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We cannot drill our way out of this oil crisis. Since 2000, oil companies working in the U.S. have doubled the number of wells drilled per year.

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China Court Blocks Lawsuit Over Seizure of Thousands of Oil Wells
Public Policy; Political and Legal NewsA Chinese court has refused to hear a landmark lawsuit by hundreds of private investors whose oil wells were seized by the state, the Financial Times reported.

The newspaper, citing unidentified people familiar with the case, also said police have detained Zhu Jiuhu, a widely respected lawyer, who had taken up the investors' case as they challenged the Shaanxi provincial government's seizure of thousands of oil wells said to be worth 7 bln yuan.

The action against Zhu and the refusal of the provincial Higher People's Court to accept what would be China's biggest private lawsuit against the state may also raise questions over China's commitment to the legal process and the protection of private property, the newspaper said in its online edition.

The paper said at least five oil investors' representatives had also been detained by local authorities

Forbes

Posted on Tuesday, May 31 @ 20:33:53 PDT by Carrie
 
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