Obama Blames Oil Companies For Lack Of Drilling

Obama demonstrates his slight of hand again, but the industry response demonstrates his stupidity ... from the industry

“The process of looking at an area that might have oil and gas potential and narrowing your search over time and over a sequence of steps to actually producing oil and gas involves kind of casting a big net first and over time through geologic work,” Ranger said. “[Y] You prioritize some over others, you may be lucky on those first ones you drill, you may not — then you drill prospects further down your priority list.”

Ranger also explained it’s not always a cut-and-dried situation. Some areas will have oil and gas, some won’t and some might have it, but it may not be economically feasible to pump it out of the ground.

“When you drill, you have results that are either sufficient oil or gas to allow production or a dry hole or somewhere in between where you think we may have production but we may need some further work to determine whether this formation, this target, is economic to produce. Those steps consume several years from the point of leasing to a point of decision.”

Having worked for a major oil company for 30 years, I can assure you we vigorously pursue the profits. We rank the prospects as best where to spend our capital and human resources. By the way, it take a 100 wells onshore to equal one well offshore - that's how prolific the Gulf of Mexico is.

Obama Blames Oil Companies For Lack Of Drilling