So these sanctions appear to be pathetically weak

Swaye said:

Bob_C said:

MikeDamone said:

Sledog said:

MikeDamone said:

SFGbob said:

MikeDamone said:

46XiJCAB said:

We’re importing 600K barrels from Russia daily. Joey shutdown at least 800K here in production.

In 2016 we were producing 15M daily. Estimates for 2022 are less than 12M daily.

The price of a black book of damming info today. No 10%.

I'm seen were 800k was shut down by Biden, but don't know exactly what was shut down that reduced our production by 800k. Does anyone know?

The Keystone pipeline when completed would have provided over 800K barrels a day. Biden also closed Federal land to oil and gas exploration as well halting offshore oil and gas drilling leases.

They Keystone XL pipeline was a few years away from completion and had nothing to do with reduction of our oil production today.

And stopping leases and exploration does nothing today to reduce the supply.

Also, Keystone is for Canadian imported oil, not US production.

I'm just trying to figure out how Biden cost the USA energy independence this year, not year out.

Also Biden was sued and forced to sell new leases last summer

Biden policies impacted production here. All the keystone pipeline oil is rolling through the US in train tankers owned by friends of the dems. They are getting rich. Russia being our #2 supplier was laways a mistake. Always.

Again. They Keystone pipeline is in production and oil is flowing. Keystone XL was cancelled by Biden and wouldn't be operating for a few years if it was being built today. And it may be restated in 3 years.

No new leases has no affect on current production. It takes years to develop land to the point of production.

I'm asking specifically, what Biden policy cause a 3 million barrel a day reduction in current domestic production. I honestly don't know. I haven't researched it much. But on it's surface, putting the cancellation of Keytone XL as the reason seems like a talking point that gets thrown around without a lot to back it up.

I agree, there isn’t direct causation there. But Keystone did work as an added element of regulatory uncertainty on future policy to the industry that was already a bit shell shocked from the Saudi/Russian feud where they both pumped a ton in a short time frame (late 2019 early 2020). There was a day or two in April 2020 where oil was less than $0 because the speculators got stuck with the contracts and a sudden crash in demand and couldn’t find a physical home for it. Domestic pumpers are still getting leases on lands, but they are taking options on those leases due to the uncertainty of regulatory actions. Industry doesn’t need perfect regulation to operate, it more needs consistent and certain regulation.

Whatever happened, supply did decrease around the time of the keystone announcement. If you wanted to really screw with things, a libertarian setup between US/Canada on free flow of physical energy resources could be awesome if done right. That dream is over.

Read an article on Rueters (can't find link) that basically said it was a combo of uncertainty over future regulatory environment (specifically with methane off gassing from wells), and a fear over overexuberant drilling until prices stabilized more uniformly.

My uneducated read on it was Joe didn't do anything "specifically" that cut production, but the inability to expand leases on federal land and the Keystone decision did compel drillers to think more carefully about exploratory drilling for fear of future regulation from Team Biden. So no, Biden didn;t specifically do anything, but the threat of Biden is enough to cool drilling. ATBS, article also mentioned oil prices have gathered so much steam that they believe drilling will commence in a big way in 2022 and should easily surpass 2021 levels. Enough to make up 800K barrels per day? I have no idea...