re: Interior Department to resume oil and gas leasing, charge higher fees

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It’s not like oil companies can just turn the spicket on or off. When oil fell below $40 a barrel, companies started closing wells. It takes time and alot of effort to reopen one. A big problem right now is labor. Not every Joe off the street can work a rig and the labor market is already tight, so you have to pay more. Now you have to convince investors that the price spike isn’t a blip and increased cost of labor, diesel fuel to run the rigs, increased transport costs of oil, etc. isn’t going to eat all potential profits. The banks and Wall Street so far aren’t buying it. Right now, it is what it is and Biden really doesn’t have much control over it.

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