Did I hear Palin admit that the oil companies have been drilling and capping oil wells for years now?

I heard her admit that the other day during one of McCain's town hall meetings and the media has simply let it slide. She said that the oil companies have been finding oil, drilling and capping and leaving the oil underground for years now.





So where's the GINORMOUS need to DRILL BABY DRILL!?





And why is the federal government pretending that there is an oil shortage when all of that oil is right there, just waiting?Did I hear Palin admit that the oil companies have been drilling and capping oil wells for years now?
The oil companies are trying to tie up all the oil rights they can. If they aren't using the ones they have now, they should have to give them back to the government before they can drill offshore.Did I hear Palin admit that the oil companies have been drilling and capping oil wells for years now?
Wells are capped when they aren't economically viable to operate even as a stripper well (running once a year).





See, a well has to produce oil at least once a year, or it has to be capped. Every well produces different amounts of oil (called the yield). The yield determines when the well will operate, because a lower yield well can only be profitable above a certain oil price.





If a well is a little below that yield threshold, they operate it as a stripper well, meaning that they run it once a year to produce the minimum amount to keep it active.





If it's a good deal below the yield threshold, they'll decide that it's not profitable and not run the well at all. After a year, the EPA requires them to cap it.





There were quite a few wells that were sunk, and then later had to be capped under a low oil price. These wells would be valuable to us now, but since they've been capped, new drilling has to be done to get to the oil they once produced.
They are waiting for the price to go way up! They want to keep us on the stuff for a long time! If they can 'drill baby drill' ,that'll ensure that oil is the only choice we have for energy. The oil companies have us by the balls, and don't want to ever let go! As long as they make us 'believe' that more oil is the answer, we will be their slaves! Do we want to be sucking on the oil orifice, or should we get our energy from wind and solar, as well as other renewable sources? Oil has been very useful in our economic development, but now its a burden for it. We need to move into the future, not remain in the past!
Exploratory drilling?





Yea, you pretty much have to do that before you roll in w/ rigs, equipment, man power, and everything else.





You got to know where the oil is before you go after it.
I do not know why people think the oil companies are going to drill. Why would they, they are making too much money.
I don't know; did you? How am I supposed to know what you heard? I wasn't even with you.