An Oil Company Shocker

I read today in the St. Louis Post Dispatch that oil companies, despite their record profits, are only spending about 5% of their available revenue on exploration. Compare that with the over 50% that they spend on stock repurchase, investor dividends and other cash handouts. Kind of makes the Republican "let's drill everywhere" plan seem useless, doesn't it?

First of all, the oil companies are not exploring all the land they currently have leased, and second, we also have a problem with refinery capacity. How would more oil solve that problem?

It's a complicated issue, but we need to turn the page on fossil fuels.