Biden administration raises cost for oil and gas drilling on public lands for first time in decades

Quote; “His raising the royalties on oil profits which will be passed on to everyone in the country”

2 WRONGS……

“His raising”, present tense….The near century old onshore 12.5 royalty rate was raised in 2022, and AT PAR with the Fed’s offshore rate which Bush raised to 18.75.

“will be passed on to everyone”….Wrong again, a royalty rate, thus, a share of the profits based on the value or volume of the oil and gas extracted, isn’t a COGS, thus, it does not increase the cost of production. In addition, supply and demand/benchmarks determines the price of crude oil, and the price at the pumps.

 

In addition to the above, here’s a proof that Trumpers have a serious problem at being critical thinkers;

FACT; Compared to our domestic oil&gas rates, fees, and taxes COMBINED, it is much cheaper to produce a barrel of crude oil offshore Guyana, and their Unity Gold light crude is sold at Brent Price, thus, $3 to $4 higher than WTI, and ship to U.S. refineries, and all over the world.

 

Reference to Biden’s raising onshore royalty rates:

In 2007, and 2008, Bush did the same, he raised offshore royalty rate from 12.5 to 16.67, and then, 18.7 for new leases, and since then, offshore oil production increased by 35%.

Also, since Biden raised onshore royalty rate to 18.75, (new leases), New Mexico’s federal land oil&gas production have substantially increased.

 

Don’t confuse them with facts. They really hate that.

 

https://usafacts.org/articles/how-much-oil-and-gas-comes-from-federal-territory/

Fact Biden has cut federal leases substantially. Fact production on federal leases are down. Fact is the Biden has made Iran rich in oil production by reducing sanctions. Fact that oil money allowed them to pay for all those proxies attacking Israel and all those ballistic missiles to be lobbed into Israel. At this point you have to believe Biden is either some kind of foreign policy idiot or he's purposely helping Iran and China.

 

Quote; “Production on Federal leases are down”

Compared to a previous month, quarter, a year ado, several years ago, both offshore and onshore????


Down since Biden raised onshore royalty rate from 12.5 to 18.75, effective April 2022????



Where are your figures and dates?

 

Since 2021 when the approved Trump leases were fulfilled.
https://usafacts.org/data/topics/se...s/drilling-permits-approved-on-federal-lands/

 

YOU SAID; “Fact….Production on federal leases are down”

I ASKED; Since when, from a previous month, quarter, a year ago, several years ago????

YOUR RESPONSE; Since 2021, and a link that relates to number of federal land permits approved, both oil&gas, and compares 2021 and 2022.

WHERE’s 2023?

HOWEVER, irrelevant due to the fact that production equates to a volume, and your link relates to X number of drilling permits that were approved.

THUS, where are your federal land production figures, from ______to March 2024????