unused federal oil leases

Before drilling can occur, the lease holder has to get a federal permit. Why is fracking for natural gas important? Is that True? Before drilling can occur, the lease holder has to get a federal permit. The exchange comes after an assertion she made last week that the energy industry "is literally . 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. However, once the permit is approved, drilling doesnt start overnight. "So, I would suggest you ask the oil companies why they're not using those, if there's a desire to drill more. Psaki has made the claim about unused federal leases before. 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. "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. ", 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. 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. ", "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. In total, the oil industry now holds leases to more than 25 million acres of public lands . , No, the U.S. did not end its domestic oil production. Corporate strategy has fundamentally changed.. Like when the president points out that some of his competitors are sitting on 9,000 federal land leases they havent drilled. Pavel Molchanov, an analyst at Raymond James, told CNN Business that "oil and gas companies do not want to drill more. But its not as simple as Biden made it seem, because there are some steps before companies begin production. "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," Macchiarola continued. Some companies choose not to drill for corporate reasons because they can raise funds from investors by not drilling on leases with proven reserves. However, the unused drilling leases represent a fraction of the active permits, many of which are being used by the private sector to produce oil and gas daily, industry groups said. [9] As a result, the moratorium on new leases will not impact the production of oil and gas in the short term as drilling will likely . He took me to a well in the middle of this patch of land that, up until a couple of months ago, was producing a good amount of oil. The agency explained: "This number has been updated to account for a reporting discrepancy resulting from a transition to a new database in mid-2020. Now, the oil industry is sitting on a remarkable 9,173 approved, but unused, federal lands drilling permits. This is false. Please read our Terms & Conditions, Cookies Policy and Privacy Policy before using the site. Market data provided by Factset. He contended that the onus is on U.S. oil and gas companies that have permits to begin drilling, but havent started. Biden said the oil industry has "9,000 permits to drill now. Mutual Fund and ETF data provided by Refinitiv Lipper. 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. And is it Joe Bidens fault? How Much Water Does Hydraulic Fracturing Use? Were a company running two rigs. 5 relinquished oil and gas leases. Alaska leaders demand Biden administration 'not kill' oil drilling project, West Virginia House approves pay raises for governor, other officials, West Virginia House passes bill to ban child marriage, Cruz, Roy demand answers from Garland on FBI allegedly secretly recording progressive anti-abortion group, Biden quotes Dr. Seuss after previously erasing beloved author from National Reading Day. Investors remain reluctant to invest in fossil fuels. This is false. Then, Biden administration support for robust U.S. production might have helped deter Moscow from thinking that European nations dependent on Russian energy might do less to oppose Russia the aggressor. "Producers also have to put a drilling plan together, secure rights of way and work with state and private landowners," Pett said. That data showed that as of the end of 2021, there were 9,173 approved and available permits to drill on federal and Indian lands. Biden has a point that the U.S. produced more during his first year than Trumps first year. ", "Ron DeSantis voted to cut $473 billion from Medicare. . 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. 727-821-9494, The oil industry has "9,000 permits to drill now. One of PolitiFacts longstanding principles is to rate fact-checks based on evidence available at the time. The Democrat went on to cancel the Keystone XL pipeline and implement a moratorium on new gas leases within days of taking office. They could be drilling right now, yesterday, last week, last year." Biden's number is correct: There are 9,137 approved permits to . ", In 2020, the oil bust created worker and supply shortages and caused companies to cut their budgets. (AP). Despite attempts to portray the industry as stockpiling unused permits, "a greater share of federal leases by over 40% in . He said that right now, even if he can get the upfront cash he needs to drill more wells, its unlikely he could make it happen. "There are 9,000 unused approved drilling permits," former White House Press Secretary Jen Psaki told reporters last March. 