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With the current trends in the oil market, I'd be shocked if the company actually pursued this. And that's just for the exploratory well, not to mention full scale production.
 

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With the current trends in the oil market, I'd be shocked if the company actually pursued this. And that's just for the exploratory well, not to mention full scale production.
Not exactly. Although the market has driven the number of active drilling rigs down, the number of those seeking drilling permits, exploratory or otherwise, is up, especially in Wyoming and California. see: http://info.drillinginfo.com/new-drilling-permits-january-2016-update/

Tax breaks have dramatically changed the business of drilling for oil and gas. It would be fair to say that the recent natural gas and oil "boom" has been subsidized by the Federal Government.

Almost every dollar it takes to drill an oil or natural gas well, whether it produces or not, is a tax write-off. See the tax breaks here: http://www.investopedia.com/articles/07/oil-tax-break.asp

"Furthermore, it doesn't matter whether the well actually produces or even strikes oil. As long as it starts to operate by March 31 of the following year, the deductions will be allowed."

Read more: Oil: A Big Investment With Big Tax Breaks | Investopedia http://www.investopedia.com/articles/07/oil-tax-break.asp#ixzz3xlT4yWNw

Question:
How did America become oil independent and the biggest natural gas producer?....eventually producing gobs of oil and gas there was no market for?

Answer:
tax breaks and fracking

You get what you ask for. Drill, baby, drill.

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