Posted on 09/28/2009 4:48:14 PM PDT by Kaslin
Energy: An amazing number of oil finds have been made this year, including the biggest in California in 35 years. If the world is running out of oil, why do we keep finding more of it?
The mantra of the anti-drilling crowd has been that oil companies like to sit on their leases and the oil in the ground, hoping to drive up the price. They should use the leases they have or lose them, these critics say. They also like to add that the world is running out of oil so it doesn't matter anyway.
Occidental Petroleum hasn't been sitting on anything. For the past decade it's been actively acquiring drilling rights and leases in California where the oil, at least on land, has been said to be an exhausted resource.
But Occidental felt there was more to be found and that the technology for finding and recovering it had advanced somewhat from that day in 1859 when America's first well was drilled in Titusville, Pa.
It was only a matter of time before the "code" of California's seismically fractured underground was deciphered. That code was cracked this summer, when Oxy announced that it had found the equivalent of between 150 million and 250 million barrels of oil and natural gas in an undisclosed part of Kern County.
"In our view, Oxy's declared discovery may only scratch the surface of the ultimate potential of its acreage in the San Joaquin basin," said Doug Leggate, an oil analyst at investment firm Howard Weil Inc. "We suggest the resource potential could reasonably exceed 1 billion barrels."
(Excerpt) Read more at investors.com ...
Could be my tin foil cap is too tight, but I think this has something to do with cutting off the water to the farmers. Unable to grow crops, yet tax bills due, when will they be forced to sell and who will snap it up at a devalued price...only to exclaim ‘Eureka!’ Texas tea in Californee!
If there’s oil off your coast and you want to drill, then DRILL for it, dammit!!!
What are the feds going to do? Send the Marines to stop you from drilling in your own territorial waters? Uhhh ... no.
For a while I thought it might be wise to keep our oil and gas in the ground and let the rest of the world run dry. But then I remembered that a LOT of our treasure is being sent to nitwits who hate us, just to pay for our oil addiction. Uhhh ... no. Better to use our own.
Then again, a drilling ban is just one more way for the enviro-whackos to keep us suppressed. As if global warming, spotted owls, delta smelt and polar bears having to swim wasn’t enough ...
Just use the 10h amendment and nullify the Fed’s actions.
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