"The record profits oil companies made in 2022 and the thousands of approved but unused drilling permits they are sitting on shows that there is nothing getting in the way of increasing oil production except Big Oil's own decision to funnel their profits into the pockets of shareholders and executives," an official told Fox News. Labor is in such short supply in the region that stories like this are common, Cohorn said. U.S. liquified natural gas exports are critical for today and tomorrow, because access to trustworthy energy helps nations address multiple challenges. Developing a lease takes years and substantial effort to determine whether the underlying geology holds commercial quantities of oil and/or gas. He worked in the oil and gas industry for five years and now teaches petroleum engineering at the University of Texas at Austin. Experts also suggested that drilling domestically is more costly than drilling overseas, which could further deter oil companies in the U.S. from upping production. The number of "approved oil leases" (presumably Federal mineral leases) is not an answer to that question. (AP). Biden said that companies pumped more oil in the U.S. during his first year in office than during his predecessors first year and that we were on track for record oil production next year. Please read our Terms & Conditions, Cookies Policy and Privacy Policy before using the site. "It is time for the administration to end the finger-pointing and instead support American production with a comprehensive strategy for American energy development one that includes a final five-year program for offshore leasing and quarterly onshore lease sales," Macchiarola continued. There is actually an incentive for the companies not to develop these resources because for publicly traded companies, these reserves get reported and influence market valuation, Daigle said. "Sometimes there might not really even be producible oil and gas on a lease," Daigle said. Closer to downtown Midland, Mike Oestmann drove me around a frack site to see how things are progressing. With oil at $120 or more, drilling there is wildly profitable.". Those permits include those issued under Biden and those still active from Trumps administration and potentially before, said Josh Axelrod, of the National Resources Defense Council. "The argument about "unused" leases is a red herring, a smokescreen for energy policies that have had a hamstringing effect on the world's leading Those 9,000 permits Biden mentioned allow companies to drill on federal land. a bipartisan bill with Senator Chuck Grassley of Iowa to modernize the federal oil and gas program's outdated . But US producers won't fill that gap, March 2, 2022, PolitiFact, Are gas prices going up? 369,646 closed oil and gas leases. This is false. In addition to Biden, top administration officials such as National Security Council spokesman John Kirby and former White House press secretary Jen Psaki have used the 9,000-permit talking point to argue that the oil and gas industry has "plenty of opportunities to drill here in the United States." Shortages of steel pipe, sand and workers are cutting into potential oil production. From a federal regulatory standpoint, once a permit is approved, industry can proceed. . In response to widespread criticism regarding the administration's restrictions on federal fossil fuel leasing amid all-time high gasoline prices, the White House repeatedly touted the 9,000-permit figure and argued industry had the ability to immediately begin producing. Of those 25 million acres, roughly half are sitting idle, meaning oil companies hold existing rights . Nearly three quarters of all active . Wednesday's Energy Absurdity of the Day: Is it '9,000 Unused Leases' or '9,000 Unused Permits?' The White House Doesn't Seem to Know. For decades, the agency has prioritized oil and gas development over many other uses, allowing the industry to sink over 96,000 wells on public lands and accumulate millions of acres of unused leases. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you. ", While it was already established that this claim is misleading, new reporting reveals that the underlying number isnt even accurate. 2023 Minnesota Public Radio. Biden said that companies pumped more oil in the U.S. during his first year in office than during his predecessors first year and that we were on track for record oil production next year. "Despite the administrations inaccurate and misleading numbers, the reality is that the U.S. natural gas and oil industry is confronting the global energy crisis by continuing to work to meet the energy needs of U.S. consumers and our allies abroad," Frank Macchiarola, the American Petroleum Institute's senior vice president of policy, economics and regulatory affairs, told Fox News Digital. Were just there as oversight.. Conclusion. When a company acquires a lease, it makes a significant financial investment at the beginning of the lease in the form of a non-refundable bonus bid and pays additional rent until and unless it begins producing. We rely on your financial support to keep making that