Obama administration report shows two-thirds of oil, gas leases in Gulf of Mexico are inactive

[alp227]

Source: Associated Press

WASHINGTON — 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 to be 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 rising gasoline prices following the 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.

Read more: http://www.washingtonpost.com/business/obama_administration_report_shows_two_thirds_of_oil_gas_leases_in_gulf_of_mexico_are_inactive/2011/03/29/AFrQeMuB_story.html

[Autumn]

1. Get those suckers drilled.

That's our cheap oil and gas there!







Never mind.

[DJ13]

2. DRILL HERE! DRILL NOW!!

.....when we feel like it!

[lovuian]

3. No boys and girls we must bomb Libya to help British BP

British BP ...is that an AMERICAN company...how many leases are owned by Americans

you know our OWN Companies

Its all about OIL that is what makes the world go around

[tristanfeneroy]

4. Amid pressure to curb rising gas prices?

UH drilling won't even put a dent in immediate gas prices, and only lower it a few pennies by 2030, which is not even a certainty considering OPEC could just lower its output to keep the prices the same.

[loudsue]

10. Thank you!! I am so fucking sick and tired of everyone thinking that drilling in the USA will

lower gas prices by even one red cent. That is propaganda pure and simple. The biggest problem with oil & gas prices right now is the fact that the commodities futures players have "bundled" bets on commodities (gas, for instance) into derivatives, much like what happened to the housing bubble with mortgages. The price of gas no longer has any relationship to the supply-demand aspect of gas, but the bets placed on commodities futures dealing with that gas.

The little people of the world are being so PUNKED by the huge powers that be, and I'm so sick of it.

[Arctic Dave]

5. Anything older then two years should get pulled.

Drill it or loose it.

OR, create a state drilling company and tell the corporations to piss off, they had their chance.

[TomCADem]

6. More than half of oil and gas leases are idle, Interior Department says

Source: Washington Post

On the eve of a speech on energy by President Obama, the Interior Department released a report asserting that more than two-thirds of offshore leases in the Gulf of Mexico and more than half of onshore leases on federal lands “sit idle.”

The report issued Tuesday is, in part, a counterattack on the oil industry, which together with GOP lawmakers has harshly attacked Interior for delays in issuing new offshore-drilling permits. The administration counters that it has acted as fast as can be expected less than a year after dealing with the massive Gulf of Mexico oil spill.

The report also revives an issue that has been mostly dormant since the 2008 campaign, when members of Congress and some presidential candidates backed a “use it or lose it” measure that would try to compel companies to drill.

Interior Secretary Ken Salazar said the administration will seek to “provide incentives to companies to bring production online quickly and safely.”



Read more: http://www.washingtonpost.com/business/economy/more-than-half-of-oil-and-gas-leases-are-idle-interior-department-says/2011/03/29/AFqf7DzB_story.html

[nykym]

7. They should have time limits

on the leases, 5 years dormant you lose it. Put it back up for auction at a higher rate and bar the original lease holder from bidding. We need to put some teeth into Regs and make it clear no exceptions.

[Pab Sungenis]

8. No more leases

until every one already handed out is active. And if not developed they're repossessed.

[RATM435]

9. Myths and Facts about Oil Refineries in the United States

Myth 1: Oil refineries are not being built in the U.S. because environmental regulations, particularly the Clean Air Act, are so bureaucratic and burdensome that refiners cannot get permits.

Fact: Environmental regulations are not preventing new refineries from being built in the U.S. From 1975 to 2000, the U.S. Environmental Protection Agency (EPA) received only one permit request for a new refinery. And in March, EPA approved Arizona Clean Fuels’ application for an air permit for a proposed refinery in Arizona. In addition, oil companies are regularly applying for – and receiving – permits to modify and expand their existing refineries

http://www.citizen.org/cmep/article_redirect.cfm?ID=11829

If you don't drill or refine that pretty much guarantees higher profits.