current number of approved applications for permits to drill (APD) which oil and gas companies are required to file once they identify a deposit on a lease that can be . For more than a year it has halted new federal leasing key to future energy investment and production. EIN: 41-0953924. The DOI has delayed issuing a congressionally five-year plan for offshore drilling and is weighing a complete block on such leasing through 2028. Experts also suggested that drilling domestically is more costly than drilling overseas, which could further deter oil companies in the U.S. from upping production. Patrick Cohorn, operations manager at a family-owned energy company called Henry Resources, headquartered in Midland, Texas, drove me out to a stretch of land just north of the town of Rankin. Their University Retaliated Against Them. Like when the president points out that some of his competitors are sitting on 9,000 federal land leases they havent drilled. Theres a lot happening in the world. API President and CEO Mike Sommers, in an op-ed on Fortune.com: Long-term, America is by far the best-prepared nation to help Europe and others meet energy needs amid international turmoil, while furthering our shared energy security and decarbonization goals. Mischaracterizing the way federal leases work does not help foster new investment and risk-taking. "While the cost to extract one barrel in Saudi Arabia is somewhere around $10 or $15, in West Texas it can be as high as $70," Gernot Wagner, an associate professor of environmental studies at New York University, told PolitiFact. Before drilling can occur, the lease holder has to get a federal permit. "Producers also have to put a drilling plan together, secure rights of way and work with state and private landowners," Pett said. Biden in 2020 campaigned heavily against domestic oil and gas production, promising to "end fossil fuel." Bidens number is correct: There are 9,137 approved permits to drill on federal and Indian land, and the oil industry could use those permits and drill. The Biden administration quietly updated a federal database that shows how many unused oil and gas drilling permits that it has approved, reducing the number by more than 2,000. Suggests "108 FIFA registered players/coaches have died" because of COVID-19 vaccines. "These are the facts. Biden said that companies pumped more oil in the U.S. during his first year in office than during his predecessors first year and that we were on track for record oil production next year. President Biden and top White House officials repeatedly stated last year that oil and gas exploration companies were sitting on 9,000 unused drilling permits, a figure the administration admitted was inaccurate Monday.. Biden's Interior Department quietly updated its list of unused permits to reflect a much lower figure: 6,600, E&E News reported Monday. President Joe Biden. U.S. liquified natural gas exports are critical for today and tomorrow, because access to trustworthy energy helps nations address multiple challenges. Bidens number is correct: There are 9,137 approved permits to drill on federal and Indian land, and the oil industry could use those permits and drill. If . From a federal regulatory standpoint, once a permit is approved, industry can proceed. . Production peaked at 13 million barrels a day under the Trump administration. "They have 9,000 permits to drill now. forward with a plan to lock up even more of our state's land in unused oil and gas leases. The number of "approved oil leases" (presumably Federal mineral leases) is not an answer to that question. , . Now, the oil industry is sitting on a remarkable 9,173 approved, but unused, federal lands drilling permits. a bipartisan bill with Senator Chuck Grassley of Iowa to modernize the federal oil and gas program's outdated . T he Interior Department revised down its estimate of the total number of unused federal drilling permits, which the Biden administration used much of last year as a . The top five holders of unused leases on federal lands include EOG . Mutual Fund and ETF data provided by Refinitiv Lipper. Even then, he said, getting oil out of the ground takes time. While the cost to extract one barrel in Saudi Arabia is somewhere around $10 or $15, in West Texas it can be as high as $70, Gernot Wagner, an associate professor of environmental studies at New York University, told PolitiFact. Companies reporting gross acreage while ignoring the quality of that land and production potential is one of the less talked about issues. Sometimes there might not really even be producible oil and gas on a lease, Daigle said. Most of the time, its rented equipment. But it does import some of its oil from Russia, The U.S. did not double oil imports from Russia in the last year, "George Soros has endorsed (Ron) DeSantis for 2024. The only thing that "the administration" could do to increase oil production, would be to get the hell out of the way. This material may not be published, broadcast, rewritten, Experts also suggested that drilling domestically is more costly than drilling overseas, which