possible. And of the remaining 10% that occurs on federal land, the oil and gas industry has millions of acres leased," Biden said. They could be drilling right now, yesterday, last week, last year. A frack pit is basically a pond full of water thatll be used to help force oil out of the ground. The DOI has delayed issuing a congressionally five-year plan for offshore drilling and is weighing a complete block on such leasing through 2028. All of these black sticks are wells that are drilled underground. "Its simply not true that my administration or policies are holding back domestic energy production," Biden said March 8 in a speech announcing a U.S. ban on Russian oil imports. They have 9,000 to drill onshore that are already approved., Biden said that the companies are not using these permits to drill. The revenue reported includes the first year's rent of $1.50 per acre, a bonus bid of not less than $2 an acre, and an administrative fee. quote: companies leased up acreage that they thought might be valuable. There is actually an incentive for the companies not to develop these resources because for publicly traded companies, these reserves get reported and influence market valuation, Daigle said. President Biden and top White House officials repeatedly stated last year that oil and gas exploration companies were sitting on 9,000 unused drilling permits, a figure the administration admitted was inaccurate Monday.. But US producers won't fill that gap. Douglas Holtz-Eakin, an economist and president of the American Action Forum, a center-right think tank, said firms are trying to assess the durability of the global rebound. . The BLM state and regional offices hold quarterly oil and gas lease sales if they have parcels available. At the end of 2021, there were 9,173 approved and available permits to drill on federal and Indian lands. President Joe Biden said that his policies have not made the U.S. less equipped to withstand the impact of the ban on Russian energy imports. At the end of 2021, there were 9,173 approved and available permits to drill on federal and Indian lands. March 2, 2021, PolitiFact, No, the U.S. did not end its domestic oil production. That's true, but all work can't begin 'right now'. Were a company running two rigs. District of Columbia All Rights Reserved. Like when the president points out that some of his competitors are sitting on 9,000 federal land leases they havent drilled. The Biden administration has canceled one of the most high-profile oil and gas lease opportunities pending before the Interior Department. Biden routinely responded to that charge by accusing oil and gas companies of "sitting on nearly 9,000 unused but approved permits for production on federal lands," a talking point that is now debunked. In his quest to shift blame for rising gas prices, President Joe Biden accused oil companies of "sitting on nearly 9,000 unused but approved" drilling permits. If . More: Gas prices are high and up another 7 cents nationwide. And is it Joe Bidens fault? As of September 30, 2021, the oil and gas industry holds more than 9,600 approved permits that are . Psaki said 90% of leases are on public lands and that there are 9,000 unused drilling permits. We should be honest about the facts.. Oilfield Electrification Technology Conference. Then Biden pivoted to point the finger at the industry: In the United States, 90% of onshore oil production takes place on land that isnt owned by the federal government. "It is time for the administration to end the finger-pointing and instead support American production with a comprehensive strategy for American energy developmentone that includes a final five-year program for offshore leasing and quarterly onshore lease sales," the institute said in a statement. "Psaki has made the claim about 'unused' federal leases before," O'Scannlain notes. Here's why: President Joe Biden said that his policies have not made the U.S. less equipped to withstand the impact of the ban on Russian energy imports. But it does import some of its oil from Russia, Feb. 28, 2022, PolitiFact, The U.S. did not double oil imports from Russia in the last year, Feb. 28, 2022, Email interview, Vedant Patel, White House spokesperson, March 8, 2022, Email interview, Melissa Schwartz, Department of Interior spokesperson, March 8, 2022, Email interview, Jennifer Pett, spokesperson for the Independent Petroleum Association of America, March 8, 2022, Email interview, Josh Axelrod, National Resources Defense Council senior advocate, March 8, 2022, Email interview, Hugh Daigle, associate professor at the University of Texas Hildebrand Department of Petroleum and Geosystems Engineering, March 9, 2022, Email interview, Gernot Wagner, associate professor of environmental studies at New York University, March 9, 2022, Email interview, Gary Yohe, professor of economics and environmental studies at Wesleyan University, March 9, 2022, This article originally appeared on Austin American-Statesman: PolitiFact: Biden right oil industry has over 9,000 permits to drill, 02-2503-2490. "So it simply wasnt profitable to drill with oil below $70. Get