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I know that's been quoted a lot this week, but what's the reality? There's a massive Gulf of Mexico lease sale that was canceled by Biden, reinstated by the court, took place, and is now being challenged again.
So if all these leases are available, why is that an issue at all? Why is anyone buying or trying to buy those Gulf leases.
It's just a question. But it seems the issue is a lot more complex than just there are leases available, so the oil companies are just evil.
What I do know is that it takes about a decade for a lease to result in a working well. Reasons for a particular lease not being worked could be expense (an oil company must pay for it while exploring it), the determination that it's unlikely to produce oil, any number of things. A lot of leases were canceled when Biden took office. Why? What stage were they in?
When we're importing a net 4 million barrels of crude oil a day and Russia is exporting a net 5 million barrels a day (and that gets shipped between countries, so those aren't direct sales - most of Russia's shipments go to the EU), I think it's a serious issue.
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