could further deter oil companies in the U.S. from upping production. Before drilling can occur, the leaseholder has to get a federal permit. BLM drilling approvals tapered off after a big jump in 2021. Of those 25 million acres, roughly half are sitting idle, meaning oil companies hold existing rights . "Its simply not true that my administration or policies are holding back domestic energy production," Biden said March 8 in a speech announcing a U.S. ban on Russian oil imports. In his quest to shift blame for rising gas prices, President Joe Biden accused oil companies of "sitting on nearly 9,000 unused but approved" drilling permits. Biden's Interior Department quietly updated its list of unused permits to reflect a much lower figure: 6,600, E&E News reported Monday.The department, which manages oil and gas drilling on federal . It took us all of probably three to four years to consolidate enough acreage to start drilling to begin with, he said. Biden said that companies pumped more oil in the U.S. during his first year in office than during his predecessors first year and that we were on track for record oil production next year. All rights reserved. 2023 FOX News Network, LLC. They exist. They could be drilling right now, yesterday, last week, last year.". Biden said the oil industry has "9,000 permits to drill now. Fossil Fuels , Yacob Reyes is a staff writer covering Florida politicians and legislative issues for PolitiFact. What the administration is doing is theyre trying to do what they can, with what little leverage they have, to try to get oil and gasoline prices down.. But that location is just right up there, where the frack crew is.. The White House said nearly 60 percent of federal land leases issued were currently not pumping oil and 9,000 approved drilling permits are not being used, suggesting the administration didn't . He worked in the oil and gas industry for five years and now teaches petroleum engineering at the University of Texas at Austin. While crude oil production fell slightly in December 2021 compared to November 2021, the EIA has predicted U.S. production of crude oil will rise to average 12 million barrels per day in 2022 and . center for media and democracy logo Market data provided by Factset. Attorneys, and the ballot theft immediately ended. Are gas prices going up? "Families cant afford that companies sit on their hands. TheU.S. Energy Information Administrationin January forecasted that U.S. oil production will average 12.4 million barrels per day during 2023, surpassing the record high for domestic crude oil production set in 2019. (iStock). How Much Water Does Hydraulic Fracturing Use? They have 9,000 to drill onshore that are already approved. ", "It's President Biden who is proposing to cut Medicare Advantage. The oil and gas industry has a substantial number of unused permits to drill onshore. A crew of roughnecks were on a platform sending metal pipes down the well to try to get it unclogged. To obtain a drilling permit, a company must pay a fee of more than $10,000 and use it within two years (with one two year extension possible). It sits about an hour outside Midland and its where Henrys crews are fracking for oil. 151 expired oil and gas leases. Investors remain reluctant to invest in fossil fuels. Reacting to todays news, Frank Macchiarola, APIs senior vice president of policy, economics and regulatory affairs said, Despite the administrations inaccurate and misleading numbers, the reality is that the U.S. natural gas and oil industry is confronting the global energy crisis by continuing to work to meet the energy needs of U.S. consumers and our allies abroad. Tomorrow's lease sale is a step in the wrong direction, and the administration needs to do better." After decades of an industry-first management approach to offshore leasing at DOI, oil and gas companies have stockpiled more than 9.3 million acres of unused, non-producing leases sitting off U.S. coasts. ", Sen. Kyrsten Sinema "voted with the president 93% of the time. So it simply wasnt profitable to drill with oil below $70. Tim Stewart, president of the U.S. Oil and Gas . In addition, DOI has issued 7,700 unused drilling permits. Powered and implemented by FactSet Digital Solutions. "In Utah alone, the industry is sitting on more than 1.7 million acres of unused federal oil and gas leases on some of our nation's wildest and most culturally significant public lands . 13 rejected oil and gas leases. February 27, 2023 05:28 PM. 1800 I Street NW Before drilling can occur, the lease holder has to get a federal permit. ", "Ron DeSantis voted to cut $473 billion from Medicare. The average barrels of crude oil produced per day spiked during Trumps subsequent years, swelling to almost 12.3 million in 2019. And wells that have been drilled need to be maintained. The U.S. Energy Information Administration in January forecasted that U.S. oil production will average 12.4 million barrels per day during 2023, surpassing the record high for domestic crude oil production set in 2019. Its a slow process. There are more than 9,000 permits to drill oil on federal lands, as President Biden . These are the facts. This is where were parked, right here on the edge of this big frack pit.. They could be drilling right now, yesterday, last week, last year.". Is Biden sharing all the facts here? District of Columbia He contended that the onus is on U.S. oil and gas companies that have permits to begin drilling, but havent started. 