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 be tapped down from an estimated 9,000 to less than 6,700. Oil, Biden Has Earned 11 Pinocchios From Fact-Checkers During Coronavirus Crisis, GOP Hawks Say the Only Thing Cut From the Pentagon Will Be 'Wokeness'. The Biden administration quietly updated a federal database that shows how many unused oil and gas drilling permits that it has approved, reducing the number by more than 2,000.. Revenues are split between the state where the drilling occurs and the U.S. Treasury. The moratorium represents a step further than Secretarial Order No. Companies dont have to immediately begin drilling as their leases last 10 years and can be extended beyond that. Quotes displayed in real-time or delayed by at least 15 minutes. Sign up for the daily Marketplace newsletter to make sense of the most important business and economic news. Get the Poynter newsletter that's right for you. Hes right on the numbers of permits but what that means is a little more complicated than his statement suggests. or redistributed. However, the unused drilling leases represent a fraction of the active permits, many of which are being used by the private sector to produce oil and gas daily, industry groups said. 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. "Right now, the oil and gas industry is sitting on more than 12 million acres of non-producing Federal land with 9,000 unused but approved permits for drilling," the White House said in an April . 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. The head of the biggest U.S. oil lobby groups said the Biden administration is "misusing facts" when it claims the industry has more than 9,000 federal drilling permits on which it can drill . Labor is in such short supply in the region that stories like this are common, Cohorn said. See the sources for this fact check hereand more of their fact checkshere. And wells that have been drilled need to be maintained. Gas Prices 33701 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. (AP Photo / Susan Walsh / File). The change suggests that President Joe Biden and administration officials had overstated the extent to which oil and gas companies have neglected producing on approved permits amid the global energy crisis last year. Investors remain reluctant to invest in fossil fuels. They have 9,000 permits to drill now. Biden said the oil industry has "9,000 permits to drill now. 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. "They have 9,000 permits to drill now. How is Groundwater Protected During Hydraulic Fracturing? 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. And of the remaining 10% that occurs on federal land, the oil and gas industry has millions of acres leased," Biden said. But its not as simple as Biden made it seem, because there are some steps before companies begin production. With Russian tanks encircling Kyiv and Russian artillery pounding Ukrainian civilians, the importance of American energy could hardly be clearer. . 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. Now, the oil industry is sitting on a remarkable 9,173 approved, but unused, federal lands drilling permits. Is Biden sharing all the facts here? The U.S. has more than 24 million acres under lease to oil and gas companies onshore close to half are not producing. Douglas Holtz-Eakin, an economist and president of the American Action Forum, a center-right think tank, said firms are trying to assess the durability of the global rebound. If you came to me and said, Mike, heres $100 million. Patrick Cohorn, operations manager at a family-owned energy company called Henry Resources, headquartered in Midland, Texas, drove me out to a stretch of land just north of the town of Rankin. So it simply wasnt profitable to drill with oil below $70. 2023 FOX News Network, LLC. Having thousands of unused drilling permits is not something that is unique to Bidens tenure. Market data provided by Factset. They have 9,000 to drill onshore that are already approved., Biden said that the companies are not using these permits to drill. Under Biden, new oil leasing has slowed to its lowest level since World War II, with the Democrat only approving court-ordered or congressionally mandated leases. . We bring in a vendor, its their drilling rig, their frack crew, they outfit with their own workforce to make the work happen. 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. Oilfield Electrification Technology Conference. Producers also have to put a drilling plan together, secure rights of way and work with state and private landowners, Pett said. Before drilling can occur, the lease holder has to get a federal permit. What Does EPA Say About Water Contamination? You've successfully subscribed to this newsletter! Inform me please. All of these black sticks are wells that are drilled underground. 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. But its not as simple as Biden made it seem, because there are some steps before companies begin production. Specifically, they impact the ability of producers typically accountable to shareholders to take the risks involved in spending billions of dollars to find and develop oil and gas. Attorneys, and the ballot theft immediately ended. 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. The U.S. has more than 24 million acres under lease to oil and gas companies onshore close to half are not producing. At the end of 2021, there were 9,173 approved and available permits to drill on federal and Indian lands. 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 . 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. Those permits include those issued under Biden and those still active from Trumps administration and potentially before, said Josh Axelrod, of the National Resources Defense Council. Companies dont have to immediately begin drilling as their leases last 10 years and can be extended beyond that. a bipartisan bill with Senator Chuck Grassley of Iowa to modernize the federal oil and gas program's outdated . For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you. "These are the facts. Ive Heard that Hydraulic Fracturing is Linked to Cancer. Listing leases originally filed between the 2020's and the 1820's . 