Quote:
Originally Posted by The_Blur
Most oil companies are not drilling to their maximum capacity right now. Opening new lands will not change that. Many oil companies have a great deal of acreage that they do not drill. That land has oil under it, and they don't drill it. The Democrats tried to start debate on a bill that would force oil companies to drill their existing land or lose it to someone who will. This would lower prices more effectively than opening new land to drill because oil companies would rather not drill and keep high profits than drill it to lower prices.
Think for a second. We blame the oil companies and speculators for high prices, and you still think that they are the solution. Giving the power to companies to decide to drill this new land would mean that they will only continue their old habits of land hoarding. Companies will buy rights to the land in Alaska but they will drill at minimum capacity.
I know what you are going to say: "The government places so much regulation on oil drilling and refining that the companies can't make more oil without drilling somewhere else." You are flagrantly wrong. The US government does not limit production in the same way that OPEC countries do. The US has a free market, in theory, that is not as active as it could be because fuel oil is price fixed in the market. If the federal government gets involved by forcing oil companies to increase their drilling, the legislation alone could turn speculators in the other direction.
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First off how many people really believe that the goverment and Greenies are not doing everything they can to hamper gas and oil exploration as well as the building of new refineries and nuclear power plants.
Second, how many really think if the oil comapnies had land right now that had oil and gas just sittin there waiting for them to pluck out of the ground at 140/barrel would not being doing so right now, if so raise your hand now.