Bush budget triples money from Alaska oil drilling

[Judi Lynn]

Bush budget triples money from Alaska oil drilling
Mon Feb 6, 2006 2:30 PM ET

WASHINGTON (Reuters) - The Bush administration on Monday again asked Congress to allow oil drilling in Alaska's Arctic National Wildlife Refuge (ANWR), but almost tripled its estimate for the amount of money that would be collected in leasing fees from energy companies.

In its proposed budget for the 2007 spending year, the White House said it assumed the initial tracts in the refuge could be leased in 2008 and bring in $7 billion in new revenues, half of which would be shared with the state of Alaska.

That is almost triple the $2.4 billion the administration said in last year's budget it thought could be raised from the first round of ANWR leasing.

The administration did not explain what was behind its higher estimate for leasing fees, but it presumably reflects the jump in oil prices.
(snip/...)

http://today.reuters.com/news/newsArticle.aspx?type=politicsNews&storyID=2006-02-06T193004Z_01_WBT004722_RTRUKOC_0_US-BUSH-BUDGET-DRILLING.xml

[louis-t]

1. What it 'reflects' is desperation and lies.

Anyone recall the Medicare price tag that mysteriously went from $395 billion to over $500 billion. And we're supposed to believe ANYTHING that comes out of their mouths?

[FloridaPat]

2. And how much is it going to cost us in tax credits or whatever else

the gov't gives the oil companies to go into areas.

And in case no one knows: 85% of the current North Slope oil goes to Asia. We are not interested in cuting dependency on foreign oil.

[texastoast]

3. God, I hate that little short-sighted bastard

I'm SO tired of fighting this fight.

Also, moles, we will never give up.

[SKKY]

4. Wait, didn't he just make the case for Bio-fuels in his SOTU????

...This country needs ritalin...

[hatrack]

6. He didn't mean it "literally" - or didn't you hear?

That's what the Energy Secy. said the following day.

:eyes:

[SKKY]

12. Ahhh. Silly me. It must have been right after that part where he...

...said we were really at war with Eastasia. And all this time I thought it was Eurasia.

[SammyWinstonJack]

17. I thought the little prick prided himself on always meaning

what he says, or something like that? :grr:

[Inland]

5. That's what sent Enron to jail. nt

[sandnsea]

7. Is oil going to triple in price?

Is that what he's saying?

[wordpix]

15. no, the article says that we the people will get more $ from lease of our

national lands.

[Javaman]

18. AKA, he gets more money, we won't see a dime of it. n/t

[ConcernedCanuk]

8. Figure this - Junior gets Iran to cut the USA off - then Venezuela -

.
.
.

NO PROBLEM!!

The oil-thirsty nation of the USA will BEG to open up ANWR

gotta keep that War-Machine well oiled ya know -

without oil - the USA ain't no superpower no more . . .

GEEZE!

now that would be sad, eh?

Just think how much the rest of the world would miss the USA being a "superpower"

right . .

[brentspeak]

9. Why not nationalize ALL U.S. oil fields?

Forget drilling in ANWR (there's only 6 months of an oil supply there, anyway). Take all the other US oil fields, the government will run them, ALL the oil is sold domestically, prices go down, revenues can even reduce taxes.

That would never happen, I know. Bush's "ownership society".

[gratuitous]

10. Or, just sell all the Alaskan oil domestically

Right now, a big chunk of what comes out of the south end of the Alaska pipeline never even sees a stateside refinery. It's pumped into tankers and taken straight to Asia. Now, I understand that Exxon, Chevron and the other oil companies did okay last year. Made a tidy little profit. Okay, the biggest profits ever in the history of commerce. Since we're "at war," why aren't the oil companies pulling their share of the load, financially speaking? Why does the federal budget have to balance on the backs of Medicare recipients?

[SKKY]

13. brentspeak, you forgot one very critical point about ANWAR....

...not only will on only supply 6-10 months (Depending on best/worst estimates), it will take upwards of 10 years to get anything out of it. But, then again, this is what our current administration will term "Forward-thinking".

[twaddler01]

11. Anyone know what is getting cut?

:shrug:

[leftchick]

14. 1 million people from food stamps for a start

:grr:

a lot more here....http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=364x340198

[wordpix]

16. I am FOR increasing lease cost of national lands to corporations but

it's true that Alaskan oil goes onto world markets and not directly to U.S.

This from my bro who works in stock market and investment arena, including energy.