Fracking, Reddit, "stonks," and other musings
"You have entered the Twilight Zone. Beyond this world strange things are known." - Rush
No, Biden didn’t ban fracking, but…
Today’s official announcement that President Joe Biden would put a halt to new leasing on federal lands for the purpose of drilling (fracking) has certainly brought out the spin from both sides of the aisle today.
“I am not banning fracking. Let me say that again. I am not banning fracking, no matter how many times Donald Trump lies about me.”
Joe Biden on August 31, 2020
Republicans claim it’s in direct contradiction to his campaign statements.
“No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period. Ends.”
– Joe Biden on March 15, 2020
Democrats say it isn’t a “fracking ban,” just that it’s a temporary halt for a review. Some are even willing to admit this was a campaign promise.
The fact is, both sides are obsessed with oversimplifying in an effort to feed the outrage machine – the perpetually engorged generator that powers American politics.
While it is true that this action is a temporary halt, President Biden already stated (quote above) that he would put an end to drilling on federal lands. That isn’t really unexpected. Any Democrat that is defending these actions because it’s “just a temporary review” are being a bit too clever. Governor Jared Polis hinted at that a bit in his statement on the decision.
“And as long as the review is completed expeditiously we don’t expect an economic impact in the short-term with current market factors and the many existing unused leases and permits.”
Governor Jared Polis, January 27, 2021
As for Republicans, there is no need to oversimplify the issue. While it isn’t an all-out ban on fracking in the United States, it is part of a larger effort to make it extremely difficult to engage in these endeavors, and as such, not worth the investment or effort. I suspect that’s the logic behind a “temporary” halt on federal leases – the hope that regulatory strangulation will suffocate the industry, rendering the question moot, or at least deflect blame from Democrats for the time being.
In Colorado, we’ve seen this firsthand.
When Coloradans shot down Proposition 112 – an effective ban on fracking by placing 2,500 foot setbacks on drilling – Democrats responded by passing Senate Bill 19-112 the next year.
The industry - and elected Republicans - pushed back.
At the time, House Speaker K.C. Becker (D-Boulder) responded to the accusations that this was curtailing the will of the voters by affirming that, “there’s nothing in [SB181] about setbacks.” Senate Majority Leader Steve Fenberg (D-Boulder) said the bill, “doesn’t amount to a de-facto ban on operations, as industry defenders allege.”
They didn’t lie.
So how did the reformed Colorado Oil and Gas Conservation Commission (COGCC) implement 2,000 foot setbacks (that amounted to approximately 2,400 foot setbacks when taking into account how they changed measurements)?
Simple. Instead of writing a bill that put setbacks in place, Democrats gave that responsibility to a commission of unelected officials. Convenient.
Now, with setbacks that will prohibit drilling on approximately 80-85% of all private land, and a halt to permits on federal land, fracking doesn’t seem to have much of a future in Colorado. “Mission accomplished.”
The abbreviated summary is this: Democrats want to ban oil and gas, but they’re aware that the political climate isn’t ripe for that. They also probably have some disagreement about how to get to that point or how quickly. Republicans, on the other hand, are masters at making nothing out of something, and by oversimplifying every action on energy, they’re not being taken seriously.
We're talking tens of thousands of jobs being put at risk, alongside millions in taxes that go to funding essential government services (especially education). It’ll tee up the perfect debate over why government needs more funding and your taxes need to go up. That’s a discussion for another day.
Reddit is Hell
Last night, I rejoined Reddit (meaning I spent half an hour trying to reset my password), where I really haven’t done much except lurk for years. Perhaps it was a desire for some more substantive political debate, or perhaps it’s because I’m a masochist. Maybe both?
Regardless, in the r/politics subreddit, I had an “enjoyable” debate regarding the expulsion resolution introduced against Representative Marjorie Taylor Greene (R-GA), and specifically the silliness regarding that idea (just as silly as her idea to impeach Biden).
For a brief preview, consider this exchange:
Me: I'm quite interested in what you expect 74 million people - or perhaps even 1/3 of those people - to do after you've shut down every avenue of communication, dialogue, etc, for them. Do you expect them to moderate?
Them: I expect them to stop growing and go underground where most people will never encounter them. You know, like it was before social media gave them a voice and an audience.
Ah, that will probably end really well.
I really hate to do anything that could be perceived as defending Representative Greene, but alas, I had to make this case. If upvotes and downvotes mean anything, I lost this debate. It’s a debate I’m proud to lose.
Reddit is Heaven?
In other Reddit-related news that you’ve totally already heard about, a rag-tag team of online investors pooled their resources to defeat a hedge fund (and make themselves some “chicken tendies” (a.k.a. money) in the process. It’s a fascinating story. So much so, that I decided to open up an account with Robinhood and purchased a singular share of GameStop.
As they say on the r/wallstreetbets subreddit, I’m heading to the moon!
If you want to open a free Robinhood account - use my link. We each get a free stock when you link your bank account. You don’t even have to pull money into it or make a trade.
*Note: Robinhood stopped purchases on $GME. You’re still welcome to open an account if you’d like that free stock, though. Supposedly some people have gotten Apple, etc. I got a $5 therapeutics stock.
Irony Always Wins
If you’re not sure why the tweet above is funny - it’s because Arizona GOP Chair Kelli Ward has been one of the loudest regarding the asinine idea that the 2020 election was stolen. Get it now?
For what it’s worth, I haven’t vetted any of it, but the juxtaposition gave me a chuckle.
Trump Voters Need Not Give Baby Advice?
Here’s another tweet that caught my eye:
No, I’m not linking the article.
“Where does that leave new parents?” - seriously?
Sleepy the next morning?
The next catchy Vox tweet will un-ironically say something like, “Why are we so divided in America today?”
I guess I’ll have to think ‘bout that one, Vox.