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Steve McIntosh Report Blog

City says "no" to oil drilling

It sounded like an idea with real possibilities. Somebody believes there may be a pool of oil in the earth under Century II in downtown Wichita. The City sought a permit so it could lease the drilling rights to Trek A-E-C, a Texas company. The idea was to drill from the west bank of the Arkansas to the east … under the river and under Century II.
If they struck oil, the City of Wichita would share in the revenue. Mouths began to water over the prospect of millions of dollars flowing into the city’s bank account, easing the strain on the budget without raising taxes. Almost as good as having a casino in town!
However, some of the folks who live and do business in the Delano District west of the river thought the crude-drilling idea was … well … crude. The City decided to withdraw its application for a conditional drilling permit.
I think the city is missing wind power opportunities. But if folks don’t like the idea of oil derricks in the city, I’m sure wind turbines would be a non-starter.
Our thought for today is from Samuel Goldwyn:
“I had a monumental idea this morning, but I didn’t like it.” 

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Topics : Business_Finance
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Locations : ArkansasDelano DistrictTexasWichita
People : Samuel Goldwyn

09/30/2013 1:30AM
City says "no" to oil drilling
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