Most oil leases on public lands go unused

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Most oil leases on public lands go unused

 

WASHINGTON - Nearly three-fourths of the 40 million acres of public land currently leased for oil and gas development in the continental United States outside Alaska isn’t producing any oil or gas, federal records show, even as the Bush administration pushes to open more environmentally sensitive public lands for oil and gas development.

 

An Associated Press computer analysis of Bureau of Land Management records found that 80 percent of federal lands leased for oil and gas production in Wyoming are producing no oil or gas. Neither are 83 percent of the leased acres in Montana, 77 percent in Utah, 71 percent in Colorado, 36 percent in New Mexico and 99 percent in Nevada...

 

http://www.msnbc.msn.com/id/5111184

 

 

I'm not an expert in this area but I heard a lot of talk about this today. There were actually 3 points that were brought up (not necessarily in the article) about the skyrocketing prices of oil.

 

1. Oil Leases not being used

2. Oil refineries not being built, some are actually being closed down!

3. The "Enron Loophole" which exempts energy speculators who make trades electronically from US regulation.

 

 

I don't think the tax thing will work nor do I think drilling in Anwar will help much. It looks like we need to close the "Enron Loophole" and put some pressure on big oil.

 

Big oil seems very shady/corrupt, I won't be surprised if this turns out to be another Enron.

[kpbuckeye 3]

a lot of the pricing has to do with the speculators, they are manupliating the market. The oil companies themselves are not involved in that aspect. I predict this is a bubble that will deflate just like .com and housing.

[edjr 6,599]

Where is Daniel Day Lewis when we need him?

[kpbuckeye 3]

Where is Daniel Day Lewis when we need him?

 

We watched that moveie a couple weeks ago. DDL is awesome but much of the movie I was like

[edjr 6,599]

We watched that moveie a couple weeks ago. DDL is awesome but much of the movie I was like

 

Yup.

 

They completely blew a great performance by DDL on absolute nonsense.

[MTSkiBum 1,620]

Alot of land leased for oil and gas in montana and wyoming have very little or no oil or gas, when the companies put in leases for them the just put in for everything they absolutely could, and after exploratory drilling nothing was found, and the leases havent expired yet.

 

Another reason is the reserve wasnt/isnt profitable and the oil companies are waiting for the price of oil/gas to get to the price where it is profitable. The companies will keep paying for leases because all the reserves are snatched up, and they know it will become profitable once again.

 

Also, maybe the company that owns a particular lease hasnt had the manpower to do exploratory drilling on it yet. So they may be paying for a lease that may or may not have oil/gas on it.

 

In montana their are natural gas leases that cant be drilled for enviromental reasons, i know in wyoming this isnt as much of a problem because they just send their dirty water to montana through the bighorn, powder, and tongue rivers.

 

And the final reason, maybe the reserve just got to point where it is profitable to pump it out of the ground, but it takes a large capital investment and manpower to actually set up the pump. With the recent quick way oil prices shot up, lots of reserves became profitable all at the same time. Even a large oil company doesnt have the manpower to start building all those pumps at once.

[Recliner Pilot 61]

I don't think the tax thing will work nor do I think drilling in Anwar will help much. It looks like we need to close the "Enron Loophole" and put some pressure on big oil.

 

Big oil seems very shady/corrupt, I won't be surprised if this turns out to be another Enron.

 

You forgot "EVIL" Mr. Tinfoilhatmoron.

 

LMFAO

[Flashover 0]

You forgot "EVIL" Mr. Tinfoilhatmoron.

 

LMFAO

We have a thread that has a somewhat good debate. Please take your name calling posts elsewhere. We don't need you to ruin another thread. Please stay out of this one.

[Flashover 0]

Alot of land leased for oil and gas in montana and wyoming have very little or no oil or gas, when the companies put in leases for them the just put in for everything they absolutely could, and after exploratory drilling nothing was found, and the leases havent expired yet.

 

Another reason is the reserve wasnt/isnt profitable and the oil companies are waiting for the price of oil/gas to get to the price where it is profitable. The companies will keep paying for leases because all the reserves are snatched up, and they know it will become profitable once again.

 

Also, maybe the company that owns a particular lease hasnt had the manpower to do exploratory drilling on it yet. So they may be paying for a lease that may or may not have oil/gas on it.

