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Energy companies are not using the federal lands and waters that are already open to drilling. The 68 million acres of leased but inactive federal land have the potential to produce an additional 4.8 million barrels of oil and 44.7 billion cubic feet of natural gas each day. This would nearly double total U.S. oil production, and increase natural gas production by 75 percent. Oil and gas companies, however, are not required to demonstrate diligent development
In the last four years, the Bureau of Land Management has issues 28,000 permits to drill on public land; yet in the same time, 19,000 wells were actually drilled. That means that companies have stockpiled nearly 10,000 extra permits to drill that they are not using to increase domestic production.
Further, despite the federal government's willingness to make public lands and waters available, of the 47 million acres of on-shore federal lands that are currently being leased by oil and gas companies, only about 13 million acres are actually "in production". Similar trends are evident offshore as well.
Oil and gas companies would not buy leases to this land without believing oil and gas can be produced there, yet these same companies are not producing from areas already under their control.
If we extrapolate…that would nearly double total US oil production, and be more than six times the estimated peak production from the Artic Natural Wildlife Refuge (ANWR)
By just about any measure, the past three years have produced one of the biggest cash gushers in the oil industry’s history. Since January of 2002, the price of crude has tripled, leaving oil producers awash in profits. During that period, the top 10 major public oil companies have sold some $1.5 trillion worth of crude, pocketing profits of more than $125 billion.
Anyone think they pay taxes on that?
Conclusion: In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people! Further, the tax rate for the bottom 50% is only 3% of adjusted gross income ($27.4 billion / $922 billion), and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes). Link
Americans don't benefit from the Globalists' control of Iraqi oil because the agenda is to artificially restrict global oil supplies in order to jack up prices and reduce the living standards of industrial countries.
This artificial scarcity is the stated goal of Bilderberg luminaries like Kissinger and José Manuel Barroso , who have sworn to inflate prices up to $200 dollars a barrel and spark the onset of a "post-industrial revolution", which translates as another economic depression and a wholesale "correction" of living standards that will all but obliterate the middle class.
Originally posted by Promecus
Ok, apparently nobody heard me when I said it was an attack on the middle class. I hate repeating myself.
Originally posted by desert
reply to post by Animal
Indeed! Alternative energy should be a driving force for a 21st century economy. Unfortunately, the "shining city upon a hill" still shines based on a carbon based economy.
It is important to remember that one of the first things Ronald Reagan did upon entering the White House was to remove the solar panels put there under Carter. That was a signal to oil companies that there would be no talk of alternative energy and a symbol to Americans that the oil crisis is over.
We could have been a world leader in renewable energy, helping China, India and others to avoid the pitfalls of carbon (a major one being war for resources). Instead, our leaders chose to continue to put all their eggs in one basket. For Americans and the world, the basket has fallen from our hands, and the eggs are breaking.
Carbon would still continue to play a role on stage, just not the monologue it has been for so long.
Originally posted by kidflash2008
The fact is oil from the Middle East is very clean and requires the bare minimum refining. More profit for the oil companies. Add to that India's and China's thirst for oil and Russia starting to use more and more of their own oil, and we will be paying $6 a gallon soon. How many people (besides Hollywood types) would really buy an electric or fuel cell vehicle? They like the power of the internal combustion motor. Don't get me started on the waste of corn for ethanol. It even pollutes much more than gas. Until we start going to car dealers and demanding change, it will be the same.