Alaska to cut Point Thomson oil leases

JUNEAU, Alaska - Exxon Mobil Corp. is reviewing its legal options in the wake of Alaska's decision to strip it and other oil companies of their leases in the North Slope's Point Thomson oil and gas field.

The state said Monday it was revoking the leases after finding Exxon Mobil failed to come up with a viable plan for developing the field's vast reserves.

Exxon Mobil spokeswoman Susan Reeves said the company was disappointed.

"Exxon Mobil has complied with the Point Thomson lease agreements, the unit agreement and all Alaska statutes and regulations. Any litigation by the state to take back the Point Thomson leases is likely to be protracted," Reeves said.

http://news.yahoo.com/s/ap/alaska_oil

It will turn out to be a blessing but it sure is not meant that way. Murkowski is being as spiteful as he possibly can be..A Natural Gas pipeline is a favorite among Democrats. Natural gas burns clean compared to diesel or gasoline. It is environmentally friendly. It also could really improve alaska's economy. Murkowski has wanted the "Big Oil" companies to get the contracts and reap huge benefits while Alaskans get screwed..This is his last desperate act to tie everything up in litigation forever. It is as if he is saying if "Big Oil" doesn't get it no one can.....Down the road though Alaska will celebrate this move..