Tuesday, April 04, 2006

Cashing in on energy boom

The Salt Lake City Tribune reports:
The status of Utah's energy market may have to be upgraded - from hot to sizzling.
With demand increasing and values soaring, the state Bureau of Land Management office announced Monday that it will hold its largest-ever oil and gas lease sale on May 16. The BLM plans to offer 440,000 acres on 296 parcels scattered throughout the state - but with a focus on southern Utah.
The proposed sale dwarfs the size of the agency's previous lease sale in February, and is significantly larger than the previous record offering made in September 2004.
Driving such large lease sales, BLM officials say, is an almost insatiable demand for more domestically produced energy. Since 2002, the average per-acre bid in Utah has grown from $10.25 to $113.70.
Will the environmentalists let the laws of supply and demand work?