April 19, 2012
by Don Surber
That is correct. Exxon, the largest oil company in the United States, is going to drill for oil in the Arctic Ocean. — the Democratic Party’s refusal to open a few hundred acres of Alaska to drilling be darned. The Arctic will have oil rigs. Except they will benefit Russia, not the United States. 21 years after ridding itself of communism, Russia welcomes capitalism.
Meanwhile, the United States government will celebrate Lenin’s birthday on Sunday by calling it Earth Day, an excuse to shutter capitalism in this nation.
The Environmental Protection Agency just announced it will crack down on fracking, which has led to oil booms in Kansas, North Dakota and Texas,. The last thing the Democratic Party wants is energy independence for the United States. And the Republican Party is not much better.
The folks at Exxon are not stupid.
MOSCOW (Reuters) – U.S. oil major ExxonMobil and Russia’s Rosneft unveiled an offshore exploration partnership on Wednesday that could invest upward of $500 billion in developing Russia’s vast energy reserves in the Arctic and Black Sea.
The deal, between the world’s largest listed oil firm and the world’s top oil producing nation, was the product of nearly a year of talks and came about despite a history of mutual distrust between Washington and Moscow dating back to the Cold War and recent difficulties for other Western firms in Russia.
“Experts say that this project, in terms of its ambitions, exceeds sending man into outer space or flying to the moon,” Russian Deputy Prime Minister Igor Sechin, a key architect of the partnership, told a briefing for analysts in New York.
Under the deal, signed in Moscow on Monday, Exxon and state-controlled Rosneft will seek to develop three fields in the Arctic with recoverable hydrocarbon reserves estimated at 85 billion barrels in oil-equivalent terms.
Happy Earth Day. We are not saving the planet with our unnecessary rules. We are helping Russia. Maybe they will sell us their oil.