Posted by
Always To The Right on Monday, June 30, 2008 12:35:03 PM
The Wall Street Journal
lambastes Barack Obama for disseminating falsehoods on oil exploration,
either through malice or ignorance. The Journal can’t identify the
root cause, but in the end it matters little. His misleading
allegations regarding oil leases, joined by most of the Democrats in
Congress, will lead to foolish and self-defeating policies, as anyone
who has studied the process of oil production knows
Last week in Las Vegas, Obama offered the same criticism — that oil
companies haven’t drilled on the leases they already have. That’s
poppycock, as the Journal explains. Not all leases get drilled because
not all leases have oil. The producers spend millions of dollars on
geological surveys to limit bad investments and put resources where the
oil can be accessed. Right now, the best prospects for finding new
fields are in the OCS, as Brazil has shown in two finds this year
alone. In 2006, we found a huge deep-sea reservoir in the Gulf:
Wilcox, which may have as much as 15 billion barrels of recoverable oil.