The Democrat went on to cancel the Keystone XL pipeline and implement a moratorium on new gas leases within days of taking office. "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 . With oil at $120 or more, drilling there is wildly profitable.". Previously, he worked as a reporter for Axios, where he covered, Amy Sherman is a staff writer with PolitiFact based in South Florida. Mutual Fund and ETF data provided by Refinitiv Lipper. The U.S. has more than 24 million acres under lease to oil and gas companies onshore close to half are not producing. 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. They could be drilling right now, yesterday, last week, last year. , I took a trip out to ground zero for domestic oil and gas production Texas' Permian Basin . , And the bottom line is, if people like Mike Oestmann and Patrick Cohorn could drill more, they would. . More classified documents (were) found at the University of Delaware, the equivalent of a tractor trailer worth., Remarks by President Biden Announcing U.S. Ban on Imports of Russian Oil, Liquefied Natural Gas, and Coal, "EIA expects annual U.S. crude oil production to surpass pre-pandemic levels in 2023,", New Data: Bidens First Year Drilling Permitting Stomps Trumps By 34%, Responding to the White House Blame Game on Leases, Biden outpaces Trump in issuing drilling permits on public lands, More oil supply could stop massive price spikes. "Families cant afford that companies sit on their hands. But it does import some of its oil from Russia, Feb. 28, 2022, PolitiFact, The U.S. did not double oil imports from Russia in the last year, Feb. 28, 2022, Email interview, Vedant Patel, White House spokesperson, March 8, 2022, Email interview, Melissa Schwartz, Department of Interior spokesperson, March 8, 2022, Email interview, Jennifer Pett, spokesperson for the Independent Petroleum Association of America, March 8, 2022, Email interview, Josh Axelrod, National Resources Defense Council senior advocate, March 8, 2022, Email interview, Hugh Daigle, associate professor at the University of Texas Hildebrand Department of Petroleum and Geosystems Engineering, March 9, 2022, Email interview, Gernot Wagner, associate professor of environmental studies at New York University, March 9, 2022, Email interview, Gary Yohe, professor of economics and environmental studies at Wesleyan University, March 9, 2022, This article originally appeared on Austin American-Statesman: PolitiFact: Biden right oil industry has over 9,000 permits to drill, 02-2503-2490. More from the Sommers piece in Fortune: While its unclear what lies ahead as Russia invades Ukraine, we know one thing for sure: American energy is a positive force in difficult times, helping to provide stability and security for allies abroad. Joe Biden: The oil industry has "9,000 permits to drill now. President Biden says he wants more domestic oil production but he is doing nothing positive to make that happen. Biden has a point that the U.S. produced more during his first year than Trumps first year. District of Columbia I stopped his Election from being stolen. 801 3rd St. S 25). Editors note, Feb. 28, 2023: This fact-check of President Joe Bidens statement in March 2022 was based on available data at the time from the Bureau of Land Management. So the surface pads, as you can see from here, its kind of hard to see. The authors forecasted the future of oil and gas production on federal . So it simply wasnt profitable to drill with oil below $70. I sent in the FBI and the U.S. According to E&E News, President Joe Biden over the past year has stressed that companies hold 9,000 permits to drill on public lands sitting unused. 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. How is Groundwater Protected During Hydraulic Fracturing? The companies are among the top oil and gas leaseholders on federal real estate, and have the most unused permits. President Joe Biden. He said not only is labor in short supply, but steel pipe and other equipment are on back order for months. So this is a map of our acreage, he said, referring to an area between 6,000 and 7,000 acres in size. 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. Through it all, Marketplace is here for you. A frack pit is basically a pond full of water thatll be used to help force oil out of the ground. Back in March, as Russias invasion of Ukraine was sending the price of oil sky-high, President Joe Biden noted that the oil and natural gas industry has 9,000 permits to drill that it isnt using. The oil and gas industry has stockpiled millions of acres of leases on public lands and waters. The average barrels of crude oil produced per day spiked during Trumps subsequent years, swelling to almost 12.3 million in 2019. "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. Market data provided by Factset. Why arent they drilling?". 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 . 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. At the same time, this is a really profitable business, especially with West Texas Intermediate trading at close to $100 a barrel. | Terms & Conditions | Privacy, Psaki has made the claim about unused federal leases, Pipeline Strategic Data Tracking System (PSDTS). It suggests American producers have been motivated by a desire to manipulate the market during the current crisis in Europe. In the 2018 Florida governor's race "votes were being stolen by the corrupt election process in Broward. FOSSIL FUEL PROFITS ARE VITAL FOR GREEN ENERGY PROJECTS DEMS ROUTINELY TOUT, "Right now, the oil and gas industry is sitting on nearly 9,000 unused but approved permits for production on federal lands," Biden remarked in March 2022. "As of February 2023, companies have over 6,600 approved and unused drilling permits available on federal lands," the BLM said in a statement to Fox News Digital. 1800 I Street NW Biden Administration She added that oil and gas companies have been limiting costs and . Those permits include those issued under . FOSSIL FUEL PROFITS ARE VITAL FOR GREEN ENERGY PROJECTS DEMS ROUTINELY TOUT. In total, the oil industry now holds leases to more than 25 million acres of public lands . 727-821-9494, The oil industry has "9,000 permits to drill now. Thousands of unused permits are not uncommon in any presidential administration. "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. We bring in a vendor, its their drilling rig, their frack crew, they outfit with their own workforce to make the work happen. You rely on Marketplace to break down the worlds events and tell you how it affects you in a fact-based, approachable way. forward with a plan to lock up even more of our state's land in unused oil and gas leases. From a federal regulatory standpoint, once a permit is approved, industry can proceed. 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. This is the path to sound energy policy that keeps America safe and strong and allows American energy to support allies. 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. At the end of 2021, there were 9,173 approved and available permitsto drill on federal and Indian lands. U.S. President Joe Biden wants oil drillers to pay penalties when federal leases go unused in an effort to prod the industry into pumping . 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. Thousands of unused permits are not uncommon in any presidential administration. 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 BLM's current lease sales and NEPA process have included a 30-day scoping period, 30 . 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. Most importantly, it should complete work on a long-term plan for offshore oil and gas development, to replace the one that expires this summer. re: 9000 unused oil leases. 2023 FOX News Network, LLC. In response to widespread criticism regarding the administration's restrictions on federal fossil fuel leasing amid all-time high gasoline prices, the White House repeatedly touted the 9,000-permit figure and argued industry had the ability to immediately begin producing. Generic 1st 'XB' Future. he paused oil and gas leasing on federal lands and last fall . When a company acquires a lease, it makes a significant financial investment at the beginning of the lease in the form of a non-refundable bonus bid and pays additional rent until and unless it begins producing. Jewish Students Reported a Professor for Anti-Semitism. And of the remaining 10% that occurs on federal land, the oil and gas industry has millions of acres leased,Biden said. 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