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BIDEN DRILLING U-TURN: Preparing For More Drilling on Federal Lands

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President Joe Biden signs one of the 17 Executive Orders he signed on Inauguration Day Wednesday, Jan. 20, 2021, in the Oval Office of the White House. (Official White House Photo by Adam Schultz)

You know that one of Joe Biden’s first acts in the White House was to limit drilling for oil and gas on federal lands. And as recently as two weeks ago Biden’s press secretary Jen Psaki was insisting that oil and gas companies had plenty of permits.

She even mocked the idea that “red tape” was holding back drillers.

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Now, it has been reported by Bloomberg that the Biden administration will resume oil leasing on federal land. Ari Natter reports:

The Biden administration said Friday it would resume plans for oil and gas drilling on federal lands after a federal appeals court granted a White House request to allow the administration to use a revamped metric for calculating the potential cost to society of greenhouse gas emissions.

“With this ruling, the Department continues its planning for responsible oil and gas development on America’s public lands and waters,” Interior Department spokeswoman Melissa Schwartz said in an email. “Calculating the social cost of greenhouse gas emissions provides important information that has been part of the foundation of the work the Interior Department has undertaken over the past year.”

What changed? Apparently, the Biden administration changed its own rules on offering leases because of the “social cost of carbon.” In other words, people were getting so angry, Biden’s people found a way to get drilling for more oil. But don’t get too optimistic about oil prices coming down, the new set of rules Biden is using “aim to slow climate change by making activities that emit greenhouse gases sharply more expensive.”

Action Line: If you need help building a portfolio with misguided federal policies in mind, I would love to talk with you. If you would like to get to know me before we talk on the phone, there’s no better way than signing up for my free monthly Survive & Thrive letter. In the letter each month, I encourage and push you to achieve the personal and financial security goals you’ve set for your family. Click here to subscribe. We’ll get to know each other, and get serious about your future success.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.
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