ragincajun03

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May 20 (Reuters) - A Trump administration sale of oil and gas drilling rights on federal lands in New Mexico and Texas generated $4 billion in winning bids, the Interior Department said on Wednesday.

The sale's total obliterated that of previous onshore government oil and gas auctions at a time when the Iran war has cut global supplies and raised demand for U.S. crude oil.

The previous record total for a Bureau of Land Management oil and gas lease sale was $972 million in 2018, according to trade group Western Energy Alliance.

The sale of 74 parcels covered 33,530 acres, primarily in New Mexico's Permian basin, the nation's most productive oil field.

The Interior Department said the sale reflected strong industry demand for drilling on public lands.

"This over $4 billion lease sale is another sign that President Trump’s American Energy Dominance Agenda is delivering results," Interior Secretary Doug Burgum said in a statement. "By cutting costs and removing barriers to development, we are unleashing American energy, strengthening national security, creating jobs and generating significant revenue for taxpayers and local communities."

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Devon Energy accounted for more than half of a record $4 billion sale of oil and gas drilling rights on federal lands in New Mexico and Texas held by the Trump administration on Wednesday, according to the U.S. Bureau of Land Management

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Devon, which is based in Oklahoma City, won 25 parcels with total bonus bids worth $2.5 billion, according to sale results posted on a government website.

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Devon paid the highest-ever price for a single parcel -$405.8 million for 1,280 acres in Lea County. It also paid the highest-ever price per acre - $357,129 - for a 640-acre parcel, also in Lea County.

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:USA:

You started off your premise completely incorrect. You said it was 86 cents per gallon. It was almost twice that much.

History lesson.

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Did ragincajun03s doom and gloom come to fruition? Did I miss it?

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Guess you missed that I said this as well on the same page:

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Brent crude, which is the benchmark referred to in the vast majority of these articles or predictions on "oil prices", still has a LONG way to climb before hitting $180/bbl. Looks to be currently sitting around $107/bbl.

My personal, unprofessional opinion is we'd start to see demand destruction before it climbs another $73.

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So...

But hey, congrats this has been on your mind for the past couple months, I suppose? :dunno:

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Driving 22k miles a year is a lot of windshield time.

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My first 10 years out of college, more years than not I put between 30k-40k miles/year on my vehicle, due to work.

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Half of the country already doesn't pay any federal income taxes, how does allowing more to not pay help anything?

If the problem is spending, cut spending. Don't start shifting the burden to those of use who already pay massive amounts of taxes each year.

Fix the underlying problem then reduce all of our taxes.

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+1

Well that sounds very selfish of you, sir, while the rest of the America grapples with $4+ gasoline.

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Crude oil inventories in the United States decreased by 7.9 million barrels during the week ending May 15, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 445.0 million barrels, according to government data, which is now 2% below the five-year average for this time of year.

The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a draw of 9.1 million barrels in the period.

Crude prices saw some relief on Wednesday following a statement by US President Donald Trump, indicating that the US would end the war “very quickly”. At 9:47 a.m. in New York, Brent was trading at $108.90 per barrel—down $2.41 (-2.17%) on the day, but up roughly $1 per barrel from this time last week. WTI was also trading down on the day, by $2.14 per barrel (-2.05%) in early morning trade at $102, down roughly $0.50 per barrel week over week.

For total motor gasoline, the EIA reported that inventories had decreased by 1.5 million barrels after sinking by 4.1 million barrels in the week prior. The most recent figures showed that average daily gasoline production decreased to 9.3 million barrels. For middle distillates, inventories increased by 400,000 barrels with production increasing to an average of 5.0 million barrels daily. Distillate inventories are now 9% below the five-year average.

Total products supplied—a proxy for U.S. oil demand—rose to an average of 20.2 million barrels per day over the last four weeks, up 3.1% compared to the same period last year. Gasoline demand averaged 8.9 million barrels per day over the last four weeks, while the distillate four-week average supplied averaged 3.6 million barrels—up 1.4% percent year over year.

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Hat Tricks

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I'm trying a version of this out right now. Never really been able to "nail" a cheezy fettucine, but also always just kind of winged it based on what I thought in my mind.

A few things different I'm doing:

I had fresh shrimp and leftover crab meat from a boil in the freezer, so it's that and not crawfish.
No cream of ______. I can't stand that stuff. So when the butter was melted, I added some flour to make a bit of light roux before adding veggies.
No Rotel, as I didn't have any in the pantry, but I had some fresh HEB pico in the fridge.
No pans available, so cooking down in the pot.

So far, it's going great. I'm currently letting the sauce simmer with the cubes of cheese melting. Also added a teaspoon of boullion lobster base.

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Do you know how much oil/gas/money the Arabs control in Texas? Quite a bit. It would be nice to have someone who doesn't bend over for them like Jim Wright does.

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Well of course people of Arab descent invest in companies who are in the oil & gas and services business in Texas. Do you think a private equity-backed Texas E&P, like a Double Eagle, is going to promote Sharia Law within its company or within the counties they operate because they might have some Arab private equity money? (I have no idea if they have such, using them as an example)

Should the Texas Railroad Commission start not approving recycle water frac ponds from Pilot, because there's some Arab money investing in Berkshire Hathaway?

Because that's about the extent to which a TX RRC'er can enact their beliefs we need to be very wary about Islam extremist influence in Texas and/or the United States. I'm not saying Bo French is wrong in his viewpoint, and I'm glad he's giving his opinion on it. But judging by the campaign texts I get from his camp, that seems to be pretty much all he's campaigning on...anti-Islam influence, without any specifics. And for the record, I pulled the lever (pushed the touch pen) for French in the first round primary race.