The oil companies will be able to "use it or lose it."

I just read that the Biden administration will try to require oil companies to either drill and/or pump on their idle oil leases on federal lands or be subject to fines. Hence, "use it or lose it."

Since oil companies are choosing to use their record profits for stock buybacks and increased dividends instead of drilling and pumping - according to the Wall Street Journal - this seems like a reasonable policy, but I'm no expert.

So is there any downside to this policy? I'd love to hear some responses here.

And Boilerman, we know you're going to click on any topic that has the word "oil" in it, so yeah, you should chime in.

   Anothe attempt by brain dead Biden to cover up his pile of shit that he made.

We have one response to my question!

David Miller refuses to answer!

Okay, who's next?

        Remain stupid - like you have a choice....

Well, MP, you wanted answers from people who were capable of answering the question--but instead, you got Davey Dog, who isn't capable and instead, devolved to insults. He's less than worthless.

To answer your question (because unlike Davey Dog, I'm capable of doing more than pitching insults and bleating about Biden over and over and over), there's virtually no downside to Biden's move--because the pretext the oil companies have been using for leaving permitted wells and sites idle is that they aren't profitable enough. Well, if you make leaving them idle unprofitable...voila! They'll act in their own interests.

It's a good move, as is releasing millions of barrels from the strategic reserve. Thank God Trump isn't in charge. His response to high gas prices would be to hold a hate rally in Bumfuck Falls, Arkansas and fantasize aloud about shooting Mexicans.

  More TDS bullshit

David, why speechify about things you don't even dimly comprehend? You just make yourself look like an idiot. And you show how much your Tiny Dick Syndrome upsets you!

It has already been documented that 25% of the permits are tied up in court, thousands of others are can't be developed due to govt red tape.  

So you have a few thousand other permits that are either dry or inaccessible.  So what is the point of the fines?  Will that inspire companies to drill; more likely it cause less requests as it is another govt roadblock.  Luckilily this proposal is DOA.

The biden gang is not approving any new permits.  It is all part of the biden gang's campaign promise to end fossil fuels & the fantasy that switching is like flipping a switch.  We are paying for this & his approval ratings continue their slide to 40%  

Why approve new permits when thousands of existing wells and sites are sitting idle?

Stupid Tommie-poo can't tell us that.

  Lewis's asinine question has been answered multiple times - he is just too ignorant to accept real facts versus the lying DemocRat and media lies. He is a moron with no credibility.