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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: richard badauskas who wrote (75800)	10/8/2000 4:07:34 PM
From: Sharp_End_Of_Drill	Respond to of 95453

Richard, I'm the last guy that would make excuses for Al "Big Government" Gore, but his West Gulf of Mexico comment was actually correct. What he means by West is the GoM offshore Texas & Louisiana & Alabama. There are also reserves in the East part off of Florida, but the federal government has banned drilling them. Gore was pandering both to his green friends, and the battleground state of Florida when he said "West GoM". One in particular is the Destin Dome off Florida where there is a very large gas reservoir. Chevron and some others bought the leases from the government, found the gas, and now the government and state of Florida won't let them develop it. The feds also won't refund the leasing fees, which have become the focus of lawsuits by Chevron & partners. Sounds fair doesn't it, the government sells you the right to explore & produce, you sink multi-millions in seismic and a couple of wells, you find some good reserves, then the government won't let you develop them - or refund any of your money. To quote Bill Richardson "Government at it's best". The same thing is going on off the the east coast in the Atlantic, and there is also an effective moratorium on any new offshore development off California. There's a vast amount of oil off Santa Barbarra, but don't hold your breath on ever getting access to it. Also, about the shale oil. If they can really produce oil at $10 per barrel that's incredibly bad news for my industry. There's enough shale oil in the US to take care of our needs for many years - only problem is projects in the late 70's early 80's showed they cost about $50 per barrel so they were all shut down. If $10 is true we may as well get the heck out of the OSX. Sharp