To drill or not to drill????
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From: >wwOwww<
In a world where corporations aren't national, why not open our oil up to foreign bids? Capitalism at its best. A little competion would be healthy thing right? If they won't increase production, then let companies that want to get at the oil in the ground make bids on it. The fact is, they can only maintain their profit margin because they control the oil in the ground here in the US; and, nobody can get at it to compete.
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From: Bismarck, ND
In a world where corporations aren't national, why not open our oil up to foreign bids? Capitalism at its best. A little competion would be healthy thing right? If they won't increase production, then let companies that want to get at the oil in the ground make bids on it. The fact is, they can only maintain their profit margin because they control the oil in the ground here in the US; and, nobody can get at it to compete.
I'm all for it. So for it in fact that I'm working for a Canadian company right here in Wyoming. It already happens.
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From: Hammer Lane
Oh, I know it does... With certain countries. I say, "Come and get it!" to the whole world.
Just the threat of losing corporate oil rights to untapped oil, after a certain amount of time, would light a fire under their asses to get it out off the ground, too. They are sitting on oil, waiting for the Arabs and the rest of the World to start running low enough, that they can charge whatever they want for it when there is no choice but to buy from them. From a corporate financial standpoint, that makes a lot of sense. From a citizen's point of view... That's mismanagement of national resources, for international corporate profit, at the cost of our economic security. I don't like the government sticking their noses into private business matters beyond a certain point; but, market manipulation is illegal. I think the argument could be made, that oil companies and their political lackeys are bordering on criminal activity.
Obviously, I don't have the intimate knowledge required to argue this issue accurately; but, I doubt very many of us do. We have to take what we are privy to, and speculate. That's all I'm doing. In fact there is a little devil's advocacy mixed into my posts to get some people thinking beyond what they are told. Or even what they think they know.
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Joined: Jan 2006
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From: Bismarck, ND
Oh, I know it does... With certain countries. I say, "Come and get it!" to the whole world.
Just the threat of losing corporate oil rights to untapped oil, after a certain amount of time, would light a fire under their asses to get it out off the ground, too. They are sitting on oil, waiting for the Arabs and the rest of the World to start running low enough, that they can charge whatever they want for it when there is no choice but to buy from them. From a corporate financial standpoint, that makes a lot of sense. From a citizen's point of view... That's mismanagement of national resources, for international corporate profit, at the cost of our economic security. I don't like the government sticking their noses into private business matters beyond a certain point; but, market manipulation is illegal. I think the argument could be made, that oil companies and their political lackeys are bordering on criminal activity.
Obviously, I don't have the intimate knowledge required to argue this issue accurately; but, I doubt very many of us do. We have to take what we are privy to, and speculate. That's all I'm doing. In fact there is a little devil's advocacy mixed into my posts to get some people thinking beyond what they are told. Or even what they think they know.
Just the threat of losing corporate oil rights to untapped oil, after a certain amount of time, would light a fire under their asses to get it out off the ground, too. They are sitting on oil, waiting for the Arabs and the rest of the World to start running low enough, that they can charge whatever they want for it when there is no choice but to buy from them. From a corporate financial standpoint, that makes a lot of sense. From a citizen's point of view... That's mismanagement of national resources, for international corporate profit, at the cost of our economic security. I don't like the government sticking their noses into private business matters beyond a certain point; but, market manipulation is illegal. I think the argument could be made, that oil companies and their political lackeys are bordering on criminal activity.
Obviously, I don't have the intimate knowledge required to argue this issue accurately; but, I doubt very many of us do. We have to take what we are privy to, and speculate. That's all I'm doing. In fact there is a little devil's advocacy mixed into my posts to get some people thinking beyond what they are told. Or even what they think they know.
I'm not a "land man" with an oil company, but I have talked to quite a few so don't hold me to this next statement. I believe the typical time frame specified is 7 years from purchase to beginning of development or the lease expires. I'm certain there are both industry standards as well as legal standards that dictate this portion of the legal transaction.
Of course, at any time the lessor can sue the lessee for violation of "good faith" if the lessor doesn't feel the lessee is acting swiftly enough.
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From: Hammer Lane
Just so you know, they are under a time limit. Leases have clauses in them, if the owner of the lease does not pursue the minerals within a certain amount of time, the owner of the actual mineral rights can then re-sell the lease to another company.
I'm not a "land man" with an oil company, but I have talked to quite a few so don't hold me to this next statement. I believe the typical time frame specified is 7 years from purchase to beginning of development or the lease expires. I'm certain there are both industry standards as well as legal standards that dictate this portion of the legal transaction.
Of course, at any time the lessor can sue the lessee for violation of "good faith" if the lessor doesn't feel the lessee is acting swiftly enough.
I'm not a "land man" with an oil company, but I have talked to quite a few so don't hold me to this next statement. I believe the typical time frame specified is 7 years from purchase to beginning of development or the lease expires. I'm certain there are both industry standards as well as legal standards that dictate this portion of the legal transaction.
Of course, at any time the lessor can sue the lessee for violation of "good faith" if the lessor doesn't feel the lessee is acting swiftly enough.
Since most of this is coming out of my ***,
, I thought it made too much sense to not already be the case; but, that's one more question answered that hadn't been asked before here.
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From: Bismarck, ND
I'm not the absolute authority, but I do have a very intimate knowledge of the oil industry. I'm 4th generation oil-field trash, as my great-grandfather would say. Plus I'm a Petroleum Engineering major in college, and I work for a very large oil and gas company. So if you have questions, feel free to ask. If I don't know the answer or at least have a very good idea, I can guarantee I know someone who does.