Now I am not standing up for any particular interest group, I am just bring one point to the table that no one has addressed. The environmentalist are like a pack of dogs, if they do not have a victim to pursue they will bark and bite each other, or until another victim comes along.
Now let's explore the thought of where can we find more oil. Well I live in southern Montana and I happen to know where there is an abundance of oil is located or let's say a very strong supported idea where it is located.
In the late 1970s and into the early 1980s there was an extreme amount of exploration taking place just about 90 miles northwest of where I live. I was there the day that the geologist stacked the oil drilling rig, Brinkerhoff-Signal Rig 82. At a normal reading on the seismograph the needle barely wiggle (noise from drill bit), but on this day the needles were off the scale, geologist came into the seismo room, turn white as a sheet, and went directly to the driller and instructed him to cut power and trip out of the hole. I took a glance at the log book and saw that the rig was at 5,300 feet.
The rig was moved to another site 22 miles toward the southwest, rig was stacked at 5,900 feet. There was 6 sites that this rig drilled and all holes were within 25 miles of each other and all were 5,300 to 6,000 feet deep. Now it does not take a Phd to figure that one out.
Here is the reason behind this, it is much cheaper to store it under ground, no royalties, everyone gets a tax break, and gives lawyers enough time to tidy up mineral rights.
My belief that there is not an energy crisis, nor has there ever been one, it was just another excuse for oil companies to jack up the price. It is all about putting the screws to the consumer and seeing how much is too much that we will pay. Nothing more nothing less!
I don’t know what you are saying...the oil companies don’t want to harvest oil?
If they were drilling, they already had the mineral rights or would not have been permitted to drill.
Now I understand Montana Kid (7/08/08) bringing the Obama/Dem side of the story....uhh no thanks.
Yes, you’ve got it all figured out. Oil companies like drilling at a cost of millions of dollars but not producing any oil or gas to pay for it.
I look forward to more of your insights into the industry.