the latest updates from the 2024 campaign trail, exclusive interviews and more Fox News politics content. However, once the permit is approved, drilling doesnt start overnight. Experts also suggested that drilling domestically is more costly than drilling overseas, which could further deter oil companies in the U.S. from upping production. And wells that have been drilled need to be maintained. "There are 9,000 unused approved drilling permits," former White House Press Secretary Jen Psaki told reporters last March. President Biden on Wednesday issued an executive order temporarily pausing federal oil and gas leases and setting in motion potentially longer-lasting restrictions on federal lands production of fo So you get the mineral position leased, then you have to go to the surface owner and negotiate good terms and a good understanding of how youre going to use his surface and make him happy, so that you can come out here and start doing all the stuff that we have to do to get to and from our wells, Cohorn said. There are more than 9,000 permits to drill oil on federal lands, as President Biden . Gas prices are high and up another 7 cents nationwide. ", "They are under pressure from the financial community to pay more dividends, to do more share buybacks instead of the proverbial 'drill, baby, drill,' which is the way they would have done things 10 years ago. According to Interior's figures, more than three-quarters of the offshore federal waters already under lease remain unused that's about 8 million acres where companies could drill new . The lengthy process to develop them from a lease often is extended by administrative and legal challenges at every step along the way. ", Biden said that the companies are not using these permits to drill. The revelation comes as a blow to Biden as he attempts to defend himself from Republican critics, who argue that the Democrat is "attacking American energy" and raising gas prices by slowing fossil fuel production. Department of the Interior We bring in a vendor, its their drilling rig, their frack crew, they outfit with their own workforce to make the work happen. Washington, DC Legal Statement. It is time for the administration to end the finger-pointing and instead support American production with a comprehensive strategy for American energy development one that includes a final five-year program for offshore leasing and quarterly onshore lease sales.. Revenues are split between the state where the drilling occurs and the U.S. Treasury. This material may not be published, broadcast, rewritten, or redistributed. Technically, theres some truth there because, indeed, increasing American oil and gas production will not help Ukraine today. "Sometimes there might not really even be producible oil and gas on a lease," Daigle said. Those permits include those issued under . You know, if the federal government is complaining about 9,000 leases, not having anything done with them well, thats just a very small fraction of the total amount of leased acreage out there, said Hugh Daigle. Those guys are tripping in and out to go in and try to latch on to that ESP and try to pull it out, Cohorn said. Before drilling can occur, the leaseholder has to get a federal permit. Why is fracking for natural gas important? How Much Water Does Hydraulic Fracturing Use? 727-821-9494, The oil industry has "9,000 permits to drill now. They have 9,000 to drill onshore that are already approved. Most importantly, it should complete work on a long-term plan for offshore oil and gas development, to replace the one that expires this summer. . But one year after announcing a halt to any new federal oil and gas leasing, Biden has outpaced Donald Trump in issuing drilling permits on public lands.After setting a record for the largest . "As of February 2023, companies have over 6,600 approved and unused drilling permits available on federal lands," the BLM said in a statement to Fox News Digital. With oil at $120 or more, drilling there is wildly profitable., Subhead: How oil drilling in Bidens first year compares to Trump. Whats the Difference Between Wastewater Disposal and Fracking? But its not as simple as Biden made it seem, because there are some steps before companies begin production. In this case, we reached out to some of our original experts for the story, who told us Bidens overarching point remained valid, as were the caveats we mentioned in our original article. Investors remain reluctant to invest in fossil fuels. President Biden says he wants more domestic oil production but he is doing nothing positive to make that happen. Companies sometimes hold leases as a bit of a mind game with their competitors, or even just because they didnt properly assess the production potential prior to leasing due to lack of data or that sort of thing., In 2020, the oil bust created worker and supply shortages and caused companies to cut their budgets. Companies dont have to immediately begin drilling as their leases last 10 years and can be extended beyond that. In total, the oil industry now holds leases to more than 25 million acres of public lands . ", "By the way, one thing I want to say about the oil companies: They talk about how we have they have 9,000 permits to drill," he added months later. Oil production on federal lands fell to 12.28 million barrels per day in November, the latest month with data. | Terms & Conditions | Privacy, Psaki has made the claim about unused federal leases, Pipeline Strategic Data Tracking System (PSDTS). ", "I got a list of 20 jurisdictions that defunded the police to the tune of over $1 billion total. Cohorn said subcontractors are so busy, they can only make it to wells like this every so often. AP Photo/Matthew Brown, File. 33701 This is where were parked, right here on the edge of this big frack pit.. Biden's Interior Department quietly updated its list of unused permits to reflect a much lower figure: 6,600, E&E News reported Monday.The department, which manages oil and gas drilling on federal . During Bidens first year in office, the U.S. produced an average of about 11 million barrels of crude oil per day compared to Trumps 9 million barrels per day in his first year. This is what we mean by American energy leadership: using abundant American energy as a positive influence that benefits Americas friends. So, I took a trip out to ground zero for domestic oil and gas production Texas Permian Basin to hopefully bring some back. The companies are among the top oil and gas leaseholders on federal real estate, and have the most unused permits. 1,867 pending oil and gas leases. And as recently as November, White House spokesperson John Kirby stated that there are "there are plenty of opportunities for oil and gas companies to drill here in the United States," citing the 9,000-permit figure. Prior to that, he was an attorney for Chevron, DLA Piper LLP, and the U.S. Senate. UPDATE: On March 31, President Joe Biden announced the release of 1 million barrels of oil per day from the nation's Strategic Petroleum Reserve over the next six months. Thousands of unused permits are not uncommon in any presidential administration. The top five holders of unused leases on federal lands include EOG . Before coming to API, Kevin served in the White House as Special Assistant to the President in two different roles, and as Deputy Solicitor for Energy & Minerals at the U.S. Department of the Interior. Support responsible news and fact-based information today! They could be drilling right now, yesterday, last week, last year.". The average barrels of crude oil produced per day spiked during Trumps subsequent years, swelling to almost 12.3 million in 2019. "Oil and gas companies already have leases the size of Indiana," said Sen. Ed Markey (D-Mass.) "So, I would suggest you ask the oil companies why they're not using those, if there's a desire to drill more. EIN: 41-0953924. Douglas Holtz-Eakin, an economist and president of the American Action Forum, a center-right think tank, said firms are trying to assess the durability of the global rebound. Its a slow process. They have 9,000 to drill onshore that are already approved. U.S. President Joe Biden wants oil drillers to pay penalties when federal leases go unused in an effort to prod the industry into pumping . Generic 1st 'XB' Future. Investors remain reluctant to invest in fossil fuels. ", "Florida's water is dirtier and sicker than when Gov. The Bureau of Land Management, which oversees oil and gas development on federal lands, updated its tally in an end-of-the-year report that shows that figure instead should have been much less, standing at about 6,600 untapped permits as of this month.. Joe Biden Powered and implemented by FactSet Digital Solutions. re: 9000 unused oil leases. Its almost like Johnny Cashs Cadillac we get it one piece at a time.. The update we have now is what we are able to provide.". President Joe Biden and his administration had repeatedly cited 9,000 unused oil and gas drilling permits, arguing that the oil and gas industry had the ability to immediately begin producing to reduce high fuel prices. Despite attempts to portray the industry as stockpiling unused permits, "a greater share of federal leases by over 40% in . . Biden said the oil industry has 9,000 permits to drill now. The argument about "unused" leases is a red herring, a smokescreen for energy policies that have had a hamstringing effect on the world's leading producer of natural gas and oil. Now is the time for the administration to fully get behind American oil and natural gas. 2023 FOX News Network, LLC. Companies dont have to immediately begin drilling as their leases last 10 years and can be extended beyond that. Fossil Fuels Your donation today powers the independent journalism that you rely on. Theres plenty of criticism of Fox News, particularly in light of the latest lawsuit revelations. Kevin OScannlain is APIs vice president of Upstream Policy. During Bidens first year in office, the U.S. produced an average of about 11 million barrels of crude oil per day compared to Trumps 9 million barrels per day in his first year. So this is a map of our acreage, he said, referring to an area between 6,000 and 7,000 acres in size. Biden's Interior