Let’s Drill For Oil InTony Farto’s Head
Q Durbin said on the floor the other day that there’s oil leases on millions and millions of acres offshore that are just not being used and not being tapped. Why not —
MR. FRATTO: There are lots of reasons. I mean, one is that you don’t just drop a drill into — whether it’s offshore or on property — and hope that oil comes out. It takes years and years of geological study, environmental impact regulations that you have to deal with. You want to make sure there is actually oil there that you can go out and extract and bring to market.
So it’s a very long process, it’s a very expensive process. There are other places out there like the Outer Continental Shelf and ANWR where we know, in fact, that there are — there is oil there that can be brought to market. But the first step in all of this is exploration. And even on those existing leases, you still need to go out and explore, and that takes lots and lots of time.
Q But it seems like those existing leases are far more down the pipe than ANWR or any other spaces that aren’t even opened up. Why not follow those leads first?
MR. FRATTO: I’m sure some of them are, but it’s not a question of, why not do something first; it’s why don’t we do everything that we can do.