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Old 10-25-2012, 07:49 AM   #9
Rohirrim's Avatar

Join Date: Jan 2003
Location: Twixt Hell & Highwater
Posts: 55,935

Malik Jackson

This is what I was laughing about during the debates. Romney kept trying to sell himself as the guy who is going to get the oil companies pumping again, as if Obama is holding them back. I kept expecting Obama to say, "Since when can the government order companies to engage in activities they do not find economically beneficial for them?" I was thinking, does the Right now advocate government having the power to force companies to do their will?

Here's reality:

Oil companies have failed to explore, develop or produce these leases while simultaneously calling on Congress and the Interior Department to lease more federal offshore lands. This issue, which has been hotly debated in recent years, came up in last Tuesday’s presidential debate when Republican nominee Mitt Romney wrongly accused President Obama of curtailing oil and gas drilling off America’s coasts and on public land. In fact, oil and gas production from public lands is higher than it was during the last three years of the George W. Bush administration, and the Obama administration is trying to further boost production through “use it or lose it” policies for idle federal drilling leases. Oil and gas companies are currently not using 72 percent of the total acres leased offshore and 56 percent of the total acres leased onshore.

Romney’s complaints about permits imply that the number of drilling permits is the best measure of oil production from federal lands and waters – but they are not. The best measure is the amount of oil produced from these places. The Energy Information Administration reports that there was more oil produced from federal places in every year under President Obama compared to each of the last three years under President Bush. Total oil production from these places during these two time periods was 240 million barrels of oil higher under Obama than under Bush.

In other words, you can open up all the leases you want, it doesn't mean the oil companies are going to drill them. And you can open Keystone and get that going too. You know what it will do? Nothing. Except create more profit for oil companies. You'll never see the smallest change in the price at the pump because of Keystone. And the jobs will be temporary, at best. Here's another oil company boondoggle:

To put it bluntly, once again, Romney is lying through his teeth, and he knows it.
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