Transcript (video here):
STEPHANOPOULOS: is there grounds for a compromise?How do they intend to take advantage of the additional drilling rights that McCain wants to give them without equipment?
SACHS: yes.
STEPHANOPOULOS: okay. fine. we don't love it. but let's drill on the outer continental shelf. let's drill on anwr for the return on investments you're talking about in alternatives.
REP. MARKEY: we don't have to have a grand compromise to drill off beaches to drill where the polar bear is swimming. until experts say this is the case. they drill on 80% of the oil that we already have that is available to them. they should clean their plate before they ask for dessert. they are not going there. exxon mobile, 40 billion in profits just to buy back their own stock. they onlypent $10 million on renewables last year and blocked the tax breaks. that formula is a recipe for dependence upon oil to the indefinite future.
CAVANEY: every single available drilling rig, drill ship is in use being used right now. you can't go and drill when you don't have equipment. we are not magicians as an industry. the idea that there's oil and gas under this 80% it's not true.
SACHS: can i say that's not the support? they are sure this oil off the beaches and in the arctic where the polar bear is swimming but the 80% of the leases they already control, they are not sure the oil is there. it's a disingenuous argument. in order to get access to every bit of oil in pristine wilderness areas.
5 comments:
Pay someone to build more rigs?
Then why can't they build more rigs for the land they have access to now? That's my question.
I didn't say the lack of rigs is a reason they can't drill more right now. The oil guy did.
The lack of rigs is not a convincing reason why oil companies can't drill the land they already have access to and desperately must have access to offshore supplies.
I know it's from a guy in the oil industry but here's an explanation.
I gather from that op-ed that they have equipment on those lands but it is still classified as "idle".
Yeah, I think that's what he's saying. I think that the equipment required for drilling on land and offshore are very different.
And I would guess that even if the equipment is there, it takes awhile to set it up and get it running.
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