Oil And Gas Drilling Quotes

Here at the end of the world, with the climate crisis bearing down like Godzilla over downtown Tokyo, U.S. taxpayer subsidies for oil and gas drilling are now almost literally insane.

He remembers what the spiritual visionary, Wallace Black Elk, a Lakota said – man's scratching of the earth causes diseases like cancer. He meant the mining and drilling for coal, gas, oil, uranium. The scratching brings up the things deep in the earth that should have stayed down there.

Drilling without thinking has of course been Republican party policy since May 2008. With gas prices soaring to unprecedented heights, that's when the conservative leader Newt Gingrich unveiled the slogan 'Drill Here, Drill Now, Pay Less'—with an emphasis on the now. The wildly popular campaign was a cry against caution, against study, against measured action. In Gingrich's telling, drilling at home wherever the oil and gas might be—locked in Rocky Mountain shale, in the Arctic National Wildlife Refuge, and deep offshore—was a surefire way to lower the price at the pump, create jobs, and kick Arab ass all at once. In the face of this triple win, caring about the environment was for sissies: as senator Mitch McConnell put it, 'in Alabama and Mississippi and Louisiana and Texas, they think oil rigs are pretty'. By the time the infamous 'Drill Baby Drill' Republican national convention rolled around, the party base was in such a frenzy for US-made fossil fuels, they would have bored under the convention floor if someone had brought a big enough drill.

But what my car needs is gas, not memories! How can you make a car go on memories?' B.D. scratched under her Admiral's hat. 'What'd you think gas was, girl? 'Course there's all sorts of fuel, wind and wishes and chocolate cake and collard greens and water and brawn, but you're wanting the kind that burns in an engine. That kind of gas is nothing more than the past stored up and fermented and kept down in the cellar of the earth till it's wanted. Gas is saved-up sunlight. Giant ferns and apples of immortality and dimetrodons and cyclopses and werewhales drank up the sun as it shone on their backs a million years ago and used it to be a bigger fern or make more werewhales or drop seeds of improbability.' Her otter's paws moved quick and sure, selecting a squat, square bottle here and a round rosy one there. 'It so happens sunshine has a fearful memory. It sticks around even after its favorite dimetrodon dies. Gets hard and wily. Turns into something you can touch, something you can drill, something you can pour. But it still remembers having one eye and slapping the ocean's face with a great heavy tail. It liked making more dinosaurs and growing a frond as tall as a bank. It likes to make things alive, to make things go.

The most dangerous myth is the demagoguery that business can be made to pay a larger share, thus relieving the individual. Politicians preaching this are either deliberately dishonest, or economically illiterate, and either one should scare us. Business doesn't pay taxes, and who better than business to make this message known? Only people pay taxes, and people pay as consumers every tax that is assessed against a business. Begin with the food and fiber raised in the farm, to the ore drilled in a mine, to the oil and gas from out of the ground, whatever it may be -- through the processing, through the manufacturing, on out to the retailer's license. If the tax cannot be included in the price of the product, no one along that line can stay in business.

to truly guarantee that we didn’t have another catastrophic oil spill in the future was to stop drilling entirely; but that wasn’t going to happen because at the end of the day we Americans loved our cheap gas and big cars more than we cared about the environment, except when a complete disaster was staring us in the face;

By posing climate change as a battle between capitalism and the planet, I am not saying anything that we don't already know. the battle is already under way, but right now capitalism is winning hands down. it wins every time the need for economic growth is used as the excuse for putting off climate action yet again, of for breaking emission reduction commitments already made. it wins when Greeks are told that their only path out of economic crises is to open up their beautiful seas to high-risk oil and gas drilling. it wins when Canadians are told our only hope of not ending unlike Greece is to allow our boreal forests to be flayed so we can access the semisolid bitumen from the Alberta tar sands . it wins when a park in Istanbul is slotted for demolition to make way for yet another shopping mall. it wins when parents in Beijing are told that sending their wheezing kids to school in pollution masks decorated to look like cute cartoon characters is an acceptable price for economic progress. it wins every time we accept that we have only bad choices available to us: austerity or extraction, poisoning or poverty.

