Quote:
Originally Posted by Mattyk72
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Just because recent permits have been increased, and land is available for exploration, does not mean that Oil companies have chosen to drill (in many cases they haven't because the oil reserves aren't large enough for them to cover costs).
In the offshore areas where the reserves are gigantic, the potential for profit is much greater.
Furthermore, any permits for drilling that have been issued within the last few years would not lead to oil production for several more years. This is a ridiculous assessment, it's akin to grading Devin Thomas and Malcolm Kelly solely on their first 8 OTA practices. You have to give the drilling and refining process time (it takes YEARS) before you start seeing an affect on gas prices.