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Surtax on investment income. late yesterday reports circulated that the white house will approve drilling in alaska. no final decisions have been made and anyone who says otherwise is wrong. now 3 years ago as presidential candidate as president he said he would never approve any drilling projects. no more subsidies for fossil fuel industries. no more fueling on federal lands, no more drilling including offshore and industry to continue to drill, period, ends. lucas:e estimated it would add 2500 jobs but many on the left are outraged by this apparent object face. anita. anita: flip-flop there. lucas tomlinson live at the white house. thank you, lucas. griff. griff: regulators are shuttering ....
Drilling project from alaska over the objections from environmental groups for the white house is no final decision has been made. earlier this week the governor said the project and lower heating bills. is an unfortunate game being played between the white house, the extremist and the environmentalists that got him there. and unfortunately people of alaska and this country. you want more production to drive the prices down across the board for all americans and alaskans. it is problematic. is a presidential candidate joe biden said he would never approve any drilling projects across the country for oil, arthel. arthel: alright lucas tomlinson live at the white house on a cool crisp saturday afternoon, thank you lucas. support president biden said he is still deciding whether or not to send a bill or declassify information on the origins of the coronavirus for the house ....
Approve any drill never approve any drilling projects. no more subsidies for the fossil fuel industry, no more drilling on federal lands including offshore, no able for the oil industry to continue to krill, period. ends. reporter: now, this project is expected to make more than 2500 jobs and you revenue for the federal government by some $17 billion, but right now the left is very outraged about the president s apparent about face. arthel? arthel: so going all electric is bad, krilling for for oil is bas bad, i m confused. and when will the gop present their budget? i m sorry, i can t remember that date lucas. reporter: we ll have to talk back in december. arthel. arthel: lucas tomlinson live at the white house, thank you. eric? eric: well, it turns out to be the second biggest bank collapse in u.s. history. silicon valley bank, it s ....
Buybacks. how did we get here? big oil is cashing in for a number of reasons, the war in ukraine sent oil and natural gas prices skyrocketing last year. demand for energy bounced back from the covid cash, and this is key, wall street is very much against the drill, baby, drill mantra. they want companies to return cash to shareholders and not spend it on expensive drilling projects. it s important to remember that this is a notorious boom to bust industry. when times are bad, they re real bad. exxon lost $22 billion in 2020 alone. dozens of oil companies went bankrupt that year and oil prices went negative in the spring of 2020. still, it is safe to say that the boom times are back for big oil. meanwhile, gas prices have moved sharply higher this winter. the national average is now around $3.50 a gallon, up ....
$137 billion. big oil could basically just use last year s profits to buy that to take this a step further. that s enough money where they could buy ralph loren, peloton, best buy, etsy, chipotle combined. so what are these companies doing with all of this money? well, they are spending on expensive drilling projects. but not aggressively enough according to their critics which includes the white house. they are spending aggressively on rewarding shareholders. look at these buybacks that have been announced. $4 billion from shell. $50 billion from exxon. and chevron alone, $75 billion in buybacks, kasie. must be nice. okay. so, matt, how did we get here exactly? there are a number of factors. the war in ukraine of course sent prices for oil and natural gas sharply higher. demand has bounced back from covid. big oil is under a lot of pressure from wall street. investors don t want companies to spend on expensive drilling ....