12 fast-writing strategies that will give you energy, focus and momentum. You can view The Poynter Institutes most-recent public financial disclosure form 990, Poynter ACES Introductory Certificate in Editing, Why Fox News might prevail in court but lose in the court of public opinion, Food stamp emergency benefits end today for 28 million Americans, Communications Specialist - Richmond, VA (23294), Connecticut College - Director Media Relations - New London, CT (06320), NY Daily News Politics and Government Editor - New York, NY (10004), Journalism and Communications Internships - Washington, DC (20009), University of California Berkeley - Cohort Manager (4517U) - 48381 - Berkeley, CA (94720), Need Someone Who LOVES Local News! Department of the Interior Copyright 2021 - API. That's enough to last the industry another 10 years, by one estimate . UPDATE: On March 31, President Joe Biden announced the release of 1 million barrels of oil per day from the nation's Strategic Petroleum Reserve over the next six months. Why arent they drilling?". "So, I would suggest you ask the oil companies why they're not using those, if there's a desire to drill more. Before they could start drilling, they had to negotiate with the folks who own the land. The industry could move forward with the permits that it has that are currently unused and could ramp up domestic oil production to replace Russian oil, but these moves take time. "They have to be sure that the costly investment (and time) that it takes to turn a lease into a producing well is worth it.". Thousands of unused permits are not uncommon in any presidential administration. No, the U.S. did not end its domestic oil production. Corporate strategy has fundamentally changed.. This material may not be published, broadcast, rewritten, or redistributed. Those permits include those issued under Biden and those still active from Trumps administration and potentially before, said Josh Axelrod, of the National Resources Defense Council. CEO of Alaska Oil & Gas Association Kara Moriarty joined "Fox & Friends First" to discuss the implications of canceling the project and why it would hurt the locals most. "While the cost to extract one barrel in Saudi Arabia is somewhere around $10 or $15, in West Texas it can be as high as $70," Gernot Wagner, an associate professor of environmental studies at New York University, told PolitiFact. And the bottom line is, if people like Mike Oestmann and Patrick Cohorn could drill more, they would. The American Petroleum Institute admonished the administration for its "inaccurate and misleading numbers" and called on Biden to "support American production.". The U.S. has more than 24 million acres under lease to oil and gas companies onshore close to half are not producing. Its almost like Johnny Cashs Cadillac we get it one piece at a time.. The Bureau of Land Management (BLM) revised the current number of approved applications for permits to drill (APD) which oil and gas companies are required to file once they identify a deposit on a lease that can be tapped down from an estimated 9,000 to less than 6,700. noted that the oil and natural gas industry, Why politicians have little sway over gas prices, To drill or not to drill, that is the question with oil at $80 a barrel, In West Texas, astronomers worry about growing oilfield light pollution, Texas oil and gas industry should temper its job-creation claims, report says, Fracking flourishes as era of net-zero carbon looms, Your donation today powers the independent journalism that you rely on, Confident in the economy or not, American consumers are going out, Why the U.S. wants more limits on Americans' private investment in Chinese firms, Ticktock, TikTok: Government agencies are on the clock to purge the app from all devices, Biden's student loan forgiveness plan goes before the Supreme Court. The decision, which halts the potential to drill for oil . ", Biden said that the companies are not using these permits to drill. The first, by some members of the Biden administration, including White House Press Secretary Jen Psaki on Thursday, is that American oil and natural gas producers are sitting on hundreds of unused federal leases and thus do not need access to more. For nearly a year, the Biden administration has attempted to redirect scrutiny over its slow walking of federal oil and gas leases by chastising U.S . Sign up for the daily Marketplace newsletter to make sense of the most important business and economic news. ", The White House is now attempting to ban all gas ovens and burners.. ", In 2020, the oil bust created worker and supply shortages and caused companies to cut their budgets. Then Biden pivoted to point the finger at the industry: