Tuesday, December 20, 2011

OIL OIL OIL: Drill for more, develop alt resources or crush speculation?

These 'Drill Now, Drill More' people do not understand that oil and gas exploration and drilling is going on, and has been going on for a long time in the US. Active rigs are up 38% in the last year, work over rigs are up over 50%, almost 10,000 permits on Federal lands have been issued, several oil producing states like Texas, North Dakota, Montana, Oklahoma are experiencing record production years. Many previous discovered fields were put on hold because the price of crude was so low it was not economically feasible to drill (the Bakken reserve in North Dakota/Montana is a prime example, this field has been known about for almost 30 years). And there are many others. What these Drill Now people want is merely to let the oil companies get a hold of previous off limit areas such as ANWR and the coastal fields. It is not a matter of NEED, it is a matter of GREED.

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