Sunday, June 22, 2008

Big Oil does not need more places to drill according to the House Natural Resource Committee




"In the last four years, the Bureau of Land Management has issued 28,776 permits to drill on public land; yet, in that same time, 18,954 wells were actually drilled. That means that companies have stockpiled nearly 10,000 extra permits to drill that they are not using to increase domestic production. Further, despite the federal government's willingness to make public lands and waters available to energy developers, of the 47.5 million acres of on-shore federal lands that are currently being leased by oil and gas companies, only about 13 million acres are actually in production, or
producing oil and gas (Figure 2). Similar trends are evident offshore as well, where only 10.5 million of the 44 million leased acres are currently producing oil or gas. Combined, oil and gas companies hold leases to nearly 68 million acres of federal land and waters that they are not producing oil and gas. Oil and gas companies would not buy leases to this land without believing oil and gas can be produced there, yet these same companies are not producing oil or gas from these areas already under their control.”

1 comment:

Ben Weil said...
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