Biden has been complaining that the oil companies have 9000 leases to drill and they have not drilled them. What Biden doesn’t say is that some of these leases were for dry holes, land that just didn’t have any oil in it. Others are leases on land that has a little oil, but not enough to justify sinking an expensive well which will never produce enough oil or gas to pay for the cost of drilling. In both of these cases, oil company management is doing the right thing, conserving money by not drilling unless the well will be profitable, i.e. pay off the costs of drilling it.
Biden is threatening to cancel all the unused leases and maybe fine the oil companies for not drilling them.
This abusive policy is not going to increase domestic oil production and get it back up to where it was when Trump was president. It will provide welfare for lawyers for years.
Biden ought to get the leasing situation straightened out so that a lease is issued within a month of the oil company making a request for one. He ought to sell leases off shore, in Anwar, just about anywhere except in the Grand Canyon. And come up with a way to disqualify British Petroleum for gross incompetence and endangering everyone near a BP facility. BP is the company the let the Alaska pipeline rust out and leak, managed to blow up their refinery in Texas, and caused that awful blowout in the Gulf of Mexico back in Obama time.
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