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Aggie77
1 Comment
Does Big Oil's Apathy Justify Proposals to Tax Windfall Profits? [view article]
A few random thoughts...thank goodness we have Big Oil- they are the only companies able to compete with state owned oil companies on a global scale where they are alloeed to compete. "Big Oil" is such an overused phrase- as if it were a bad thing. Bil Oil has the expertise and financial wherewithal to tackle the big projects in hostile environments.......Also thank goodness for Little Oil, the group of publically and privately held companites that find 90% of the new discoveries domestically.
As for the constant Demo whining about oil companies not exploring the leases they currently have, that is simply incorrect. The principal exploration tool is seismic and the industry shoots the heck out of it. Why the dems can't understand that it is all about geology and not just poking a hole in the ground anywhere is beyond me. You hear the same whine from Joe Biden to Nancy Pelosi to Rham Emmanual, all noted oil experts.
Some statistics- 7 of the top 20 oil fields in the US are located in the deepwater GOM. The GOM supplies 21% of domestic natural gas production and 30% of domestic oil production and that is from the central and western gulf, not including the over 11 MM acres offshore Florida that is off limits to Exploration. Not bad considering this production comes from the 15% of the OCS that is not off limits to industry. Imagine the potential of the remaining 85%.
Jul 04 07:16 PM