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Originally Posted by Maker
Russia invaded Ukraine because they no longer feared the US. We are much weaker because of Joe. Russia calculated the US and Europe's dependence on OPEC and Russian oil would allow them to invade, and resistance from the west would be minimal.
Big oil cut way back on spending for drilling new wells because of fear Biden will cut off the land lease again, causing Billions spent to become worthless (again).
So instead they held on to those funds.
How do we fight OPEC controlling the prices of oil?
Allow oil companies to drill again. Grant land leases in places where productive reserves are actually located. Add a clause that if the lease gets altered by the government, or there are other limitations imposed that effect obtaining that well's production, oil company gets reimbursed for all costs spent on that site.
Then oil companies will have safety investing, and Biden won't be able to drive his EV agenda by restricting land leases again. US will be on track to energy independence once again, and OPEC can suffer.
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Russia invaded Ukraine because the two have at odds since Ukraine declared itself independent in 1991. Since then, Putin has denied that Ukraine is even a country. He considers it Russian, part of the Slavic brotherhood, and is threatened that Ukraine has aligned itself with the West in recent years, particularly with NATO. And Ukraine has supplied much of Russia's coal, steel, etc, over time. Russian experts say Putin wants to see himself as a great Russian leader restoring Russian lands. He took a break when the previous administration was in power, due to our president's favoritism towards Russian, and also the Covid pandemic played a part, since Putin was much more isolated. But again according to experts, He thought western leadership wasn't capable, and that there would be no opposition to his aggression. Of course, that assumption turned out to be wrong.
A look at actual FACTS regarding approvals for permits to drill on federal land, show that the present administration has approved more permits at this point in time, than the previous administration. In fact environmental advocates want that statistic to go down, but the government is holding fast.
There has been a decrease in leases to the oil companies, which the government counters by saying that companies could increase production using the many thousands of permits already available to them which have remained unused. The federal government will continue leasing land to oil drillers as long as there is demand, but look around. With the proliferation of electric and hybrid vehicles, solar power, etc., surely the demand is shifting away from fossil fuels.
And the oil companies continue to make record profits while they whine about the drop in leases. Cry me a river.