Replies to post #13698 on The Rising Influence of Rising Affluence

[OakesCS]

That was the obama administration's selling point. I think the real reason was exactly what is happening which was to cut back on O&G E&P.

Under the previous rules smaller companies always partnered with larger companies for the reason you stated. The older rules were sufficient. The Macondo incident was terrible but with respect to economic accountability the old rules were sufficient and worked. Where are the examples of small oil companies being the sole proprietors of wells such as the Macondo (with or without the accident)?

Under the new rules a company with 1% interest in a project has to meet 100% of the estimated "clean-up" cost. That is ridiculous and precludes smaller companies from entering into partnerships which precludes them from ever seeking leases. The new BOEHM rules are another case of the federal government picking which companies can play and they seem to usually pick big.

If Obama had been president in 1848 the California gold rush never would've happened the way it did with the consequences that California statehood and the transcontinental railroads wouldn't have happened before 1900.