[Plantagenet]

Congress called the leaders of US oil companies to testify again about high oil prices. Oil Company execs asked Congress to allow them to drill in areas that are now closed in Alaska and offshore, and said the new drilling could bring 2-3 million barrels per day of new oil into US markets.

Let us explore more areas in the USA--- oil execs ask Congress for permission

--2-3 million barrels of new production wouldn't offset all foreign imports, but it would certainly help if global oil production actually starts to decline and it could make a big difference on the US west coast. When Prudhoe Bay started producing in the 70s it produced 2 million barrels a day and resulted in an oil glut on the US west coast.

[IgnoranceIsBliss]

There are many questions that have to be answered, but I think we are headed towards full on drillling everywhere.

My main questions are: (1)Exactly how much oil could we reasonably expect to find? The figures vary wildly, and we need to know if we are going to drill, make a mess, and end up with a drop in the bucket and (2) how many years will it take to get any oil out of the ground?

I don't support drilling, but I could swallow it easier if the following conditions are "promised":

1. Oil companies cannot turn around and sell "our" oil to China or wherever. It needs to stay in the US if we are going to drill here.

2. Environmental issues must be addressed - leaks patched, messes cleaned up, waters not fouled

3. The President needs to tell the American people straight on that this new drilling is meant to be a bridge to get us to alternative energy (to buy us time if you will). It is not a cure all (as many think). We must continue to work full on to develop new fuels quickly & we must start to really conserve. Conservation needs to be ingrained, like water conservation/ restrictions are in some areas. If we start drilling, I fear we will not have reason to get with the program of alternatives asap.

But the writing is on the wall - the tighter the vice gets, the more we are going to hear calls to start drilling.

[Plantagenet]

$this->bbcode_second_pass_quote('IgnoranceIsBliss', 'T')here are many questions that have to be answered, but I think we are headed towards full on drillling everywhere.

My main questions are: (1)Exactly how much oil could we reasonably expect to find? The figures vary wildly, and we need to know if we are going to drill, make a mess, and end up with a drop in the bucket and (2) how many years will it take to get any oil out of the ground?

I don't support drilling, but I could swallow it easier if the following conditions are "promised":

1. Oil companies cannot turn around and sell "our" oil to China or wherever. It needs to stay in the US if we are going to drill here.

2. Environmental issues must be addressed - leaks patched, messes cleaned up, waters not fouled

3. The President needs to tell the American people straight on that this new drilling is meant to be a bridge to get us to alternative energy (to buy us time if you will). It is not a cure all (as many think). We must continue to work full on to develop new fuels quickly & we must start to really conserve. Conservation needs to be ingrained, like water conservation/ restrictions are in some areas. If we start drilling, I fear we will not have reason to get with the program of alternatives asap.

But the writing is on the wall - the tighter the vice gets, the more we are going to hear calls to start drilling.

[roccman]

yawn

[Cashmere]

Drill it, don't drill it, fuck it. Chairs/Titanic.

[vision-master]

$this->bbcode_second_pass_quote('Plantagenet', 'C')ongress called the leaders of US oil companies to testify again about high oil prices. Oil Company execs asked Congress to allow them to drill in areas that are now closed in Alaska and offshore, and said the new drilling could bring 2-3 million barrels per day of new oil into US markets.

Let us explore more areas in the USA--- oil execs ask Congress for permission

--2-3 million barrels of new production wouldn't offset all foreign imports, but it would certainly help if global oil production actually starts to decline and it could make a big difference on the US west coast. When Prudhoe Bay started producing in the 70s it produced 2 million barrels a day and resulted in an oil glut on the US west coast.

[joeltrout]

$this->bbcode_second_pass_quote('vision-master', '
')
Hell, I hope they strike oil in your back yard - planted.

[DefiledEngine]

$this->bbcode_second_pass_quote('', '
')There are many questions that have to be answered, but I think we are headed towards full on drillling everywhere.

[PeakingAroundtheCorner]

They also swore up and down that we are "well-supplied" with oil and there is no supply issue.
i
So, why are they begging to drill and ruin our coastal and Alaskan vistas?

[big_rc]

$this->bbcode_second_pass_quote('IgnoranceIsBliss', '
')I don't support drilling, but I could swallow it easier if the following conditions are "promised":

1. Oil companies cannot turn around and sell "our" oil to China or wherever. It needs to stay in the US if we are going to drill here.

