is this why oil is expensive

  1. 5,447 Posts.
    It is not generally known but the US government has been preventing ultra deep oil exploration by legislation for some years. I believe there is legislation out to 2012. This was signed by both Clinton and Bush. Why, because the US taxpayer was going to fund the exploration by huge tax breaks...no tax. So the oil companies will have to fund much of the exploration themselves, from the huge current profits now being made. There have been oil soaked drilling cores brought up from the deeps but no movement in follow up. However drilling in the Gulf of Mexico recently has hit oil at depth. This may be the beginning of the next oil phase, funded by the consumer.
 
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