Oh, Give Me A Break -- Another Brandon Apologist -- November 15, 2021

Link here. 

This link will take you directly to the Financial Times article. It may be behind a paywall. From the link:

As anger over surging petrol prices in America has grown, President Joe Biden’s critics have pounced. 

The president’s green shift has turned off the taps at America’s once gushing oil industry, they argue, fuelling higher prices and inflation. 

But it is Wall Street, not Washington, that has put the clamps on growth in America’s oil patch. Investors scarred by years of cash-burning growth have called time on a debt-fuelled drilling binge that made the US the world’s largest oil producer, but inflicted billions of dollars in losses on shareholders. 

Still, to Biden’s industry and political critics, American drivers are paying more to fill up because the nation’s oil producers are being held back by a climate-minded presidency that has piled on taxes and regulations, deprived the industry of drilling permits and shut down pipelines. Yet none of the actions from the White House have altered the trajectory of US crude supply in the 10 months since Biden took office.

This tells me all I need to know about what the writer knows about "US oil." Not very much.

Critics, for instance, often link today’s high pump prices with president Biden’s cancellation of the Keystone XL pipeline, which would have ferried oil from Canada to the US Gulf coast. Whatever the merits of the decision, the pipeline was still years away from construction. 

Today’s oil price is not rising because it was scrapped. 

Biden has also paused leasing of new parcels of federally-held lands for fracking. But this is not pushing up fuel prices either. Producers are sitting on thousands of permits for new wells on lands it has already leased, enough to keep drilling at a healthy clip for years. More to the point, the vast majority of US shale production comes from private lands, making the issue marginal to the broader US supply picture.

The writer forgets that US oil companies are "E&P" -- exploration and production. They manage their assets. 

The bigger problem: the writer fails to note that Brandon's only "oil policy" is to plead with OPEC to produce more oil while promoting policies to stifle US oil.

Full article archived.