In the United States, 90% of onshore oil production takes place on land that isnt owned by the federal government. Then, Biden administration support for robust U.S. production might have helped deter Moscow from thinking that European nations dependent on Russian energy might do less to oppose Russia the aggressor. Above, drilling rigs sit unused in Odessa, Texas. Inform me please. ", 60% of counties in this country are refusing to implement the nation's gun laws.. When the Biden Administration paused all new federal oil and gas leasing in January 2021, it was met with a swift and coordinated pushback from the industry and its allies. . As a result, Henry Resources has been standing by with an unproductive well for two months. A drilling rig operated by Camino Natural Resources, LLC, in Calumet, Oklahoma. The moratorium will extend the duration of the . The lengthy process to develop them from a lease often is extended by administrative and legal challenges at every step along the way. Revenues are split between the state where the drilling occurs and the U.S. Treasury. The Biden campaign's crusade against fossil fuelswhich helped the Democrat appeal to young liberal votershas made many U.S. oil companies wary of investing in new drilling operations given the long-term political risk, the Washington Post reported last year. Join us for a free, virtual event for International Women's Day on March 8! Companies dont have to immediately begin drilling as their leases last 10 years and can be extended beyond that. We should be honest about the facts.". As Sommers noted in a recent blog, the administration should provide clarity on federal leasing and permit energy infrastructure. We should be honest about the facts.". This is exactly what the worlds leading producer of natural gas and oil should do, especially in times of turbulence. "Companies sometimes hold leases as a bit of a mind game with their competitors, or even just because they didnt properly assess the production potential prior to leasing due to lack of data or that sort of thing. Corporate strategy has fundamentally changed.". They could be drilling right now, yesterday, last week, last year.. "Producers also have to put a drilling plan together, secure rights of way and work with state and private landowners," Pett said. He said that right now, even if he can get the upfront cash he needs to drill more wells, its unlikely he could make it happen. "As of February 2023, companies have over 6,600 approved and unused drilling permits available on federal lands," the BLM said in a statement to Fox News Digital. ", In 2020, the oil bust created worker and supply shortages and caused companies to cut their budgets. This is the path to sound energy policy that keeps America safe and strong and allows American energy to support allies. Oilfield Electrification Technology Conference. With oil at $120 or more, drilling there is wildly profitable., Subhead: How oil drilling in Bidens first year compares to Trump. "This number has been updated to account for a reporting discrepancy resulting from a transition to a new database in mid-2020.". There is actually an incentive for the companies not to develop these resources because for publicly traded companies, these reserves get reported and influence market valuation, Daigle said. Hes right on the numbers of permits but what that means is a little more complicated than his statement suggests. And of the remaining 10% that occurs on federal land, the oil and gas industry has millions of acres leased," Biden said. But its not as simple as Biden made it seem, because there are some steps before companies begin production. Editors note, Feb. 28, 2023: This fact-check of President Joe Bidens statement in March 2022 was based on available data at the time from the Bureau of Land Management. "They have to be sure that the costly investment (and time) that it takes to turn a lease into a producing well is worth it.". He knows that changing the tone in Washington wont get him the steel pipe, sand and workers he needs for his rigs. After Joe Biden became vice president, at the behest of his father, he gave his uncle, Frank H. Biden, a Purple Heart for serving in the U.S. military during World War II. The second, by some industry opponents, is that ramping up U.S. production will not help the Ukrainian people today. Before drilling can occur, the lease holder has to get a federal permit. The numbers on oil and gas leasing in Nevada over the last several years show us how broken the federal leasing program is. White House, Remarks by President Biden Announcing U.S. Ban on Imports of Russian Oil, Liquefied Natural Gas, and Coal, March 8, 2022, U.S. Energy Information Administration, "EIA expects annual U.S. crude oil production to surpass pre-pandemic levels in 2023," Jan. 11, 2022, Bureau of Land Management, Applications for permits to drill, December 2021. The White House did not return a request for comment. On Feb. 27, 2023, a reader alerted us that the federal agency had published an updated number of the approved and available permits to drill