And that the only way to truly guarantee that we didn’t have another catastrophic oil spill in the future was to stop drilling entirely; but that wasn’t going to happen because at the end of the day we Americans loved our cheap gas and big cars more than we cared about the environment, except when a complete disaster was staring us in the face; and in the absence of such a disaster, the media rarely covered efforts to shift America off fossil fuels or pass climate legislation, since actually educating the public on long-term energy policy would be boring and bad for ratings;

The chorus of criticism culminated in a May 27 White House press conference that had me fielding tough questions on the oil spill for about an hour. I methodically listed everything we'd done since the Deepwater had exploded, and I described the technical intricacies of the various strategies being employed to cap the well. I acknowledged problems with MMS, as well as my own excessive confidence in the ability of companies like BP to safeguard against risk. I announced the formation of a national commission to review the disaster and figure out how such accidents could be prevented in the future, and I reemphasized the need for a long-term response that would make America less reliant on dirty fossil fuels. Reading the transcript now, a decade later, I'm struck by how calm and cogent I sound. Maybe I'm surprised because the transcript doesn't register what I remember feeling at the time or come close to capturing what I really wanted to say before the assembled White House press corps: That MMS wasn't fully equipped to do its job, in large part because for the past thirty years a big chunk of American voters had bought into the Republican idea that government was the problem and that business always knew better, and had elected leaders who made it their mission to gut environmental regulations, starve agency budgets, denigrate civil servants, and allow industrial polluters do whatever the hell they wanted to do. That the government didn't have better technology than BP did to quickly plug the hole because it would be expensive to have such technology on hand, and we Americans didn't like paying higher taxes - especially when it was to prepare for problems that hadn't happened yet. That it was hard to take seriously any criticism from a character like Bobby Jindal, who'd done Big Oil's bidding throughout his career and would go on to support an oil industry lawsuit trying to get a federal court to lift our temporary drilling moratorium; and that if he and other Gulf-elected officials were truly concerned about the well-being of their constituents, they'd be urging their party to stop denying the effects of climate change, since it was precisely the people of the Gulf who were the most likely to lose homes or jobs as a result of rising global temperatures. And that the only way to truly guarantee that we didn't have another catastrophic oil spill in the future was to stop drilling entirely; but that wasn't going to happen because at the end of the day we Americans loved our cheap gas and big cars more than we cared about the environment, except when a complete disaster was staring us in the face; and in the absence of such a disaster, the media rarely covered efforts to shift America off fossil fuels or pass climate legislation, since actually educating the public on long-term energy policy would be boring and bad for ratings; and the one thing I could be certain of was that for all the outrage being expressed at the moment about wetlands and sea turtles and pelicans, what the majority of us were really interested in was having the problem go away, for me to clean up yet one more mess decades in the making with some quick and easy fix, so that we could all go back to our carbon-spewing, energy-wasting ways without having to feel guilty about it. I didn't say any of that. Instead I somberly took responsibility and said it was my job to "get this fixed." Afterward, I scolded my press team, suggesting that if they'd done better work telling the story of everything we were doing to clean up the spill, I wouldn't have had to tap-dance for an hour while getting the crap kicked out of me. My press folks looked wounded. Sitting alone in the Treaty Room later that night, I felt bad about what I had said, knowing I'd misdirected my anger and frustration. It was those damned plumes of oil that I really wanted to curse out.

