Big Oil…to drill or not to drill?

Why should we open up more public lands and allow Big Oil to drill in the US?

– The 574 million acres of federal costal water that are off-limits are believed to hold almost 18 billion barrels of oil and 77 trillion cubic feet of natural gas, according to the Interior Department.
Sounds like a lot.
But consider that the US currently uses 7.6 billion barrels of oil a year, and 21 trillion cubic feet of natural gas.
So we get 2.5 years worth of oil, and 3.5 years of gas.

– Big Oil already has access to 68 MILLION acres of land that they could start drilling tomorrow, but they refuse to.

– Big Oil has been granted the prime contracts to begin further drilling/production of oil in Iraq. The same companies which were expelled from Iraq when Saddam nationalized the oil industry got the contracts.

– CEOs from Big Oil recently testified before Congress that they don’t need to build more refineries because what they have in place is enough (they won’t increase supply).
– Exxon/Mobil recently announced that they are selling the retail portion of their business (gas stations), because the profit margin is too small. Get that? They’re selling off the gas stations because they are not making ENOUGH profit from them. What that means is, local gas stations closing down, thereby decreasing supply and increasing price, not to mention the additional distance we’ll all have to drive when the local station closes.

So, what are the reasons why we should trust Big Oil to do ANYTHING to alleviate oil/gas prices, in the short-term OR the long-term?
Deek, tp4me5, Willis, David: Thanks for your non-answers!
David: Enlighten me. That’s the whole point of the question.
Speedfreak: Thanks for your answer, but next time, read the question. The CEO’s themselves said they don’t need new refineries, not Congress. The total oil off-shore is only 2.5 years’ worth. How does that solve anything?

6 Responses to “Big Oil…to drill or not to drill?”

  1. john's son Says:

    i guess your point is that they (big oil) are money-grubbing douchebags. you sure won’t get an argument from me. but conservatives who support drilling on protected lands really should have an answer for why less than a quarter of the already leased areas are active.

  2. tp4me5 Says:

    Ok lets let little oil companies drill.

  3. Willis Jeffords Says:

    drill! drill!

  4. David Says:

    Dude, do you EVEN know WHY many (but not all, as you say) of those 68 million acres are "not being drilled"?

  5. Speedfreak Says:

    Drill like there is no tomorrow. Congress deserves a public stoning for their endless examples of ineptitude that endanger America’s long term interests.

    No extra refining capacity, no nuclear power plants, no drilling off-shore or in ANWR? These guys are less than useless, they really are dangerous.

  6. Barney Says:

    First, loosen the band around your head. I think your choking your brain.

    Second, nice cut and paste job.

    Third, you bring up a lot of which you know little about.

    Many of the ‘Big Oil’ as you call them, companies have left this country. Why? Because of the overlaiden regulations, hoops and loops Congress and the Senate have put into place at the bidding of pot head environmentalists who are more concerned about an owl or field mouse than they are of you. Who do you think works for these companies now? Do you think the good ol boys who worked for them here went with them? Not all, not most, only a few. The rest where left here without jobs because Congress made it too hard for their bosses to run a business in the U.S.A.

    Why aren’t we drilling now, tomorrow? A lot of that land you happily offer to drill on is worthless. It was 30 yrs. ago when the leases where granted and it is today. New technology has offered better resources for discovery at a lower cost than what your precious ‘big brother’ is offering now and then. Another thing. When ‘Big Oil’ "your words", left for friendlier boarders, (news flash!) they took their equipment with them. There is a shortage of derecks in this country. A dereck is a drilling platform, a drilling rig for you people in Rio Linda.

    Had these companies been allowed to work their a**es off for this country generating jobs in exploration, extraction and refining, tax revenue and a supply of energy for this country over the last 30 yrs. we wouldn’t be listening to the whining of how it’s going to take 10 yrs. to produce anything.

    You tree hugging libs need to realize we didn’t all go to school from the 70’s on. Some of us received an education despite your best efforts to dumb down the education system. We didn’t all graduate between 83-08. Some of us where here before you and we remember how it was.

    Now…don’t even get me started on nuclear energy.