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2011-03-30 Home Front: Politix

Two-thirds of oil and gas leases in Gulf inactive

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Posted by Steve White 2011-03-30 12:57|| || Front Page|| [5 views ] Top

#1 Not to mention the Dept. of the Interior's repeated violation of a COURT ORDER in imposing a moratorium on gas exploration in the same region after the BP blowout. If you were running an oil exploration company, would you be willing to risk more money in a field where the RULE OF LAW has been suspended? This uncertainty can explain a lot.

Posted by Anguper Hupomosing9418 2011-03-30 14:40|| 2011-03-30 14:40|| Front Page Top

#2 For perspective [PDF]: the USA in 2010 imported 9.1 million barrels of crude a day on average. 11 billion barrels is about the total of US imports over 3 years.
Not a great deal, but it would have helped.

Posted by Anguper Hupomosing9418 2011-03-30 14:44|| 2011-03-30 14:44|| Front Page Top

#3 That would be money circulating here instead of overseas. Funny how broken windows supposedly stimulate the economy but turning metal doesn't.

Posted by Thing From Snowy Mountain 2011-03-30 15:59|| 2011-03-30 15:59|| Front Page Top

#4 pressure to curb rising gas prices

Rising Gas? Or falling Dollar Purchasing power?

Which is more likely Mr Ben "Helicopter" Bernanke?

Posted by Bright Pebbles 2011-03-30 19:14|| 2011-03-30 19:14|| Front Page Top

#5 Leases can and should be time-limited

Leases ARE time-limited. 5 years in shallow water until you have to have drilled it and submitted a plan to produce
(assuming you found something.) You pay a competitive bonus up front for the right to look. Then you pay a royalty (1/6 in shallow water) of everything you produce. In deeper water the terms vary due to cost and lead-time.

Posted by Glenmore 2011-03-30 20:00|| 2011-03-30 20:00|| Front Page Top

#6 I could show 'em a lot of idle leases, idle because @ $100/bbl they're not economically viable but the might be some day. "Could potentially hold" doesn't equate with "recoverable reserves".

Posted by AzCat 2011-03-30 23:54|| 2011-03-30 23:54|| Front Page Top

23:54 AzCat
23:26 JosephMendiola
23:24 USN,Ret
23:16 JosephMendiola
23:08 phil_b
23:03 JosephMendiola
22:49 gorb
22:43 Bright Pebbles
22:40 JosephMendiola
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22:31 Besoeker
22:24 Charles
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21:57 Frank G
21:42 JosephMendiola
20:59 Barbara Skolaut
20:55 Iblis
20:00 Glenmore
19:55 Steve White
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19:31 Procopius2k
19:30 Bright Pebbles