Short term memory problems, Kenneth?
Please re-read this: Message 24689776
Let me provide you with the highlights:
Oil geologists say the Democratic legislation ignores the long-term realities of oil leasing, which takes years of studies to find and drill for reserves.
When federal land or waters are leased to oil companies in parcels of about 1,000 to 3,000 acres, usually for 10 years, there is typically just “a very general sense of the value of the land,” said Larry Nation, a spokesman for the American Association of Petroleum Geologists.
Only some portions of leased land may hold accessible oil, while other portions do not, Nation said, but companies must continue to lease the entire parcel.
“There’s the misconception that every lease has oil,” added David Curtiss, director of the association’s Washington office. “A lease is a line on a map. It has nothing to do with the geology of where oil is.”
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With respect to your question:
If there is no oil to be found, why don't they turn back those leases to the Government?
Here is your answer:
“There’s an abundance of irony surrounding this bill and the gentlemen who introduced it,” Young said. “Oil companies with federal leases already have very defined time limits to produce oil or natural gas on existing leases. If the companies do not produce on those leases within the time limit, they will lose their lease.”
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Do try to keep up, Kenneth.
Diz- |
