$135 Oil: Over our own barrels...
05/22/08 06:39
We are in favor of drilling for oil in our own backyard. Yes, you heard right, “drill baby drill” is spot on.
California, and subsequently the U.S. banned offshore oil drilling in 1970 after a well blowout off Santa Barbara in 1969 created a major oil spill. Forty years later, offshore oil production is clean and safe in far more challenging waters like the North Sea off Norway and far offshore in Brasil.
California, and subsequently the U.S. banned offshore oil drilling in 1970 after a well blowout off Santa Barbara in 1969 created a major oil spill. Forty years later, offshore oil production is clean and safe in far more challenging waters like the North Sea off Norway and far offshore in Brasil.
At the root of things, Americans don't want to see ugly oil wells from their SUVs. This is NIMBYism of the worst sort and with 80% of the world's oil now controlled by national oil companies like Russia, Iran, Venezuela and Saudia Arabia, we it is time to rethink this policy.
What's at stake?
• California: 7 to 10 Billion barrels of oil equivalent (BBOE) plus 16 Trillion Cubic Feet (TCF) of clean natural gas are sitting a few miles off Southern California. This energy can make California self-sufficient for over 15 years while we become more efficient and develop alternatives.
• East Coast Offshore: 4 BBOE plus 37 TCF of gas.
• Gulf of Mexico: 44 BBOE - fortunately this is now tappable after a federal law change in 2006
We also favor drilling in the Alaska National Wildlife Refuge (ANWR) with around 8 BBOE because we believe it is folly to buy oil produced under less careful conditions in Siberia's similar ecosystem than to do it here. Alaska also has up to 26 BBOE in challenging offshore waters however we are not sure drilling here is prudent.
What's at stake?
• California: 7 to 10 Billion barrels of oil equivalent (BBOE) plus 16 Trillion Cubic Feet (TCF) of clean natural gas are sitting a few miles off Southern California. This energy can make California self-sufficient for over 15 years while we become more efficient and develop alternatives.
• East Coast Offshore: 4 BBOE plus 37 TCF of gas.
• Gulf of Mexico: 44 BBOE - fortunately this is now tappable after a federal law change in 2006
We also favor drilling in the Alaska National Wildlife Refuge (ANWR) with around 8 BBOE because we believe it is folly to buy oil produced under less careful conditions in Siberia's similar ecosystem than to do it here. Alaska also has up to 26 BBOE in challenging offshore waters however we are not sure drilling here is prudent.
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