A Major Blow to the Energy Sector

[JoMack + 549]

Dakota Access Pipeline loses Supreme Court appeal, leaving its future unclear

The environmentalists have been engaging the tribes in their battle against the oil and natural gas pipelines over the last decade.  Today, it looks like the Dakota Access Pipeline is on life support.  This is a huge blow to the Bakken field in ND and will be at the forefront to bring the fight over to the Enbridge Line 5 and Line 3.

How high will oil and natural gas prices go without pipeline access?  Supply is already suffering at Cushing and the BLM is halting any movement to grant permits on federal lands.  The DOJ advised the DOI that the pesky law out of the Federal Court in Louisiana didn't really carry any weight to open leasing and permitting, since it didn't allow the crushing EPA regulations, additional leasing and royalty fees and allow the tribes, state and local governments to have a say in the drilling of wells.  Therefore, BLM halted the permits currently in the works.

So, Russia aside, we're going to experience much higher crude oil and natural gas prices, but we'll probably watch Biden's handlers lift oil sanctions on Iran.  So, if you haven't got a bunker, get one soon.