The Truth About America’s Energy:Big Oil Stockpiles Supplies and Pockets Profits

Drilling-Map.jpg

The fact is the U.S. simply can’t drill its way to lower prices at the pump. Other options, from greater energy efficiencies to the development of alternative fuels, are essential to reducing dependency on petroleum fuels and lowering fuel costs. Since the 1990s, drilling on federal lands has steadily increased as a result of federal government policies that encourage development. The number of drilling permits has exploded in recent years, rising from 3,802 five years ago to 7,561 in 2007. Between 1999-2007, the number of drilling permits issued in public lands increased by over 361%, yet gasoline prices have also risen dramatically, contradicting the argument that more drilling means lower gasoline prices. There is simply no correlation between the two. Even if increased domestic drilling could reduce gas prices, there’s no justification to open additional federal lands because oil and gas companies can’t keep pace with the number of drilling permits the federal government is handing out. Over the past four years, the Bureau of Land Management has issued 28,776 permits to drill on public land – 18,954 wells were actually drilled. That means companies have stockpiled nearly 10,000 extra permits. The Feds have made 47.5 million acres of on-shore […]

Read More