The Down Range Forum
Member Section => Down Range Cafe => Topic started by: rojawe on March 29, 2011, 08:30:54 PM
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By JULIE PACE Associated Press The Associated Press
Tuesday, March 29, 2011 7:36 PM EDT
WASHINGTON (AP) — More than two-thirds of offshore leases in the Gulf of Mexico are sitting idle, neither producing oil and gas, nor being actively explored by the companies who hold the leases, according to a Department of Interior report released Tuesday.
Those inactive swaths of the Gulf could potentially hold more than 11 billion barrels of oil and 50 trillion cubic feet of natural gas, Interior said in the report obtained by The Associated Press.
President Barack Obama ordered the report earlier this month amid pressure to curb a spike in gasoline prices following instability in the oil-rich Middle East. The White House said Obama would outline his plans for America's energy security in a speech in Washington Wednesday.
The inefficiencies detailed in the Interior Department report also extend to onshore oil and gas leases on federal lands, with 45 percent of those leases deemed inactive. The department said it is currently exploring options to provide companies with additional incentives for more rapid development of oil and gas resources from existing and future leases.
"These are resources that belong to the American people, and they expect those supplies to be developed in a timely and responsible manner and with a fair return to taxpayers," Interior Secretary Ken Salazar said in the report.
Complete story
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It's a head banging WTF policy....We'll PAY to support Brazil's offshore drilling technology, to the tune of $2 BILLION, but freeze almost all domestic production.
OBTW, when Brazil is up and running, we'll PAY to import THEIR oil, in essence paying twice,...
Great policy,,......
:(
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Good morning folks ! Some of us have been saying this for 30 years already.