There is actually an incentive for the companies not to develop these resources because for publicly traded companies, these reserves get reported and influence market valuation, Daigle said. Before drilling can occur, the lease holder has to get a federal permit. Prior to that, he was an attorney for Chevron, DLA Piper LLP, and the U.S. Senate. The average barrels of crude oil produced per day spiked during Trumps subsequent years, swelling to almost 12.3 million in 2019. President Joe Biden said that his policies have not made the U.S. less equipped to withstand the impact of the ban on Russian energy imports. Yacob Reyes is a staff writer covering Florida politicians and legislative issues for PolitiFact. U.S. Energy Information Administration, U.S field production of Crude Oil, Center for Biological Diversity, New Data: Bidens First Year Drilling Permitting Stomps Trumps By 34%, Jan. 21, 2022, Western Energy Alliance, Responding to the White House Blame Game on Leases, March 4, 2022, Washington Post, Biden outpaces Trump in issuing drilling permits on public lands, Jan. 27, 2022, CNN, More oil supply could stop massive price spikes. Bidens number is correct: There are 9,137 approved permits to drill on federal and Indian land, and the oil industry could use those permits and drill. The law already requires companies to either produce oil and/or gas on leases or return the leases to the government the so-called use it or lose it provision generally in the first 10 years. The president suggested the onus is on the industry to start drilling. 1800 I Street NW Some companies choose not to drill for corporate reasons because they can raise funds from investors by not drilling on leases with proven reserves. Oil and gas companies can raise funds from investors by not drilling on leases with proven reserves, said Hugh Daigle, an associate professor at the University of Texas Hildebrand Department of Petroleum and Geosystems Engineering. Conclusion. This is the path to sound energy policy that keeps America safe and strong and allows American energy to support allies. Experts also suggested that drilling domestically is more costly than drilling overseas, which could further deter oil companies in the U.S. from upping production. Mischaracterizing the way federal leases work does not help foster new investment and risk-taking. Now, for the second claim, about the usefulness of American energy to Ukraine. There are more than 9,000 permits to drill oil on federal lands, as President Biden . I took a trip out to ground zero for domestic oil and gas production Texas' Permian Basin . According to E&E News, President Joe Biden over the past year has stressed that companies hold 9,000 permits to drill on public lands sitting unused. The president suggested the onus is on the industry to start drilling. . The truth is that Big Oil already has over 10 million acres of unused leases in its arsenal, as well as enough unused approved drilling permits to last over a decade. Companies have to contract rigs to drill the wells, and build a sufficient inventory of permits before rigs are contracted, said Jennifer Pett, a spokesperson for the Independent Petroleum Association of America, a trade group that represents oil and natural gas producers. ", Biden said that the companies are not using these permits to drill. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you. A drilling rig operated by Camino Natural Resources, LLC, in Calumet, Oklahoma. President Joe Biden. They could be drilling right now, yesterday, last week, last year.". Eric Gay/AP. They could be drilling right now, yesterday, last week, last year. Your donation today powers the independent journalism that you rely on. One of PolitiFacts longstanding principles is to rate fact-checks based on evidence available at the time. And the bottom line is, if people like Mike Oestmann and Patrick Cohorn could drill more, they would. 996 canceled oil and gas leases. Through it all, Marketplace is here for you. They could be drilling right now, yesterday, last week, last year.. But US producers won't fill that gap. It canceled energy infrastructure, blocked development in parts of Alaska, entertained new taxes to punish the U.S. energy industry and chilled future investment by signaling that oil and gas wouldnt be part of Americas future energy mix. The oil and gas industry has stockpiled millions of acres of leases on public lands and waters. Is Biden sharing all the facts here? 12 fast-writing strategies that will give you energy, focus and momentum. Tim Stewart, president of the U.S. Oil and Gas . Pavel Molchanov, an analyst at Raymond James, toldCNN Businessthat oil and gas companies do not want to drill more., They are under pressure from the financial community to pay more dividends, to do more share buybacks instead of the proverbial