OIL AND GAS PUSH BACK: The oil and gas industry is pushing back against Democrats’ charges that companies are strategically sitting on federal land leases and drilling permits to keep fuel prices, and therefore revenues, up.
Industry’s view: Erik Milito, president of the National Ocean Industries Association, suggested critics either misunderstand or misrepresent the mechanics of producing oil and gas on federal lands and waters. But it takes time: Milito said further that even once Interior issues initial drilling permits, it’s not as simple as setting up a rig to extract oil.
“These oil and gas companies are in the business of producing oil and natural gas,” he said. “They're not in the business of hoarding acreage.” “With this ruling, the department continues its planning for responsible oil and gas development on America’s public lands and waters,” Interior spokesperson Melissa Schwartz said in a statement.
Kaushal Ramesh, senior analyst for the firm, noted that the market situation is “as precarious as ever” with ceasefire talks showing little movement. Maryland Gov. Larry Hogan signed a bill on Friday to suspend the state’s 36.1-cent gasoline and 36.85-cent diesel taxes for 30 days after the proposal received unanimous support from both legislative chambers.
The ministry said in a statement yesterday that the attacks have led to a temporary reduction in output from the refinery. “As major economies pursue an 'all-of-the-above' strategy to replace Russian fossil fuels, short-term measures might create long-term fossil fuel dependence and close the window to 1.5 degrees," Guterres told attendees of the Economist Sustainability Summit, referencing one of the most ambitious goals set in the 2015 Paris climate accord. That 1.5-degree goal “is on life support. It is in intensive care,” he said.