Biden administration cancels oil and gas lease sales in Alaska, Gulf of Mexico - The Hill
"Why aren't oil companies pumping more" - Joe Biden
People aren’t paying enough attention here.. I also watch the Baker Hughes rig counts weekly and they are not budging. The federal land sales were a political ploy at best considering they only opened 20% of the available land and increased the royalties. Oil is down (relatively) due to demand reasons like the China zero covid policy and enhanced (albeit minimally) via the release of the strategic reserves. If the west keeps cutting out Russian oil and gas without a replacement in domestic (or foreign for that matter) production we are going to see some real record beats when China opens up and we decide we need to refill the reserves.