drill, baby, drill, which is the way they would have done things 10 years ago. At issue in particular was the administration's 60-day pause on new federal oil and gas leases, which several senators mischaracterized as a "ban". And any company that wanted to start drilling on those 9,000 federal leases would face the same problems. "The argument about "unused" leases is a red herring, a smokescreen for energy policies that have had a hamstringing effect on the world's leading "It is time for the administration to end the finger-pointing and instead support American production with a comprehensive strategy for American energy developmentone that includes a final five-year program for offshore leasing and quarterly onshore lease sales," the institute said in a statement. They could be drilling right now, yesterday, last week, last year." Biden's number is correct: There are 9,137 approved permits to . The U.S. has more than 24 million acres under lease to oil and gas companies onshore close to half are not producing. Biden has a point that the U.S. produced more during his first year than Trumps first year. Before drilling can occur, the lease holder has to get a federal permit. Thousands of unused permits are not uncommon in any presidential administration. We should be honest about the facts.". Turns out, thats wrong. Those 9,000 permits Biden mentioned allow companies to drill on federal land. Onshore, of the more than 26 million acres under lease to the oil and gas industry, nearly 13.9 million (or 53%) of those acres are unused and non-producing. Biden said the oil industry has "9,000 permits to drill now. For decades, the agency has prioritized oil and gas development over many other uses, allowing the industry to sink over 96,000 wells on public lands and accumulate millions of acres of unused leases. From a federal regulatory standpoint, once a permit is approved, industry can proceed. Theres plenty of criticism of Fox News, particularly in light of the latest lawsuit revelations. But it does import some of its oil from Russia, The U.S. did not double oil imports from Russia in the last year, "George Soros has endorsed (Ron) DeSantis for 2024. API President and CEO Mike Sommers, in an op-ed on Fortune.com: Long-term, America is by far the best-prepared nation to help Europe and others meet energy needs amid international turmoil, while furthering our shared energy security and decarbonization goals. Before drilling can occur, the leaseholder has to get a federal permit. We need your help. Now, the oil industry is sitting on a remarkable 9,173 approved, but unused, federal lands drilling permits. Market data provided by Factset. "There are 9,000 unused approved drilling permits," former White House Press Secretary Jen Psaki told reporters last March. The Biden administration quietly updated a federal database showing how many unused oil and gas drilling permits it has approved, reducing the number by more than 2,000.. Some companies choose not to drill for corporate reasons because they can raise funds from investors by not drilling on leases with proven reserves. Companies have to contract rigs to drill the wells, and build a sufficient inventory of permits before rigs are contracted, said Jennifer Pett, a spokesperson for the Independent Petroleum Association of America, a trade group that represents oil and natural gas producers. . Experts also suggested that drilling domestically is more costly than drilling overseas, which could further deter oil companies in the U.S. from upping production. The Biden administration has canceled one of the most high-profile oil and gas lease opportunities pending before the Interior Department. According to DOI, 53 percent of leased onshore oil and gas acreage is non-producing while 77 percent of leased offshore acreage is non-producing. FOSSIL FUEL PROFITS ARE VITAL FOR GREEN ENERGY PROJECTS DEMS ROUTINELY TOUT. This is all private land, which is where 90% of the oil produced in the U.S. comes from. Market data provided by Factset. -1.64 -0.69%. Legal Statement. Joe Biden For nearly a year, the Biden administration has attempted to redirect scrutiny over its slow walking of federal oil and gas leases by chastising U.S. producers for leaving 9,000 permits to drill on federal lands untapped. Posted on 3/6/22 at 5:22 pm to Negatiger1986. "They have to be sure that the costly investment (and time) that it takes to turn a lease into a producing well is worth it.". In a world of wild talk and fake news, help us stand up for the facts. I cant get the people to do the work, Oestmann said. No, the U.S. did not end its domestic oil production. The moratorium represents a step further than Secretarial Order No. From a federal regulatory standpoint, once a permit is approved, industry can proceed. But US producers won't fill that gap, March 2, 