2. Environmental issues must be addressed - leaks patched, messes cleaned up, waters not fouled

3. The President needs to tell the American people straight on that this new drilling is meant to be a bridge to get us to alternative energy (to buy us time if you will). It is not a cure all (as many think). We must continue to work full on to develop new fuels quickly & we must start to really conserve. Conservation needs to be ingrained, like water conservation/ restrictions are in some areas. If we start drilling, I fear we will not have reason to get with the program of alternatives asap.

[Kingcoal]

To drill or not to drill... That is the question? I think that pretty soon, Americans are going to demand drilling everywhere. Hell, they want to drive right?

[joeltrout]

$this->bbcode_second_pass_quote('PeakingAroundtheCorner', '
')So, why are they begging to drill and ruin our coastal and Alaskan vistas?

[lawnchair]

There are only so many functional drilling rigs, of which only a few are deepwater capable. Even more problematic... there are only so many useful engineers and geologists.

The rigs and engineers the world has are working flat-out. The global oil giants are working the most productive fields they can find.

If you give big enough tax incentives to move more of those rigs and engineers to North America and drill on less probable/lower flow/lower quality/lower EROEI wells, they will come. But, you'll be subsidizing more dry holes in the ground against scientific and economic logic. Bad idea when we're already in a pickle.

A crash program in rig-building (and restarting the foundries, chemical, and tool and die jobs that support heavy industry) would help. Another several thousand petroleum engineers and geophysicists, too.

[Plantagenet]

$this->bbcode_second_pass_quote('lawnchair', '
')If you give big enough tax incentives to move more of those rigs and engineers to North America and drill on less probable/lower flow/lower quality/lower EROEI wells, they will come. But, you'll be subsidizing more dry holes in the ground against scientific and economic logic. Bad idea when we're already in a pickle.

A crash program in rig-building (and restarting the foundries, chemical, and tool and die jobs that support heavy industry) would help. Another several thousand petroleum engineers and geophysicists, too.

[TheDude]

We might waste billions on more Mukluks,too.

NG drilling is nuts at the moment, owning to the rapid declines in unconventional wells. Upwards of 25,000 wells a year, and increasing. I wonder if they'll stumble across a big oil reservoir in the process, but kinda doubt it.

Any input on the potential for US offshore, joel?

[thuja]

Drilling domestically will do absolutely nothing in terms of dropping the price of gas. Heres the stats-

we consume about 21 million barrels a day and we produce about 8 million barrels. Adding 2-3 million barrels by drilling every productive hole that is left would not make us energy independent.

We peaked at 12 mb/d in 1970 and have gone down to 8mb/d today. That means we have lost about a million barrels of production per decade on average. By the time we produce another 2mb/d (10 years) we will have lost at least 1 mb/d to production loss.

And the most salient point is that any oil produced here is traded as a global fungible commodity. That means 2-3 mb/d will be seen as part of the larger pool of 85 mb/d. In 10 years we will likely be experiencing significant declines in global production. Domestic drilling will not be able to offset this. Domestic drilling will not lower prices...

However, domestic drilling may be able to slightly slow the rapid escalating inflation in oil prices and slow down the shortages on the way.

On the other hand, do you want to use the last bit of this precious commodity to slightly slow the inflation of oil prices? Maybe future generations could use these last resources more wisely...instead of us using them up within a matter of 10-20 years...

[Electric_Economy_2025]

We will drill everywhere in the America and it will start by the end of this year, it will help the transition while we are drilling like crazy they will also be build EV's and PHEV's like crazy.
I also see them build newclear power plants like crazy as well not right away there will be a few years difference, because they will say we need more electricity of course we won't yet but it will be good to have the nuke plants anyways.

[mystiek]

For any insomniacs, cspan is amusing as I type. If you listen to the oil exec.s they are "really on the ball" with developing new energy....hmmmm, now they are going to explain where our dollar goes when we pay for gas...I hate to be a doubting thomas, but...

[TheDude]

$this->bbcode_second_pass_quote('Electric_Economy_2025', 'W')e will drill everywhere in the America and it will start by the end of this year, it will help the transition while we are drilling like crazy they will also be build EV's and PHEV's like crazy.