This is politics. Also it is not “over”. It is not an either/or.
The number of leases being held is a red herring and you know it, Goofy.
The problem is the time and costs to bring the leases to production, said time and costs being made more onerous by the current administration.
There is a ton of info out there ( as you know) on this issue.
Please fetch your own rocks. 
Cheers!
Murph
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Of course producing electricity to reduce oil usage only works if vast numbers of the EV fence sitters and EV skeptics go out and buy an EV in the next year. I doubt that there is enough EV production capacity to matter in the next year.
(Could also be people replacing NG furnaces with heat pumps, etc.)
Mike
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What makes you think we are doing that? The US is a The US is a net oil exporter. We produce more than we consume. However, oil is a fungible commodity and the price is set on the world market. If Saudi Arabia and Putin decide to cut back on production, we feel it at the pump. Same thing in Canada, their gas prices move in lockstep with ours, and they’ve an oil independent for decades. See this interactive chart at Gas Buddy for details.
What you won’t hear on Foxnews is the real limitation on increasing US oil and gas production had 0.0 to do with leasing, although that’s the narrative they are selling. The true limitation is financing. Banks and private equity lost boatloads of money in fracking and they are not eager to repeat the experiment. Approximately 400 of the 500 private fracking companies are losing money and are unlikely ever to repay their debts.
Unless there is a sustained, long term increase in oil prices, the economics don’t support significant new oil and gas development in the United States. This was all playing out well before the last election, by the way.
Edit: Thank Odin for an edit button!
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I do not perceive that there is a macro economic model that would predict sustained long term increases in oil
prices. Prices above economically neutral (my estimate is about 60 dollars per barrel in today’s dollars) will slow the economy driving down demand, increase production marginally, and shift consumption to other forms of energy and increase energy efficiency across the economy.
These reactions will drive the price of oil down and so sustained high prices simply not posible.
Cheers
Qazulight
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We are all talking about oil at its highs. And past its previous highs in the $130s.
Next year wont be good for equities or commodities. It will be good for consumers.
I 
the edit button too!!
But, who’s Odin? Inquiring minds want to know!!!
'38Packard
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Who is Odin? WHO IS ODIN??!!!???
Blasphemy! Clearly you need to watch more Marvel movies. 
(Norse “King” of gods, father of Thor and Loki)
–Peter
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I clearly need to watch more movies. Period.
'38Packard
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I don’t pretend to know how it really works. But doesn’t the world market set the price (instantly) just for the oil sold on the margins? Many suppliers and consumers (refineries?) probably have contracted prices, at least in the short to medium term.
Mike
Besides having a day of the week named after him, he runs Valhalla, is the father of Thor, we have a major holiday celebrating him, and he’s the deity of frustrated message board users.
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@syke6 - Thanks for the info - never knew! That’s why I come here. To learn and be exposed to stuff I wouldn’t normally be exposed to. This place “broadens my horizons”.
I hope to broaden some folks horizons once in a while too
'38Packard
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Funny, I do not go to movies. I like to exclude popular culture. The lowest common denominator is good for most folks.
I do not read either. No TV.
I socialize a lot. Women over 50 are always around.
So, where do they usually hang out?
Some 50-odd years ago, a couple CIA ops were blown. The CIA became a joke overnight as a gang that can’t do anything right. One sage pointed out at that time, that we never hear about their really successful operations. How long did it take to declassify the CIA’s role in breaking the embassy employees out of Tehran? Thirty years? Back when it happened, all I heard was that it was a 100% Canadian op.
If Putin’s interests were soundly honked up by CIA hackers, would he admit it? Would the US admit it, as admitting it would disclose USian capabilities?
Steve
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They hang out in two places, our local club in the very large condo complex and downtown the local museum. They come in all flavors. 
Although companies do apparently choose Canadian production, and the government roadblocks the pipelines.
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You must be a blast at parties.
Might be the entertainment at parties…
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The US relies on “free enterprise”, so the lack of US production is due to the lack of profit at the current market rates for oil. Banks and other sources of money for investment agree with this position (no profit at this time in the drilling for oil sector).
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