Environmentalists forced Deepwater Drilling?

Discussion in 'Environment' started by NYcarbineer, Jun 13, 2010.

  1. NYcarbineer
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    NYcarbineer Diamond Member

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    That is of course preposterous enough to dismiss without comment, but, what the hell, let's pile on some.

    The Royalty Boondoggle

    (published February 2010)

    In 1995, when oil prices were very low, Congress tried to encourage deep-water drilling in the Gulf of Mexico by giving oil companies relief from some of the royalties they incur for producing oil and gas on public land.

    It has never been clear how much new exploration this provision inspired, since steadily rising prices provided plenty of incentive. What is clear is that it has been a good deal for the industry and a bad deal for taxpayers. According to the Government Accountability Office, the provision could allow industry to escape up to $54 billion in legitimate royalties, depending on the price of oil.


    Editorial - The Royalty Boondoggle - NYTimes.com
     
  2. Old Rocks
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    Old Rocks Diamond Member

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    $54,000,000,000. That would build a lot of grid, put in a lot of windmills, solar, and geothermal.

    And the dingleberry Conservatives have the balls to complain about the penny ante subsidies that the alternative energy companies get.
     
  3. hortysir
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    hortysir In Memorial of 47

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    Translation: Troll-Thread
     
  4. Old Rocks
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    Old Rocks Diamond Member

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    Translation, we, the taxpayers, gave $54 billion to oil companies that have been charging us exorbent prices for the oil off of the taxpayers land.
     
  5. gslack
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    gslack Senior Member

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    Translation = I oldsocks will baffle this thread with bullshit now...
     
  6. Oddball
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    Oddball BANNED Supporting Member

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    Exactly.

    Why would companies like BP even be bothering with deep water drilling, if they were able to drill and produce in places like Santa Barbara, where you could well strike a gusher if you chunked your approach shot to the 4th green at the golf course?
     
  7. NYcarbineer
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    NYcarbineer Diamond Member

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    Are you denying the fact that Congress gave big oil a discount on royalties? Are you contending they did it for no reason?
     
  8. NYcarbineer
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    NYcarbineer Diamond Member

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    So you reject the simple principle that lowering the cost of doing business is an incentive to expand business?

    I guess all those tax breaks for businesses serve no purpose.
     
  9. Oddball
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    Lowering the taxes/royalties of an already high cost-to-potential-benefit venture only makes sense...Well, except to people who have no sense.
     
  10. NYcarbineer
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    NYcarbineer Diamond Member

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