"new leases". Let me know when its 2035 and they get through the backlog on onshore leases they currently are sitting on. Also let me know when they get through the even bigger
OFFSHORE leases they currently are sitting on.
Even the industry says they are doing more NOW than any time in the past 20 years. Odd you said restrictions were preventing them from operating on these leases huh? The industry leaders do not agree with you.
American Exploration & Production Council (AXPC) CEO Anne Bradbury told FOX Business."The fact is that industry is producing at a higher level on existing leases on federal lands than in the last 20 years and these leases take many years to explore, to develop and produce on," Bradbury added.
So more leases are not going to do a freaking thing right now or to anything short term.
Or maybe we could stop blaming the administration and start blaming the real folks behind the production lag/refusal to increase? The oil companies that are not going to fall into the drill drill drill baby trap again from the last administration where they did that and were left for dead/bankruptcy by the previous administration for being stupid enough to follow their plan
https://oilprice.com/Energy/Energy-G...ressively.html
"Whether it's $150 oil, $200 oil, or $100 oil, we're not going to change our growth plans," Pioneer Natural Resources' chief executive Scott Sheffield told Bloomberg
Sheffield said on Pioneer's call, referring to production growth: "Long term, we're still in that 0% to 5%. It's going to vary. We're not going to change, as I said, at $100 oil, $150 oil, we're not going to change our growth rate. We think it's important to return cash back to the shareholders."
..Companies like Pioneer Natural Resources, Continental Resources, and Devon Energy are keeping discipline and plan to grow production by no more than 5 percent annually.
"Oil and gas companies do not want to drill more," said Pavel Molchanov, an analyst at Raymond James. "They are under pressure from the financial community to pay more dividends, to do more share buybacks instead of the proverbial 'drill baby drill,' which is the way they would have done things 10 years ago. Corporate strategy has fundamentally changed."
To that end, while companies like ExxonMobil (XOM), Chevron (CVX), Marathon (MRO) and Phillips 66 (PSX) expect to spend more on exploration and other capital spending in 2022, none of those companies expect to hit 2019 spending levels. And it will take time for them to turn that additional exploration spending into oil, Molchanov said.
"If someone starts drilling oil wells today, the increased supply might be 6 months, 12 months, even years away," he said.
When asked about production targets for 2022 during a January earnings call, ExxonMobil CEO Darren Woods responded, "The primary objectives we've had in looking at the portfolio is less about volume and volume targets and more about the quality and profitability of the barrels that we're producing."
BUT BUT BIDEN... BIDEN.. RIGHT GUYS!! GUYS?
Not to mention other factors limiting an increase in production, Right from the Oil companies mouths
https://www.cnbc.com/2022/03/08/oil-...s-oxy-ceo.html
https://www.cnn.com/2022/03/02/energ...ion/index.html
several issues are stopping these companies from scaling up production.
Like many industries during the pandemic, oil producers are struggling with a shortage of workers. They're also having trouble sourcing some of the equipment they would need to ramp up production, including pipes and specialized sand used in fracking to extract shale oil.
"They can't find people, and can't find equipment," said Robert McNally, president of consulting firm Rapidan Energy Group. "It's not like they're available at a premium price. They're just not available."
UMM, biden....?