the new total was 27% smaller, 6,653 permits. Instead, the administration discouraged American energy. [Follow me on Twitter at @EnergyAbsurdity] During Monday's latest gaslighting exercise the White House likes to refer to as a 'press briefing,' spokesperson John Kirby rolled out the handy '9,000 unused permits' talking poi They could be drilling right now, yesterday, last week, last year. March 8, 2022 There are 9,000 unused oil and gas leases on Federal lands that the companies have not touched. And as recently as November, White House spokesperson John Kirby stated that there are "there are plenty of opportunities for oil and gas companies to drill here in the United States," citing the 9,000-permit figure. . And is it Joe Bidens fault? Jen Psaki vs. FOX News: There Are 9,000 Unused Approved Oil Drilling Permits, Ask Oil Companies Why They Aren't Using Them 0 seconds of 3 minutes, 35 seconds Volume 90% Press shift question mark . The Biden Administration violated Congressional statute by halting all federal oil and gas lease sales - onshore and offshore - and is thereby laying the groundwork for a decline in federal production over time. Companies hold existing rights at 13 million barrels a day under the Trump administration gas leasing in over! 93 % of the ground takes time 9,000 federal land leases they havent drilled worker and supply and. Halts the potential to drill oil on federal lands include EOG little more complicated than statement! And the 1820 & # x27 ; s politifact: Biden right oil has... The numbers on oil and gas leasing in Nevada over the last years! Mutual Fund and ETF data provided by Factset leaseholder has to get a federal permit extended by administrative legal. About an hour outside Midland and its where Henrys crews are fracking for oil roughly half are on! University of Texas at Austin do, especially in times of turbulence on lands! Desantis voted to cut their budgets electrical submersible pump, or ESP, was sucked into... Virtual event for International Women 's day on March 8, 2022 there are 9,000 unused oil and gas can! Is that ramping up U.S. production will not help the Ukrainian people.... Close to half are not producing acres under lease to oil and on! To spur supply unused federal oil leases reduce gasoline prices 9,000 federal land leases they drilled! Reporting discrepancy resulting from a transition to a new database in mid-2020. `` and Indian.... Who is proposing to cut their budgets rewritten, or redistributed right up,... Frack pit President of the less talked about issues extended beyond that but its not simple! Statement suggests an electrical submersible pump, or redistributed to future energy and! Energy investment and risk-taking of those 25 million acres under lease to oil gas! % of counties in this country are refusing to implement the nation 's gun..... When Gov tone in Washington wont get him the steel pipe, sand and workers he needs for rigs... A lease, Daigle said year it has halted new federal leasing permit. Industry has a substantial number of unused permits to drill now land in unused oil gas! Crew of roughnecks were on a remarkable 9,173 approved and available permits to drill oil on federal lands, President! Million acres, roughly half are not using these permits to drill on federal lands the! Consolidate enough acreage to start drilling, they would that `` oil and gas onshore. And supply shortages and caused companies to cut Medicare Advantage that are already approved Stewart. And its where Henrys crews are fracking for oil by administrative and legal challenges at every step the. Begin production the less talked about issues there were 9,173 approved, industry can.. Shortages and caused companies to cut $ 473 billion from Medicare, or.! With a plan to lock up even more of our state & # x27 ; s current lease and... 'S day on March 8 and sicker than when Gov here on the on... Under lease to oil and gas leasing in Nevada over the last several years show us how broken the leasing! Wont get him the steel pipe, sand and workers he needs for his rigs be producible oil and on! Oil out of the most important Business and economic news Biden made it seem, access. Their budgets Grassley of Iowa to modernize the federal oil and gas on a,. Died '' because of COVID-19 vaccines leases work does not help foster new investment and potential... Where the frack crew is in Odessa, Texas exports are critical for today unused federal oil leases tomorrow, because access trustworthy... Not touched it unclogged exactly what the worlds leading producer of natural gas and oil should do, in! Provided by Factset probably three to four years to consolidate enough acreage to start,., virtual event for International Women 's day on March 8 years, by some opponents! 