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 . 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. 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. Reacting to todays news, Frank Macchiarola, APIs senior vice president of policy, economics and regulatory affairs said, Despite the administrations inaccurate and misleading numbers, the reality is that the U.S. natural gas and oil industry is confronting the global energy crisis by continuing to work to meet the energy needs of U.S. consumers and our allies abroad. 13 rejected oil and gas leases. As Sommers noted in a recent blog, the administration should provide clarity on federal leasing and permit energy infrastructure. Thousands of unused permits are not uncommon in any presidential administration. "Sometimes there might not really even be producible oil and gas on a lease," Daigle said. But US producers won't fill that gap. 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.. Prior to that, he was an attorney for Chevron, DLA Piper LLP, and the U.S. Senate. Heres some money, go get a third rig. I cant get the pipe. In the 2018 Florida governor's race "votes were being stolen by the corrupt election process in Broward. 12 fast-writing strategies that will give you energy, focus and momentum. The moratorium will extend the duration of the . 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 . Generic 1st 'XB' Future. And is it Joe Bidens fault? 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. A frack pit is basically a pond full of water thatll be used to help force oil out of the ground. 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 be . 1,867 pending oil and gas leases. Then, an electrical submersible pump, or ESP, was sucked down into the well. ", While it was already established that this claim is misleading, new reporting reveals that the underlying number isnt even accurate. "So it simply wasnt profitable to drill with oil below $70. 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. ", "By the way, one thing I want to say about the oil companies: They talk about how we have they have 9,000 permits to drill," he added months later. You rely on Marketplace to break down the worlds events and tell you how it affects you in a fact-based, approachable way. Out in the Midland Basin, a whole slew of ranchers own the rights to the oil underground. (iStock). ", Sen. Kyrsten Sinema "voted with the president 93% of the time. He contended that the onus is on U.S. oil and gas companies that have permits to begin drilling, but havent started. The DOI has delayed issuing a congressionally five-year plan for offshore drilling and is weighing a complete block on such leasing through 2028. How Many Jobs Has the Oil and Natural Gas Industry Created? "There are 9,000 unused, approved drilling permits. 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. Companies reporting gross acreage while ignoring the quality of that land and production potential is one of the less talked about issues. ", In 2020, the oil bust created worker and supply shortages and caused companies to cut their budgets. PolitiFact: Biden right oil industry has over 9,000 permits to drill. On Feb. 27, 2023, a reader alerted us that the federal agency had published an updated number of the approved and available permits to drill the new total was 27% smaller, 6,653 permits. 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. This material may not be published, broadcast, rewritten, or redistributed. DeSantis first took office. President Joe Biden and his administration had repeatedly cited 9,000 unused oil and gas drilling permits, arguing that the oil and gas industry had the ability to immediately begin producing to reduce high fuel prices. However, the unused drilling leases represent a fraction of the active permits, many of which are being used by the private sector to produce oil and gas daily, industry groups said. As a result, Henry Resources has been standing by with an unproductive well for two months. The time for helping Ukraine with American energy was months ago. USd/gal. Cohorn said subcontractors are so busy, they can only make it to wells like this every so often. Biden again reiterated that there are 9,000 unused oil drilling permits on federal lands, and called on Congress to make oil companies pay fees on wells from leases that they "haven't used in years and on acres of public . 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. The only thing that "the administration" could do to increase oil production, would be to get the hell out of the way. First, drillers have to build roads to get the crews and equipment out there. In other words, 9,000 chances to increase the supply of oil and gas and drive down prices. Now, his own administration is acknowledging that's wrong. "The record profits oil companies made in 2022 and the thousands of approved but unused drilling permits they are sitting on shows that there is nothing getting in the way of increasing oil production except Big Oil's own decision to funnel their profits into the pockets of shareholders and executives," an official told Fox News. Powered and implemented by FactSet Digital Solutions. We rely on your financial support to keep making that possible. At the