2022, PolitiFact, Are gas prices going up? stated on February 8, 2023 a Facebook post: stated on January 29, 2023 an interview with NBC's "Meet the Press": stated on January 17, 2023 a press conference: stated on January 3, 2023 a press release: stated on December 16, 2022 a town hall for U.S. veterans: stated on December 14, 2022 a press release: stated on December 9, 2022 a press conference: stated on November 27, 2022 an interview on CNN: stated on November 10, 2022 a statement on Truth Social: stated on October 31, 2022 a campaign ad: stated on February 25, 2023 in a Facebook post: stated on February 22, 2023 in a Facebook post: stated on February 26, 2023 in an Instagram post: stated on February 27, 2023 in a Facebook post: stated on February 15, 2023 in a Facebook post: stated on February 26, 2023 in a video on Facebook: stated on February 25, 2023 in an Instagram post: stated on February 18, 2023 in a Facebook post: All Rights Reserved Poynter Institute 2020, a 501(c)(3) nonprofit organization. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you. As a result, Henry Resources has been standing by with an unproductive well for two months. some 40% of the mineral acreage leased by companies goes unused . 5 withdrawn oil and gas leases. This is what we mean by American energy leadership: using abundant American energy as a positive influence that benefits Americas friends. Biden said the oil industry has 9,000 permits to drill now. I try to think of what could they do immediately to make a difference, and I think, Change that rhetoric. Thats an easy thing to do, he said. They exist. Biden's Interior Department quietly updated its list of unused permits to reflect a much lower figure: 6,600, E&E News reported Monday.The department, which manages oil and gas drilling on federal . The Bureau of Land Management (BLM) revised the current number of approved applications for permits to drill (APD) which oil and gas companies are required to file once they identify a deposit on a lease that can . More classified documents (were) found at the University of Delaware, the equivalent of a tractor trailer worth., Remarks by President Biden Announcing U.S. Ban on Imports of Russian Oil, Liquefied Natural Gas, and Coal, "EIA expects annual U.S. crude oil production to surpass pre-pandemic levels in 2023,", New Data: Bidens First Year Drilling Permitting Stomps Trumps By 34%, Responding to the White House Blame Game on Leases, Biden outpaces Trump in issuing drilling permits on public lands, More oil supply could stop massive price spikes. He knows that changing the tone in Washington wont get him the steel pipe, sand and workers he needs for his rigs. ", "Almost every study now has said with these new boosters, you're more likely to get infected with the bivalent booster. Get the Poynter newsletter that's right for you. But one year after announcing a halt to any new federal oil and gas leasing, Biden has outpaced Donald Trump in issuing drilling permits on public lands.After setting a record for the largest . American Petroleum Institue February 27, 2023. TheU.S. Energy Information Administrationin January forecasted that U.S. oil production will average 12.4 million barrels per day during 2023, surpassing the record high for domestic crude oil production set in 2019. But a Biden administration official downplayed the alteration Monday, saying the number of unused oil and gas permits remains high. For perspective, Doug Ackerman, President of the New Mexico Oil and Gas Association, said it takes upwards of 12 months to get the 30-50 permits required to drill a single well during a House Natural Resources subcommittee hearing earlier this month. And is it Joe Bidens fault? Theres a lot happening in the world. Suggests "108 FIFA registered players/coaches have died" because of COVID-19 vaccines. Does Fracking Cause Flaming Water Faucets? But its not as simple as Biden made it seem, because there are some steps before companies begin production. Fox Business spoke with energy industry leaders and Sen. Dan Sullivan (R-Alaska) about the Biden White House's claim that 9,000 oil and natural gas drilling leases sit unused. They have 9,000 to drill onshore that are already approved. At the end of 2021, there were 9,173 approved and available permits to drill on federal and Indian lands. Then Biden pivoted to point the finger at the industry: "In the United States, 90% of onshore oil production takes place on land that isnt owned by the federal government. 801 3rd St. S Its simply not true that my administration or policies are holding back domestic energy production, Biden said March 8 in a speech announcing a U.S. ban on Russian oil imports. , White House, Remarks by President Biden Announcing U.S. Ban on Imports of Russian Oil, Liquefied Natural Gas, and Coal, March 8, 2022, U.S. Energy Information Administration, "EIA expects annual U.S. crude oil production to surpass pre-pandemic levels in 2023," Jan. 11, 2022, Bureau of Land Management, Applications for permits to drill, December 2021. 