RE:RE:RE:RE:RE:#Timinglol...everyone knew he would restrict new leases on federal. it was literally an election promise. Add to that, the fact that its an easy to deliver promise, since it is something he can do via executive order.
and indeed, the Trump administration was issuing new leases until basically their very last minute in office:
https://www.reuters.com/article/us-usa-trump-drilling/drillers-turn-out-for-last-chance-to-nab-federal-acreage-under-trump-idUKKBN29J1HS Backinblack1000 wrote: As for Biden, while he has placed some moderate restrictions on fracking (no new leases to drill on federal land), he hasn't thus far done much to cripple the industry. So according to some in the know...and not Andy Bell from BNN, but according to some in the know...imo...the oil and gas companies anticipated a Biden win and restrictions, and therefore went and got or renewed their leases for the next three to four years...before Biden got in......
If you were running an oil and gas company, wouldn't you? Makes perfect sense...imo....
Just saying.....
Chris007 wrote: correction, the Saudis have on all accounts done all they can to continue boosting oil prices...last meeting apparently the Russians were eager to open the taps, or atleast gave the impression that they were eager to pump more.
Regardless, this led to the Saudi decision to unilaterally cut another million barrels of their own supply in exchange for Russia and Kazakhstan pledging to increase their production more gradually/moderately (additional 75k b/d in Feb and another 75 b/d in Mar).
the Saudi move surprised the market to the upside and oil has continued to tick up since that early January meeting.
whether the Saudis continue to keep their unilateral cuts in place going forward past the next couple months, or starts to unwind them remains to be seen (Brent is up almost 17% since that January opec meeting).
As for Biden, while he has placed some moderate restrictions on fracking (no new leases to drill on federal land), he hasn't thus far done much to cripple the industry. On the other hand, we will have to wait and see for his foreign policy approach to Iran and Venezuela in regard to sanctions. If he lossens those Trump era sanctions, we may very well see more Iranian and Venezuelan barrels return to the market.
littledave55555 wrote: Opec , has done everything they can to bring the price back up. So why would they flood the market an bring it back down....??? Russia also has pulled back to refine more of there oil at home.. because there country is running out of fuel... Biden want to slow down fracking in the states... So in all, I think , an this is just me talking ,that we will see 60 to 70 dollar oil this year...Heavy oil is need for ashplat.. An in 3 months every northern state and all of canada will us asphalt to creat jobs in canada and the USA... Also million of new and use cars and truck , campers on the road.... because no one wants to fly , or use public transit.... We will also see the world use more oil then ever before because of these reason 100 million barrels or more ... so relax and enjoy the ride... An don't tell me about electric cars.... When i see one parked on my street , then i will worry about them... GO ATH GO