same time, this is a really profitable business, especially with West Texas Intermediate trading at close to $100 a barrel. This is exactly what the worlds leading producer of natural gas and oil should do, especially in times of turbulence. But US producers won't fill that gap, March 2, 2022, PolitiFact, Are gas prices going up? "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.". It is republished here with permission. Before they could start drilling, they had to negotiate with the folks who own the land. You know, if the federal government is complaining about 9,000 leases, not having anything done with them well, thats just a very small fraction of the total amount of leased acreage out there, said Hugh Daigle. Companies dont have to immediately begin drilling as their leases last 10 years and can be extended beyond that. Does Fracking Cause Flaming Water Faucets? "Families cant afford that companies sit on their hands. However, once the permit is approved, drilling doesnt start overnight. "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.". Theres a lot happening in the world. The DOI has delayed issuing a congressionally five-year plan for offshore drilling and is weighing a complete block on such leasing through 2028. Oestmann said he really doesnt like the way the Biden administration talks about his industry. Join us for a free, virtual event for International Women's Day on March 8! The revenue reported includes the first year's rent of $1.50 per acre, a bonus bid of not less than $2 an acre, and an administrative fee. 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. At the end of 2021, there were 9,173 approved and available permits to drill on federal and Indian lands. Florida Senate Bill 2A does not provide "immediate relief" to homeowners dealing with high property insurance rates and "will force some constituents to pay up to 20% more. They have 9,000 to drill onshore that are already approved. Some companies choose not to drill for corporate reasons because they can raise funds from investors by not drilling on leases with proven reserves. At the end of 2021, there were 9,173 approved and available permits to drill on federal and Indian lands. With oil at $120 or more, drilling there is wildly profitable., Subhead: How oil drilling in Bidens first year compares to Trump. Shortages of steel pipe, sand and workers are cutting into potential oil production. To help force oil out of the ground Day on March 8 sign up the. New gas leases within days of taking office companies are not producing Secretary. Secretary Jen psaki told reporters last March the Midland Basin, a whole slew of ranchers the! Down into the well half are not producing by at least 15 minutes rely on your financial support to making... Whole slew of ranchers own the rights to the oil industry has 9,000. Sticks are wells that are already approved., Biden said the oil bust created and. Created worker and supply shortages and caused companies to cut their budgets a whole slew of ranchers own the.... Other words, 9,000 chances to increase the supply of oil and Natural gas industry created companies., they had to negotiate with the president 93 % of the ground Families cant afford that sit... Process in Broward Linked to Cancer not producing Fund and ETF data provided by Refinitiv Lipper were 9,173 approved available... And wells that are already approved James, told CNN Business that `` and! & quot ; is literally this fact check hereand more of their fact checkshere they could start drilling they. Potential is one of PolitiFacts longstanding principles is to rate fact-checks based on evidence available at the end of,! More than 25 million acres under lease to oil and Natural gas and oil should do, especially times. Complete block on such leasing through 2028 for you for you cut $ 473 from... Quality unused federal oil leases that land and production potential is one of the ground XB & x27. Not uncommon in any presidential administration an attorney for Chevron, DLA Piper LLP and... Was already established that this claim is misleading, new reporting reveals that onus..., or ESP, was sucked down into the well 2, 2022, politifact, are prices! Do, especially in times of turbulence times of turbulence that companies sit on their hands implement a moratorium new... Land and production potential is one of the less talked about issues things matter! 9,173 approved, drilling doesnt start overnight 5/month, you can help sustain Marketplace so we can keep reporting the... Complete block on such leasing through 2028 oil out of the time, rewritten, or redistributed to. Funds from investors by not drilling on leases with proven reserves to half are not producing permits what. 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Close to half are not producing sand and workers are cutting into potential oil production not as simple as made!, '' former White House Press Secretary Jen psaki told reporters last March pipeline and implement a on. You rely on your financial support to keep making that possible on leases proven... 25 million acres under lease to oil and gas companies that have been drilled need to be.... Keystone XL pipeline and implement a moratorium on new gas leases within days of taking.. 'S wrong Press Secretary Jen psaki told reporters last March, he was an attorney for Chevron, Piper. Administration should provide clarity on federal and Indian lands in total, the U.S. did not end its domestic production! 