 

In montana their are natural gas leases that cant be drilled for enviromental reasons, i know in wyoming this isnt as much of a problem because they just send their dirty water to montana through the bighorn, powder, and tongue rivers.

 

And the final reason, maybe the reserve just got to point where it is profitable to pump it out of the ground, but it takes a large capital investment and manpower to actually set up the pump. With the recent quick way oil prices shot up, lots of reserves became profitable all at the same time. Even a large oil company doesnt have the manpower to start building all those pumps at once.

Do you have any links? I was watching c-span and the discussion said that there was a lot of oil in those unused leases. It might very well take a lot of manpower etc. to get the oil & gas out however. I heard that it would take approx. 10 years to get oil out of Anwar for example.

I personally think it's the speculators that are causing these prices, mainly because of this Enron Loophole which no longer requires oversight. I really don't buy into the "we need to drill more" argument.

[Birdseed 1]

I was watching c-span

 

You're life must really suck.

[MTSkiBum 1,620]

Do you have any links? I was watching c-span and the discussion said that there was a lot of oil in those unused leases. It might very well take a lot of manpower etc. to get the oil & gas out however. I heard that it would take approx. 10 years to get oil out of Anwar for example.

 

No links, just personal experience and i have a decent idea of how all the mineral industries work.

 

And c-span is probably right, there could be quite a bit of oil in those unused leases, 4 of my 5 reasons i listed(3 of 4 if we are talking just oil) were reasons that could explain why they werent pumping the oil/gas that is in the ground.

 

Probably not too many are leases that dont have oil/gas that just havent expired yet. Out of all my reasons i bet that one makes up the smallest percentage.

 

I personally think it's the speculators that are causing these prices, mainly because of this Enron Loophole which no longer requires oversight. I really don't buy into the "we need to drill more" argument.

 

I have heard more and more people say that recently, I dont know much about the oil industry on that side. i dont know if its speculators or supply demand that drives the price of oil, or most likely a mixture of both, but at what percentage do each of them play in, I am

[Flashover 0]

No links, just personal experience and i have a decent idea of how all the mineral industries work.

 

And c-span is probably right, there could be quite a bit of oil in those unused leases, 4 of my 5 reasons i listed(3 of 4 if we are talking just oil) were reasons that could explain why they werent pumping the oil/gas that is in the ground.

 

Probably not too many are leases that dont have oil/gas that just havent expired yet. Out of all my reasons i bet that one makes up the smallest percentage.

I have heard more and more people say that recently, I dont know much about the oil industry on that side. i dont know if its speculators or supply demand that drives the price of oil, or most likely a mixture of both, but at what percentage do each of them play in, I am

You may be right. Actually the more I hear, the more this sounds like an Enron situation. A lot of this has to do with deregulation and the refusal of the Federal Energy Regulatory Commission to do any serious investigating into all of this.

[Flashover 0]

You're life must really suck.

....... Did I say I was watching c span? I meant I was watching UFC while banging this smoking hot chick!

[Recliner Pilot 61]

Please take your name calling posts elsewhere.

 

I would call you a puzzey for getting you panties in a bunch over "tinfoilhatmoron", but that would prolly have you sitting on the couCh sucking the end of a shotgun....................on second thought......

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PUZZEY!!!!!

 

[Flashover 0]

I would call you a puzzey for getting you panties in a bunch over "tinfoilhatmoron", but that would prolly have you sitting on the couCh sucking the end of a shotgun....................on second thought......

PUZZEY!!!!!

 

Please stop posting on this board. You are the reason FFtoday sucks.

 

Also, please stop calling me derogatory names. Everyone knows your a joke and everyone knows that cowards can sit in front of a computer and talk crap. If you really want to be a tough guy come out to cali and we can meet but until then, just shut the hell up! You are embarrassing your self and your ruining this website.

 

 

 

 

 

...Still gotta laugh at someone who talks sh it on a FF website and thinks he's bad ass!

 

Someone please ban RP from this site.

[Recliner Pilot 61]

. If you really want to be a tough guy come out to cali and we can meet but until then, just shut the hell up!

 

 

...Still gotta laugh at someone who talks sh it on a FF website and thinks he's bad ass!

 

 

 

Ok, I will.

[Flashover 0]

Ok, I will.

Another thread ruined by RP!

[Recliner Pilot 61]

Another thread ruined by RP!

 

It sucked from the OP.