Sounds like a pretty good argument against offshore drilling.
Wisconsin Sen. Russ Feingold is making a case — perhaps indirectly — against offshore drilling as he pushes for oil and gas companies to develop the federal land they already lease to boost oil and gas production, before being given more federal leases… for, we assume, offshore drilling.
The argument comes as President Obama considers allowing more offshore drilling. And it comes as the oil spill in the Gulf of Mexico spreades, threatening to become the worst environment disaster in years.
According to Feingold, oil companies lease more than 83 million acres of federal land and water but have yet to use nearly 61 million acres of it.
Feingold is pushing for greater oversight of the energy market to reduce excessive energy speculation and keep gas price hikes in check. He wants Obama to support his “Use It or Lose It” legislation to get oil companies to use lands they already lease first that often have already been explored.