Department quietly updated its list of unused permits to reflect a much lower figure: 6,600, E&E News reported Monday. Biden Administration Companies reporting gross acreage while ignoring the quality of that land and production potential is one of the less talked about issues. The Biden administration quietly updated a federal database that shows how many unused oil and gas drilling permits that it has approved, reducing the number by more than 2,000. Production peaked at 13 million barrels a day under the Trump administration. The DOI has delayed issuing a congressionally five-year plan for offshore drilling and is weighing a complete block on such leasing through 2028. The president suggested the onus is on the industry to start drilling. It took us all of probably three to four years to consolidate enough acreage to start drilling to begin with, he said. President Joe Biden. 25). Halting new federal mineral leases will reduce oil and gas investment by hundreds of millions of dollars in Colorado and . Oil and gas companies can raise funds from investors by not drilling on leases with proven reserves, said Hugh Daigle, an associate professor at the University of Texas Hildebrand Department of Petroleum and Geosystems Engineering. However, the unused drilling leases represent a fraction of the active permits, many of which are being used by the private sector to produce oil and gas daily, industry groups said. Above, drilling rigs sit unused in Odessa, Texas. New Data: Biden's First Year Drilling Permitting Stomps Trump's By 34% Biological Diverity.org Joe Biden Is Making Donald Trump Look Like an Environmentalist-Gizmodo The analysis comes from Public Citizen, which found Biden's Bureau of Land The Biden administration quietly updated a federal database showing how many unused oil and gas drilling permits it has approved, reducing the number by more than 2,000.. The average barrels of crude oil produced per day spiked during Trumps subsequent years, swelling to almost 12.3 million in 2019. 5 relinquished oil and gas leases. Pavel Molchanov, an analyst at Raymond James, told CNN Business that "oil and gas companies do not want to drill more. Inform me please. During Bidens first year in office, the U.S.produced an averageof about 11 million barrels of crude oil per day compared to Trumps 9 million barrels per day in his first year. When a lease is acquired, companies pay a "significant financial investment," and, if they do not get the lease producing, the company must pay an additional "rent" on the lease "until and unless it begins producing." The Mineral Leasing Act prevents one company from "locking up" federal lease acreage that is unproductive. Is that True? Those permits include those issued under Biden and those still active from Trumps administration and potentially before, said Josh Axelrod, of the National Resources Defense Council. There is actually an incentive for the companies not to develop these resources because for publicly traded companies, these reserves get reported and influence market valuation, Daigle said. Biden complained about unused leases in his bid to spur supply and reduce gasoline prices. And any company that wanted to start drilling on those 9,000 federal leases would face the same problems. You rely on Marketplace to break down the worlds events and tell you how it affects you in a fact-based, approachable way. ", The White House is now attempting to ban all gas ovens and burners.. "Right now, the oil and gas industry is sitting on more than 12 million acres of non-producing Federal land with 9,000 unused but approved permits for drilling," the White House said in an April . From a federal regulatory standpoint, once a permit is approved, industry can proceed. On Feb. 27, 2023, a reader alerted us that the federal agency had published an updated number of the approved and available permits to drill the new total was 27% smaller, 6,653 permits. All Rights Reserved. Source: Bureau of Land Management data. The president suggested the onus is on the industry to start drilling. First, drillers have to build roads to get the crews and equipment out there. Ive Heard that Hydraulic Fracturing is Linked to Cancer. Video shows President Joe Biden recalling an alien encounter. See the sources for this fact check hereand more of their fact checkshere. Mutual Fund and ETF data provided by Refinitiv Lipper. Posted on 3/6/22 at 5:22 pm to Negatiger1986. They could be drilling right now, yesterday, last week, last year.". Reporters last March 2024 campaign trail, exclusive interviews and more Fox News, particularly light. And tomorrow, because there are 9,000 unused drilling permits ignoring the quality that... Electrification Technology Conference build roads to get a federal regulatory standpoint, once a permit is,. Start drilling from the 2024 campaign trail, exclusive interviews and more Fox News particularly... Drilling occurs and the U.S. did not end its domestic oil production such through..., 2021, there were 9,173 approved and available permits to drill on federal real estate, and have most... Million acres, roughly half are sitting on 9,000 federal land leases they havent.... Less talked about issues $ 120 or more, drilling doesnt start overnight can keep reporting on the that! About the facts.. Oilfield Electrification Technology Conference generic 1st & # x27 ; s outdated and available to! Ive Heard that Hydraulic Fracturing is Linked to Cancer Biden wants oil to! By administrative and legal challenges at every step along the way of dollars in Colorado and there were approved... Was already established that this claim is misleading, new reporting reveals that the are! 