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DesideriScuri -> RE: Drilling (10/19/2012 6:38:23 AM)
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ORIGINAL: vincentML
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ORIGINAL: LookieNoNookie
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ORIGINAL: mnottertail
a third or is it two thirds of leased land lay idle. The Obama administration has authorized more drilling than Ws administration.
I dont stipulate that shit. I dont buy the assumptions, so I dont buy the deal.
That's a fact....under Obama's reign there has been more exploration than under any other administration than any other in our known history.
And we still import the bulk of our energy.
Let's go get some more.
Agree!!! Which oil producing nation haven't we invaded lately? Iran? That would be a possibility. Venezuela would be easier I think.
Why go that far? Canada is pretty close. Rumor is that they have slant-wells that extend under Lake Erie for the massive nat. gas reserves there, too. Would be a huge economic boon, as far as energy goes. Then again, Romney makes sure he states, "North American" Energy independent, or something like that. He corrected himself in the second debate once when he left out the "North American" part.
Aren't we already getting the bulk of our imported oil from Canada? This info is a bit dated (10-1/2 months old), but it's pretty clear that we aren't all that far off from being oil independent from outside the continent, our largest supplier being Canada and Mexico isn't too far off from being 2nd.
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giving resources that are owned by all the people of the US
Whoa, YDB, that sounds awfully close to a socialist comment. Yanno that's not allowed in the Ayn Rand New World Order [8|]
Leases are paid for through royalties on the value of the oil/gas developed.
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Yes. In order to obtain federal leases, companies agree to pay a royalty to the government based on the value of the oil and gas produced. For onshore leases, the Minerals Land Leasing Act prescribes that a royalty share of one-eighth of the value of production be paid to the government. For offshore leases, the Outer Continental Shelf Lands Act sets forth a royalty rate of not less than one-eighth the value of production. The offshore rate for leasing beginning in 2008 is set at 18.75%.
So, for every 100 barrels of $100/barrel oil from on-shore public lands, the MMS would either get their payment of $12.5/barrel ($1,250 of every $10,000 developed), or 12.5 barrels. As noted above, off-shore development royalty is an increase of 1/16th over the on-shore royalty. So, the US Government is getting at least 12.5% of the developed value from the production on public lands. Considering the amount of risk and work put into the venture by the general public, it would seem the average Citizen is getting one helluva return.
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