Biden’s Policies Unlikely To Cause Crash In U.S. Oil Production

U.S. President Joe Biden has put the oil industry and oil-producing states on edge with his plans to reform oil and gas permitting and leasing practices on federal land and in federal waters. Currently, the Administration is pausing new oil and natural gas leases pending completion of a review for potential changes to the regulations. Although it is not clear yet how restrictive those changes would be, the industry and analysts are trying to quantify how much U.S. oil production would suffer in the medium and long term. Immediate impacts will likely…