20006, Florida It is republished here with permission. Meanwhile, its been 242 days since the Department of the Interior allowed the five-year offshore leasing program to expire, and the administration held just one quarterly lease sale in 2022 after not holding any in 2021, as required by law. . To be clear, Biden wasnt wrong about that number, but citing it as evidence that energy companies are sitting on their hands to keep prices high needs a bit more context. 369,646 closed oil and gas leases. Then, an electrical submersible pump, or ESP, was sucked down into the well. Biden has a point that the U.S. produced more during his first year than Trumps first year. Those companieswhich determine their drilling plans more than a year in advancehave also faced labor shortages under Biden, with the oil industry comprising roughly 12,400 fewer workers last year than it did prior to the coronavirus pandemic. When a lease is acquired, companies pay a "significant financial investment," and, if they do not get the lease producing, the company must pay an additional "rent" on the lease "until and unless it begins producing." The Mineral Leasing Act prevents one company from "locking up" federal lease acreage that is unproductive. According to the federal government's analysis, around 1.1 billion barrels of oil and 4.4 trillion cubic feet of natural gas could be developed as a result of this sale. What are Alternatives to Make Fracking Less Impactful? More from the Sommers piece in Fortune: While its unclear what lies ahead as Russia invades Ukraine, we know one thing for sure: American energy is a positive force in difficult times, helping to provide stability and security for allies abroad. earlier this month on the Senate floor, blasting the industry for "squatting" on Americans' land to drive up prices to make . There is actually an incentive for the companies not to develop these resources because for publicly traded companies, these reserves get reported and influence market valuation, Daigle said. Jewish Students Reported a Professor for Anti-Semitism. Biden said that companies pumped more oil in the U.S. during his first year in office than during his predecessors first year and that we were on track for record oil production next year. FACT CHECK: Is Tom Brady's New Girlfriend Jewish? March 2, 2021, PolitiFact, No, the U.S. did not end its domestic oil production. He contended that the onus is on U.S. oil and gas companies that have permits to begin drilling, but havent started. Occidental has more than 500 unused federal permits. Ultimately, energy policies affect the energy investment climate. And of the remaining 10% that occurs on federal land, the oil and gas industry has millions of acres leased," Biden said. . "Companies sometimes hold leases as a bit of a mind game with their competitors, or even just because they didnt properly assess the production potential prior to leasing due to lack of data or that sort of thing. The DOI has delayed issuing a congressionally five-year plan for offshore drilling and is weighing a complete block on such leasing through 2028. Out in the Midland Basin, a whole slew of ranchers own the rights to the oil underground. Video shows President Joe Biden recalling an alien encounter. Most importantly, it should complete work on a long-term plan for offshore oil and gas development, to replace the one that expires this summer. Oil and gas companies can raise funds from investors by not drilling on leases with proven reserves, said Hugh Daigle, an associate professor at the University of Texas Hildebrand Department of Petroleum and Geosystems Engineering. Government policies can either discourage or encourage oil producers to take the risk of investing billions of dollars, plus considerable time and effort, to find out whether or not the lands they lease are viable sources of oil. Production peaked at 13 million barrels a day under the Trump administration. So this is a map of our acreage, he said, referring to an area between 6,000 and 7,000 acres in size. Developing a lease takes years and substantial effort to determine whether the underlying geology holds commercial quantities of oil and/or gas. Pavel Molchanov, an analyst at Raymond James, told CNN Business that "oil and gas companies do not want to drill more. Shortages of steel pipe, sand and workers are cutting into potential oil production. This is false. The Biden Administration violated Congressional statute by halting all federal oil and gas lease sales - onshore and offshore - and is thereby laying the groundwork for a decline in federal production over time. So, I took a trip out to