{"id":1367373,"date":"2022-03-09T16:41:14","date_gmt":"2022-03-09T21:41:14","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1367373"},"modified":"2022-03-09T16:41:18","modified_gmt":"2022-03-09T21:41:18","slug":"white-house-neglects-obvious-funding-crunch-for-u-s-oil-drillers","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-neglects-obvious-funding-crunch-for-u-s-oil-drillers\/","title":{"rendered":"White House Neglects Obvious Funding Crunch for U.S. Oil Drillers"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhite-house-neglects-obvious-funding-crunch-for-u-s-oil-drillers%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1367373&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p class=\"subheading\">White House press secretary Jen Psaki on Wednesday omitted that American drillers need feasible financing teams to drill on private land.<\/p>\n<p>\u201cWhat additional permits do they need? The leases are there. The permits are there. I don\u2019t think they need an embroidered invitation to drill. They are oil companies,\u201d she <a href=\"https:\/\/twitter.com\/Acyn\/status\/1501631890968571904?s=20&#038;t=PnEYcDmjGp2Q8d_ohOoiyg\">claimed<\/a>\u00a0about the feasibility of oil drilling.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>While the Psaki and President Joe Biden have cited numerous times that oil companies should be drilling on their 9,000 prepared oil leases to fill the void in the market, the cost of financing new oil sites has <a href=\"https:\/\/www.breitbart.com\/economy\/2022\/03\/09\/american-oil-drillers-democrat-policies-blocking-energy-production\/\">dramatically risen<\/a> due to the Biden administration, which has effectively priced new oil production out of the market.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>The cost of capital in 2022 is reportedly 20 percentage points more costly for long-cycle developments than in the past.\u00a0\u201cTen years ago, the \u2018cost of capital\u2019 for developing oil and gas as compared to\u00a0renewable projects\u00a0was pretty much the same, falling consistently between 8% and 10%. But not anymore,\u201d Bloomberg\u00a0<a class=\"x5l\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-09\/cost-of-capital-widens-for-fossil-fuel-producers-green-insight\" target=\"_blank\" rel=\"noopener external\">reported<\/a>\u00a0in November.<\/p>\n<p>Oil companies have little incentive to make 10-year investments when politicians are disincentivizing the consumption of oil through renewable energy subsidies.<\/p>\n<p>Biden\u00a0<a href=\"https:\/\/www.breitbart.com\/economy\/2022\/03\/09\/american-oil-drillers-democrat-policies-blocking-energy-production\/\">has waged<\/a>\u00a0a war on both public and private financing of oil drilling while subsidizing green new deal-like energy plans. The result has been that American oil production is\u00a0<a href=\"https:\/\/www.cnn.com\/2022\/03\/02\/energy\/us-oil-production\/index.html\" target=\"_blank\" rel=\"noopener external\">down<\/a>\u00a0from 2019, the year before the pandemic. Hard numbers suggest 2022 oil production is 12 million barrels or 8 percent less than in 2019.<\/p>\n<div class=\"c-message_actions__container c-message__actions\">\n<div class=\"c-message_actions__group\">Biden was upfront in 2019 about his anti-American energy independence agenda.\u00a0\u201cI\u2019ve argued against any more oil drilling or gas drilling on federal lands\u2026 I would not allow any more,\u201d he <a href=\"https:\/\/twitter.com\/RNCResearch\/status\/1501611752995409934?s=20&#038;t=zGYDGQZd327vwabbYDzO-g\">said<\/a> at a town hall while campaigning for president.<\/div>\n<p>Biden\u2019s war on American energy independence has increased gas prices by about one dollar before the run-up to the Ukrainian war and 70 cents since the invasion of Ukraine.<\/p>\n<div class=\"c-message_actions__group\">\n<div class=\"c-message_actions__container c-message__actions\">\n<div class=\"c-message_actions__group\">On Wednesday, gas prices hit a record high for the third consecutive day.\u00a0<a class=\"editor-rtfLink x5l\" href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"noopener external\">Rising<\/a>\u00a0nearly 60 cents in one week, the national average price of gas is $4.252,\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/www.breitbart.com\/economy\/2022\/03\/07\/national-average-gas-price-breaks-all-time-record-high\/\" target=\"_blank\" rel=\"noopener\">up more<\/a>\u00a0than seven cents overnight ($4.173) and<a class=\"editor-rtfLink\" href=\"https:\/\/www.breitbart.com\/politics\/2022\/03\/08\/average-gas-price-jumps-11-cents-in-one-day-to-record-high-4-173\/\" target=\"_blank\" rel=\"noopener\">\u00a014 cents<\/a>\u00a0in two days ($4.104) \u2013 all record-setting prices.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"c-message_actions__group\">\n<p><em>Follow Wendell Huseb\u00f8 on <a href=\"https:\/\/twitter.com\/WendellHusebo?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor\">Twitter<\/a>\u00a0<\/em>and <em><a href=\"https:\/\/gettr.com\/user\/wendellhusebo\">Gettr<\/a>\u00a0@WendellHuseb\u00f8<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>White House press secretary Jen Psaki on Wednesday omitted that American drillers need feasible financing teams to drill on private land. \u201cWhat additional permits do they need? The leases are<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1367373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1367373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1367373"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1367373\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1367373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1367373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1367373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}