Big Oil: Use it or Lose it.

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Cypress

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The mofos are sitting on 68 million acres of public land that they leased at pennies on the dollar, and they aren't drilling it. .

STFU and quit whining about ANWR, until these mofos drill the lands we already gave them.


The Responsible Federal Oil and Gas Lease Act of 2008 (H.R. 6251) is a direct response to the facts outlined in the recent House Natural Resources Committee Majority Staff report, "The Truth About America's Energy: Big Oil Stockpiles Supplies and Pockets Profits", that illustrate how energy companies are not using the federal lands and waters that are already open to drilling. The legislation is co-sponsored by Reps. Rahm Emanuel (D-IL), Maurice Hinchey (D-NY), Ed Markey (D-MA), and John Yarmuth (D-KY).

The 68 million acres of leased but inactive federal land have the potential to produce an additional 4.8 million barrels of oil and 44.7 billion cubic feet of natural gas each day. This would nearly double total U.S. oil production, and increase natural gas production by 75 percent. It would also cut U.S. oil imports by more than one-third, reducing America's dependency on foreign oil.

The Rahall bill would force oil and gas companies to either produce or give up federal onshore and offshore leases they are stockpiling by barring the companies from obtaining any more leases unless they can demonstrate that they are producing oil and gas, or are diligently developing the leases they already hold, during the initial term of the leases.

http://resourcescommittee.house.gov/index.php?option=com_content&task=view&id=389&Itemid=1
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Good. They don't really want to take more oil out of the ground. Why would they? They make more if they sell less. They just want to stockpile more lease rights.
 
Dungheap said:
Good. They don't really want to take more oil out of the ground. Why would they? They make more if they sell less. They just want to stockpile more lease rights.
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Yeah.

The modern multinational oil company model in one more of asset management. More like an investment bank. It's not like the mom and pop wildcatters of yesteryear.

Stockpiling leases, acquiring and sitting on reserves, and boosting their stock price is all a part of the business climate.
 
Cypress said:
Yeah.

The modern multinational oil company model in one more of asset management. More like an investment bank. It's not like the mom and pop wildcatters of yesteryear.

Stockpiling leases, acquiring and sitting on reserves, and boosting their stock price is all a part of the business climate.
Click to expand...


The reality is that they are doing what they should be doing. The problem is that their loyalty is to the shareholders and the bottom line, not to the general well-being of the country.

That's why they need to be regulated.
 
so what do you do about it ? more laws and reg's, or nationalize oil, or what ?
 
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