Why Big Oil Isn’t Worried About Biden’s Executive Orders

[Elderberry]

Oil Price By Robert Rapier - Feb 06, 2021

In late 2019, as various candidates jockeyed to win the Democratic nomination for president, Elizabeth Warren made the statement that she would “ban fracking everywhere.” It was just the kind of hollow campaign promise that I loathe, and I explained why that was an unrealistic promise. Then Joe Biden came along and pandered to the same crowd Warren was trying to impress. He promised “no new fracking”, but once again I explained why that promise wouldn’t be fulfilled.

Now that President Biden has issued a pair of executive orders that are viewed as hostile toward the oil and gas industry, many people have asked me whether Biden has in fact banned fracking.

On his second day in office, President Biden signed Executive Order on Protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis. The biggest takeaway from the Executive Order was the cancellation of the Keystone XL pipeline permit. The project had been rejected by President Obama in late 2015, fast-tracked by President Trump in 2017, and now once more rejected by President Biden in 2021.

When I asked how companies might be affected, she explained “Companies have been stockpiling permits in anticipation of a move like this. Right now there are 7,700 unused permits. Devon Energy, for example, has over four years of permit backlog and drilling inventory. They expect to be able to execute on their federal lands program based on comments made in November.”

More: https://oilprice.com/Energy/Energy-General/Why-Big-Oil-Isnt-Worried-About-Bidens-Executive-Orders.html

[IsailedawayfromFR]

Article makes the assumption this is the only avenue for the Dems to ban fraccing.  It is not.

Don't discount the EPA, armed with Congress's explicit instructions to "protect the environment" in its charter.

EPA can do a 'study' and announce fraccing is bad for water or air quality and must be shut down.

It makes no difference whether it is on federal or private lands, or whether permits are already approved.

The libs will do it.

[catfish1957]

Big Oil, which I am a proud annutiant of, will survive because the enviro-whacko faction has not realized that there are many critical things that HAVE to HAVE a petrochemical base to exist if we want to maintain any semblence of a modern society. There will be days of reckoning when shortages like IV Bags and syringres,  asphalt, etc, etc, etc. become in short supply.  From a humorous standpoint, can you imagine telling millenials they have to ditch their Pampers for cloth diapers?   

The continued success of this attack on Oil, may result in the demise of many smaller player,s with Big Oil, (The CVX's, RDS, XOM, COP's of the industry) reaping the benfits of less competition.  Then addtionally add the fact, that the big players have facilities internationally which will temper any one or handful of countries outcries for abolition of oil.

OTOH, as an American and not a stockholder, I think what Biden and his band of idiots are doing extreme damage in the long term interest of our country.  Considering the ramifications of the hell hole known as the middle east, you just can't put a price on energy independence.

[240B]

Article makes the assumption this is the only avenue for the Dems to ban fraccing.  It is not.

Don't discount the EPA, armed with Congress's explicit instructions to "protect the environment" in its charter.

EPA can do a 'study' and announce fraccing is bad for water or air quality and must be shut down.

It makes no difference whether it is on federal or private lands, or whether permits are already approved.

The libs will do it.

Very true. When Stacey Morris answered "we already have permits", clearly she is under the mistaken notion that Democrats care about 'law' or 'contracts'. They don't at all. If they want to ban oil, no permit and no law is going to stop them. They will simply revoke the permits and case closed. Her answers were extremely pollyannaish and naïve. Maybe she is just putting a positive spin on a disaster to prevent panic.

[thackney]

Very true. When Stacey Morris answered "we already have permits", clearly she is under the mistaken notion that Democrats care about 'law' or 'contracts'. They don't at all. If they want to ban oil, no permit and no law is going to stop them. They will simply revoke the permits and case closed. Her answers were extremely pollyannaish and naïve. Maybe she is just putting a positive spin on a disaster to prevent panic.

So did Keystone XL.