This is partly true. They did restrict any NEW permits for drilling NEW prospects on federal lands. And yes, production has increased but only because demand was down due to covid. We are no where near our record high of 18.375 million barrels in one day.
No. They have not limited production. You are correct. Once you complete a well and start producing, you can't make a well produce more than it can give up, but you can choke it back to slow production. Now, the reason there are more federal acres under production now is because in Dec of 2020, oil companies set a record for filed leasing permits on federal lands. And it was a record by like a few thousand. They knew what was coming down the pipe. Having that lease granted in 2020 allowed them to navigate any Biden legislation because that lease grandfathered them.
This is also true. See my comments above about the December 2020 leasing permits. Most of them were approved in late january-- AFTER Biden was sworn in. The wheels had already started in motion though.
This is not true. I can site dozens of O&G reporting studies that disprove this number. According to the WSJ, just over 9% of our oil comes from onshore federal lands. There are 96,000 wells on federal land with around 25,000 of them actively producing.
Now--- here is a little secret that many folks dont know.
Offshore oil is owned by-----whom?
Nobody owns the oceans. Well, our federal governmemt does. And technically, that oil being produced is their oil. Roughly 16% of all the oil produced in America is off shore- so that means in reality, the government controls nearly 25% of all produced O&G.
I can tell you why-- you are 100% correct on the Saudis and other OPEC kingdoms. Now, OPEC members like Angola and Algeria are scrambling to increase production despite OPECs stance on not increasing flow. I know this for a first hand fact because we are currently bidding our artificial lift system to both nations.
Now, why aren't domestic companies drilling?
The reason is mostly 2 fold.
1. Biden came in and tried to fvck them early. In 2014 companies got HAMMERED-- and they remember that ass whipping they took. So they aren't going to over leverage themselves again. And they see it as a "fvck you" to this administration that has tried to demonize them.
2. John Kerry is leaning on EVERY major financial lending bank, and has most of them onboard, to stop loaning money to O&G companies. BofA, Chase, Wells Fargo etc, are all on board with this private jet setting douche canoe to stop funding petroleum. So what will they fund instead? Bull sh!t clean energy projects that Kerry and his friends are invested in. This is a sham to make them richER.
Some are. But wouldn't you? If you had a senile old man in office being led around by a bunch of people that think americans are too fvcking stupid to realize that we are DECADES away from a "cold fusion" style energy breakthrough, you'd protect your company stock holders as well. Couple that with the fact that every single wind mill, solar panel, battery, and every single piece of machinery used to build these clean energy boondoggles, as well as every component needed to be mined, is all made possible with what...?
Petroleum byproducts.