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$12-15 per gallon coming soon to a pump near you
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[QUOTE]Originally posted by glassman: [QB] you only say that cuz Rush told ya to... it's just not so... [b]New wells are being drilled from the San Joaquin Valley to Long Beach, 2,750 wells in the last year alone. That's almost 20 percent more than five years ago, when the current run-up in crude oil prices began. The same phenomenon is happening nationwide. A survey by World Oil Magazine forecast that 52,394 wells would be drilled across the country this year, up from 49,195 in 2007. According to federal government data, the amount of oil produced in the United States rose last year for the first time since 1991, albeit by less than 1 percent. The activity isn't limited to Louisiana, Texas and other states known for oil. Fred Lawrence with the Independent Petroleum Association of America said Kansas, Montana and North Dakota have all seen a rise in the number of wells drilled. "The increases are taking place in states that are off people's radar," said Lawrence, a vice president of the association, which represents small oil companies. The amount of oil recovered from any field depends largely on three things: access, technology and price. Even abandoned oil fields still have petroleum left in them, but their owners consider it too difficult and expensive to reach. Prices in the late 1980s were so low that oil companies had no incentive to pursue hard-to-get reserves.[/b] [URL=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/13/BU7P102MAS.DTL&type=printable]http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/13/BU7P102MAS.DTL&type= printable[/URL] the reality is that we tapped the last of the easy stuff out in the 80's.. [b]updated 2:57 p.m. CT, Tues., June. 1, 2004 WASHINGTON - Nearly three-fourths of the 40 million acres of public land currently leased for oil and gas development in the continental United States outside Alaska isn’t producing any oil or gas, federal records show, even as the Bush administration pushes to open more environmentally sensitive public lands for oil and gas development. An Associated Press computer analysis of Bureau of Land Management records found that 80 percent of federal lands leased for oil and gas production in Wyoming are producing no oil or gas. Neither are 83 percent of the leased acres in Montana, 77 percent in Utah, 71 percent in Colorado, 36 percent in New Mexico and 99 percent in Nevada.[/b] http://www.msnbc.msn.com/id/5111184/ still think ANWR was the only answer? why do they take leases on the land to get control of it and then just sit on them and do nothing ? what are they waiting for? 200$/barrel? [b]Morton said the leases, which companies can lock up for 10 years with annual rents of only $2 to $3 an acre, are an economic boon to some companies because they count as assets that can make debt refinancing easier while also attracting potential investors.[/b] [/QB][/QUOTE]
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