The oil industry in the USA isn’t using most of the oil fields they have leases for, but they’re begging for more? I don’t understand. The USA uses 21 million barrels of oil per day, and produces 8; the oil fields they have access to which they are not using could be worth 5 million barrels a day. Meanwhile, the proposals to open up more offshore drilling, combined with the proposals to drill in the Arctic National Wildlife Refuge, could lead to 2 million barrels a day. So, they’re begging for the ability to get half of what they already have available which they aren’t using. I honestly don’t understand economics, but that just doesn’t sound kosher to me.
I understand the investment to exploit the open fields would be substantial, and the leases they are asking for would be cheaper to exploit. But, still – makes you wonder about the rhetoric about who is patriotic, eh?
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