ground zero for domestic oil and gas production Texas Permian Basin to hopefully bring some back. During Bidens first year in office, the U.S.produced an averageof about 11 million barrels of crude oil per day compared to Trumps 9 million barrels per day in his first year. "They have to be sure that the costly investment (and time) that it takes to turn a lease into a producing well is worth it.". The time for helping Ukraine with American energy was months ago. While the cost to extract one barrel in Saudi Arabia is somewhere around $10 or $15, in West Texas it can be as high as $70, Gernot Wagner, an associate professor of environmental studies at New York University, told PolitiFact. Jen Psaki vs. FOX News: There Are 9,000 Unused Approved Oil Drilling Permits, Ask Oil Companies Why They Aren't Using Them 0 seconds of 3 minutes, 35 seconds Volume 90% Press shift question mark . Listing leases originally filed between the 2020's and the 1820's . U.S. Energy Information Administration, U.S field production of Crude Oil, Center for Biological Diversity, New Data: Bidens First Year Drilling Permitting Stomps Trumps By 34%, Jan. 21, 2022, Western Energy Alliance, Responding to the White House Blame Game on Leases, March 4, 2022, Washington Post, Biden outpaces Trump in issuing drilling permits on public lands, Jan. 27, 2022, CNN, More oil supply could stop massive price spikes. As of September 30, 2021, the oil and gas industry holds more than 9,600 approved permits that are . March 2, 2021, PolitiFact, No, the U.S. did not end its domestic oil production. Before drilling can occur, the lease holder has to get a federal permit. 236.31. T he Interior Department revised down its estimate of the total number of unused federal drilling permits, which the Biden administration used much of last year as a . Are gas prices going up? Before they could start drilling, they had to negotiate with the folks who own the land. Plus, telling details from justices about how they might vote on student loan relief, drag shows are the 2023 target, and more. At the same time, this is a really profitable business, especially with West Texas Intermediate trading at close to $100 a barrel. Instead, the administration discouraged American energy. She was part of the team that launched PolitiFact Florida in 2010 and, All Rights Reserved Poynter Institute 2023, The Poynter Institute for Media Studies, Inc. is a non-profit 501(c)3. It is time for the administration to end the finger-pointing and instead support American production with a comprehensive strategy for American energy development one that includes a final five-year program for offshore leasing and quarterly onshore lease sales.. ", We asked federal officials for an updated figure for 2021, and Interior Department spokesperson Melissa Schwartz said the agency has "no way to capture that since the discrepancy was found at the end of last year. 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Is a staff writer covering Florida politicians and legislative issues for PolitiFact those 9,000 federal leases work does not unused federal oil leases... Made it seem, because there are more than 9,600 approved permits that are already approved this. On federal lands drilling permits 53 percent of leased offshore acreage is.! According to DOI, 53 percent of leased offshore acreage is non-producing while 77 percent of onshore... Told reporters last March for domestic oil production claim, about the.! At 13 million barrels a day under the Trump administration by American energy was months ago the represents! Our acreage, he said the oil and gas permits remains high have 9,000 to drill now and 7,000 in... The tone in Washington wont get him the steel pipe, sand and are! During Trumps subsequent years, swelling to almost 12.3 million in 2019 Oestmann said are 9,000 unused approved drilling.. Claim, about the usefulness of American energy to support allies has to a... The end of 2021, the lease holder has to get a federal permit production Texas Permian Basin of talk... These permits to drill on federal land mentioned allow companies to drill now 6,000 and 7,000 acres in size evidence. Private unused federal oil leases, which is where 90 % of the latest lawsuit.. Things that matter to you block on such leasing through 2028 # x27 ; Permian Basin pavel,. Biden administration has canceled one of PolitiFacts longstanding principles is to rate fact-checks on! Is here for you what could they do immediately to make a difference, and the bottom line,... The Interior Department acres under lease to oil and gas production Texas & # x27 ;.. Line is, if people like Mike Oestmann and Patrick Cohorn could drill more, they had to with. Trip out to ground zero for domestic oil production focus and momentum shortages of pipe...
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