Biden suspends oil and gas drilling on Federal Lands for 60 days for review.

[Eyes Wide Open + 3,555]

The Great Reset code for Obama 3.0

https://www.nbcnews.com/news/world/biden-picks-nuclear-deal-architect-be-iran-envoy-tehran-exceeds-n1256128

Biden picks nuclear deal architect to be Iran envoy as Tehran exceeds uranium enrichment goals

Biden picks nuclear deal architect to be Iran envoy as Tehran exceeds uranium enrichment goals

Robrings to the position a track record of success negotiating constrain

Edited January 29, 2021 by Eyes Wide Open

[LANDMAN X + 181]

10 hours ago, Gerry Maddoux said:

At first, I attributed it to the oil glut, the lower price for (better) oil from the Bakken, the problems with pipeline shipping, a high bankruptcy level in companies working there, and a diminishing work force. But then I investigated a bit and found that most all drilling had been shifted to federal lands . . . just in case those polls were right and the country was falling for the Democrat's ploy. 

The existing production in ND is almost 30% from federal lands, which up there are interlaced with private lands, making some of the long laterals impossible under the new Biden threat. The preponderance of drilling--about 60%--has been on federal lands during the pandemic. They will (thank God) finish drilling that out in the next two years. Then (maybe), they can get back to work on private lands.

Where did you get the info on 30% from federal lands?  Does your map of properties show Federal Land Bank (private company)? or BLM?  NW ND has very small amounts of BLM (USA), especially the lands east and north of the mighty river Lewis and Clark traveled in 1803.  They documented the Nesson Anticline in their exposition up and down the river.  One area I missed on your conversation... the Missouri River.  All minerals are owned by USA on all water ways that are navigational throughout USA...When the USA started condemning the rich soil along the river in early 50's, for the huge reservoir, they allowed the farmers to keep 50% of their oil and gas and other minerals...so all those wells drilled now or future are being shared by fee owners and USA... All the lands in sweet spots are now Held by Production so no idea how they can shut down new drilling?  Permits are 98% surface fee so not worried about any FED blocking fracking in ND.  Remember, ND loves fracking!!  Maybe western WY, UT, and parts of the Permian in SE NM will get the short term ax but don't mess with Texas or North Dakota.       T  

Edited January 30, 2021 by LANDMAN X

[LANDMAN X + 181]

One more tibet.  The little Missouri going thru Medora was a navigable water way in early 1900's.  Ice was produced on it for shipping to Seattle on Northern RR.  Now days, barely get a small boat to navigate it.   Anyone know what  happened to the case "who own's the minerals under the Little Missouri?   Goes thru lots of oil lands.  Small narrow amount of acres but like Gerry has said..could effect drilling?   If pad on FED lands IMHO.

[Gerry Maddoux + 3,627]

The Berthold Reservation is almost a million acres, along with the McClean Nat'l Refuge. And it spans some very good production in Mountrail, Dunn, Mackenzie Counties. Parshall and Sanish are in that area.

The production from federal lands in ND has been about the same percentage as that in New Mexico: 25-30%. 

Right now, 10 or 11 rigs are working in the entire Bakken Basin. Six are on federal lands or Berthold. That has been true all of 2020.

As you know, however, the big damage to the Bakken is not banning fracking on federal lands but wiping out the Keystone XL. This killed Alberta production as well. Right now they have to add diluent to the bitumen to move it in a pipeline and that's an expensive process. The pipeline would kill two birds with one stone: bring heavy, high sulfur content bitumen to the Gulf refineries and serve as takeaway for Bakken oil. Under ideal circumstances, most of the diluent for the bitumen would be light sweet Bakken oil. 

I think the Bakken is still an important basin in overall American energy production--some money is shifting that way too (finally). The wells are getting better and better and the cost of drilling/fracking/gas-lifting is going down. The natural gas up there is 20% ethane and it is the superior lifting gas (though a worse greenhouse gas). There is very little cross talk between closely infilled wells in most of the Bakken, even better than the Niobrara in that regard. The strata haven't all been exploited, by any stretch of the imagination. Best of all, condemned acreage (Tier 3) has had some of the most magnificent wells of all--better than Tier 1 in some instances. 

