I enjoyed reading your letter stating that "something" needs to be done to improve the oil and gas industry's reputation with the public. Being third generation in my family in this industry I would agree.ellipseexcept that I truly don't believe the public wants an understanding of our industry. It is far easier when pumping gas at $2/gal to fill their Ford to mutter "Those (blank) oil companies, getting rich while I try to pay the gas bill," or similar mutterings when paying the home heating oil bills during a cold winter. They can hear about my company just placing on line a new discovery well producing 1,000 b/d and easily calculate 1,000 x $29/bbl (what they saw in the newspaper and NOT what I really get paid in the field!) x 30 days = $870,000 and start muttering again "That (blank) is making over a quarter of a million dollars a month!!" He can add a few profanities and feel much better talking with his neighbor about the oil companies and price gouging rather than realize that I may have drilled 15 dry holes at +$1,000,000 each to finally find this wonderful well. And they also don't want to hear about net revenue interests, overriding royalties, lifting costs, reworks, decline curves, and on and on.
There is a wonderful organization called NEED (National Energy Education Development) which is attempting to educate the public beginning at the grade school level as to what the industry really is about and how it operates, and I personally feel they will make more headway at that age than with John Q. Public pumping gas and muttering about my obscene profits. To top it off, John Q. probably had his retirement in Pets.com stock!
I agree with you we need a better image. But that makes the assumption people are willing to listen, and I honestly think the value of a scapegoat is far greater right now than facts. Sad, but true, and Washington is not helping when they call a tax a "Windfall Profit" tax which only helps to support the "greedy (blank)" image we have had for years. Good luck, we really need your help to change the next generation!
Jeff K. Ramsey
President and CEO
TrinAca Investment Corporation
