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Biden wants to fine oil comp. for not drilling untapped wells and leases, Atlas Shrugged
Posted on 5/10/22 at 8:00 am
Posted on 5/10/22 at 8:00 am
Amazing, right out of the book, trying to force companies to operate wells at a loss, straight out of the book.
Whats next, fine Walgreens and CVS for closing stores that are repeatedly robbed?
You dont have to be an O and G savant to figure out, the price of oil and gas has doubled, they have untapped wells and leases......perhaps maybe, sorta, could be, a reason they are not operating them.....like maybe there are dry holes or no reserves, or three drops where they thought there were 1000s of barrels.
This administration, creates a problem, then instead of just removing the policies that caused the problem......they institute 67 new policies, along with billions to execute, and 100s of billions to implement....to no avail because they are fixing a syptom, not the original problem they caused....which would cost no money to remove, in fact would save money.
Whats next, fine Walgreens and CVS for closing stores that are repeatedly robbed?
You dont have to be an O and G savant to figure out, the price of oil and gas has doubled, they have untapped wells and leases......perhaps maybe, sorta, could be, a reason they are not operating them.....like maybe there are dry holes or no reserves, or three drops where they thought there were 1000s of barrels.
This administration, creates a problem, then instead of just removing the policies that caused the problem......they institute 67 new policies, along with billions to execute, and 100s of billions to implement....to no avail because they are fixing a syptom, not the original problem they caused....which would cost no money to remove, in fact would save money.
12
Posted on 5/10/22 at 8:04 am to trinidadtiger
The companies paid for those leases with a specific time horizon to take action on them. The govt can either buy back those leases or risk being sued for breach of contract. I know it’s not bidens money so he doesnt care if the tax payers get sued.
Posted on 5/10/22 at 8:05 am to trinidadtiger
Not to mention the fact that Joe and the leftists seem to really, really want to push Russia into WWIII which helps almost nobody except the oligarchs and politicians getting their "ten percent".
Posted on 5/10/22 at 8:09 am to trinidadtiger
quote:
Whats next, fine Walgreens and CVS for closing stores that are repeatedly robbed?
Don't be surprised -- Marc Morial tried to do something like this when every store in The Plaza was shutting down because of massive theft.
Posted on 5/10/22 at 8:11 am to trinidadtiger
Most of the big oil companies have surrendered on global warming, thinking that the Feds will leave them alone.
They're wrong. When they figure it out, maybe they will be a reliable ally again. Until then? They're reaping what they've sown.
They're wrong. When they figure it out, maybe they will be a reliable ally again. Until then? They're reaping what they've sown.
Posted on 5/10/22 at 8:12 am to trinidadtiger
Paraphrased:
“You will pay the bullet fee and graciously accept the bullets I send your way.”
Posted on 5/10/22 at 8:25 am to trinidadtiger
Why commit money and resources to drilling a lease when the marxist govt can come in on a moments notice and shut you down due to some knee jerk reaction on climate change? The feds have made the oil business in America NOT profitable and they did it on purpose.
Posted on 5/10/22 at 8:34 am to trinidadtiger
quote:After campaigning on a platform of destroying O&G companies... Biden want to punish them for not producing. Rich.
Biden wants to fine oil comp. for not drilling untapped wells and leases, Atlas Shrugged
FU Biden. You got exactly what you asked for.
Posted on 5/10/22 at 9:09 am to TheHarahanian
Ever seen Brazil?
Enemies of the state are tortured and charged for it. At one point a kindly old guard tells someone to confess just for the sake of their credit rating.
Enemies of the state are tortured and charged for it. At one point a kindly old guard tells someone to confess just for the sake of their credit rating.
Posted on 5/10/22 at 9:11 am to TigerB8
quote:
feds have made the oil business in America NOT profitable
I agree with your premise except for the quoted part.
It's still very profitable (for now).
2021 profits
Exxon $23 Billion
Shell $20 Billion
Chevron $15.6 Billion
Oxy $1.5 Billion
Posted on 5/10/22 at 9:24 am to teke184
quote:
Ever seen Brazil? Enemies of the state are tortured and charged for it. At one point a kindly old guard tells someone to confess just for the sake of their credit rating.
A bullet fee is the bill sent to the family of a firing squad victim, to pay for the ammunition.
Posted on 5/10/22 at 9:25 am to Gene Frenkle
On what revenues?
The profit margins on oil and gas are a few percent and the potential liability is very high from accidents or other issues.
The profit margins on oil and gas are a few percent and the potential liability is very high from accidents or other issues.
Posted on 5/10/22 at 9:37 am to Ace Midnight
quote:
Most of the big oil companies have surrendered on global warming, thinking that the Feds will leave them alone. They're wrong. When they figure it out, maybe they will be a reliable ally again. Until then? They're reaping what they've sown.
It seems there will be no Wyatt’s Torch scenario anytime soon.
Posted on 5/10/22 at 9:43 am to trinidadtiger
All while they call fascist the people who think it should be illegal to mutilate a born child's genitalia or an unborn child's vital organs.
Biden is a literal fascist.
Biden is a literal fascist.
Posted on 5/10/22 at 9:43 am to trinidadtiger
MAKE AYN RAND HAMHANDED FICTION AGAIN
Posted on 5/10/22 at 9:44 am to Gene Frenkle
quote:
I agree with your premise except for the quoted part.
It's still very profitable (for now).
2021 profits
Exxon $23 Billion
Shell $20 Billion
Chevron $15.6 Billion
Oxy $1.5 Billion
Now do 2020.
Spoiler:
They lost virtually the same amount they earned in ‘21. 2 years with literally zero net margin.
Posted on 5/10/22 at 9:52 am to trinidadtiger
I’m almost 100% convinced now that all democrats/leftists, despite any with their advanced degrees in economics, have 0 experience or knowledge in the real world of how to run a business.
Posted on 5/10/22 at 10:01 am to TigerB8
quote:
The feds have made the oil business in America NOT profitable
Except it is extremely profitable right now.
The main reason for low activity (but it is ramping) is many fold, but one of the main is that if a company shows it is increasing capital expenditures at the expense of free cashflow their share price gets hammered.
Posted on 5/10/22 at 10:09 am to trinidadtiger
If the oil companies were smart (because they should see the writing on the wall) I would stop production, and delivery of ANY and ALL fuels and oil derivatives for at least a week.
Show these idiots what’s what and bring them down to reality!!
Show these idiots what’s what and bring them down to reality!!
Posted on 5/10/22 at 10:10 am to cwill
Gross dollar amounts it is high.
Put in the amount of costs it takes to get that profit and the return on investment is like 3%. That is NOT a high rate of return.
Put in the amount of costs it takes to get that profit and the return on investment is like 3%. That is NOT a high rate of return.
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