The stoppage of the XL and the finger in the eye of Canadian oil production is very short-sighted by Mr. Biden, who like JoMack said is on a bullet-train collision course with energy disaster. The Keystone Pipeline would cement energy-independence for the United States and Canada for a very long time . . . against an ever-increasingly vulnerable Saudi Arabia. All we need Saudi oil for is to mix with the light sweet feedstock off the shale basins. We can replace that with land-based oil from our good neighbor, Canada. Stopping the Keystone is madness! 

[LANDMAN X + 181]

Gerry, not to worry about the Bakken in ND.  Parshall lands are off limits to what Biden is pushing.  The Indian tribes were furious.  Biden retracted within days saying Indian lands are not to be effected.  When you said 30% Federal (BLM) producing the Bakken, couldn't understand where your figure was coming from?  Exclude Parshall Indian lands from any of the rhetoric going on.  The Tribe even signed it's own leases in mid 2005's...  My concern is the Missouri River-- where the BLM owns 100% of original river channel.  The outer areas flooded I'm pretty sure is evenly 50% fee and 50% USA.  I remember running title in McKenzie county during booming 80's days seeing USA buying lands from all those farmers losing their lands early 50's but were allowed to keep 50% of their oil, gas and other mineral rights.  Seeing a 50% reservation from a current land owner, in a warranty deed, to USA reserving any minerals was rare wherever I ran title.

Here's a recently released letter from the President of AAPL on the suspending of oil and gas drilling on federal lands for 60 days.

AAPL President, Lester A. Zitkus, CPL, delivers letter to the U.S. Department of the Interior in response to the administration’s oil and gas leasing pause

January 28, 2021                                                                                                                                                                         

Hon. Scott de la Vega
Acting Secretary of the Interior
U.S. Department of the Interior 1849 C Street, NW
Washington, DC 20240

Dear Acting Secretary de la Vega:

On behalf of the nearly 13,000-member American Association of Professional Landmen (AAPL) and our 43 affiliated local associations across North America, we respectfully request that you immediately suspend or rescind Order No. 3395 to allow for energy permits and approvals on federal land – and to protect the American jobs and significant sums of revenues provided to states through this production. While our membership works in all mineral and energy related industries, including renewable energy industries, we find the actions taken by the administration in issuing Order No. 3395 and other recent related actions as a direct affront to our member’s ability to practice their profession.

President Biden’s Executive Order on Tackling the Climate Crisis at Home and Abroad, signed on January 27, 2021, prescribes that “[t]o the extent consistent with applicable law, the Secretary of the Interior shall pause new oil and natural gas leases on public lands or in offshore waters pending completion of a comprehensive review and reconsideration of Federal oil and gas permitting and leasing practices in light of the Secretary of the Interior’s broad stewardship responsibilities over the public lands and in offshore waters, including potential climate and other impacts associated with oil and gas activities on public lands or in offshore waters.”

 https://www.landman.org/news-and-blog/aapl-president-lester-a-zitkus-cpl-delivers-letter-to-the-u.s-department-of-the-interior-in-response-to-the-administrations-oil-and-gas-leasing-pause

 

 

     

[surrept33 + 609]

On 1/28/2021 at 10:27 PM, ronwagn said:

Beto should have taught us that even Texas is in danger of going Purple, especially with uncontrolled immigration. 

 

Texas will likely be like california, it's just a matter of when (much of the latino population in Texas is relatively young compared to California). The state of Nixon and Reagan flipped after Proposition 187: https://www.history.com/this-day-in-history/anti-immigrant-prop-187-approved-in-california

Keep in mind that a lot of immigrants, legal or not, have family members that are citizens. This is why from a political science point of view, while in the short term being nativist might be have been a temporary win, being against legislation like DACA or other citizenship expansion legislation seems like a bad idea. I think the Republicans will necessarily need to switch strategies in the future. 

Based on demographics alone, the Republicans need to go back to something like the 2012 autopsy:

https://www.documentcloud.org/documents/624581-rnc-autopsy.html

Don't forget millennials will be the largest voting block soon, and gen Z and digital natives after them seem even more conducive to a big tent party. 

