Wednesday, November 5, 2008

JMO - Off Shore drilling

We don't need to drill for oil off our coast lines, in the coastal waters of the east and west coast. The Gulf coast already has extensive oil drilling, and it's obvious from the data, there's more oil there to add drilling, even in spite of the hazards of hurricanes. I say this because of a study by the General Accountability Office (GAO) which reaffirmed what many have already said about existing oil and natural gas leases on federal lands.

The GAO reviewed 55,000 oil and natural gas leases on federal lands issued between 1987 and 1996. They discovered only 6%, yes that small, of the 68 million acres of federal lands had been drilled and that only 5% were producing oil or natural gas. The remaining 94% of the leases were idle or had expired.

And only 26% of the current off shore, meaning coastal waters, leases had been explored and only 12% were producing oil and natural gas. It shows what was been said, even myself two months ago when Palin said, "Drill, baby drill.", it's all a sham for the energy companies to get more land under lease while not drilling.

You see they actually make more money importing oil from OPEC countries than producing oil in the US. They only pay the market price than pay for operations and maintenance of producing wells, along wtih all the local, state and federal taxes on domestic production. They're simply following the money and profit, and not being patriotic to America and the American people.

And the GAO report said that all the incentives Congress has given the oil companies, like less taxes, faster approval proces, etc., isn't enough to offset the profit from imported oil. So that's where the truth is, and with continuing record profits by the energy companies, we're expected to believe they want more of our land?

Because we know that's the issue to them, not about exploring or producing oil and natural gas here, but simply ownership of federal lands for future use. They don't want to produce oil and natural gas to help America and the American people. They simply want to own us and own our money.

And I agree with the report which recommends Congress revoke any lease that hasn't been explored and be producing oil and natural gas within the last 10 years and only issue new leases with the same provision, use it or lose it, along with your money too. And they raise rent on the unused land.

So, there's the deal. No new leases, especially off-shore in coastal waters, until they use the leases they already have. Or else face losing them to be reissued for lease with stricter rules. President-elect Obama and Congress, now act.

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