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PAW, Releases Statement on Biden’s Oil and Gas Moratorium
The Petroleum Association of Wyoming released a statement Wednesday in response to President Joe Biden’s issuance of a moratorium on new leases for natural gas and oil production on federal lands. The executive orders signed by President Biden place a moratorium on new oil and gas leasing and permitting on federal land for one year, and a moratorium on new coal leasing and permitting on federal land for a period of three years.
The statement from PAW says that the executive orders signed by President Biden is another step in the administration’s plan to eventually shut down all production of natural gas and oil in federal lands and the misguided policy does nothing to reduce the demand or to improve environmental outcomes, but rather increases reliance on foreign sources of energy not beholden to America’s environmental, labor or safety standards while increasing energy costs for consumers.
According to the release from PAW, in Wyoming, federal lands represent more than half of all oil production and more than 90 percent of the natural gas produced. Last year, oil and natural gas contributed $1.67 billion in revenues to the state including $740 million to public education, $28 million to higher education and $132 million to local governments. These payments average out to nearly $2,900 worth of government services for every person living in the state.
Ron Howard
January 28, 2021 at 7:41 am
Please keep in mind this association is only interested in preserving the status quo and is going to capitalize on the panic and drama that’s going around in its reports.
It is important to look at the larger energy industry before reaching any conclusions. Oil and gas executives repeatedly stated last year they weren’t concerned about this ban, and the current oil/gas futures market reflects their confidence. Companies have only exercised roughly 50% of the awarded leases in the last 5 years, meaning they can still exercise those previously awarded leases regardless of this ban. Additionally, there is no restriction on private land drilling, and we have a wealth of private land available in shale-rich areas. This is at minimum a 4 year ban and a max an 8 year ban, it isn’t a total shutdown through congressional legislation.
The executive order also allocates additional funds for investment into wind generation, which offers a significant opportunity for Wyoming. Wind creates more jobs per unit produced than oil or gas. While it initially seems like this order has destroyed Wyoming’s economy, when you consider the opportunity it presents and the nature of the oi/gas industry, it will have minimal affect over the next few years.
Please don’t give in to media propaganda, do your own research and arrive at your own conclusions.
Robert Hanagan
January 28, 2021 at 8:49 am
I have been doing “research” about the O&G industry for 40 years. My conclusion is complete opposite of your horseradish excuse for putting us out of work. I hope they put a 6 story tall windmill in your backyard.