[surrept33 + 609]

On 1/29/2021 at 9:55 AM, Jan van Eck said:

When you go to that link and read the case Decision, one thing did leap out to me:

The rebel forces being disbanded on the 25th May, 1865, and the civil officers of the usurping government of Texas having fled from the country, the President, on the 17th June, 1865, issued his proclamation appointing Mr. A. J. Hamilton, provisional governor of the State; and directing the formation by the people of a State government in Texas.

In other words: if you stage a rebellion and do secede from the Union, you better make sure it will stick, because if your guys lose, it would be prudent to flee to some place where there is no extradition treaty!   [You already know that they are coming after you with a vengeance.]  Life is short, and your neck is weak.  Try to keep the rope from it. 

Or stage a rebellion with non-violence like Gandhi or MLK

https://www.history.com/news/gandhi-salt-march-india-british-colonial-rule

You might still be thrown in jail or killed, but if you really believe in your "revolution", you just might win over the public.

Of course, the British just a few years after the loss of the American colonies, just started exploiting other areas of the world (and in practice, the cash crop being sold was things like opium poppy to places like China, not stuff that could actually feed people):

https://en.wikipedia.org/wiki/Permanent_Settlement

Keep in mind that area of the world is one of the least resilient to climate change as well. 

[surrept33 + 609]

On 1/29/2021 at 10:16 AM, JoMack said:

When this goofball was running, friends asked if I liked him.  They went on to say they planned to vote for him against Ted Cruz.  I was stunned to say the least since they're in the oil and gas industry.  Most of us in the business really don't think a guy in Texas riding a skateboard, on the front of Vanity Fair magazine is our kind of guy.  Okay, so this was coming from a woman (no offense to women) but she went on to say she thought he was "cute".  OMG, so now I think we can understand why an old man, losing his mind, can win the Presidency.  Not that he's cute, but apparently they believe anything!  Phew.  

Texas is definitely heading the wrong direction especially if you're in the oil and gas industry.  The major cities are now left wing.  UT  Austin used to be the think tank for major advancements in the energy industry. I was in a meeting with engineers from other parts of the world on  facing the challenges and major hurdles in completing a 2 mile lateral horizontal well.  Now UT of Austin is a breeding ground for climate change warriors.  After years of indoctrination they are now part of either Apple or the government.  Houston was the home the the Majors and through activism in their Boards, they've moved out of drilling into investing in renewables and with that they move to the left and we witness the likes of Exxon/Mobil, a Major oil company slinking into a ghost of its former self as it tries to be a "Good Samaritan of climate change". 

Being somewhat conservative, I always think, wrongly I might add, that people will finally get common sense and get out of the dark side and move more into more right sided thinking.  But, it never happens.  Now that we're on the bullet train heading for an energy meltdown, I say to myself, well, how will they feel when gas lines begin, electricity is unreliable and the computer doesn't fire up, and millions of jobs are gone.  I that what it's going to take?  I doubt it.  It is the exact same thing about Texas turning purple.  Is it the population that is moving more into the left flank or is it the massive moves of Californians that destroyed their own state and decide to move east and land in Texas.  I find the latter to be more likely since my friends I talked about here have new neighbors.  They proudly announced they moved from San Francisco.

I've lived in Austin, actually blocks from UT. Why is your identity so attached to "oil and gas"?  It's just a industry (where I once worked too). I'd say I'm fairly libertarian (socially "liberal", economically "liberal" in the classical sense. I believe in the power of markets as a means of experimentation. I believe in the power of good governance and empowered citizens). So were most people I met. Most austinites seemed to hate the state government because they kept on interfering with city and local laws (and hell, the city of Austin got gerrymandered to hell).

The founder of EOG just pumped a lot of $ to the new UT Energy Institute: https://energy.utexas.edu/

BTW, the area around UT Austin has been piloting IEEE 1547-2018 (see https://www.nrel.gov/grid/ieee-standard-1547/educational-materials.html). The grid unification in the US is likely, I think, though it will take more transmission lines. Keep an eye out for all the *advanced* energy innovation in place like ARPA-E: https://arpa-e.energy.gov/news-and-media/blog-posts

Energy is fundamentally interdisciplinary. If you had a 18 year old kid, would you let them go into petroleum engineering? it's probably too specialized from what I've seen. There is a lot of interesting work related to energy sustainability now. I would diversify if I was attached to oil and gas. Luckily, our brains are much more plastic than you think (humans have been clever enough to invent computer tomography to even "see" that).