Reading the transcript now, a decade later, I’m struck by how calm and cogent I sound. Maybe I’m surprised because the transcript doesn’t register what I remember feeling at the time or come close to capturing what I really wanted to say before the assembled White House press corps: That MMS wasn’t fully equipped to do its job, in large part because for the past thirty years a big chunk of American voters had bought into the Republican idea that government was the problem and that business always knew better, and had elected leaders who made it their mission to gut environmental regulations, starve agency budgets, denigrate civil servants, and allow industrial polluters do whatever the hell they wanted to do. That the government didn’t have better technology than BP did to quickly plug the hole because it would be expensive to have such technology on hand, and we Americans didn’t like paying higher taxes—especially when it was to prepare for problems that hadn’t happened yet. That it was hard to take seriously any criticism from a character like Bobby Jindal, who’d done Big Oil’s bidding throughout his career and would go on to support an oil industry lawsuit trying to get a federal court to lift our temporary drilling moratorium; and that if he and other Gulf-elected officials were truly concerned about the well-being of their constituents, they’d be urging their party to stop denying the effects of climate change, since it was precisely the people of the Gulf who were the most likely to lose homes or jobs as a result of rising global temperatures. And that the only way to truly guarantee that we didn’t have another catastrophic oil spill in the future was to stop drilling entirely; but that wasn’t going to happen because at the end of the day we Americans loved our cheap gas and big cars more than we cared about the environment, except when a complete disaster was staring us in the face; and in the absence of such a disaster,

I’m sure there are some readers who will choke on the word subsidy. The gasoline subsidy in the U.S. is not a visible thing that shows up in the budget documents, but it’s there. Keeping a standing Army and Navy at the ready to defend oil fields on the other side of the world is an extraordinary subsidy for gas-powered vehicles. Cheap leases on federal land for drilling and mining are subsidies. Tax breaks for the fossil-fuel industry are subsidies. If we enhanced the grid, subsidized electric vehicles, and let gasoline cost what people are really willing to pay (and what we really pay to get and protect it), we could bring a lot of our military home. And change the world.

It helped McClendon and Ward that many veteran wildcatters still were licking their wounds from years of troubles, leaving them unable to spend much cash to compete with Chesapeake. The new company often acquired dominant positions in oil and gas fields and told those holding acreage in the area that they had to come up with their share of money to participate in Chesapeake’s drilling or sell their acreage to Chesapeake. It sparked grumbling among landowners who resented having to fork over scarce cash in an economic downturn to drill with young operators with little track record. McClendon

WHAT ARE THOSE?” asked Jamison as they neared their destination. She indicated fiery gold plumes that winked in the darkness like ghoulish holiday lights as they zipped past. “Gas flares,” said Decker. “Coming off the oil wells. Natural gas is found with oil. They drill for both up here. But they sometimes vent the gas off and ignite it at the end of the oil wellhead. I guess it costs too much to do anything else with it in certain situations and they don’t necessarily have the infrastructure to pipe it out of here.” Jamison looked stunned. “Do you know how much gas we’re talking about?” “One stat I read said each month the gas they burn off could heat four million homes.

Another example of how blitzscaling applies to a completely different type of business is the rapid rise of the shale oil and natural gas industry in the United States during the 2000s. The energy sector scores well on the growth factors we’ve defined. Oil and gas is an enormous, high-margin industry, with a very efficient distribution system. And while the shale industry doesn’t feature many network effects, it has its own source of powerful long-term competitive advantage. In the energy industry, rather than buy land outright, the usual practice is to lease the drilling rights for ninety-nine years for a combination of guaranteed lease payments and royalties. This means that leasing the right land is tantamount to holding an unbreakable monopoly on the oil and gas underneath that land,

When should you drill for oil? Fissures deep in the ground form randomly, like pores in the gas mask. Below the percolation threshold for those fissures, your drill will likely hit a small, disconnected cluster of trapped oil. Bad investment. Above the percolation threshold, your drill is likely to pierce one giant, connected reservoir of oil. Good investment.

