Study: 20 million acres of federal oil, gas leases in Gulf of Mexico idle

By Steven Mufson, Published: October 22

Oil and natural gas companies are not exploring, developing or producing on more than 20 million acres of federal leases in the Gulf of Mexico, 40 percent of them owned by the five biggest private oil giants, according to a study by the office of Rep. Edward J. Markey (D-Mass.), the ranking member of the House Natural Resources Committee.

The study is the latest salvo in a politicized election year battle over whether the Obama administration should be blamed for what Republican presidential nominee Mitt Romney has called a slow pace of leasing or whether the oil industry owns more drilling leases than it can handle.

The study found that 131 oil and gas companies hold about 3,700 leases in the Gulf of Mexico that are not undergoing exploration, development or production.

To read the entire article go to: http://www.washingtonpost.com/business/economy/study-20-million-acres-of-federal-oil-gas-leases-in-gulf-of-mexico-idle/2012/10/22/d764031a-1c47-11e2-9cd5-b55c38388962_story.html