Is there any substance or refute to the Dems’ charge that oil companies are actually sitting on millions of acres of explorable land?
Is there any there there?
Rep. Earl Blumenauer, D-Ore., dismissed the need for oil explanation, speaking with FOX News Wednesday.
“There are 68 million acres right now that is available for exploration right now that the oil companies have — an area the size of Illinois and Georgia. We ought to be focusing on doing that,” Blumenauer said, adding that a legal gap he referred to as the “Enron loophole” exempts energy trading from oversight of the U.S. Commodities Futures Trading Commission.
“There are 68 million acres right now that is available for exploration right now that the oil companies have — an area the size of Illinois and Georgia. We ought to be focusing on doing that,” Blumenauer said, adding that a legal gap he referred to as the “Enron loophole” exempts energy trading from oversight of the U.S. Commodities Futures Trading Commission.
It may not have occurred to Rep. Blumenauer (or Sen. Dodd, who raised the same talking point in the Senate) that it could be there is no oil there. Or not enough oil to warrant exploitation with current technology. Or, perhaps, there are other minerals -- even gravel -- which aren't economically feasible at this time.
If oil is going for $130/bbl, do you really think that Exxon Mobil, Chevron, Valero, Marathon, et al aren't going to bring it out of the ground? Why aren't their lessors screaming bloody murder about their land not getting drilled?
Blumenauer is evidently a dumbass. But you should know better.