And that the only way to truly guarantee that we didn’t have another catastrophic oil spill in the future was to stop drilling entirely; but that wasn’t going to happen because at the end of the day we Americans loved our cheap gas and big cars more than we cared about the environment, except when a complete disaster was staring us in the face; and in the absence of such a disaster, the media rarely covered efforts to shift America off fossil fuels or pass climate legislation, since actually educating the public on long-term energy policy would be boring and bad for ratings; and the one thing I could be certain of was that for all the outrage being expressed at the moment about wetlands and sea turtles and pelicans, what the majority of us were really interested in was having the problem go away, for me to clean up yet one more mess decades in the making with some quick and easy fix, so that we could all go back to our carbon-spewing, energy-wasting ways without having to feel guilty about it.

My happy talk about a painless shift to a carbon-free future prompted grumbling from some climate change activists. They hoped to hear me issue a call for bigger sacrifice and harder choices—including a moratorium or outright ban on oil and gas drilling—in order to confront an existential threat. In a perfectly rational world, that might have made sense. In the actual and highly irrational world of American politics, my staff and I were pretty sure that having me paint doomsday scenarios was a bad electoral strategy.

The other two types of investments in oil and gas are both investments in the actual drilling operation—and they provide great tax benefits. You can either invest in exploratory operations, also called “wildcat” drilling, or you can invest in development operations.

frack a single well can take as many as six million gallons. In 2011, petroleum companies drilled twice as many new water wells—2,232 across the Lone Star State—as they did oil and gas wells.

That is why InnoCentive tries to frame problems so no one feels excluded from trying. A challenge from a drilling company, for instance, will appear with no reference to the oil and gas industry. “Most people will stop reading the problem as soon as they see ‘oil and gas’ because they will think ‘I’m not from the oil and gas industry,’” says Spradlin. “Our model is about throwing a very broad net to avoid limiting it to the same old experts.

Over the last two decades, unconventional oil and natural gas wells have emerged as the dominant source of energy production in the United States. Despite the complexity of drilling these wells and forecasting production volumes, investors in such assets can take advantage of several mathematical principles to reduce the risk in their portfolios. This article dives into the practical application of the Central Limit Theorem and Law of Large Numbers within the energy sector and explores how the characteristics of unconventional reservoirs and diversified assets can work together to reduce production volatility for investors.

Saipem, an Italian-based company founded in 1957, has built some of the world's largest energy and infrastructure projects. It is organized into five business divisions that focus on onshore and offshore drilling, engineering and construction, and conceptual design services. Given its connection to oil and gas contracts, which effectively collapsed in 2014 with a plunge in oil prices, it has had to set a course beyond fossil fuels and rethink everything about its business. This "change or die" scenario sets the tone for its reporting and disclosure. Its 2019 sustainability report acknowledges the scenario it is facing and tackles the issue of the low-carbon transition head-on. At its core is the organziations rallying call, or "the four challenges," which describe the context and frame the opportunities it must capture to remain competitive.

Suppose, for example, Pierre invests the $100,000 in oil and gas drilling and development. In the United States, he’d receive a deduction equal to the entire $100,000 the year he made his investment. So he still doesn’t have to pay more than $3,300 on his total income of $200,000.

Oil and Gas Investing in Permian Basin-Smart Move As the true scope of Permian Basin is being understood, one thing is very clear; it is going to attract a lot of investment. As in case of all oil and gas investments, the sooner you invest, the better your returns are going to be. Right now is the perfect time for oil and gas investing in Permian Basin. There are a lot of benefits of choosing to invest in things other than the property, shares and stocks circuit. It not just helps you spread out your earnings, it lets you test potential markets such as these. As these markets are not overcrowded, there is more scope for growth. But why should you choose oil and gas investing in Permian Basin when you have dependable assets elsewhere? The answer is that those assets multiply at such a slow pace that you forget they are there while when there is an oil and gas boom, it turns your fortunes. An oil well investment brings with it years of steady income with the benefit of tax deduction on the investment. It is not as much a gamble as it is made out to be and oil strikes are more frequent than people would like you to believe. About 15% annual income from oil and gas wells is exempt from tax and 65-85% of your first year's investment can be waived off. Gone are the days when all you could do with oil well was bore increasingly downwards, vertically. Now there is technology available that lets you draw oil supply for a long, long time after the initial vertical bore runs dry. With new advancements in drilling and extracting techniques, a lot of oil that was earlier as good as not being there has suddenly become readily available. Being with a company that is well equipped with the latest technology gives your investment more stability. That is one of the reasons for a revival of the boom in Permian Basin and it has been predicted to last for a long time to come. Choose with great care a reliable and experienced company that is a seasoned hand at oil and gas drilling and production. Oil and gas investing in Permian Basin is bound to attract many investors looking to be a part of the upward trend. Invest today and reap benefits for years to come.

