Jun 18, 2008 5:05pm

The Ends of the Earth

Drilling for oil offshore, or in the northernmost reaches of Alaska, have been the kinds of environmental battles guaranteed never to end.  President Bush has proposed opening the outer continental shelf, and the Arctic National Wildlife Refuge in Alaska — and the dirty little secret is that both issues have been stalemated for decades. Mr. Bush, in the Rose Garden today: "If congressional leaders leave for the Fourth of July recess without taking action, they will need to explain why $4-a-gallon gasoline is not enough incentive for them to act.  And Americans will rightly ask how high oil — how high gas prices have to rise before the Democratic-controlled Congress will do something about it." His full text is HERE. The Alaska Wilderness League retorts that opening the Arctic Refuge now would make little difference — and says Mr. Bush should know this because the Energy Department has told him so.  "At peak production, two decades from now, the amount of oil speculated to be available in the Refuge would lower gas prices by less than four cents a gallon. Basically, the President wants to destroy one of our last pristine, wilderness places to save us a few pennies, 20 years from now," says the league’s Cindy Shogan. The same arguments have been used since the refuge was created.  Jimmy Carter was in the White House at the time.  "It’s a red herring to say we need to drill more," said Rep. Ed Perlmutter, a Colorado Democrat, on the House floor. "It’s available. What we really need to do is get off the addiction to oil." In fairness, the President says he agrees: "In the long run, the solution is to reduce demand for oil by promoting alternative energy technologies. My administration has worked with Congress to invest in gas-saving technologies like advanced batteries and hydrogen fuel cells," he said. "In the short run, the American economy will continue to rely largely on oil." But leaving aside whether the drilling he proposes would help, would it happen any time soon? 

User Comments

On a campaign stop in Greensdale, Wisconsin, the Senator suggested that turning to the nation’s coast for energy needs would be something of a waste in time and effort and do little to resolve America’s broader energy needs.
“[W]ith those resources, which would take years to develop, you would only postpone or temporarily relieve our dependency on fossil fuels,” McCain said when asked about offshore drilling. “We are going to have to go to alternative energy, and the exploitation of existing reserves of oil, natural gas, even coal, and we can develop clean coal technology, are all great things. But we also have to devote our efforts, in my view, to alternative energy sources, which is the ultimate answer to our long-term energy needs, and we need it sooner rather than later.”

Posted by: Thinking | June 18, 2008, 5:27 pm 5:27 pm

There are more proven reserves of oil on the north slope of Alaska, than in the entire middle east. (Read/Google “The energy non-crisis”)And yet you would much rather pay higher prices for gas and home heating oil every year, because of enviromential groups claiming that it’s off limits. Just think of a world where we could get out of the middle east, stop all these wars, spend all that money here at home and rebuild our country. Have our troops protect OUR borders, but NO, because a non-governmential organizantion’s gravy train is threatened, by having us drill for oil on out own land. You tell me which is the definition of insanity to you? More lives are being lost every day, more human rights are being denied (thanks to our support of corrupt regimes that oppress their own people) because we bankroll and pay to equip dictators (like Hussein) because we need their oil, when in fact we don’t. We have the ability to kiss the middle east goodbye, and broker a true peace on behalf of Isreal and the middle east, but we can’t because we refuse to drill on our own lands, and demand the oil companies build more refineries with all of those profits they are making every day by creating artifical scarcity, pushing the myth of “peak oil”, shutting down refineries, and utilizing the gift of our reckless foreign policy to their adavantage. As long as we allow this to continue unabated, then we have NO right to complain one minute about the price of home heating oil or the price of gas. We are our own worst enemy because we refuse to make our politicans do what is in OUR own best interest. And as long as we allow it, we don’t have any right to complain at all.

Posted by: heresy | June 18, 2008, 5:27 pm 5:27 pm

The market also relies on speculation. If investors believe there will be relief coming, even 3-5 years out, it may or may not lower prices. I’m on the get off the oil altogether bandwagon, however. Cheap oil brought us our industrial revolution, and expensive oil is threatening to destroy our economy due to our reliance on it. We’ve known that this is a finite source of energy since we discovered it. Why haven’t we had an exit strategy regarding this long before now?

Posted by: VeteranD | June 18, 2008, 5:31 pm 5:31 pm

heresy: “There are more proven reserves of oil on the north slope of Alaska, than in the entire middle east.”
Um, no.