Edited January 31, 2021 by surrept33

[JoMack + 549]

12 hours ago, LANDMAN X said:

Gerry, not to worry about the Bakken in ND.  Parshall lands are off limits to what Biden is pushing.  The Indian tribes were furious.  Biden retracted within days saying Indian lands are not to be effected.  When you said 30% Federal (BLM) producing the Bakken, couldn't understand where your figure was coming from?  Exclude Parshall Indian lands from any of the rhetoric going on.  The Tribe even signed it's own leases in mid 2005's...  My concern is the Missouri River-- where the BLM owns 100% of original river channel.  The outer areas flooded I'm pretty sure is evenly 50% fee and 50% USA.  I remember running title in McKenzie county during booming 80's days seeing USA buying lands from all those farmers losing their lands early 50's but were allowed to keep 50% of their oil, gas and other mineral rights.  Seeing a 50% reservation from a current land owner, in a warranty deed, to USA reserving any minerals was rare wherever I ran title.

Here's a recently released letter from the President of AAPL on the suspending of oil and gas drilling on federal lands for 60 days.

AAPL President, Lester A. Zitkus, CPL, delivers letter to the U.S. Department of the Interior in response to the administration’s oil and gas leasing pause

January 28, 2021                                                                                                                                                                         

Hon. Scott de la Vega
Acting Secretary of the Interior
U.S. Department of the Interior 1849 C Street, NW
Washington, DC 20240

Dear Acting Secretary de la Vega:

On behalf of the nearly 13,000-member American Association of Professional Landmen (AAPL) and our 43 affiliated local associations across North America, we respectfully request that you immediately suspend or rescind Order No. 3395 to allow for energy permits and approvals on federal land – and to protect the American jobs and significant sums of revenues provided to states through this production. While our membership works in all mineral and energy related industries, including renewable energy industries, we find the actions taken by the administration in issuing Order No. 3395 and other recent related actions as a direct affront to our member’s ability to practice their profession.

President Biden’s Executive Order on Tackling the Climate Crisis at Home and Abroad, signed on January 27, 2021, prescribes that “[t]o the extent consistent with applicable law, the Secretary of the Interior shall pause new oil and natural gas leases on public lands or in offshore waters pending completion of a comprehensive review and reconsideration of Federal oil and gas permitting and leasing practices in light of the Secretary of the Interior’s broad stewardship responsibilities over the public lands and in offshore waters, including potential climate and other impacts associated with oil and gas activities on public lands or in offshore waters.”

 https://www.landman.org/news-and-blog/aapl-president-lester-a-zitkus-cpl-delivers-letter-to-the-u.s-department-of-the-interior-in-response-to-the-administrations-oil-and-gas-leasing-pause

 

 

     

The AAPL is useless.  Their biggest achievement was NAPE.  No political influence whatsoever.

[Gerry Maddoux + 3,627]

16 hours ago, LANDMAN X said:

Gerry, not to worry about the Bakken in ND.  Parshall lands are off limits to what Biden is pushing.  The Indian tribes were furious.  Biden retracted within days saying Indian lands are not to be effected.

Thanks for your explanation. To be clear, I'm concerned much more about the takeaway from the Bakken than a ban on federal lands. While producers have pretended that the "sweet spots" were mostly on federal lands or the reservation (and a lot of them are), the unusual revelation that condemned tier-3 land has produced some of the best wells underscores the likelihood that the Bakken has much more infill production to give. This will, of course, have to wait until there is a scarcity of oil . . . which translates into, whenever the Delaware Basin is either drilled out or fracking is banned, whichever comes first.

I actually love the Dakotas. I can't for the life of me figure out why they didn't build out pipelines when it would have been an easy endeavor. But I still think the sun will shine again on the Bakken. 

[Roch + 537]

1 hour ago, Gerry Maddoux said:

 

I actually love the Dakotas. I can't for the life of me figure out why they didn't build out pipelines when it would have been an easy endeavor. But I still think the sun will shine again on the Bakken. 

