Oil exec believes oil extraction on federal lands is close

Oil Exec Believes Oil Extraction on Federal Lands is Close

John Yates Jr., president, and owner, Abo Empire oil and gas company, recently said in an interview with Jason Spiess that President Donald Trump is in the midst of trying to relax federal land laws in regards to oil and gas.

“One of the initiatives the Trump Administration is planning on implementing is trying to open up federal lands to development in a greater way,” Yates said.

He added the current laws are hindering development and industry progress.

“Basically over the past ten years the industry has been handcuffed from operating on federal lands for the most part,” Yates said. “Terrible restriction and terrible regulations.  Just a huge amount of paperwork just to even get a well drilled.”

According to Yates, most of the shale play production over the past decade has come outside of federal lands.

“Now hopefully there will be a new day and federal lands will be opened up so we can develop that federal resource,” Yates said.  “Most of this last ten years of the rapid increase in the amount of oil, natural gas that we’ve found freed up in the U.S. has been found on private minerals under the surface or state minerals.”

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