Companies constantly need to lease land, leases expire, new land is needed.
That's like shutting down new user registrations and pausing all subscriptions and saying there will be no revenue impact because people have paid you in the past.
Those existing users can't resubscribe when their cycle runs out and new users can't enroll at all.
I suggest you research how leases work. They cover ranges, not a single well. There are tens of thousands of leases which have volume for additional wells. The industry is sitting on 9000 untapped leases.
Again, this has nothing to do with production today. It has nothing to do with prices today. I've provided links on Covid impacts and 141 oil executives dragging their feet. Am not going to make more effort.
And still do, today. None of those leases has been closed. If you're making some claim that Biden shut down existing leases in production, please provide a citation.
"Executives at 141 oil companies surveyed by the Federal Reserve Bank of Dallas in mid-March offered several reasons that they weren’t pumping more oil. They said they were short of workers and sand, which is used to fracture shale fields to coax oil out of rock. But the most salient reason — the one offered by 60 percent of respondents — was that investors don’t want companies to produce a lot more oil, fearing that it will hasten the end of high oil prices."
Refineries are active and will be active as you need them when importing crude oil from other countries.
The issue is the reliance and importing of crude oil in the first place.
API estimation of impact by federal ban: https://www.api.org/-/media/Files/Policy/Exploration/2020/fe...
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New leases have been banned for the past 2 years.
Companies constantly need to lease land, leases expire, new land is needed.
That's like shutting down new user registrations and pausing all subscriptions and saying there will be no revenue impact because people have paid you in the past.
Those existing users can't resubscribe when their cycle runs out and new users can't enroll at all.
How does that not impact production?