Does Palin Even Understand Alaska's Oil Industry?

In her latest embarrassment, Sarah Palin has sparked new disbelief among Alaskans about her basic grasp of rudimentary facts about her own state. From Alaska Dispatch's Tony Hopfinger:

In an interview with Fox News’ Greta Van Susteren this week, Palin attempted to explain how oil development works in Alaska compared to other parts of the country. The governor claims Alaska is unique because it owns the oil, as opposed to oil companies holding sole claim to the crude on the North Slope. She’s wrong. We tried to find an example elsewhere in the country where a company owns the oil, but came up short ...  Is it too much to ask that our leaders understand the fundamentals of oil leasing, taxing and ownership, both in Alaska and the rest of the country? We are America's oil province, after all.

Well, she did randomly insert the word "perhaps."