Former President Donald Trump had bragged about his success in opening the region to oil production after decades of political fighting over the resources locked under the tundra there.
Former President Donald Trump had bragged about his success in opening the region to oil production after decades of political fighting over the resources locked under the tundra there.
Nothing was going to come of this, anyway.
Oil companies themselves are not building wells anymore, or exploring for new ones. Lease auctions are just sitting there with no bids. Very little of it has to do with politics; it’s all about the payback not being there in the long run combined with the risk of another bust in the short run. Only the wells with a high chance of generating profit are getting the green light.
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Policies aren’t causing high gas prices. That’s the whole point, here. The industry isn’t interested in developing new wells for reasons other than government policies.
The countries now buying Russian oil are the likes of China and India. US production isn’t going to be fueling either of them.
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