Many midstream companies like ONEOK offered to build pipelines from Bakken to Cushing. The producers wouldn't commit.  They had no interest in sending oil to Cushing or the Gulf.  (1) the Eagleford was also growing by this time and had an advantage over Bakken. Why compete ? (2) most of the oil was sold FOB at the wellhead to the traders.  Trading firms wanted the flexibility to ship to the East Coast, West Coast, Midwest or Gulf. The producers could care less about takeaway.  Not their problem (at the time). (3) the U.S. oil export business really didn't exist during this period.  (4) then the price per bbl of  oil dropped.  It changed the whole economics of building pipelines. (5) a few oil spills and the environmental organizations declared war on pipelines complicating matters. 

As a result of a few unit train derailments more restrictive rail transport regulations have actually increased the cost to transport by train. 

At least Bakken has the rail option, albeit more expensive. Oil sands now has no economical solution.  Only option they have is building pipelines to their west coast and build refineries to process that dilbit and export finished product.  Really, too late for even that.

 

Edited January 31, 2021 by Roch

[Ward Smith + 6,615]

3 hours ago, Roch said:

Many midstream companies like ONEOK offered to build pipelines from Bakken to Cushing. The producers wouldn't commit.  They had no interest in sending oil to Cushing or the Gulf.  (1) the Eagleford was also growing by this time and had an advantage over Bakken. Why compete ? (2) most of the oil was sold FOB at the wellhead to the traders.  Trading firms wanted the flexibility to ship to the East Coast, West Coast, Midwest or Gulf. The producers could care less about takeaway.  Not their problem (at the time). (3) the U.S. oil export business really didn't exist during this period.  (4) then the price per bbl of  oil dropped.  It changed the whole economics of building pipelines. (5) a few oil spills and the environmental organizations declared war on pipelines complicating matters. 

As a result of a few unit train derailments more restrictive rail transport regulations have actually increased the cost to transport by train. 

At least Bakken has the rail option, albeit more expensive. Oil sands now has no economical solution.  Only option they have is building pipelines to their west coast and build refineries to process that dilbit and export finished product.  Really, too late for even that.

 

 

[Gerry Maddoux + 3,627]

^

Well, I suppose the old bastard thinks he can take it with him. 

It must be a truly rewarding end to look back on a life papered with nothing but money. 

I truly believe this oil and gas debacle is going to come back to bite Mr. Biden on the ass. I certainly hope so!

[Roch + 537]

5 hours ago, Gerry Maddoux said:

^

Well, I suppose the old bastard thinks he can take it with him. 

It must be a truly rewarding end to look back on a life papered with nothing but money. 

I truly believe this oil and gas debacle is going to come back to bite Mr. Biden on the ass. I certainly hope so!

It's been reported that Biden has spoken to Trudeau since he dropped this bombshell.  I can't imagine Trudeau just taking this without a fight ? 

As for Buffet.  He is with over $90 Billion .  He has pledged most of that to the Gates Foundation.  His son is into farming.  He didn't want to spoil him with $90 Billion so he gave him  $1 billion and told him to go buy a farm. 

Edited February 1, 2021 by Roch

[surrept33 + 609]

51 minutes ago, Ward Smith said:

 

Wow, another (old) conspiracy:

buffet supports keystone xl: https://omaha.com/money/buffett/warren-watch-behind-buffett-s-support-of-keystone-xl-pipeline-project/article_87fa4cb9-88b2-5a4b-a45e-abe37a8ba020.html

 

look at the $ spent in this election cycle:

https://www.opensecrets.org/donor-lookup/results?name=warren+buffett

https://www.opensecrets.org/orgs/berkshire-hathaway/summary?id=D000021757

 

 

[surrept33 + 609]

5 minutes ago, Roch said:

It's been reported that Biden has spoken to Trudeau since he dropped this bombshell.  I can't imagine Trudeau just taking this without a fight ? 

