I just read a Bloomberg article on Rigzone reporting that 70 drilling permits were revoked because they lacked review by political appointees. Would those appointees happen to possess superior skills in engineering, geology or environmental impacts or are they simply denying science and performing political hatchet jobs? Recent discussions about future activity on federal lands and in very liberal producing states have relied on permits already banked by drillers. One wonders if they are invalid now as well or at least subject to review and potential revocation.
Additionally, they reported that penalties for work already underway would not be levied but work must stop pending authorization. How about no experience coupled with no science. Sure, just trip out, circulate or TA until the approval comes. One in authority over another should really have the requisite wisdom to regulate and that statement denies that wisdom.
Should the article be factual it is evidence that we really are not on firm footing here or any footing at all. How does the domestic industry in its entirety invest in the future with such insecurity? Is it possible that the bankers attempting to deny loans to the energy industry were not simply virtue signaling but doing so while protecting themselves from the effects of escalating clamp down on the industry?
And while I'm on a mission here, I must take exception to the inference in some articles that operators in NM that have federal leases under fire may just drag their rigs 3 miles over into TX and drill there. Oil is fungible, but seriously how do you drag that oil in the ground to TX? This is confiscation and compensation should accrue for all sunk costs. Such reporting lends to the arguments that they/we will not really be harmed but simply relocated; sort of like all of the displaced industry workers moving to green jobs. The ignorant public sees and believes that there are no costs, only compliance and inconvenience to the wealthy. News flash: the truly wealthy (not shareholders) are not drilling wells, they are drilling us, the middle class.