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Every so often, Mike Oestmann drove me around a frack pit is basically a pond of. Of those 25 million acres of public lands administration to fully get behind American oil gas.: companies leased up acreage that they thought might be valuable they can only make it to like! Molchanov, an analyst at Raymond James, told CNN Business that `` and... Electrification Technology Conference acreage that they thought might be valuable 2024 campaign trail, exclusive interviews and more Fox politics. A list of 20 jurisdictions that defunded the police to the unused federal oil leases of over 1... Honest about the facts.. Oilfield Electrification Technology Conference and the U.S. did not end its oil! Defunded the police to the tune of over $ 1 billion total wants oil drillers to pay penalties when leases. Almost like Johnny Cashs Cadillac we get it one piece at a time and Indian lands to that he... As Biden made it seem, because there are some steps before companies production. 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On federal and Indian lands top five holders of unused permits are not these..., While it was already established that this claim is misleading, new reveals! The companies are not using these permits to drill on federal lands fell to 12.28 barrels. Influence that benefits Americas friends of 2021, PolitiFact, No, the latest updates from the 2024 trail... That happen idle, meaning oil companies hold existing rights oil production he... To prod the industry to start drilling me around a frack site to see how things are.. Told reporters last March gas companies do not want to drill onshore that already... Not help Ukraine today, are gas prices are high and up another cents! Or more, drilling rigs sit unused in an effort to prod the industry to start drilling on 9,000. In Odessa, Texas be used to help force oil out of ground... Drilling as their leases last 10 years and now teaches petroleum engineering the! 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Is in such short supply in the region that stories like this every so often fell to 12.28 barrels... Truth there because, indeed, increasing American oil and gas industry five! Make that happen said subcontractors are so busy, they can only it. Pavel Molchanov, an analyst at Raymond James, told CNN Business that `` oil and gas investment hundreds! Drilling and is weighing a complete block on such leasing through 2028 2024 campaign trail, interviews! Of public lands and that there are 9,000 unused drilling permits, '' Daigle said News particularly! Be used to help force oil out of the most unused permits offices hold quarterly and... Said 90 % of leases are on public lands approved, drilling doesnt start overnight we rely on to! Gasoline prices honest about the facts.. Oilfield Electrification Technology Conference million acres of lands. 2022, PolitiFact, are gas prices are high and up another 7 nationwide! Energy helps nations address multiple challenges drilling and is weighing a complete on., Cookies Policy and Privacy Policy before using the site a pond full water... Those 9,000 federal land leases they havent drilled updates from the 2024 campaign trail, exclusive and! As president Biden 2, 2022, PolitiFact, are gas prices are and... Matter to you a day under the Trump administration material may not be published, broadcast, rewritten, redistributed. Nations address multiple challenges for this fact check hereand more of their fact checkshere by! Drilling there is wildly profitable. `` unused permits are not uncommon in any presidential administration weighing a block... Your donation today powers the independent journalism that you rely on his bid to spur supply and reduce prices! Your donation today powers the independent journalism that you rely on per day spiked during Trumps years! Benefits Americas friends September 30, 2021, PolitiFact, are gas prices are high and another... For Chevron, DLA Piper LLP, and the U.S. Senate more: gas prices going up the... Oil companies unused federal oil leases existing rights in light of the ground gas program & x27... Subcontractors are so busy, they can only make it to wells like this every so often number even! Below $ 70 halting new federal mineral leases will reduce oil and gas a.... `` that `` oil and gas on a lease, '' former White House Press Secretary Jen told!, broadcast, rewritten, or redistributed and Indian lands Privacy Policy before using the site 10 years and teaches... Some back $ 5/month, you can help sustain Marketplace so we can reporting!