I don't think Trudeau particularly cares: https://www.reuters.com/article/us-usa-biden-keystone-trudeau/silver-lining-bidens-scrapping-of-keystone-pipeline-allows-canadas-trudeau-to-move-on-idUSKBN29P2K4

Meanwhile, Kenney is probably toast:

https://thenarwhal.ca/opinion-jason-kenney-journalists-alberta-oil/

A friend of mine in Calgary always said that Alberta might actually be a fair attractive place to move climate migrants in the future. It would be a boon to the economy at least. https://phys.org/news/2020-08-climate-great-migration.html 

[Roch + 537]

4 hours ago, surrept33 said:

Wow, another (old) conspiracy:

buffet supports keystone xl: https://omaha.com/money/buffett/warren-watch-behind-buffett-s-support-of-keystone-xl-pipeline-project/article_87fa4cb9-88b2-5a4b-a45e-abe37a8ba020.html

 

look at the $ spent in this election cycle:

https://www.opensecrets.org/donor-lookup/results?name=warren+buffett

https://www.opensecrets.org/orgs/berkshire-hathaway/summary?id=D000021757

 

 

Buffet, like other HedgeFund and Wallstreet managers contributed over $100 million to the Biden campaign to protect the "Carried Interest" huge tax loophole.  

Wallstreet's  sacred cow is the Carried Interest tax loophole.  The MOTHER OF ALL TAX LOOPHOLES.  

Hedge Fund managers could care less about the Keystone XL.  The o ly Green they care about is the good 'ol U.S. dollar. 

Hedge Funds are lining up for Biden's FREE MONEY handout.  The party that starts when the Feds sell the $Trillions of Corporate Debt they bought this last year that they will sell back to Wallstreet at s very large discounts.  

Working Folks need not apply.  

Elites only.  (Plus Hunter Biden and Chris Heinz)

Edited February 1, 2021 by Roch

[Gerry Maddoux + 3,627]

58 minutes ago, Roch said:

As for Buffet.  He is with over $90 Billion .

I presume your "with" was actually meant to be "worth."

If that is the case, no, he has over $90 Billion. 

There is quite a big difference between the two.

I know a physician who is 92, perhaps the best heart surgeon in his day, who always just got along, because he took care of the indigent.

He's worth over $90 Billion. 

That's the problem today: money=worth. Which is pretty much bullshit.

What has Mr. Buffet actually done for mankind, except outwit everyone he possibly could?

Take you time answering that, Mr. Roch. 

[LANDMAN X + 181]

6 hours ago, Gerry Maddoux said:

To be clear, I'm concerned much more about the takeaway from the Bakken than a ban on federal lands. While producers have pretended that the "sweet spots" were mostly on federal lands or the reservation (and a lot of them are), the unusual revelation that condemned tier-3 land has produced some of the best wells underscores the likelihood that the Bakken has much more infill production to give. This will, of course, have to wait until there is a scarcity of oil . . . which translates into, whenever the Delaware Basin is either drilled out or fracking is banned, whichever comes first.

I actually love the Dakotas. I can't for the life of me figure out why they didn't build out pipelines when it would have been an easy endeavor. But I still think the sun will shine again on the Bakken.

Great insight!  I've been watching the tier-3 or 2...wells come in better than the wells in sweet spots 10 years ago.   The knowledge of fracking getting better up in Bakken is incredible!   Companies have discovered using huge boat loads of water gives wells the ability to pay off in two years at $55/barrel.  LOTS OF WATER AROUND LARGEST MAN MAKE LAKE in the nation.  The take away costs have always been high in Bakken starting in 2007.  RR''s kicked in transporting huge amounts (at high prices) when producers could cover costs no matter price...  I'm seeing huge potential in the Bakken?  Want to sell any of your properties on 3 or 2 tiers?  Biden Administration will be driving up oil & gas prices fast. IMHO?  

[LANDMAN X + 181]

Drilling live in the Williston basin.   One well drilling thru lake sakakawea now.  Close to center of the basin. Look at all the crazy horizontal wells drilled around 2010.  Wonder how many discoveries were made drilling down 10,000 feet to Bakken formations?      

[Ward Smith + 6,615]

3 hours ago, surrept33 said:

Wow, another (old) conspiracy:

buffet supports keystone xl: https://omaha.com/money/buffett/warren-watch-behind-buffett-s-support-of-keystone-xl-pipeline-project/article_87fa4cb9-88b2-5a4b-a45e-abe37a8ba020.html

 

look at the $ spent in this election cycle:

https://www.opensecrets.org/donor-lookup/results?name=warren+buffett

https://www.opensecrets.org/orgs/berkshire-hathaway/summary?id=D000021757

 

 

What, you actually expected him to confess? What are you, stupid? Wait, don't answer that

[Roch + 537]

3 hours ago, Gerry Maddoux said:

I presume your "with" was actually meant to be "worth."  

