Oil and gas companies are facing a potential bonanza from the Ukraine war.
By Mel Gurtov, LA Progressive
In case you haven’t noticed, a major consequence of the Ukraine war is the bonanza it has provided for the oil and gas industry. US sanctions on Russian oil and gas have given the industry yet another reason for more drilling and fiercer opposition to environment-friendly energy sources.
Yes, a tight oil market and inflationary prices are good for electric car production. But the oil and gas industry is doing even better, not just because of high gas prices, but also because they can demand more access to public lands for drilling—and blame the administration for the high gas prices if the companies don’t get to drill more. This is a false argument on five counts.

First, the Biden administration is granting oil and gas drilling permits at a higher rate than was true under Trump. “No more drilling on public lands,” Biden had said during his presidential campaign. Drilling leases are now being offered on 80 million acres in the Gulf of Mexico alone. And this allowance was two months before Russia’s invasion of Ukraine.
Second, we’ve all learned not to expect gas prices to go down even when more gas comes on the market. That supply-and-demand argument doesn’t fit with industry promises or practice.
Recent Posts
‘An Act Of Climate Denial’: Biden Faces Anti-Willow Protests After IPCC Report
March 21, 2023
Take Action Now “Biden will keep being haunted until he changes course,” said one climate campaigner. By Jake Johnson, Common Dreams…
Remember Iraq: People’s Movements March In DC To End The War Machine
March 21, 2023
Take Action Now Thousands of activists from nearly 200 organizations took to the streets of Washington DC on March 18 to mark 20 years of the brutal…
George W. Bush Is Still A War Criminal
March 21, 2023
Take Action Now Liberals today are trying to rehabilitate the image of George W. Bush. Don’t let them — his monstrous invasion of Iraq, based on…
Regulators Knew Silicon Valley Bank Was Mired In Risk
March 21, 2023
Take Action Now Bank overseers published a 2018 report with a major red flag about Silicon Valley Bank — and then they ignored it. by David…