Rahall to Big Oil: Use It or Lose It

[Phred42]

Here's one to Support!

the Oil companies are sitting on 64 Million acres of leases and permits to drill - RIGHT NOW.

They are not drilling because they are waiting for the price to go even higher - and the Republicans led by Newt are helping them in this latest Theft of OUR Resources.

The Greedy Oil Companies need to Use the Reserves they already have permits for - BEFORE they are given ANY more.

Here's the House report in pdf: The Truth About America’s Energy: Big Oil Stockpiles Supplies and Pockets Profits

http://resourcescommittee.house.gov/images/stories/Documents/truth_about_americas_energy.pdf

Greed Does NOT Trump National Security

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Rahall to Big Oil: Use It or Lose It
http://resourcescommittee.house.gov/index.php?option=com_content&task=view&id=389&Itemid=1

Washington, D.C. - In an effort to compel oil and gas companies to produce on the 68 million acres of federal lands, both onshore and offshore, that are leased but sitting idle, House Natural Resources Committee Chairman Nick J. Rahall (D-WV) today introduced legislation that gives Big Oil one option - either "use it or lose it."

"Big Oil, as many Americans already suspect, are perfectly fine with high gasoline prices at the pump while they hold back domestic production on federal leases and enjoy world record profits. I am calling them on the carpet. I am calling their bluff. We are not going to continue to allow them to speculate and profiteer with public resources to the detriment of the American people," Rahall said.

The Responsible Federal Oil and Gas Lease Act of 2008 (H.R. 6251) is a direct response to the facts outlined in the recent House Natural Resources Committee Majority Staff report, "The Truth About America's Energy: Big Oil Stockpiles Supplies and Pockets Profits", that illustrate how energy companies are not using the federal lands and waters that are already open to drilling. The legislation is co-sponsored by Reps. Rahm Emanuel (D-IL), Maurice Hinchey (D-NY), Ed Markey (D-MA), and John Yarmuth (D-KY).

The 68 million acres of leased but inactive federal land have the potential to produce an additional 4.8 million barrels of oil and 44.7 billion cubic feet of natural gas each day. This would nearly double total U.S. oil production, and increase natural gas production by 75 percent. It would also cut U.S. oil imports by more than one-third, reducing America's dependency on foreign oil.

The Rahall bill would force oil and gas companies to either produce or give up federal onshore and offshore leases they are stockpiling by barring the companies from obtaining any more leases unless they can demonstrate that they are producing oil and gas, or are diligently developing the leases they already hold, during the initial term of the leases.

[ellenfl]

1. k & f-ing r! i hope some repigs will get on board. eom

[jimshoes]

2. It's high time we started scraping away

the layers of corruption and chicanery and get the truth out in front of the American people. Good for Cong. Rahall