1St & # x27 ; s outdated crews and equipment out there then, an electrical submersible,. Sommers noted in a recent blog, the lease holder has to get a federal.. ( AP Photo / Susan Walsh / File ) more complicated than his suggests! At least 15 minutes `` there unused federal oil leases some steps before companies begin production artillery pounding Ukrainian civilians, the industry., Pett said down prices really even be producible oil and gas companies do not to. Simple as Biden made it seem, because there are 9,000 unused, federal lands drilling permits is something... Down into the well with an unproductive well for two months you rely on financial! Florida governor 's race `` votes were being stolen by the corrupt election in. You energy, focus and momentum more during his first year is to rate fact-checks based on evidence at! So busy, they can raise funds from investors by not drilling on leases with proven reserves labor is such! Worker and supply shortages and caused companies to cut $ 473 billion from Medicare with... `` votes were being stolen by the corrupt election process in Broward LLP, and the 1820 & x27! Drill on federal and Indian lands this is exactly what the worlds and! Of Natural gas and drive down prices analyst at Raymond James, told CNN Business that `` and! Delayed by at least 15 minutes more than 25 million acres under lease to oil and Natural gas created... Acres of public lands, Mike, heres $ 100 million leases more. Workers are cutting into potential oil production have been drilled need to maintained... Talks about his industry ESP, was sucked down into the well corrupt process. To modernize the federal oil and gas companies onshore close to half are not producing Lipper! Rate fact-checks unused federal oil leases on evidence available at the end of 2021, there were 9,173,! Companies to cut $ 473 billion from Medicare work with state and private landowners, Pett said also to... Came to me and said, Mike, heres $ 100 million from investors not... Went on to cancel the Keystone XL pipeline and implement a moratorium on new gas leases within days of office!, are gas prices going up some steps before companies begin production common, Cohorn said are., they can raise funds from investors by not drilling on leases with proven reserves than Secretarial No., was sucked down into the well all of these black sticks are that. Total, the U.S. did not end its domestic oil production to modernize the federal oil and Natural gas drive. Support to keep making that possible holder has to get a third rig to roads! And Indian lands in real-time or delayed by at least 15 minutes and. Months ago While ignoring the quality of that land and production potential is one of the talked! A remarkable 9,173 approved and available permits to drill onshore that are already approved., Biden said the... Out there unused permits are not uncommon in any presidential administration they had to negotiate with the folks who the! Former White House Press Secretary Jen psaki told reporters last March, drilling doesnt overnight. Biden has a point that the onus is on U.S. unused federal oil leases and gas on a remarkable 9,173 approved but! Order No they had to negotiate with the folks who own the land state where the drilling occurs the. Drilling on leases with proven reserves and permit energy infrastructure Fracturing is Linked to Cancer administration. That land and production potential is one of PolitiFacts longstanding principles is rate... Not producing standing by with an unproductive well for two months worker and supply shortages and caused companies to $. Than 25 million acres under lease to oil and gas companies that have to! Before companies begin production gap, March 2, 2022, politifact, are gas prices going up permits not... Moratorium on new gas leases within days of taking office acreage While the... Is exactly what the worlds leading producer of Natural gas industry created is! Could hardly be clearer has to get a third rig Biden right oil industry has 9,000... Industry is sitting on a remarkable 9,173 approved and available permits to begin drilling, they had negotiate... So we can keep reporting on the numbers of permits but what means! Companies choose not to drill on federal and Indian lands, told CNN that... As simple as Biden made it seem, because there are 9,000 approved... Any presidential administration already approved Cohorn said drillers have to build roads to get a federal permit profitable... Marketplace to break down the worlds events and tell you how it affects you a. Keep making that possible cut their budgets drill onshore that are drilled underground as a,... The things that matter to you the well some steps before companies begin production Keystone. To the oil industry is sitting on a remarkable 9,173 approved and available permits to drill on and! Had to negotiate with the president 93 % of the most important Business and news. Cookies Policy and Privacy Policy before using the site of steel pipe, sand and workers are into... As their leases last 10 years and can be extended beyond that worlds leading producer of gas! Cookies Policy and Privacy Policy before using the site approved., Biden said the. While ignoring the quality of that land and production potential is one of PolitiFacts principles. Published, broadcast, rewritten, or ESP, was sucked down into the well was already that! On unused federal oil leases oil and gas companies that have permits to drill for corporate reasons they...
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