Posted by: jock59801 | June 18, 2008, 5:37 pm 5:37 pm

Offshore drilling has advantages and disadvantages. So yes, we as a society need to discuss whether the tradeoffs are worth it. I have no idea how much it might bring down the price of oil in 10 years, although the way things are out of control right now, I can’t imagine it would be enough to notice. I assume the oil industry would find some way to suck up as much of the monetary gains as they can. As for disadvantages, the problem of oil spills is not trivial, because they will cut corners until I happens. It costs less to deal with the PR of an oil spill that it does to prevent one, so they don’t care. If we made them take the necessary precautions to make a spill truly unlikely, I would be more inclined to agree, but then the oil wouldn’t be so cheap anymore. Yes, there are always tradeoffs.

Posted by: jock59801 | June 18, 2008, 5:41 pm 5:41 pm

There are more proven reserves of oil on the north slope of Alaska, than in the entire middle east. (Read/Google “The energy non-crisis”)
**************************************
Really? Mr X.. Said so. Mr X?. Do you relay believe this?
Amazing what some people will say.

Posted by: Thinking | June 18, 2008, 5:43 pm 5:43 pm

AN IDEA: WHY NOT ALLOW LIMITED DRILLING IN RESTRICTED AREAS, BUT THRIPLE FINES AND ALLOW LAWSUITS TO BE BROUGHT AGAINST ANY OIL COMPANY THAT CAUSES ANY TYPE OF LEAK.

Posted by: Robert Skyler | June 18, 2008, 6:39 pm 6:39 pm

Why have the U.S. Government, news media & talk shows failed to reveal Shell Oil Co.’s approach to production techniques applied in shale oil deposits of the Western U.S.? Also, Why have the same groups failed to reveal the vast oil & gas reserves located just above Alaska’ North Shores, Gull Island?

Posted by: tje | June 18, 2008, 6:46 pm 6:46 pm

HOW ABOUT: FREEZE THE PRICE OF GAS (A GALLON)DURING THE WEEK, BUT DROP THE PRICE AT LEAST $1 DOLLAR ON THE WEEKENDS…SO FAMILIES AND JUST FOLKS, LOOKING FOR A CHANCE TO GET OUT AND AROUND,WOULD FIND SOME BRIEF RELIEF FROM STRESS?

Posted by: FIFTH1STSON | June 18, 2008, 6:47 pm 6:47 pm

jock59801, the price of oil will NOT be coming down substantially ever again, regardless of how much America pumps from any source. The era of ‘cheap oil’ is over.
It started by China’s modernization, and the influx of massive amounts of revenue due to US and other companies outsourcing to third world nations which, until then, didn’t really have the wages or demands of a consumer-driven middle class. This also brought a massive surge in global oil demand in manufacturing and fuel. Call it a global double whammy.
Demand is projected to only increase. Depending on whose propaganda you listen to, the untapped oil reserves available to the US is between 3% and 15% of the global total. The US uses approximately 25% of the global total, with China expected to surpass US use in the next year or two. And with 5 times the population of the US, China’s demand will only grow MORE.
Regardless of the total global reserves, there is one immutable, unavoidable and penultimate reason why oil isn’t a viable energy source any more: It’s FINITE. “Reserves” means when it’s gone, there’s no more. Period. Forever. NOT a sound foundation upon which to base an economy, which is what the US has done.
Technology has to change – and the source of our energy must change with it. This doesn’t only mean making fuel efficient vehicles, it means making vehicles that don’t even run on oil-based products. The nay-sayers (probably oil company stock holders), say it’s disaster and will ruin industries. This much is true, it will. I’d dump oil stock fairly soon. But for every industry destroyed by a shift from an oil-based economy to a non-oil based economy, at least three new industries will arise to replace them, providing a much firmer and more stable footing upon which to drive an economy. (pardon the pun). This is based on how the automobile industry took over the livery/horse business. Blacksmiths became auto mechanics. Livery stables became gas stations – and there were a lot more of them.
I fail to understand why anyone would advocate staying with oil, devoting limited revenue, resources and energy toward maintaining an industry which will be out of product in 50-75 years (at current demand). It took that long to get the US off of horses and into cars. It will take us that long to transition from oil-fueled personal transportation to whatever viable alternative is developed. A sense of urgency is mingled with skyrocketing fuel prices.
The time is now to start the transition. Oil prices may stabilize as we transition to non-oil fuels and global demand drops, but the easy to get oil is mostly gone and by then only expensive, harder to get to oil is left, meaning the prices will remain high and any gas price drops will be few and very, very small until oil isn’t used as a fuel source any more.
Like it or not, this is our future. We’d better learn to deal intelligently with it or we will suffer the consequences of our own stupidity.

