From my research, Utah is the only “new” Oil state that seems to be speaking out and starting up new production.
“As a Western public lands state, we certainly have an interest in seeing these resources developed, but this is about far more than benefiting Western communities. It is strikingly inconsistent for U.S. policy to discourage European reliance on Russian-produced energy while simultaneously refusing the leasing and permitting of Oil and Gas development on our own federal lands,” said Utah’s Gov. Spencer Cox in a 3 page letter to Biden arguing that his Interior Department’s “anti-energy” policies are not only economically destructive and environmentally wrongheaded, but clearly have serious geopolitical implications.
“U.S. shale producers can increase production twice as fast as Venezuelan Oil companies, and the profits would go to American workers rather than another dictatorship,” Cox continued.
“There is no reason to rely on an ounce of Russian Oil when we can process it, we can do it better here in America. We can do it with better environmental standards. I am hypersensitive to the need to reduce emissions. It doesn’t help us to rely on foreign, particularly bad actors, with respect to this,” said Rep. Blake Moore, R-Utah.
Sounds reasonable to me.
Maybe it’s Utah. Maybe the Mormons have some influence in Utah. Whatever it is, Utah is sounding and doing at least 1 thing a common sensical state would be doing right now, and that’s making a move to produce more Oil.
Utah has billions of barrels of Oil (plus Rare Earth metals) located in its Uinta basin.
As of December the state allocated $1.4 billion toward building a short rail line into the Uinta basin. There’s been some pushback from climate fanatics, of course, but that rail line is currently under construction.
Who’s going to benefit?
Besides every person in America who uses energy, Questerre (QEC, TSX) looks to be a big beneficiary of the new rail line via its 40% equity stake in Green Leaf Carbon Technologies.
Take a look at the size of those numbers.
So I’m suggesting while everyone or anyone who’s playing attention to Questerre is focused on its Utica asset (Quebec), 1 of the 10largest in North America, and worrying about the status of Utica, you ought to be thinking about what’s going in in Utah.
I like how things are shaping up for QEC.
More to come.