Pres. Biden signed three executive orders today, which apparently include a ban on new leasing on federal lands, and a suspension of new drilling permits. The C-Span link to the remarks is below. I have not seen the text of the executive orders yet. Onshore production of oil and gas is 8% of U.S. production. Include offshore, and it rises to 20%. There are some real whoppers in the speech.
Here are a few notes on the video: 2:00 remarks begin 5:00 Air quality is getting worse and contributing to Covid symptoms (Hmm- Thought I read switch from coal to natural gas had actually improved air quality) 6:20 Will be creating new union jobs with renewable power grid (Hmm- was not aware all these solar installers were union shops) 7:20 Will reinstate and impose new vehicle and building efficiency standards 8:20 Will require all new government vehicles to be clean energy (Hmm- I guess I missed the all electric tanks and fighter planes) 8:40 - All clean energy power grid by 2035 10:30 - Federal government is going to plug over 1 million abandoned wells 12:00 - New Office of Climate Policy 12:30 - Biden pledges help for coal and oil and gas communities he is about to devastate 13:20 - He is not banning fracing, but new standards on methane emissions 14:00 - Will eliminate $40 billion in oil and gas subsidies (watch out - here comes the repeal of the depletion allowance) 16:10 - 40% of the money will go to communities to address “environmental justice” 17:00 - He will listen to the science (and the science says how will shifting oil production overseas reduce carbon emissions?)
In short, Biden is making it increasingly clear he will try to gut the oil and gas industry, confiscate mineral owner rights to develop, and remove normal tax incentives that other industries enjoy.