Posted by: Fatesrider | June 18, 2008, 7:31 pm 7:31 pm

Robert Skyler – I agree with that approach. The reason we have leaks is because it costs them more to prevent it than it does to pretend to clean it up. If we make the penalties severe enough, we would get less environmental destruction. Of course, it will also make it more expensive to drill, but I think that is an appropriate tradeoff.

Posted by: jock59801 | June 18, 2008, 7:36 pm 7:36 pm

The development and use of green technology needs to be accelerated. I fail to see why green tech needs to proceed at its present turtle pace. Europe is significantly ahead of the states in green practices. It’s time to catch up with the rest of the world. Applying oil windfall taxes to green development is a solid first step.

Posted by: kathy | June 18, 2008, 7:52 pm 7:52 pm

Keith Olberman, finally, tonight discussed why fuel prices are up…ENRON and the loophole put into law with McCains assistance and with phil grahams direction… close this and oil/gas will drop by 25-50% OVERNIGHT….i want someone in jail….and McCain is directly linked to this corruption at the whole worlds expense…airlines failing….farmers quitting..the whole works.
The hammer is falling and the truth will be exposed….finally

Posted by: incontempt4ever | June 18, 2008, 11:36 pm 11:36 pm

even if we drill started to set up to drill today the oil wouldnt flow from any place for atleast 4 years,that is from the gulf and the oil in anwar will take up to ten years before it effects the world oil supply. now in the next four years as prices continue to go up remember the mother of al invention is nessesity. so i believe that before we get any of that oil we will be well on our way to new energy for auto,s and then we will have wreaked pristine wild life areas for nothing.

Posted by: tom | June 18, 2008, 11:46 pm 11:46 pm

Your news report tonight did not cover the whole truth about offshore drilling, especially as it is related to Florida. According to an article printed in the NY Times, May 9, 2006 by MICHAEL JANOFSKY, we, the United States, gave Cuba rights to off-shore drilling in the Straits of Florida. It states that “Cuba has divided its side of the Florida Straits into 59 lease areas. As of the end of February, foreign countries had secured the rights or were negotiating the rights to 16 of them”. They have access to drill oil or to lease to China and other countries to oil in the Outer Continental Shelf and we do not? I think this is the Great American Give A Way at a time that we need oil.
I think that you have an obiligation to report the real story here and why Congress needs to change the ban now. This is not an issue about Republicans or Democratics, its about Americans right to its own oil reserves!

Posted by: eugene horton | June 18, 2008, 11:51 pm 11:51 pm

Environmental quackery has brought this nation and its economy to its knees, courtesy of the U.S. Congress. There is no reason to not drill under our own feet on our own land. None. Drill here and drill now. Politicians who claim supply does not effect demand are whistling past the electoral graveyard they will soon find themselves in. Without cheap oil in the short term it will be harder to develop alternatives in the long term. Think about the trucks that install wind turbines. Think about the trucks used to install and maintain solar power plants. In the future, maybe all vehicles will be powered by electricity or hydrogen. But while the Congress stalls/makes excuses forever for the artificial oil shortage of their own making, we will bankrupt ourselves and not wake up to an alternative energy Garden of Eden, but a scene off of “Dawn of the Dead”

Posted by: Jubal | June 19, 2008, 5:07 am 5:07 am

Gee, what good is allowing drilling off-shore if the oil drilled will not take affect until a decade from now? It takes time to set up the platforms and drill deep into the earth to get to the oil. Some people just do not understand that this at all.
So say we allow off-shore drilling in Alaska and elsewhere. As mentioned, it would take a decade or so until the oil drilled will affect the market. Yet by that time, we would likely develope better energy alternatives if we put in the effort for the long-range goals.
In the end, Bush’s proposal is just a knee-jerk reaction to the current crisis, which there are no short-term solutions to get the price of oil and gas down. It will likely not make any difference in the long term, especially if America finally makes a long term committment to finding better alternative energy sources than oil.

Posted by: GWP | June 19, 2008, 8:07 am 8:07 am

If we were to drill in ANWR, that oil would ultimately end up going to one consumer – the US military. The era of the gas-powered car is winding down. We need to put all our efforts into developing new energy sources. Destroying a wildlife PRESERVE, and risking the destruction of Florida’s tourism economy to wring a few more drops of oil out of the ground in 20 years is senseless and stupid.

Posted by: cturple | June 19, 2008, 8:33 am 8:33 am

cturple
At last we agree on an environmental issue! Well said.

