Too Little, Too Late, & Guaranteed Not to Please Anyone

Too little, too late, and guaranteed not to please anyone:

Short-Term Win as Biden Reinstates Largest Oil, Gas Lease Sale in American History – RedState

Great, now with a month until the end of his executive order to release the US SPR to prop up oil supply, the Biden Administration is allowing leases that should have been let 1 1/2 years ago.

The new law effective in January 2023 increases royalties on the leases and rents per acre guaranteeing higher prices to produce the oil. This all at the same time the administration has not done anything the oil companies requested back in June in this letter:

Letter-to-President-Biden-on-10-in-2022-Plan.pdf (api.org)

I'd do everything on the list except #6. Steel is an industry that is national security concern and must be protected. Do 9 of 10 requests on the list and that is good enough.

The oil companies aren't happy with the new law and getting only a small handout for what they view as a long-term need to invest and operate.

Biden isn't happy as he is going back on his word, at least partially, with ending fossil fuels.

Left wing climate wackos aren't happy as they want fossil fuel corporations out of business now. 90% of posters here falling in this category can't be happy.

Republicans aren't happy as this comes as a too little and too late development to truly get the US back to energy independence and then energy dominance.

 

This could get interesting. Yesterday, the judge in Louisiana was overruled:

Ruling clears Biden’s 2021 pause on new oil, gas leases | The Hill

Ole Joe signed the new tax and spend law on Tuesday. Without the fossil fuel compromise, the law doesn't get passed by the dems. Will the Biden Administration be feverishly looking for ways to obstruct the new law? Time will tell. The leases don't have to be let until sometime in late 2023 so we aren't going to know for a while.