Biden administration continues to cancel sales of oil and gas leases as prices skyrocket

On Wednesday it was announced that the Biden administration will cancel three critical oil and gas lease sales in the gulf of Mexico and Alaska.

According to the Department of Interior the department “will not move forward with the proposed Cook Inlet OCS oil and gas lease sale 258” citing “lack of industry interest in leasing in the area.” They also announced that “The Department also will not move forward with lease sales 259 and 261 in the Gulf of Mexico region, as a result of delays due to factors including conflicting court rulings that impacted work on these proposed lease sales.”

Why on earth would an administration cancel oil and gas leases while prices are already at record highs and Diesel supplies now at critical levels? It is so bad that FreightWaves, which tracks things like the supply chain issues and news that impacts truckers, announced that 3 major east coast trucking companies are now bracing for many stations to run extremely low and some completely out of diesel, because of reserves running at a 30 year low. That is something that could come as early as this week.

I know many like to call claims like this a “conspiracy theory” but what other explanation is there? We have an administration that is doing everything possible to shut down American production, like Joe Biden promised he would do during the debates in 2020. This administration then announces they are going to ban Russian oil, without any plan on replacing that oil, except to release oil from the strategic petroleum reserves to bring prices down. But then instead of the American people benefiting from that, he sends it over to Europe. Then on top of all of that we have the rapid move away from reliable fossil fuel energy, towards net zero carbon emissions by 2050, and towards “green” technology that isn’t ready yet to be able to handle everyone switching over.

Back in March I published an article describing really the only explanation for this and it’s called Demand Destruction. You make things so expensive that the average person can’t afford to travel or really do anything. If that is their goal, and it appears to be, things are going to get really bad, soon.

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Gasoline prices hit a new record high last week and it’s going to get much worse beginning this summer. Diesel supply is so low that oil producers are now going to have to cut back on producing regular gas so that they can produce more diesel. That means that the price of regular gas is going to skyrocket, and likely the cost of diesel as well because supply is so low. If the price of diesel rises, the cost of everything you buy is going to rise, and that rise is on top of the already skyrocketing prices due to inflation and the coming food crisis we are going to have with the fertilizer shortage due to the Russia/Ukraine conflict and fertilizer prices already being up over 300% in the last year.

We are in so bad shape now that it will takes years to recover. After a President who has spent 18 months doing everything possible to destroy the oil industry and drive up prices, there is no short term solution, other than not to make the problem worse. If they were really serious about solving this issue they would get out of the way and allow the oil companies to begin drilling again. It would still take a year between the worker shortage, the supply chain issue and the time that it takes to build these platforms, but at least we would begin to move in the right direction again. Instead the problem is just going to keep getting worse and worse.

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