Biden signed orders to :
Halt new drilling.
Suspended all new lease sales of drilling equaling 25% US has and oil production.
Sent millions of barrels of crude from the U.S. Strategic Petroleum Reserve — record amounts to Asia. And that was last year.
He canceled pipelines, restricted drilling on government lands and waters, and tightened regulations on oil and gas producers.
How President Biden’s Executive Orders Impact The Oil Industry
The cancellation of the Keystone XL pipeline permit. (Yes its not complete,but many argue it would have been within the year)
His administration also issued Secretarial Order No. 3395, which implemented a 60-day suspension of new oil and gas leasing and drilling permits for federal land and water.
An order for an indefinite “pause on new oil and natural gas leases on public lands” until a comprehensive review on the climate change impacts can be completed.
Called for oil and gas companies to pay more to drill for oil and gas on public lands. Discouraging investing.
Biden lifted Trump imposed sanctions on the Nord stream two gas pipeline that would further empower Russias strength.
There are still 9000 unused permits for drilling,but 60% of those sites are non-producing. After you lease the land you have to get permits for exploration to see if it is viable and another to actually drill. Permits etc
Biden recently banned oil imports from Russia.
Biden is asking for oil from Venezuela and Saudis but not getting domestic or Canadian producers.
Saudi and UAE leaders refuse call with Biden to negotiate for oil over American policy in the Gulf region
Biden affecting DECREASE n gas prices recently like the release of 30 million barrels from our reserve.
Biden has long been after sweeping climate change and energy reform policies towards renewable energies. Wind,solar,water etc. Running his election with promises to end fossil fuel dependence.
Gas was at it’s lowest around oct 2020. After presidential election there is a steady rise doubling to prices today.
Prices under Trump at 40 dollars a barrel.
The last time prices were this high was 2008 when Obama was president
Biden Nat’l Economic Council Head Deese: ‘No Amount of Domestic Production We Can Do to Reduce’ Gas Prices
Climate change policy is the end game i.e. green new deal or some variation to push towards renewable energy (wind solar,water). 10 dollar a gallon gas will help move things along.
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