If that is the case, no, he has over $90 Billion. 

There is quite a big difference between the two.

I know a physician who is 92, perhaps the best heart surgeon in his day, who always just got along, because he took care of the indigent.

He's worth over $90 Billion. 

That's the problem today: money=worth. Which is pretty much bullshit.

What has Mr. Buffet actually done for mankind, except outwit everyone he possibly could?

Take you time answering that, Mr. Roch. 

Thank you for giving me some time to answer .   .  .  and yes I meant "worth".  I don't use worth in a sense of that person as a humanitarian or contributor to or helping others.  "Worth" is commonly used to describe someones accumulated wealth. That's all. He also bought a railroad in Australia. He likes trains. 

Gerry why the hostility.  I'm for the XL pipeline.  

Blame it on Biden. I just don't think Warren Buffet donated to Biden campaign to kill the XL Pipeline.  

I think Buffet contributed to Biden because he is a Democrat.

Buffet bought the railroad because he likes hard assets or major brand companies.

Don't shoot the messenger.  

If you think Buffet wanted to influence legislation or Executive Orders I would argue otherwise.  

1. In recent years Buffet took a major position in Suncor, one of the largest if not the largest Oil Sands operator.  He should want the XL.  

2. Canada's  problem has always been transporting diluted bitumen (aka dilbit) to the U.S.  For the last time . . . You can not transport dilbit on rail cars.  Canada has everything from light oil and natural gas in the Montney to  heavy oil to bitumen.  Bitumen dwarfs the others.  Remember . . . You can't transport dilbit by rail. Whatever, heavy oil Buffet transported to the U.S. it's minimal. Last month 176,000 bbls/day was transported by rail from Canada.  None was dilbit.  

3. When Buffet bought Burlington Northern Railroad the two largest cargos by far were coal and agriculture (corn, wheat, soybeans, etc).  Coal died. Then his railroad started to transport unit trains full of oil from a place called Bakken. You've heard of it ? His railroad also sent unit trains filled with U.S. condensate north to Alberta to dilute the bitumen.

The XL pipeline capacity would have been 830,000 bbl/day.  It would have been mostly dilbit with maybe some capacity for your Bakken oil.  I even doubt that Bakken would have been allocated pipeline capacity .  The midstream owner of the XL, TC Energy can make much more money shipping dilbit than it every could providing transport for your Bakken oil.  Even if you did get some allocation for your Bakken oil you'd have to pay up. Which would be more than you pay for rail now. 

Forget about oil.  Maybe there is another investment Buffet wants Biden for president.  Like maybe to protect his Chinese investments ?

Yea.

Buffet took a huge position (25%) in a Chinese company called BYD.  You thought Tesla was the largest EV mfg in the world ? Wrong.  This company BYD is the largest EV mfg by far.  Not just cars but buses, trucks, warehouse equipment, etc , etc.  In the city of Shenzhen all their 20,000 cabs are electric, mfg by BYD. The 500,000 electric buses rumbling around China, yup built by BYD. China mandated EV adoption. It's coming to a state or city near you and me.  Biden needs to let the U.S. mfg to catch up before the legislation is pushed through.  

At the end of the Obama administration BYD  was given clearance to export vehicles into the U.S.  It stalled out under Trump.  

BYD has a mini compact that sells for U.S. $9000.  They have a midrange SUV for U.S. $35,000.  Get used to this.  

Coming to the United States soon. (1) Low cost, medium cost EVs.  (2) Legislation/mandates will bring massive uptake of electric vehicles.  Much sooner than you think. 

The United Auto Workers overwhelmingly supported Biden.  

Biden should limit any tax law advantages or tax credits to EVs that are 100% built in the U.S.  including all parts.  But he won't. Probably only require Federal purchased EVs to be mfg in U.S. and screw the Unions on the rest. 

Anyway, as for Buffet he is the least of your worries. I don't hate on people for making money.   I do despise the 90% of Hedge Fund managers that are snakes, that don't pay any income taxes and payoff the politicians and their families that they have bought off (Bidens, Clintons, etc ). It's rigged. 

The only way you stop it is take away Wallstreet/Private Capital/HedgeFund's sacred cow . . . . the "Carried Interest" tax loophole.  The likelihood of that happening is about the same as the Keystone XL ever being built.

