Originally Posted By: nookie dreamin'
Speaking of oil companies... why aren't they taking some of those obscene profits and investing in ways to extract the estimated 1.5 trillion barrels of oil contained in domestic shale?


Last I heard, its not a proven technology. Its also going to be expensive. And I heard that Reid snuck a restriction into another bill on shale oil.

They had supposedly removed the ban on offshore BEYOND FIFTY MILES. According to one interview, most of the offshore oil has been found inside the fifty mile mark. They also cut off the states from sharing in the drilling production, so it doesnt sound like they are serious. If they manage to increase there ranks, I expect restrictions going back on.

Opec is meeting next week to cut production. That wont be pretty.