$135 Oil: Over our own barrels...
05/22/08 09:39
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 strongly think 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
U.S. Coastal reserves are significantly larger than those in the Alaska National Wildlife Refuge (ANWR) with around 8 BBOE. We favor drilling in ANWR because we believe it is folly to buy oil produced under far less careful conditions in Siberia's similar ecosystem than to do it here. Alaska also has up to 26 BBOE in challenging offshore waters - 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
U.S. Coastal reserves are significantly larger than those in the Alaska National Wildlife Refuge (ANWR) with around 8 BBOE. We favor drilling in ANWR because we believe it is folly to buy oil produced under far less careful conditions in Siberia's similar ecosystem than to do it here. Alaska also has up to 26 BBOE in challenging offshore waters - we are not sure drilling here is prudent.
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