Hostilities are building amongst posters on this site.  People getting testy.  I guess it's time for me to leave.  Take care.  Good luck to all.  

Edited February 1, 2021 by Roch

[Gerry Maddoux + 3,627]

46 minutes ago, Roch said:

Gerry why the hostility.

I don't know, to be frank. I am so depressed by Mr. Biden and his flurry of executive orders that I mostly disagree with that it has made me a curmudgeon. I need to let nature take it course, read more and write less.

Plus, I'm not a fan of Mr. Buffet. There are two ways to make money: 1) hard work to provide goods or services, or, 2) outfox others. I have always been a worker bee, not much of a fox. I enjoy seeing people make money, but to accumulate over $90B, you have to make much of that at someone else's expense. I have lost several people close to me over the last year to the virus; most of them were hard-working doctors who contributed a million times more to humanity than Mr. Buffet and died with a tiny fraction of his "worth." It just stuck in my craw, that's all--this talk of a man's "worth," based on money. I should have let it slide by. 

Yes, I understand Canada's problem, which is mostly a self-inflicted wound. The whole matter--Canada's high-asphaltene oil and the Bakken dilemma--all because a mid-range IQ person in his dotage is paying homage to Mr. Obama--is just too depressing and angst-producing for words. 

 

 

[Roch + 537]

19 minutes ago, Gerry Maddoux said:

I don't know, to be frank. I am so depressed by Mr. Biden and his flurry of executive orders that I mostly disagree with that it has made me a curmudgeon. I need to let nature take it course, read more and write less.

Plus, I'm not a fan of Mr. Buffet. There are two ways to make money: 1) hard work to provide goods or services, or, 2) outfox others. I have always been a worker bee, not much of a fox. I enjoy seeing people make money, but to accumulate over $90B, you have to make much of that at someone else's expense. I have lost several people close to me over the last year to the virus; most of them were hard-working doctors who contributed a million times more to humanity than Mr. Buffet and died with a tiny fraction of his "worth." It just stuck in my craw, that's all--this talk of a man's "worth," based on money. I should have let it slide by. 

Yes, I understand Canada's problem, which is mostly a self-inflicted wound. The whole matter--Canada's high-asphaltene oil and the Bakken dilemma--all because a mid-range IQ person in his dotage is paying homage to Mr. Obama--is just too depressing and angst-producing for words. 

 

 

Gerry, the NUMBER ONE REASON Buffet and other Hedge Fund managers become Billionaires is the huge tax loophole called "Carried Interest" that allows them to pay no personal income tax.  

They have bought off any influential politician to assure the Carried Interest loophole does not go away.  

Just as Big Tech bought off pols to assure Reg 230 doesn't go away. 

If you want to read more, read about the Carried Interest loophole..  Read about Rep Levin bill that was quashed in 2009 when the Democrats had the Whitehouse, Senate and House of Representatives.  

It's not just Biden or Obama but most all the Democrats and Republicans of any seniority have sold their souls to Wallstreet.  Comply or they will destroy you. .  

The only President that was going to repeal the Carried Interest legislation or even mentioned it by name was President Donald Trump.  You can see where that got him.  

Anyway, I'm done here at OP Community.  Take care and best of luck.  

Edited February 1, 2021 by Roch

[Gerry Maddoux + 3,627]

4 hours ago, LANDMAN X said:

I'm seeing huge potential in the Bakken?  Want to sell any of your properties on 3 or 2 tiers?  Biden Administration will be driving up oil & gas prices fast. IMHO?  

I don't actually know the classification of my holdings. I have about 700 NMA's in a checkerboard pattern in Mountrail, Dunn, Williams, Mackenzie and Divide Counties. This is HBP in most cases by a single good well per 1280-A plat, drilled circa 2014. Then I have a nice collection of high-level ORRI's in Williams and Mackenzie Counties. There are about 300 wells on this, with room for about 500 more, according to a survey by a petroleum engineer a couple of years back. 

I imagine I would want more than anyone would be willing to pay me. I'm like you, in that I think the Bakken will shine again. In fact, if the Biden ban on federal lands comes to fruition (and I think it will in two years), then I believe my Bakken property will be the best of my portfolio.