A recent article in the US NEWS & World Report reminded me about an incident regarding Big Oil from the 1920's. It was a lesson from the 8th grade US History textbook about the "Teapot Dome Scandal." (It also reminds us that there is "nothing new under the sun.") The Teapot Dome is located in Wyoming and was given its name from a rock resembling a teapot that rose from the oil field. The "scandal" developed when the Secretary of the Interior under President Warren G. Harding, Albert B. Fall, opened up the oil reserves in this federal land to private use, while trying to keep it a secret. He leased the land to a couple of oil companies and the companies in turn allowed him to borrow over $400,000. In the end, Fall was found guilty of bribery and fined $100,000 in 1929 and the oil reserves were returned to government control. Read more
Also on the subject of oil, I listened to a caller on a talk radio show who mentioned that there were hundreds of "capped" oil wells in Colorado. All that we hear from the news media is that our country does not have enough oil, but according to this site called globalresourcecorp.com - there are over 400,000 "capped" oil wells in the U.S. and most of them still have 50% or more oil reserves available to use. Now, it makes me wonder why our Congress does not allow these wells to be used? Things that make you go, "hmmm "
Also on the subject of oil, I listened to a caller on a talk radio show who mentioned that there were hundreds of "capped" oil wells in Colorado. All that we hear from the news media is that our country does not have enough oil, but according to this site called globalresourcecorp.com - there are over 400,000 "capped" oil wells in the U.S. and most of them still have 50% or more oil reserves available to use. Now, it makes me wonder why our Congress does not allow these wells to be used? Things that make you go, "hmmm "
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