Quote:
Originally Posted by Robbie
One of the biggest oil finds in history last year in the Gulf 1 BILLION barrels of recoverable oil:
http://online.wsj.com/article/SB1000...275032794.html
And that's just one of the massive oil finds that new technology is making happen...but the Obama administration blocked.
Oil creates jobs. High paying jobs. And jobs are what we need in the U.S.
Everybody keeps saying "oh, it won't work". Well, there is only one way to find out.
Common sense tells me that if you create high paying jobs and lower the cost of energy...the economy will roar.
Maybe I just have a different idea of how business works and how to be successful than some of you guys do. |
Well you certainly have a different idea of reading comprehension. The article says pretty much the exact opposite of what you think it does. All petroleum leases come with work requirements so that companies can't squat on them doing nothing. Exxon was so incompetent that when they asked to sit on the discovery for another half decade they didn't even submit a development plan for after they finished sitting on it. If I was a shareholder I would be incensed at their incompetence. The "Obama administration" was saying HURRY UP not blocking it. FFS.
Every lease has staged commitments, seismic in year 2, one exploration well in year 3, another in year 4 and so on. Companies lose leases all the time so they can be re-leased to a company able to actually fulfil the work commitment and get the oil out. In this case they just got lazy and used to "greasing" the rules.
At any rate, they've been given a boot up the ass and the Interior has re-approved the lease for them... Not that you'll see much oil produced this decade from it..
And lets not get too hyperbolic, I'm invested in two oil drills right now looking for over a billion barrels of oil, one off the west coast of Africa and one off the East.