couldn’t agree more, I’d support LA if they just told the Fed’s to go away. With 30% of domestic oil, it wouldn’t take long for the message to get through.
“With 30% of domestic oil, it wouldn’t take long for the message to get through.”
Interesting facts:
Totl number of barrels of oil produced by LA in 2009: 48,164,979. Not including this new and very significant find.
Royalties charged to oil companies: somewhere between 12.5 and 16.7 percent.
Current price of a barrel of oil: $77.63
Doing the math, based on the current price of oil total oil royalties are worth between $467 million and $624 million per year. Again, not including this new and very significant find.