[FreedomCalls]

It costs $250,000 to make hole here in Texas. One out of every three wells comes up dry in a known oil field. If you are wildcatting in an unknown area, one out of every ten comes up dry. Who is willing to spend that kind of money in the U.S. when drilling costs are way lower overseas and the odds of success much higher?

[Ostlandr]

"It costs $250,000 to make hole here in Texas."

Meanwhile, in good ol' liberal New York, the environmental nazis are forcing oil producers to not just cap but PLUG WITH CONCRETE "abandoned" wells. They're also going after some for "polluting" the environment- despite the fact that oil still springs up out of the ground on it's own in Western NY (you can visit the Oil Spring and get tax free smokes on the reservation just off exit 28 of I-86.)

[FreedomCalls]

One out of every three wells comes up dry in a known oil field. If you are wildcatting in an unknown area, one out of every ten comes up dry.

Dang. That's what I get for posting after midnight. Those numbers are backwards. 1 of 3 attempts are successful in an oil field, 2 of 3 come up dry. And 1 of 10 wildcat wells stike oil, 9 of 10 come up dry.