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Drilling Isn’t The Answer

The Republicans keep trying to give public lands to their friends in Big Oil so “we can reduce our dependence on foreign oil”. There are are whole lot of assumptions built into their concept that can’t be reconciled with the real world.

For example, the Pensacola News Journal is reporting Production suspended at Jay Oil Field

Denver-based Quantum Resources has suspended its Jay Oil Field production and laid off about half its employees as a result of the economic recession and dramatic fall in oil prices.

The Jay fields were first discovered in 1970 and contained estimated reserves of one billion barrels of oil, one of the largest single discoveries in U.S. history.

This isn’t exploration, it’s a proven field, but they are shutting it down to wait for higher prices. Just because the Republicans give them rights to public property doesn’t ensure they will use those rights for anyone’s benefit but their own. As Alan Greenspan finally realized, the self-interest of corporations isn’t very enlightened, just greedy.

January 22, 2009   6 Comments