Obama to Expand Off-Shore Drilling

[nathanm]

Nathan, sometimes I think you argue with me for the sake of arguing. 

I never said we should be pumping like mad.  It takes time to develop oil fields.  In order for an oil field to be a hedge to help with demand and price fluctuations, you have to be able to have access to the oil, not sitting on top of a resource which cannot be tapped for five or ten years because there's no equipment in place to drill for or recover it.

Capiche? 

When you put it like that, I agree. I mistakenly assumed you were of the mind that not only should we explore the fields but we should immediately (or as soon as possible, anyway) start pumping everything we can from them. As I mentioned before, I think it's great for us to get a better idea of the resources we have available.

[Gaspar]

The USGS estimates 37 trillion cubic feet of gas and 4 billion barrels of oil under the Atlantic portion.

Not sure about the Alaskan tracts yet.

[nathanm]

4 billion barrels of oil under the Atlantic portion.

That's a big find..6-7 months of our oil usage. 

[Breadburner]

[Gaspar]

That's a big find..6-7 months of our oil usage. 

If we can reduce our costs over the next 10 years by adding domestic sources to the mix as we continue to explore alternatives, we are in far better shape.

You are right, it's not enough to make us completely independent. Far more needs to be done to free up more exploration. 

[Conan71]

Are you saying you are incredibly happy about this development?

[Conan71]

If we can reduce our costs over the next 10 years by adding domestic sources to the mix as we continue to explore alternatives, we are in far better shape.

You are right, it's not enough to make us completely independent. Far more needs to be done to free up more exploration. 

There's a lot more things on the horizon, even in our own relative back yard.  Oil prices are high enough to support all sorts of alternate means of extracting oil.  Steam flooding holes for oil which was otherwise not recoverable is starting to become more common.

[Breadburner]

I moist certainly am...Although I would rather use up all the Arabs oil before our own.....

[Cats Cats Cats]

If we can reduce our costs over the next 10 years by adding domestic sources to the mix as we continue to explore alternatives, we are in far better shape.

You are right, it's not enough to make us completely independent. Far more needs to be done to free up more exploration. 

LOL, everybody talks like the United States pumps this oil out of the ground.  A COMPANY gets the oil and sells it to whoever the hell pays the most.  If its China then China gets it.

[Gaspar]

LOL, everybody talks like the United States pumps this oil out of the ground.  A COMPANY gets the oil and sells it to whoever the hell pays the most.  If its China then China gets it.

It's just a hole in the ground that money comes out of.

[fotd]

The heretics aren't buying it....

Don't Be Fooled by Obama's Offshore Drilling Announcement

http://blog.heritage.org/2010/03/31/don%E2%80%99t-be-fooled-by-obama%E2%80%99s-offshore-drilling-announcement/

[Gaspar]

At least he's applying a little lube first.

[heironymouspasparagus]

It's all propaganda and BS.  There was already 4 times the area available for drilling/exploration than was being used.  Meaning roughly 4 times the production available with NO CHANGES IN POLICY!!!

Oil companies couldn't care less about "strategic" supplies for this nation, OR ELSE THEY WOULD ALREADY BE DRILLING/PRODUCING IN 4 TIMES THE AREA THEY ARE NOW.

They care about the dollars only.
And yeah, I spent many years (decades) in the industry.

Geez, what a bunch of crap....

If we were serious about energy independence we would follow the lead of Germany and go for 15% wind, 15% solar and ALL the rest from biomass ethanol ----  marijuana.

Anything else is just sticking of the collective "head" up the collective "you know what" and wondering why the sun don't shine!

[heironymouspasparagus]

Way cool burnout!!

Friend in high school would do that....almost.