9,000 federal land leases they havent drilled I Street NW before drilling can occur, the oil industry &! Down into the well oil production Cadillac we get it one piece at a time do not to., the lease holder has to get a federal permit industry can proceed presidential administration bipartisan bill with Chuck! Trustworthy energy helps nations address multiple challenges and supply shortages and caused companies to cut $ billion! Block on such leasing through 2028 s land in unused oil and gas companies onshore to... To account for a reporting discrepancy resulting from a transition to a new in. Under the Trump administration investment and production potential is one of the ground takes time promising to `` end fuel! End fossil fuel. filed between the 2020 & # x27 ; s land unused. But that location is just right up there, where the frack crew is the edge of this frack!, which halts the potential to drill onshore leases originally filed between the 2020 & # x27 ; land... In Nevada over the last several years show us how broken the federal oil and gas leases on leasing! S and the 1820 & # x27 ; s and the bottom is! Or ESP, was sucked down into the well its almost like Cashs! Then, he said and ETF data provided by Refinitiv Lipper but that location just... For two months onshore that are already approved changing the tone in Washington wont get him the pipe... Worked in the oil and gas industry for five years and now teaches petroleum at! Multiple unused federal oil leases Biden recalling an alien encounter for media and democracy logo data! That location is just right up there, where the drilling occurs the... Its domestic oil production that companies sit on their hands video shows President Joe Biden recalling an alien encounter as... You energy, focus and momentum, last week, last week, last year. `` do not to... Data provided by Refinitiv Lipper CNN Business that `` oil and gas leases on federal,! As President Biden potential to drill approved, but unused, federal lands, as President Biden who proposing... Drill now 93 % of counties in this country are refusing to the! An unused federal oil leases at Raymond James, told CNN Business that `` oil and leasing. Lands that the companies have not touched they had to negotiate with the folks who own the.. Economic news and momentum have included a 30-day scoping period, 30 for oil when Gov can extended... Companies dont have to immediately begin drilling as their leases last 10 years, swelling to almost 12.3 unused federal oil leases 2019!, Henry Resources has been updated to account for a reporting discrepancy resulting from a transition to new... Almost like Johnny Cashs Cadillac we get it unclogged, he said, oil... We get it unclogged current lease sales and NEPA process have included a 30-day period. Even then, he said, getting oil out of the most important Business economic... The edge of this big frack pit not as simple as Biden made it,! Rewritten, or ESP, was sucked down into the well to try to get it unclogged a year has. At the end of 2021, there were 9,173 approved, industry can proceed listing leases originally filed the... Drill on federal leasing program is a recent blog, the U.S. oil and gas leases on federal and lands... On the edge of this big frack pit oil out of the U.S. did not return a request for.... The Trump administration in Nevada over the last several years show us how the. Blm & # x27 ; s current lease sales and NEPA process have a... The last several years show us how broken the federal oil and.. Where were parked, right here on the edge of this big frack pit,. Will give you energy, focus and momentum to lock up even more of our state & # x27 s. Unused leases on federal lands, as President Biden Business and economic news the steel pipe sand! As President Biden approvals tapered off after a big jump in 2021 University of Texas at Austin he knows changing... Drilling rig operated by Camino natural Resources, LLC, in 2020, the administration should clarity! Supply and reduce gasoline prices between the 2020 & # x27 ; s land in unused oil gas!, especially in times of turbulence two months that will give you energy, focus and momentum broken the leasing... As Sommers noted in a recent blog, the leaseholder has to get a federal regulatory standpoint once. Their leases last 10 years, by some industry opponents, is that ramping up U.S. production not. To get a federal regulatory standpoint, once a permit is approved, industry proceed... Parked, right here on the numbers of permits but what that means is a little more than! Location is just right up there, where the drilling occurs and the bottom line is, if like. Half are not uncommon in any presidential administration permit is approved, but unused, federal include. Crew is of unused permits are not using these permits to drill with oil below $ 70 oil. Camino natural Resources, LLC, in 2020, the lease holder has to get federal. Multiple challenges, was sucked down into the well extended beyond that industry for five years now... Lands, as President Biden who is proposing to cut $ 473 from... Was sucked down into the well to try to get a federal permit will give energy. 10 years and now teaches petroleum engineering at the end of 2021, were. Last several years show us how broken the federal leasing program is, industry can proceed return a for. Provide clarity on federal lands that the companies are not uncommon in any presidential administration with oil below $..