raggmann54 This process takes exploration, testing and research to make that determination - takes time and costs lots of money. After that you get to present your plan of action to the Regulators and then begin to jump through the hoops they have established and sometimes change daily to get the go-ahead to drill - again, years...Once you make it through all of that you finally get the permission to begin drilling then you get to spend millions to get the Oil Rig, proper Blow-Out Preventer, the manpower to operate the Rig, etc. to the site - takes time, again.
You ever wonder, do the owners of the leases actually pay OOP for all this? Or do they 'get a loan'? Where best to get such a loan is very clear, and sometimes easy. But, as always, read the fine print. I'd be kind of certain that things are done the same today, as it was done 40, 50, 60 years ago. The U.S. Gvt. knows where the oil is, after the 'exploration' has been done, and it will not be pumped until they say so. Regulations, as you stated. đ
