Gasp!

[TexasTiger 15,449]

[SaltyTiger 8,888]

Dang oil companies. “They ain’t seen nothing yet”.

[I_M4_AU 9,583]

The rest of the story.

But why did they stockpile so many permits? Stacey Morris, who is Director of Research for midstream index and data provider Alerian elaborated on these issues when I reached out to her for comment:

“The President mentioned thousands of permits on federal lands. The permit number is inflated from stockpiling. Companies stockpiled permits on federal lands leading up to the President’s inauguration, because several Democratic candidates, including the president, supported banning new drilling permits on federal lands. Permits do not equate to production. There are a number of steps between securing a permit and actually bringing a well to production, and issues like labor constraints and fracking sand shortages are added obstacles.

https://www.forbes.com/sites/rrapier/2022/03/11/what-is-holding-back-us-oil-production/?sh=19496bc46b6f