Ben Dhyan
Veteran Member
Even the Trump hating NYT gives credit to DJT. Of course a higher price of oil will mean closed marginal sites become profitable again and so are put back into production, but without new drilling rights in new leases, production would soon level out. New leases are running at three times the average offered by Obama during his second term.And one more link. It tells why oil production dropped in the U.S.. In case you don't want to read it the reason was that oil prices dropped. It was not due to regulation. And the source is Fortune Magazine. Far from being a source that you would call "fake news". It also tells you that production stopped on finishing wells. The good news for those that invested in those wells was that once oil prices rose again it was very easy to finish work that had already been approved. The rise was due to laws that were in effect during Obama's administration and the changing oil prices:
Oil Producers Are Leaving Thousands of U.S. Wells Unfinished
Driven by Trump Policy Changes, Fracking Booms on Public Lands
Oct. 27, 2018
CONVERSE COUNTY, Wyo. — The parade of trailer trucks rolling through Jay Butler’s dusty ranch is a precursor to a new fracking boom on the vast federal lands of Wyoming and across the West.
Reversing a trend in the final years of the Obama presidency, the Trump administration is auctioning off millions of acres of drilling rights to oil and gas developers, a central component of the White House’s plan to work hand in glove with the industry to promote more domestic energy production.
Seeing growth and profit opportunities at a time of rising oil prices and a pro-business administration, big energy companies like Chesapeake Energy, Chevron, and Anschutz Exploration are seizing on the federal lands free-for-all, as they collectively buy up tens of thousands of acres of new leases and apply for thousands of permits to drill.
In total, more than 12.8 million acres of federally controlled oil and gas parcels were offered for lease in the fiscal year that ended on Sept. 30, triple the average offered during President Barack Obama’s second term, according to an analysis by The New York Times of Interior Department data compiled by Taxpayers for Common Sense, a nonpartisan group that advocates budget discipline.
Driven by Trump Policy Changes, Fracking Booms on Public Lands