Nothing stopped global warming before man & nothing will stop it now.
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Seeking Alpha financial analysis of Bidenâs moves re: midstream companies and in general. It is not pretty, either economically or environmentally.
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Forbes article analyzing Bidenâs oil and gas moves.
S&P/Platts analysis of Bidenâs moves so far.
Carlsbad paper article summarizing moves so far. Permian rig count increasing, but New Mexico flat to declining.
Permian Basin O&G Assoc article about Bidenâs actions.
Dallas Fed analysis of federal lands leasing ban effect on the Permian.
Op Ed piece by SE New Mexico rancher pointing out the impact of not allowing new pipeline ROWs on federal land. It was in the Santa Fe paper.
Interview with New Mexico governor saying Bidenâs moves donât make sense.
Article about the arbitrary impacts of Bidenâs leasing ban.
New Mexico governor continues to push back against the leasing ban. She makes the additional point is it will simply push production to countries that have less environmental controls than we have.
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Fourteen states have sued the Biden Administration over the leasing ban. New Mexico is apparently not among them?
A copy of the lawsuit filed by Wyoming is in the link.
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Here is a map showing the areas of federal lands in the U.S. It includes Indian reservations, which got exempted from the ban. It is a good visual reminder of how many people will be affected in the long term, and does not even include all the offshore development that will eventually be halted after the permits run out.
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Biden has now extended lease sale bans through at least the end of June. donât expect this to be the last âextensionâ.
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Here is the testimony by Nada Culver with the BLM from the hearing yesterday in Senator Manchinâs committee. I highlighted parts of interest. If you own minerals near federal lands or within federal lands, be prepared to feel a chill in the room. One thing I had not considered is how the BLM could strangle oil and gas by slow playing or denying easements across its lands.
The link to the video of the hearing is - Full Committee Hearing On The Department Of The Interiorâs Onshore Oil And Gas L...
Culver Testimony 4-27-21 SENR Cmte Hrg.pdf (253.9 KB)
And, if you have any doubt on which way this administration is heading, just scan through the headlines in the latest TIPRO Target.
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Press release from Senator Barrasso with study on how the Green Energy spent under the Obama Administration fared.
For Immediate Release: Contact: Sarah Durdaller ~202.224.4971
May 5, 2021 Sarah_Durdaller@energy.senate.gov
Ranking Member Barrasso Releases Investigative Report:
âThe Solyndra Syndrome & the Green Stimulus Delusionâ
Investigative report examines the striking parallels between the Obama administrationâs failed green stimulus policies and the policy priorities of the Biden administration.
WASHINGTON, D.C. â Today, U.S. Senator John Barrasso (R-WY), ranking member of the Senate Committee on Energy and Natural Resources (ENR), released an investigative report titled, âThe Solyndra Syndrome & the Green Stimulus Delusion.â The report examines the striking parallels between the failed green energy stimulus policies of the Obama administration and the policy priorities of the Biden administration.
âThis report shows President Biden is doubling down on failure,â said Barrasso . âThe Obama administration frittered away billions of taxpayer dollars on green gambles like Solyndra, while taxpayers got fleeced. Now, President Biden wants to bet trillions more on new boondoggles and another failed âCash for Clunkersâ program. As with the failed stimulus, President Bidenâs spending spree will take money from the people and give it to his political allies. At the same time, he has declared war on the oil and gas industry â one of the few success stories from the âGreat Recession.â Itâs a recipe for disaster. Americans have seen the failures of these ideas before. In 2009, then-Vice President Biden was the one to announce that Solyndra would receive hundreds of millions of taxpayer dollars. We know how that ended. Now, the Solyndra syndrome is back.â
The investigative report finds:
Under the Obama administration, the partisan Recovery and Reinvestment Act of 2009 invested $90 billion for green jobs training and loan programs, and almost $3 billion more for subsidies for the purchase of new vehicles through the âCash for Clunkersâ program. These programs resulted in very few actual jobs created, failed stimulus programs, and billions of dollars wasted in green boondoggles like Solyndra, A123 Systems, and Californiaâs bullet train.
In contrast, a bright spot of the recovery from the âGreat Recessionâ was the oil and gas industry. By the end of 2013, non-farm employment was an anemic 1.9 percent higher than it was at the end of 2009. On the other hand, the oil and gas sectorâs employment was 16 percent higher. This strong jobs output helped make the United States the worldâs leading producer of oil and gas.
President Biden and his administration seem determined to double down on the Obama administrationâs failed policies, while also punishing the oil and gas sector. He wants to invest hundreds of billions of taxpayer dollars in new green job training programs, new green energy financing, increased high speed rail, and new electric vehicle subsidy programs. At the same time, the president has taken executive action to damage the oil and gas industry. He signed an executive order to stop the construction of the Keystone Pipeline, ending the prospect for roughly 11,000 American jobs in 2021 alone. He has also implemented a moratorium on new oil and gas production on public lands that if made permanent could cost one million jobs and jeopardize the nearly $10 billion in revenue.
Read the full report here.
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Pretty good news this week from three E&P companies with federal acreage in NM. Iâm not declaring the environmentalistsâ war on fossil fuels is won (weâre in the first inning), just that three CEOs had some optimistic comments this week in their earnings webcasts.
First, all three companies reduced their quarterly presentation slides focused on federal permitting risk, after including such slides in post-election webcasts. In response to questions by the Wall Street analysts, they said:
Devon received 50+ permit approvals after Biden moratorium lapsed in March, now holds 4 year inventory of 500+ federal permits, not business as usual but Federal staff are feeling their way with the Biden administration. Cimarex deck indicates 107 approved federal permits held, Cimarex sees loosening of permits, receiving RoWs & sundries, also see peers receiving permits, confident that no extraordinary action needed by Cimarex. Written Federal proposals are mixed bag, some is okay but others disturbing, Cimarex provides feedback. EOG provided no federal slides whatsoever in 60-slide deck (!), answered question that EOG is receiving steady stream of federal permits âvery wellâ, not seeing restrictions, Biden seems to honor existing âvalid leasesâ.