Biden to cancel Trump's oil drilling leases in Alaskan nature refuge
www.politico.com
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.

  • luckyhunter@lemmy.world
    167·
    10 months ago

    Heck yeah it is. I moved a bunch of money into oil when it bottomed out at the start of covid and its more than trippled. The only thing that would have been a better investment was big pharma. That being said, I’d rather that profit stay with US companies and investors than go to Russians, Iranians, and Saudis.

    • Saneless@sh.itjust.works
      18·
      10 months ago

      I’d rather the “profits” stay in the pockets of every American citizen

      See, that’s where we’re different. You pretend to be upset about Americans paying more at the pump, but are actually selfish and only care about a handful of Americans getting richer

    • ReluctantMuskrat@lemmy.world
      4·
      10 months ago

      If you’re trying to make money invested in US oil and hoping to keep money in the US, you need the price to be > $3/gal. During the pandemic Russia killed us and our fracking oil fields with the cheap gas. Many US fields had to close, many permanently because damage is done to the fracked wells when operations stop. Below $3/gal it’s cheaper to import and we’re sending our money to the Saudis and elsewhere.

      High gas prices makes the US oil fields competitive. Low prices sends US money over seas.

      • luckyhunter@lemmy.world
        18·
        10 months ago

        Right, and gas prices are high now, so we should be expanding domestic production right now. I don’t mind $1 gas from importer oil either, but when in rome…