- May 20, 2010
No as the answers are easy.Ever wonder why we don't have 50 oilrigs off our west coast?
Free oil out there for whoever wants it, ~30 odd years since Burke brought it those conditions
Saudi & other Middle East oil was cheap to access & plentiful. Situation has been worsened by fracking & oil sands technology & Saudi v US MAD stand-off.
There hasn't been a find off of our coast (yet).
If there was a find & oil prices were high, or it was ludicrously plentiful we would have had a Nash Equilibrium - with everyone with rights rushing to carry out exploration & an active secondary market in licences & rights.