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OIL COMPANIES ARE NOT DRILLING IN AREAS CURRENTLY UNDER LEASE
Just 21 Percent of Outer Continental Shelf Leases Are in Production. There are 7,740 active leases in the outer continental shelf and only 1,655 are in production. [Department of Interior]
Just 19 Percent of Outer Continental Shelf Acres Under Lease Are Producing. There
are over 41,000,000 acres in the outer continental shelf have been
leased for oil drilling, yet only 8,123,000 acres are in production.
- 33 Million Outer Continental Shelf Acres Under Lease Are NOT Being Drilled. There are 33 million acres of the federal OCS lands that are under lease but are not producing. [Department of Interior]
Of 45.5 Million Acres of Federal Lands Leased to Oil and Gas Companies, 31 Million Acres Are Not Producing. There
are 45.5 million acres of federal onshore lands currently leased by the
oil and gas industry—but there are over 31 million acres not producing.
[Department of Interior]
MOST RECOVERABLE OFFSHORE OIL AND GAS IS OPEN TO DRILLING
79 Percent of Recoverable Offshore Oil Is Open to Drilling. Currently 79 percent of America’s
technically recoverable offshore oil reserves are open for leasing,
while just 21 percent are closed to drilling. [Minerals Management
Service, 2006]
82 Percent of Recoverable Offshore Natural Gas Is Open to Drilling. Currently 82 percent of America’s
technically recoverable offshore natural gas reserves are open for
leasing, while just 18 percent are closed to drilling. [Minerals
Management Service, 2006]
ON PRESIDENT’S WATCH, BIG OIL HAS MADE BILLIONS IN PROFITS BUT FAILED TO INVEST IN REFINERIES
On President Bush’s Watch, Big Oil Companies Have Made More Than $600 Billion in Profits. Since 2001, the major oil companies have amassed close to $600 billion
in profits and they have used those excessive profits to purchase
approximately $185 billion on stock buybacks rather than making serious
and significant investments in clean alternative fuels, new refinery
capacity and utilization, and renewable forms of electricity. [Based on
ExxonMobil, Shell, BP, ChevronTexaco, and ConocoPhillips annual company
financial reports for 2000-2008]
On
President Bush’s Watch, Big Oil Has Failed to Invest in Refineries
Allowing Refinery Utilization and Capacity to Fall from 93 Percent to
89 Percent. Since 2001, the Big Oil companies have failed to
adequately invest in new refinery capacity and utilization and which
has resulted in a reduction of refinery utilization and capacity from
93 percent to 89 percent. [Energy Information Administration]
So why is he saying it? It's his gift to them, for their support. Simple as that.
Even if it was true that demand is outstripping demand, the idea that increased drilling will lower prices any time soon is ridiculous! (First of all, did you know that there are literally THOUSANDS of speculation permits that are simply lying dormant? That's right!
AND, even if they did find new oil reserves, it would take, according to government experts, over SIX YEARS for that oil to get market and reduce prices!