Skip to comments.Two-thirds of oil and gas leases in Gulf inactive
Posted on 03/29/2011 11:25:24 AM PDT by safetysign
An Interior Department report to be released Tuesday says more than two-thirds of offshore oil and gas leases in the Gulf of Mexico are sitting idle.
According to the report, obtained by The Associated Press, those inactive swaths of the Gulf could potentially hold more than 11 billion barrels of oil and 50 trillion cubic feet of natural gas. The report also shows that 45 percent of all onshore oil and gas leases are inactive.
(Excerpt) Read more at news.yahoo.com ...
All by design of the “little socialist” in charge....
1) The Administration has illegally (according to several judges) stopped issuing permits to drill or work in the gulf since the BP spill.
2) Some leases are for unproductive sites and will never be worked.
3) Other leases are for sites that have not completed an assessment of where to drill, or plan to do so. They are getting ready, but are not ready yet.
The left always drags out this “nobody’s drilling where we let them” canard when gas prices rise.