This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Feds Collect Reaction To Oil Shale Development

Stocks in this article: CVX XOM

PAUL FOY

SALT LAKE CITY (AP) â¿¿ The federal government is closing a public comment period on plans for oil shale development that have sharply cut public lands available for research and development projects.

The Bureau of Land Management has tentatively decided to lease about 460,000 acres of oil shale deposits for research and demonstration projects, down from 2 million acres the Bush administration planned to offer across Colorado, Utah and Wyoming.

Oil-friendly interests are complaining that the BLM is making little land available with too many regulations. The new plans calls for opening another 91,000 acres for tar sands development, down from 431,000 acres the Bush administration planned to offer.

The government will make its final leasing decisions by Oct. 18, said Mitchell Leverette, division chief of solid minerals at the U.S. Bureau of Land Management's Washington office.

First, the BLM will sift through what the National Parks Conservation Association says is more than 100,000 public comments. BLM officials said they haven't counted them. The comment period will close Friday.

Environmental groups say a century's worth of trying to wring oil from rock has never proved economical, and new efforts will only ruin public lands. The National Parks Conservation Association said the "vast majority" of comments support BLM's more cautious approach.

"It doesn't make sense to develop on a large scale and put our national parks and recreation economy at risk when oil shale and tar sands development have yet to be proven economically viable," said David Nimkin, the Southwest regional director for the National Parks Conservation Association.

Several oil companies took out 160-acre government research plots years ago, but only one is actively working a demonstration project.

Shell Exploration & Production Co. is experimenting with an effort to bake oil shale in the ground and suck out oil with pumps. Shell holds three federal research and development leases in Colorado but is running the demonstration on its own land.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs