Friday, June 20, 2008

Doubling US Oil Output

There is a big push to allow big oil to drill in ANWAR and the Gulf of Mexico now that gas has hit $4/gal and of course it is the tree hugging Democrat's fault that it hasn't happened yet. With that in mind, why exactly haven't the big oil companies started producing on the 68 million acres of federal lands that they already own leases on?
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. It would also cut U.S. oil imports by more than one-third, reducing America's dependency on foreign oil.
And why are some in Congress drafting legislation to force the oil companies to use existing leases or lose them while at the same time others are arguing that we need to open up the Nation Wildlife Refuge to drilling?

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