Biden order could turn out to be 'nail in the coffin' for oil and gas

[Elderberry]

Houston Chronicle by Paul Takahashi 1/29/2021

President Joe Biden’s one-year moratorium on new leases for fossil fuel extraction from federal lands and waters will have a minimal, short-term impact on oil and gas companies that long anticipated such a move.

But if the ban on new leases were extended over Biden’s presidency, as analysts widely believe could happen, it would have a profound effect on oil and gas companies, particularly shale drillers in the Permian Basin and offshore producers in the Gulf of Mexico. A permanent federal ban, analysts said, would threaten the primary economic engine of Houston — the so-called “energy capital of the world.”

“If it’s only a one-year moratorium, it’s going to have a negligible effect,” said Tom Kellock, director of offshore-rig market consulting for IHS Markit. “But if it’s long-term, it’s one more nail in the coffin for the oil and gas business.”

The oil and gas industry, already battered by the pandemic’s economic downturn, faces increasing regulations under the Biden administration, which has made addressing climate change a priority. The president in his first week in office issued a flurry of executive actions to fulfill campaign promises, including a 60-day review of new drilling permits on federal lands and a call to eliminate tax incentives for the oil and gas industry.

More: https://www.houstonchronicle.com/business/energy/article/Biden-executive-orders-nail-in-coffin-oil-and-gas-15906911.php

[IsailedawayfromFR]

Anybody here believe this is constitutional?

Besides killing many thousands of jobs, he is forcefully taking money away from investors, stopping a mineral owner from enjoying his rightful freedoms to extract from his property, reducing state and federal tax revenues, driving up the cost of energy and unilaterally choosing winners and losers, all without congressional authority.  And all in the name of the mythical 'climate change'.

Seems ripe for court cases before conservative judges.

Let's tie him up as much as the left tied up the hands of Trump dealing with the courts.

[Hoodat]

No worries.  Saudi Arabia, Venezuela, Canada, Nigeria, Angola, Iraq, Kuwait, etc. will still be lining up to sell us oil at the new government-inflated price.