this post was submitted on 23 Nov 2023
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This means we can win this war. This doesn't mean get complacent. At minimum, keep pressure on the enemy so they don't have time to regroup, rebuild, and plan a counter attack.
We are making progress on the energy production line. Let's cut off the fossil fuel economic base. Let's go after car dependent design. Let's go on the attack at local elections and zoning and planning meetings. Gaining ground on the car dependency front cuts off vital resources the enemy needs to supply their troops.
It's a major election year in the US. If my fellow yanks blitzkrieg the polls, we can deal a crippling, maybe even fatal, blow. From our allies, keep active on the interwebs. Encourage yanks to get out to vote. Call out BS!
Overall, oil companies are withdrawing investment from exploration and new drilling. It seems oil companies are not drilling new but riding out on the investment they've already made plus utilizing market power to squeeze out profits. In terms of Biden's political calculus, it seems that they think new drilling leases don't involve much risk of increased oil coming onto the market, but it does improve his position among voters, especially in an era of inflation. Plus, this gave him political capital to pass the IRA, especially with Manchin.
This video goes more into detail of the economics behind this trend: https://www.youtube.com/watch?v=AQbmpecxS2w
No, but it does change the implication. If leasing doesn't lead to drilling, then it's a pretty negligible concern