{"id":1367465,"date":"2022-03-09T16:46:31","date_gmt":"2022-03-09T21:46:31","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1367465"},"modified":"2022-03-09T16:46:34","modified_gmt":"2022-03-09T21:46:34","slug":"american-oil-drillers-democrat-policies-blocking-energy-production","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/american-oil-drillers-democrat-policies-blocking-energy-production\/","title":{"rendered":"American Oil Drillers: Democrat Policies Blocking Energy Production\u00a0"},"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\">16<\/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%2Famerican-oil-drillers-democrat-policies-blocking-energy-production%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=1367465&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\">Oil drillers say they are working to fill the recent void in the oil market but are hampered by Democrat policies.<\/p>\n<p>While gas prices rose about one dollar before the run-up to the Ukrainian war and 70 cents since the invasion of Ukraine, President Biden has blamed the oil industry for not producing enough oil to shore up the oil crisis from the war. He claims American drillers are not utilizing 9,000 leases on private land.<\/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>But American shale drillers have pushed back by suggesting Biden\u2019s supply chain woes and woke private, and public investment strategies have dramatically slowed swift production.<\/p>\n<p>\u201cGetting lenders to choke off money to fossil fuel companies is the next needed move for the industry to address the material risks that the coal, oil and gas industry faces,\u201d\u00a0Leslie Samuelrich, president at investment advisory firm Green Century Capital Management, <a href=\"https:\/\/www.cnbc.com\/2021\/04\/22\/which-banks-are-increasing-decreasing-fossil-fuel-financing-.html\">said<\/a> back April about industry\u2019s future lending decisions.<\/p>\n<p>Samuelrich\u2019s analysis has come true, which is greatly reducing the feasibility of new oil projects on the reported 9,000 private land leases.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Biden in 2019: \u201cI\u2019ve argued against any more oil drilling or gas drilling on federal lands\u2026I would not allow any more.&#8221;<\/p>\n<p>\u201cWe should, in fact, be looking at what exists now\u201d <a href=\"https:\/\/t.co\/5grZi0Yxxx\">pic.twitter.com\/5grZi0Yxxx<\/a><\/p>\n<p>\u2014 RNC Research (@RNCResearch) <a href=\"https:\/\/twitter.com\/RNCResearch\/status\/1501611752995409934?ref_src=twsrc%5Etfw\">March 9, 2022<\/a><\/p>\n<\/blockquote>\n<div class=\"body-content teaser-content__388dc739\">\n<p>\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 <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-09\/cost-of-capital-widens-for-fossil-fuel-producers-green-insight\">reported<\/a> in November. Now the cost of capital is reportedly 20 percent for long-cycle developments.<\/p>\n<p>Biden\u2019s attack on private financing is only one angle of\u00a0assault.\u00a0In August, a Biden\u00a0<a href=\"https:\/\/www.sierraclub.org\/sierra\/biden-administration-restricts-lending-for-overseas-fossil-fuel-projects\">changed<\/a>\u00a0global bank financing rules that make it more difficult for drillers to find investors. The policy is intended to accelerate renewable energy investment rather than fossil fuel investment, thereby greatly defunding oil production.<\/p>\n<\/div>\n<p>The <em>Wall Street Journal<\/em> <a href=\"https:\/\/www.wsj.com\/articles\/frackers-say-bottlenecks-slow-them-from-ramping-up-as-oil-prices-soar-11646835536\">reported<\/a> Wednesday that oil drillers believe the \u201cflight of capital from the fossil-fuel industry in recent years\u00a0has left U.S. oil patches without enough fracking equipment\u00a0to bring a ton of new wells online, and that a resurgence of go-go drilling would deplete companies\u2019 most valuable drilling locations\u201d:<\/p>\n<blockquote>\n<p>Lenders\u2014who have become more wary of funding oil-related ventures as environmental, social and governance ideas catch on in financial circles\u2014are still\u00a0<a class=\"c-link\" href=\"https:\/\/www.wsj.com\/articles\/wall-street-opens-back-up-to-oil-and-gasbut-not-for-drilling-11626341400?mod=article_inline\" target=\"_blank\" rel=\"noopener noreferrer\">unwilling to give money<\/a>\u00a0to most of the nation\u2019s crop of oil-field service companies, or to smaller oil producers that want to expand their operations, executives and analysts said.\u00a0That has left small but instrumental players short of the financing they need to repair fracking equipment sidelined during the start of the pandemic, or invest in building drill bits, drilling rigs and blowout preventers.<\/p>\n<\/blockquote>\n<p>Data suggests the drillers are correct. American oil production is <a href=\"https:\/\/www.cnn.com\/2022\/03\/02\/energy\/us-oil-production\/index.html\">down<\/a> drastically from 2019 before the pandemic. In 2022, oil production is 12 million barrels or 8 percent less than in 2019.<\/p>\n[embedded content]\n<p>\u201cThey\u2019ve already got all of their available equipment out there already,\u201d Richard Spears, vice president at energy consulting firm Spears &#038; Associates Inc., told the <em>Journal<\/em>. \u201cThe constraint on growth is going to be, where do you get another [fracking] truck?\u201d<\/p>\n<p>Biden also has a third approach to damaging the American oil industry.\u00a0Biden has nominated Sarah Bloom Raskin to the Fed. It is well known Raskin expressed interest in driving up financing costs for fossil fuels.\u00a0In a <em>New York Times<\/em> op-ed from 2020, Raskin <a href=\"https:\/\/www.breitbart.com\/news\/fed-nominee-bloom-raskin-pledges-not-to-direct-loans\/\">dubbed<\/a> the oil industry as \u201cdying\u201d and suggested the Fed should not support the oil drilling.<\/p>\n<p>Sen.\u00a0Bill Cassidy (R-LA) <a href=\"https:\/\/www.breitbart.com\/politics\/2022\/02\/03\/exclusive-sen-bill-cassidy-fed-nominees-climate-policies-kill-oil-and-gas-jobs-give-russia-leverage-world\/\">told<\/a> Breitbart News that Raskin is \u201ctrying to kill an essential industry to the world economy by nominating people for the Federal Reserve that will use fiduciary rules to unemploy 12.5 percent of the state, and give Russia more leverage over the rest of the world.\u201d<\/p>\n<p>Meanwhile, the price of gas is skyrocketing. On Wednesday, gas prices hit a record high for the third consecutive day.\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"noopener\">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.<\/p>\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","protected":false},"excerpt":{"rendered":"<p>Oil drillers say they are working to fill the recent void in the oil market but are hampered by Democrat policies. While gas prices rose about one dollar before the<\/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-1367465","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\/1367465","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=1367465"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1367465\/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=1367465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1367465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1367465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}