.Oil companies holding you hostage.
Interesting debate going on right now on the floor of the House. According to what I am hearing, there are currently 68 million acres of land leased and open to oil exploration in the hands of the oil companies that are not being used. And estimated 4 million barrels of oil a day could be recovered from these areas that are open now to exploration and drilling. But no one is working on any of it. The republicans are demanding ANWAR, but for what? What about the other 68 million acres sitting on the shelf right now.
To me it looks as if the oil companies are deliberately not drilling on the existing land to push up prices and their profits. But that's just me.
Amendment:
House Energy Cmte. hearing on Oil Supply and Demand (June 11, 2008)
Guy Caruso, chief of the Energy Information Admin., offered a long-term prognosis of the oil supply and demand. The House Energy Cmte. considered whether or not Saudi Arabia can produce 12 million barrels a day as claimed, and if oil production has peaked.
Watch
Read
To me it looks as if the oil companies are deliberately not drilling on the existing land to push up prices and their profits. But that's just me.
Amendment:
House Energy Cmte. hearing on Oil Supply and Demand (June 11, 2008)
Guy Caruso, chief of the Energy Information Admin., offered a long-term prognosis of the oil supply and demand. The House Energy Cmte. considered whether or not Saudi Arabia can produce 12 million barrels a day as claimed, and if oil production has peaked.
Watch
Read
posted by madtom at 2:24 PM
3 Comments:
OR, the oil on the land you speak of is low grade, expensive to recover and the likely Presidential candidate is declaring he will reinstate the windfall profits tax on oil recovered inside the US. Meanwhile, OPEC could drive the price of oil down to levels that would put the US oil companies near bankruptcy--AGAIN--- just by deciding they want to. REGULATION and a criminal international cartel are the reasons why oil is spiking. Why would the oil companies want to stick their necks out when others (Congress, OPEC) with no interests beyond their own could chop them off? Much easier, and profitable, to play along.
I'M about to put up the video from last night hearing that goes to you points.
There I posed the video. They mention the 68 million acres, and there is some discussion about how convenient that oil might be, but nothing so drastic as you want to paint the issue. Seemed to me.
There is also talk about how if we were to raise the CAFE standards to 50mpg we could save 6 million barrels a day of oil, more than what is available in ANWAR and the continental shelf.
I think there is also a mention about Toyota having a 500 mpg car in the works. Which of course will turn out to be nothing more than a downsized train engine which we have had for over 100 years. If only most if not all our politician were not on the take to the Saudis, we would have fleets of these things running around years ago. I would blame the republican, but I cant, those Saudi checks can be cashed by anyone.
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