As usual, it's bunkum.
A Barclays analysis of oil output on federal lands and waters finds that "regulatory changes to date are not slowing U.S. production growth."
Why it matters:
- These areas make up roughly a fourth of total U.S. output and are directly affected by federal permitting and leasing decisions.
- The analysis arrives amid questions about why domestic production growth isn't growing more quickly, given high prices and the potential loss of lots of Russian barrels.
- Reuters has more on the Barclays report.
- A Dallas Fed survey of producers in its region, where most wells are on private lands, found that investor pressure to maintain discipline was the biggest check on growth.
- Supply chain and labor constraints are a problem too.
- Industry officials say the Biden administration's leasing policies and overall posture about the sector's long-term domestic future also deter investment.
And that last bit - really Axios? "Industry officials" are complaining about "regulations"? Just toss that one in there to fill your Both Sides quota.
BTW:
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