Offshore Oil Drilling to Get Another Look in Congress

[voogru]

Quote:

"For 27 years, Congress has deliberately locked up vast offshore oil and natural gas reserves," Peterson said, according to USA Today. "With the price at the pump increasing daily — with no end in sight — and the cost of natural gas trading at record levels, Congress needs to unlock these reserves."

Most oil production and exploration has been banned since 1981.

So wait, how much oil?

Quote:

According to Peterson's office, the U.S. Minerals Management Service estimates that 86 billion barrels of oil and 420 trillion cubic feet of natural gas can be found along the U.S. outer continental shelf, the area affected by the ban.

[Epidemic]

For the anti america drilling for oil crowd, even if it does not reduce price it still benefits america... It at least curbs trade imbalance/deficites. At least america would be the recipient of 135$ per barrel on the open market.

for anwr alone that would be 49 billion annually balancing out arctic wasteland.

add to that off shore and you gots a nice chunk of change to offset the trade deficit.

[voogru]

Hey whats this? More oil?

North Dakota oil discovery called biggest in U.S. - Top Stocks

Quote:

According to a government report published today that has stunned the energy biz, a thin layer of rock known as the Bakken Shale, located a couple of miles under the Badlands, holds up 4.3 billion barrels of recoverable oil, making it the single largest oil reservoir that federal scientists have ever assessed.

hmm... 4.3 billion @ $135/bbl... = 485 billion!

And of course, it would take years to get to it, but say, in 10 years, oil keeps increasing in price at the rate it is today, so thats probably roughly... $400 a barrel by the time they start going wild drilling in ND.

4.3 billion @ $400/bbl = 1.72 trillion.

Quote:

The U.S. Geological Survey only assessed the Bakken Shale in U.S. boundaries, so the full extent of the find, which stretches north into the Canadian provinces of Saskatchewan and Manitoba, will ultimately be larger. Already the estimate for “technically recoverable” oil – or that which is exploitable using current technology -- is 25 times higher than the last time the USGS surveyed the area, in 1995.

[MTAtech]

I'm not against drilling there. We successfully drill in the Gulf of Mexico and if other countries drill there, we have the same environmental risk with none of the reward.

[voogru]

Quote:

Originally Posted by MTAtech

I'm not against drilling there. We successfully drill in the Gulf of Mexico and if other countries drill there, we have the same environmental risk with none of the reward.

Holy crap... Is the sky falling?

[Chuckiechan]

Quote:

Originally Posted by MTA

I'm not against drilling there. We successfully drill in the Gulf of Mexico and if other countries drill there, we have the same environmental risk with none of the reward.

Is someone using MTA's account?

We'd better let Rob know! Crikey!



I keep pinching myself, but the post is still there...!

[Disley]

485 billion!
Thats about nine months of defense spending.

[Epidemic]

and we add that to anwar's billions, and floridas billion, and the gulfs billions, and californias billions.... oops we cant do that we are not allowed to tap into those national natural resources.

we would much rather increase trade deficite and leave ourselves in a position where we need to cater to middle east and get involved in every conflict.

[no1_vern]

I realize its a hard concept to understand, but once WE are the only nation with oil, we can CHARGE whatever we want for it, - and get the price we ask! Is that concept just too hard for you guys to understand??

Whats wrong with having enough resources to ACTUALLY pay off the national debt??

Our next generation(or the one after) WILL have to pay for the bills we are running up.

[nickslick74]

We can't drill off the coast of Florida, Prez Bush just signed a bill recently that does not allow it.