Posted by: Quietman | June 19, 2008, 9:13 am 9:13 am

The ERA of cheap oil is over? Only temporarily. I sincerely believe in our lifetime we will see oil back down to pennies a gallon, simply because there will be greatly reduced demand for it. Greed from the oil-producing countries, oil companies and speculators have driven up the price to a point where there is now HUGE financial incentive to find alternatives. Brought together with the confluence of awareness for global warming, and the impetus became real.
We’re already seeing feasible air cars, hydrogen cars, plug-ins, and hybrids–and this push is only in its infancy. It’s only a matter of time till a few breakthru technological innovations, and mass production make carbon powered internal combustion engines a collector’s item. It will be poetic justice if those mentioned above hasten their own demise by wanting all their money now. Ironically, they probably could have stayed only mega-rich, and kept us hooked on $2 gas for another few decades.
Another fact the drill-mongers won’t repeat–At full production and current consumption, we would be “energy independant” for little more than 2 years once we tap ANWAR. The oil companies are frothing at the mouth to begin exercising their sweet US leases at almost unimaginable, fanatsy oil prices–that’s the only reason for the clamor now.

Posted by: Tom, Germany | June 19, 2008, 10:29 am 10:29 am

The federal Energy Information Administration (EIA) estimates that we only have 18 billion barrels of oil are under the areas covered by coastal drilling moratoriums. An EIA 2007 report states that opening up drilling in these moratorium areas “would not have a significant impact on domestic crude oil production or prices before 2030.” Drilling offshore will be short term help? America consumes 1/4 of the world’s oil supply but we own only 3 percent of its reserves – peak oil in the US is not a “myth” and drilling here will never allow us to “kiss the Middle East goodbye”. The chant “Drill here, Drill now” is embraced by the oil industry to game simplistic consumers. Drilling for oil off US shores is not a federal energy policy that will reduce US dependence on imported oil, or provide conservation leadership, or encourage alternative energy development.

Posted by: idahogirl | June 19, 2008, 12:48 pm 12:48 pm

quietman – Yay, I’m circling this day in green! ;-)

Posted by: cturple | June 19, 2008, 3:02 pm 3:02 pm

Let’s figure out that oil has caused more problems than any other item in history! Let’s find a better way to “fuel” our economy. I got rid of my Suburban for a hybrid and a honda ruckus. The days i don’t have to take my son to his babysitter i use the ruckus which gets 80 MPG!!!! And i commute 50 miles round trip per day! In just fuel savings from these two vehicles they pay for themselves and then some compared to the “burb”! When an electric car becomes more affordable i will gladly trade in my hybrid! I have CFL’s in my house no more bottled water and have replaced it with a tap filter and reuseable bottles savings of $780/yr. plus, less going to the landfill. It’s simple stuff. Everything we have relates to oil. Trucks transport america so in everyway we are effected by oil! We don’t need more oil we need less dependency! Better for us better for the environment and our health! If we placed ONE solar panel on our roofs we could offset over 200 gallons of oil for each household per year!!!! How difficult is that? Gov’t grants, and state assistance is available and i’m looking into it! Forget big oil!!! Think of our children’s future!!!! Wouldn’t you like them to have a gorgeous of a world as we grew up enjoying? Playing in the grass, catching fire flies at night. Fishing in safe waterways. COME ON AMERICA!! You don’t have to change your life drastically just in small steps!!!! Turn out the COMPACT FLOURESCENT LIGHT when not in the room and only turn on your car 1 minute before leaving for your destination! SIMPLE SIMPLE! I’m not a tree hugger but i am interested in a cleaner healthier america!!!!! Please try something new!!! Thanks for reading

Posted by: Robnj28 | June 19, 2008, 8:57 pm 8:57 pm

Robnj28
Rail use is coming back slowly as well.

Posted by: Quietman | June 19, 2008, 9:27 pm 9:27 pm

Robert Skylar wants to “protect the environment by tripling fines and allowing lawsuits against oil companies for causing leaks or spills.” Great idea….maybe Exxon/Mobile should now actually pay the $5 billion for the 1989 Exxon Valdez spill in Prince William Sound, instead of repeatedly appealing the 1994 punitive lawsuit until the 2008 Supreme Court. The case is to be ruled on next month. Raising fines and allowing suits would make perfect sense TO THE OIL COMPANIES. They don’t pay fines, they don’t pay judgements, they pay their lawyers; and we should always pay attention!

