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Friday, June 20, 2008

There is No Oil Shortage

The story goes if that darned government would just let those sweet little oil companies drill we could get ourselves out of paying $4.00 a gallon for oil. The dirty little secret is that there are unused leases all over this country that the oil companies are just sitting on to keep the price of energy stocks rising.
Here is a map showing the active and inactive oil and natural gas wells along the gulf coast. http://www.gomr.mms.gov/homepg/lsesale/Visual1.pdf
These wells are already leased to the oil companies, they're just not drilling them. They are manipulating the price of oil (energy stocks) intentionally by not drilling them and saying they MUST drill in the Gulf of Mexico. Guess who stopped drilling off the coasts of Florida? Jeb and George.
Curiously, according to data from the "Energy Information Administration:U.S. Crude Oil Reserves New Field Discoveries" , total oil discoveries from 2002-2006 combined were less than the discoveries in 2001. So it would appear more leases do not mean more discoveries (or more drilling. shelley).
It seems Exxon, in partnership with other oil companies, had a lease at Point Thomson for 31 years and produced no gas or oil. Point Thomson, Alaska is believed to hold 25% of the known natural gas reserves in the state. When Alaska tried to reclaim the leases to try to get others to develop the area, Exxon sued.
In fact on May 29th oil supplies dipped a little, not due to lack of drilling, but because the tankers just didn't show up to be unloaded in LA. Someone canceled the deliveries. Nobody knows why, they can only speculate. Who canceled those orders? Who's messing with our energy supply?

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