texas land prices
We get 25% of our oil from Texas and prices are going up with Hurricanes?
How is drilling more in the United States going to reduce the gas prices? If we permit foreign owned companies to drill on our land, what good is that going to do to reduce the prices or reliance on foreign oil? Is it more of the same in a different scenario?
Storms decrease productivity but don’t decrease the costs associated with drilling – there’s equipment rental to be paid for , e.g., oil companies don’t own the large cranes necessary to move drill pipe as it wouldn’t be economically viable plus the employees are salaried.
Your second question indicates that you haven’t given much thought to the economics of supply and demand (?).
Oil companies must lease the land from the owner of the ’surface land’ and the owner of the mineral rights on a particular property prior to any exploratory drilling for possible oil and gas reserves In the western states, the federal and state governments are the owners of most of the mineral rights so contracts are between the government and the oil companies.
The difficulty is that much of the land, presently being drilled in the west, is from reserves which aren’t high in productivity. President Bush has removed barriers to drilling on 45 million of the 230 milllion available acres in the 12 western states but accomplishing anything is a time-consuming and very expensive process. In the oil drilling industry, million dollar numbers are what they deal in so, before drilling exploratory wells, it’s important to know your investment will be returned.
As the USA isn’t a member of O.P.E.C. (the petroleum exporting countries) all oil and gas within our continental boundaries, and within 8 or 12 miles (I can;t remember which) offshore of our coastlines, belong to the USA and are refined for distribution here since we don’t produce enough to meet our requirements.
Hope this information answers your questions …
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