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According to a Department of Interior report, the U.S. had more than 37,000 oil and gas leases just last year — so 9,000 is a small number comparatively — and just because an oil company has a lease doesn't mean they can just start drilling.
They must organize and safely manage their reservoir and satisfy several regulatory requirements, such as an onsite inspection, environmental review and permit approval. This process can actually take up to 10 years.
Experts say even if these companies start drilling more oil wells today, it could take anywhere from six months to years for that oil to start flowing.
According to a Department of Interior report, the U.S. had more than 37,000 oil and gas leases just last year — so 9,000 is a small number comparatively — and just because an oil company has a lease doesn't mean they can just start drilling.
They must organize and safely manage their reservoir and satisfy several regulatory requirements, such as an onsite inspection, environmental review and permit approval. This process can actually take up to 10 years.
Experts say even if these companies start drilling more oil wells today, it could take anywhere from six months to years for that oil to start flowing.