A California ‘Black Gold’ Rush

Energy: An amazing number of oil finds have been made this year, including the biggest in California in 35 years. If the world is running out of oil, why do we keep finding more of it?

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The mantra of the anti-drilling crowd has been that oil companies like to sit on their leases and the oil in the ground, hoping to drive up the price. They should use the leases they have or lose them, these critics say. They also like to add that the world is running out of oil so it doesn't matter anyway. Occidental Petroleum hasn't been sitting on anything. For the past decade it's been actively acquiring drilling rights and leases in California where the oil, at least on land, has been said to be an exhausted resource. More...

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