Today, Israel has no producing oil wells. However, a huge natural gas deposit was discovered in January, 2009 a few kilometers off of the Israeli coast near Haifa, estimated at $15 billion in value, making it one of the largest natural gas finds in history, and potentially making Israel energy independent.  Drilling for oil continues in other areas of Israel. Author Joel Rosenberg speculates that Deuteronomy 33:24 (Asher will “dip his foot in oil”) will mean that Israel will discover massive quantities of oil, which will entice Russia and the listed Muslim nations to invade, to seize the sp(oil).

Exploratory wells located invariably by a set of deterministic seismic interpretations are drilled into reservoirs under uncertainty that is invariably poorly quantified, the geologic models yawning to be optimized by a mindset that is educated in a data-driven methodology.

One reason why the fracking boom caught everyone by surprise was that fracking had been around since the 1970s. The technology failed to deliver any meaningful results for forty years. It was simply too expensive to be economically viable. Fracking, in fact, was only kept alive thanks to repeated government intervention. The fracking industry was essentially a ward of the state for decades, kept alive by lavish government subsidies, tax breaks, and government-funded research. In 1980, a federal law called the Crude Oil Windfall Profits Tax Act included a tax break for natural gas supplies produced in unconventional ways, like fracking. The purpose of the tax break was to nurture new energy sources. The tax break was stupendously generous, providing 50 cents for every thousand cubic feet of gas. The so-called Section 29 tax break remained in place for decades. The National Bureau of Economic Research estimated in 2007 that the tax break would cost the federal government $3.4 billion between 2007 and 2011 alone. The federal government also stepped in to support the frackers with long-term, expensive, experimental research. It was the kind of research that private companies were reluctant to provide for risky technologies. The government-run Sandia National Laboratories developed the three-dimensional microseismic imaging that made fracking possible. A federal project called the Morgantown Energy Research Center, or MERC, partnered with companies to set up experimental drilling operations to put fracking to the test. It was two engineers with MERC who patented the vital technology to drill horizontally—or directional drilling, as the industry called it. In 1986, a Department of Energy program, partnered with private companies, was the first to demonstrate a multistage, horizontal fracture in the Devonian Shale. In

These deals were part of a strategy that Koch had been formulating for over a year. Koch saw something in Eagle Ford. It was something that others also saw, but that Koch was the first to exploit. While production was flat until early 2010, the number of drilling rigs had more than tripled in just over a year, from thirty to 104. This number was a leading indicator. The wells would start pumping, and new oil would start to flow. Koch Industries was poised for the change. The wells being drilled into southern Texas were the face of an energy revolution that would redefine global oil markets and the American economy. They were part of a once-in-a-generation transformation that crept up quietly and then changed everything. In one short decade—from 2005 to 2015—America went from being the largest importer of refined petroleum products to the largest exporter of refined petroleum products. A country that was once the poster child for peak oil discovered that it was home to oil and natural gas deposits that were likely larger than those found in Saudi Arabia. The entire story about fossil fuels was reversed before many people even realized what was happening. These changes were every bit as cataclysmic for oil markets as the OPEC embargo had been in the 1970s. But this time, the changes accrued to America’s benefit. The cost of oil plummeted, OPEC was defanged, and America became essentially self-sufficient as an oil consumer.