[Graeme]

Senators Introduce Bill to Increase Domestic Oil and Natural Gas Production; Coal-Derived Fuel Mandate

$this->bbcode_second_pass_quote('', 'U')S Senator Pete Domenici (R-NM), ranking member of the Senate Energy and Natural Resources Committee, introduced the American Energy Production Act of 2008 (S.2958) to increase domestic production of oil and natural gas and to fund the development of oil shale and coal-to-liquids technology. Eighteen other senators co-sponsored. Included in the bill is language for a coal-derived fuels mandate.

Some of the report’s findings:

The mean-case estimate is that there are 10.4 billion technically recoverable barrels of oil in ANWR, divided into many discrete fields. This estimate includes oil resources in Native lands and State waters out to a 3-mile boundary within the coastal plain area. The mean estimated size of oil resources in the Federal portion of the ANWR coastal plain is 7.7 billion barrels.

It will take approximately 10 years to bring the first field on-line (comparable to other Arctic drilling).

Assuming sequential development of the fields, rank ordered by size, ANWR production would peak, in the mean case scenario, in 2024 at 870,000 barrels of oil per day.

Assuming that every barrel of ANWR oil is consumed domestically, it would reduce imports on a barrel-for-barrel basis.

[cipi604]

yeah, a drop in the ocean, too late to make a difference.

[peak]

Coal to oil will definitely stall it,
coal is very very cheap right now

we'll just convert coal to oil for the next 50 yrs

Even oil sands is stalling this
The #1 importer of oil for the U.S. is canada

[Newfie]

The Greens will quickly fade to brown when they have to start paying the price.

The US has had something of an environmental improvement over the last few decades. Our air and water is cleaner. We take some pride in this. Mistakenly as it is, at least in large part, because we have exported our dirty industry.

My bet is that in the next two decades you will see great relaxing of environmental standards as coal comes on-line to replace oil. Global warming be damned.

[Heineken]

I agree with Newfie. It's every man, woman, child, and dog for himself now! Concerns about the environment will be thrown out the window.

"Soylent Green." God what a prescient film.

[TheDude]

Did somebody say "Concerns about the environment"?

$this->bbcode_second_pass_quote('', 'R')epeals Section 526 of the Energy Independence and Security Act of 2007, which prohibits federal agencies from procuring alternative fuels with lifecycle greenhouse gas emissions greater than those associated with conventional fuels that they replace.

[Eli]

This bill will also set the price of oil above 120.00 dollars a barrel to encourage as much domestic production as possible.

[TreeFarmer]

Guys, what about the idea that the oil from ANWR would be what helps us keep going until that unknown replacement energy source is developed enough to take over? The longer we can keep going on oil, the greater the chance that a viable replacement technology can be implemented.

TF

[Heineken]

ANWR is the proverbial drop in a bucket, TF. Won't change the basic trajectory.

[aahala2]

$this->bbcode_second_pass_quote('peak', 'C')oal to oil will definitely stall it,
coal is very very cheap right now

[roccman]

[Eli]

what Roc said.

We are screwed, plan accordingly.


People need to remember that we are facing the worst economic crisis along with PO.

We are standing on beach right now wondering why all the water is running out. It is a sunny day and everything looks nice, but people are speculating why all the boats are sitting on the sand in an empty bay.

Everyone will figure it out just about the time they see this huge wall of water coming toward them. In the mean time I am running for higher ground, talk time over.

[Starvid]

The credit crisis will blow over in a year or three. It might cost us a grand total of $1 trillion.

Dealing with peak oil will cost $20-50 trillion over the next couple of decades.

So, some perspective please.

[Eli]

I respectfully disagree starvid.


PO and peak ecnomics are really the same thing. A society run on senseless consumerism fueled by cheap energy is destined to crash in a massive way. We are headed for a derivatives melt down and a global currency melt down, we are not facing just a credit crunch, it is much bigger and a foundational problem.

[roccman]

$this->bbcode_second_pass_quote('Starvid', 'T')he credit crisis will blow over in a year or three. It might cost us a grand total of $1 trillion.

Dealing with peak oil will cost $20-50 trillion over the next couple of decades.

So, some perspective please.

[mos6507]

$this->bbcode_second_pass_quote('Heineken', 'A')NWR is the proverbial drop in a bucket, TF. Won't change the basic trajectory.

[bodigami]

$this->bbcode_second_pass_quote('TreeFarmer', 'G')uys, what about the idea that the oil from ANWR would be what helps us keep going until that unknown replacement energy source is developed enough to take over? The longer we can keep going on oil, the greater the chance that a viable replacement technology can be implemented.

TF