3 ms·

Why assume oil? Isn't it more likely, given the oil economics right now, that it is gold, or something else?

yellowapple 6y ago
Given that the "Guy Named Craig" owns a company specifically around oil and gas extraction, one of those two seems probable unless someone outbids him.
martey 6y ago
The leases mentioned in the article as specifically for oil and gas development as are handled by the "National Fluids Lease Sale System": https://nflss.blm.gov/ https://nflss.blm.gov/ Mining gold on federal lands seems to go through a different (and easier) process (involving staking a mining claim as opposed to nominating land and then bidding on it in an auction): https://www.blm.gov/programs/energy-and-minerals/mining-and-minerals/locatable-minerals/mining-claims/staking-a-claim https://www.blm.gov/programs/energy-and-minerals/mining-and-...
- billiam 6y ago
  Yes! I worked in precious metals exploration and the staking process seemed kinda crazy to me---racing up and down the hills in prospective areas, carrying the paperwork and bottles to put it them in (you can't use regular glass because the sun will eventually set the paper on fire). Guess it still is, at least in some states.
Jtsummers 6y ago
Given low (present) oil demand, if you have capital now might be a good time to try and gain access to potential oil reserves for when the demand is restored (which will happen as nations start opening up more, especially for travel). Oil demand may even see a boost as travel reopens. Airlines may have to reduce passenger capacity to maintain social distancing rules (legal or just customer demand), potentially increasing the total number of flights along various routes. And more people will probably be traveling by car than by air for domestic/regional travel, which (in aggregate) would be less fuel efficient than mass transit.
rurban 6y ago
Gold is under old mountains, and at rivers below them. These are very young and light sand rocks. You cannot expect any gold, oil or gas there. But lot of tourism.
rob74 6y ago
How about uranium? (https://en.wikipedia.org/wiki/Moab_uranium_mill_tailings_pile https://en.wikipedia.org/wiki/Moab_uranium_mill_tailings_pil...)

Given that the "Guy Named Craig" owns a company specifically around oil and gas extraction, one of those two seems probable unless someone outbids him.

martey 6y ago

The leases mentioned in the article as specifically for oil and gas development as are handled by the "National Fluids Lease Sale System": https://nflss.blm.gov/ https://nflss.blm.gov/ Mining gold on federal lands seems to go through a different (and easier) process (involving staking a mining claim as opposed to nominating land and then bidding on it in an auction): https://www.blm.gov/programs/energy-and-minerals/mining-and-minerals/locatable-minerals/mining-claims/staking-a-claim https://www.blm.gov/programs/energy-and-minerals/mining-and-...

billiam 6y ago
Yes! I worked in precious metals exploration and the staking process seemed kinda crazy to me---racing up and down the hills in prospective areas, carrying the paperwork and bottles to put it them in (you can't use regular glass because the sun will eventually set the paper on fire). Guess it still is, at least in some states.

Jtsummers 6y ago

Given low (present) oil demand, if you have capital now might be a good time to try and gain access to potential oil reserves for when the demand is restored (which will happen as nations start opening up more, especially for travel). Oil demand may even see a boost as travel reopens. Airlines may have to reduce passenger capacity to maintain social distancing rules (legal or just customer demand), potentially increasing the total number of flights along various routes. And more people will probably be traveling by car than by air for domestic/regional travel, which (in aggregate) would be less fuel efficient than mass transit.

rurban 6y ago

Gold is under old mountains, and at rivers below them. These are very young and light sand rocks. You cannot expect any gold, oil or gas there. But lot of tourism.

rob74 6y ago

How about uranium? (https://en.wikipedia.org/wiki/Moab_uranium_mill_tailings_pile https://en.wikipedia.org/wiki/Moab_uranium_mill_tailings_pil...)