RWB

Bush's New Drilling Proposal: Fixing a Hole

Mmarrkk: Contract renegotiation doesn't happen? Hell, if we were to open ANWR and the continental shelves to E&P (and I think we should) I, if I were negotiating the leases on behalf of the government, would make renegotiating old leases a pre-condition to bidding on new leases. I guess what I'm saying is that the government should be tough in lease negotiations--just like a private landowner should. Especially now.

I think I was clear that I understand (from direct personal experience) why and E&P company doesn't drill on a lease right away. In fact, there are more reasons than those you state, including inability to marshal enough resources right now (due to capital costs and labor availability) and desire to "tie up" a lease to prevent a competitor from getting it.