Biden Plays Long Game With Short-Term Fracking Freeze
Jan 26 2021, 8:16 PM
January 26 2021, 5:30 PM
January 26 2021, 8:16 PM
(Bloomberg Opinion) There are two basic routes to an energy transition: encouraging new forms and discouraging old ones. President Joe Bidenâs legislative agenda, centered on stimulus spending, will focus on the former. His executive agenda has moved swiftly on the latter already. But in targeting the oil and gas business, Bidenâs eyes appear fixed on the horizon.
(Bloomberg Opinion) There are two basic routes to an energy transition: encouraging new forms and discouraging old ones. President Joe Bidenâs legislative agenda, centered on stimulus spending, will focus on the former. His executive agenda has moved swiftly on the latter already. But in targeting the oil and gas business, Bidenâs eyes appear fixed on the horizon.
The natural gas storage report from the EIA for the week ending January 15th indicated that the amount of natural gas held in underground storage in the US fell by 187 billion cubic feet to 3,009 billion cubic feet by the end of the week, which left our gas supplies just 36 billion cubic feet, or 1.2% higher than the 3,045 billion cubic feet that were in storage on January 15th of last year, but still 198 billion cubic feet, or 7.0% above the five-year average of 2,811 billion cubic feet of natural gas that have been in storage as of the 15th of January in recent years..the 187 billion cubic feet that were drawn out of US natural gas storage this week was 10 billion cubic feet more than the average forecast of a 177 billion cubic foot withdrawal from an S&P Global Platts survey of analysts, and way more than the 97 billion cubic foot withdrawal from natural gas storage seen during the corresponding week of a year earlier, as well as more than the average withdrawal of 167 billion cub
New World Order for U.S. E&Ps as Biden Freezes Near-Term Federal Oil, Natural Gas Leasing
The Biden administration last week froze for 60 days awarding new oil and gas drilling permits, as well as leases on federal onshore and offshore property, likely heralding more permanent limits to be enacted down the road.
The order mandating the freeze was signed by acting Department of the Interior (DOI) Secretary Scott de la Vega on Jan. 20, the day President Biden was sworn into office.
The action comes amid a flurry of “Day One” executive actions on climate and energy by the new administration. The executive orders as of Friday included rescinding the presidential permit for the Keystone XL crude oil pipeline and reentering the 2015 United Nations Global Climate Agreement, aka the Paris Accord.