What I find most troubling is the political divide regarding the potential sources. There are basically two opposing forces. On the one hand are those opposed to offshore drilling. These are mostly Democrats. On the other hand are those opposed to a use it or lose it stipulation on federal government land leases that are known to hold oil reserves. This group is predominately Republican.
I want both offshore drilling bans lifted AND a use it or lose it stipulation on federal land leases. I have heard the argument that the leased lands hold no promise. If that were so, why in the world would very successful businesses, large multinational oil companies spend millions upon millions of dollars securing the rights to something that is worthless? They would not, except to have the ability to control the production sources as a means to limit supplies, which in turn drive prices up.
I want one other addition to our energy independence needs. We need legislation that moves aside the courts as we try to address our domestic energy exploration and development. In todays political climate, even if offshore drilling bans were lifted and a use it or lose it stipulation imposed, it could reasonably take 10 years for oil companies to overcome court actions by environmentalists. This must not be.
Already exists. Leases are issued for 5, 8 or 10 year terms depending where they are. For example, deep water is usually a 10 year lease due to the time require to complete survey and schedule rigs. If they do not produce oil in the time frame, they lose the lease.
The democrats are blowing smoking by counting acreage that is under lease but exploration is not yet completed. They include acreage where protests and court injunction have held up drilling.
For more information read:
"Idle" lease claims based on lack of understanding: Cavaney
http://www.api.org/Newsroom/upload/rc_moc_6_20_08.pdf
Red Cavaney is the President and CEO of the American Petroleum Institute. But the Lame Stream Media doesn't like to report truth on this topic or interview people who actually know what they are talking about.