January 2020: All leasing of Federal land for oil and gas exploration was stopped
June 2021: the courts intervened saying the Department of the Interior was breaking the law. The Department appealed but lost again
November 2021: Interior sold some offshore leases
February 2022: Court intervened again— no one considered the greenhouse gases for oil consumed outside the US. Stop exploring
March: Oil interests threaten more court action for getting onshore leases
April 2022: 144,000 on-shore acres offered for lease — which is the absolute minimum quantity set by the courts. Interior changed the royalty from 12.5% to 18.75%. And it takes ~6 months to get a permit to drill. Texas does it in a few days.
Future delivery prices are an indication of the direction the market may go. They specifically exclude all taxes.