I have a question for anyone with some real insight into the oil business and oil politics. I understand the technology. It is the politics of the oil business that has me mystified.
QUESTION: How have we managed to grow the oil business and oil production in this country with the most anti-oil administration in the history of the world in power for nearly 6 years?
One salient point is that Obama realized the growth before it was manifest. I guess he had to accept the thoughts of some advisor on faith.
He used it to pacify his wacko base by attempting to mortally wound BP in the Gulf and continuing to develop excuse after excuse to delay the Keystone.
The American hydraulic fracking revolution has occurred exclusively on private lands. So we have private property laws to thank. Obama was blindsided, by the time the administration realized what was happening, the shale oil revolution was in full bloom. Even the enviros haven't been able to stop it.
Imagine if public properties were opened for drilling, we would surely be independent of foreign oil imports.
We have another revolution on the way in natural gas, a byproduct of shale oil extraction, it's down about 15% in the last two months. This could have even more benefit to the economy, as natural gas is a prime feedstock for most manufacturing in this country.
Some might wonder why the CEO of Total just suddenly died in a plane crash in Russia. He was a big proponent of not using Petroldollars.
No matter if it was an accident or the CIA..there are many who will believe it was the CIA.
The ensuing power shift is going to be interesting.
How? God is good and he has one hell of a sense of humor! LOL
Privately owned mineral rights.
For instance, most of the area where the Bakken/Three Forks production is is private land, with privately owned mineral rights, not Federal Land.
Because there is too much money to be made and the deposits are in states like Texas or North Dakota. Permits tend to be signed very quickly and with few questions when you are going to bring a bunch of high paying jobs into a very poor region.