Jrbarnes

Can Big Oil Balance Shareholder Interest Against National Interest?

"Oil companies get leases to Federal lands for the purpose of exploration and development of new fields at a minimal cost" All Federal leases are acquired in an open auction. Leases in proven areas go for a lot of money. Offshore leases sell for tens of millions. Only leases in unexplored areas go for modest sums, but even those prices are are at market prices, or someone else would bid higher.

Big oil has failed miserably when it has tried to work in areas outside of producing and refining oil and gas. They do not have the technical expertise or experience or mindset. Examples - Exxon in office automation, in which they invested over a billion dollars to diversify. Mobil in the packaging business. Both investments failures. The money invested in alternative energy needs to be made by folks with the expertise and orientation and passion for it. Use Big Oil for what it is good at - fiinding a producing large multibillion dollar oil projects, refineries and petrochemical plants.