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Gold/Mining/Energy : Advanced Bitumen Recovery Technologies

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To: rdkflorida2 who wrote (42)	10/18/2012 5:01:09 PM
From: Hugh Bett	Read Replies (1) of 51

"What the current president has done is make the lease holders either drill or forfeit their leases. This has been spun into he is reducing federal permits." see this, What his administration has done is repeatedly accuse oil companies of sitting on leases and failing to produce oil and gas from them. It’s a charge that drives the oil industry nuts, since it makes little economic sense to pay hundreds of thousands of dollars or even millions to purchase a lease and then sit on it for no reason. It takes years and a lot of expensive seismic work and exploratory drilling to determine whether an oil deposit has economic value, and the oil industry isn’t in the business of drilling dry holes for the fun of it. If there are delays, industry executives say, it’s because of governmental policy such as the offshore drilling ban Obama issued after the Deepwater Horizon disaster. Based on the Dept. of the Interior website: #of gas/oil permits issued for blm land – down 40.43% 2007 – 7124 2011 – 4244 #of new leases approved on blm land – down 37.47% 2007 – 3499 2011 – 2188 instituteforenergyresearch.org

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