Posted by: wind czar | June 19, 2008, 10:39 pm 10:39 pm

tje…It’s simple, because this country wants to use up oil from everywhere else, so that we have our untouched jackpot when everyone elses is gone as to be the last man standing, hence…”The Golden Rule”. I have been waiting for nearly 8 years for Bush to start asking to lift the oil drilling bans, guaranteed this half wit and his bone headed father, Cheney and the rest of their orgy of traitor morons had this planned from the get go and they plan to line their pockets. I say allow the drilling, but if one fiber of evidence shows that they are connected any way, shape or form with ANY company involved, whether it be as a silent partner or otherwise, they will be imprisoned.

Posted by: A Real American | June 19, 2008, 10:53 pm 10:53 pm

Robnj28 ….organized religion has caused more problems than anything in history.

Posted by: Truth | June 19, 2008, 10:56 pm 10:56 pm

I was talking about physical item not religious persecution or belief. BUT, i do agree. STILL, Came to work today using less than a 1/2 gallon of gas! Love that honda Ruckus!!!!! another idea

Posted by: robnj28 | June 20, 2008, 9:52 am 9:52 am

It won’t make much diffrence but my friend lives in Alaska he wants to drill there.. Mostly because the value of his house will go up by 20 to 50 thousand dollars.

Posted by: Joe | June 20, 2008, 12:02 pm 12:02 pm

Though the President and Vice President are prohibited from control of their investments while in office, both these self serving politicians know full well what sector all their investments are in. Guess what oil has the highest profit potential.
I am NOT in favor of any offshore or ANWR drilling till they bring Iraq back to pre-war production. And I won’t consider despoiling ANWR till they have working drills off Florida and California.
As to the slanted statistics on ANWR production; the miniscule drillrig footprints which are being touted are a drop in the bucket compared to the land actually dedicated to drilling. You have the pump stations, hundreds of miles of huge, hot pipe and thousands of miles of roadways.
But we don’t need it. Didn’t anyone hear Bush’s kissing friends, the Saudis, tell him and us that no one needs more oil? They’re producing all we need right now.

Posted by: Bad Buoy | June 22, 2008, 1:42 am 1:42 am

Bad Buoy, why not tell the people who have to pay over $4.00 a gallon that we don’t need any more oil, either from here or from Saudi Arabia. I’ll bet you’d be Mr. Popular (NOT!!)
It is simple economics. The larger the supply of the product, the lower the price.
Try to imagine what our enemies are thinking. We have so much oil here at home but we refused to drill, thereby making sure we depend on their oil.
Right now, they’re laughing at us and for good reason. They can control us like a puppet on a string.

Posted by: jfm125 | June 23, 2008, 6:06 pm 6:06 pm

cturple, we have already tried a new source of energy. We tried to convert food to ethanol, not for alternative energy reasons but for global warming reasons.
We therefore put many undeveloped countries in a food crisis and starved millions of people.
Perhaps you have another alternative fuel supply.

Posted by: jfm125 | June 23, 2008, 6:22 pm 6:22 pm

jfm125
I think you missed Bad Buoy’s sarcasm.

Posted by: Quietman | June 24, 2008, 8:17 pm 8:17 pm

I think what Bush says makes sense because for now we aren’t going to be able to just switch to alternative fuels tomarrow. Switching to alternative fuels is by far the best solution, but in the mean time, until alternative fuels become more available we need more oil supply. I thought biodiesel was the answer, but recently I read that we don’t have enough food sources in the country to supply both food and fuel. I think hydrogen fuel is the best answer so far because it’s the least harmful, and has potiential of giving a return when you have extra energy to sell off. But until we have a good supply of these fuels, gas prices will not stop rising unless we have more of a supply. And I know they say it won’t save us money for like 10 years or so, and maybe it won’t make gas cheaper right away, but maybe it will slow down or stop the hike in prices until then.

Posted by: less educated | June 26, 2008, 1:20 am 1:20 am

first of al i would like to know where was this biofuel that was being used i never seen biofuel around my area and also it is not the united states fault for causing your food crisis we can grow our own food and so can the other contries they are just to ignorent and lazy and ravaging there own lands thats why, its not our problem if other contries starve. survival of the fittest comes into play with that discussion. as for oil prices things always get worse before they can get better you have to take the yin with the yang.

Posted by: brian | June 26, 2008, 8:42 pm 8:42 pm

“less educated” – we can’t switch on new oil production tomorrow either (as you indicated); the effect of future potential today would, I presume, be in putting a damper on the speculation component of prices. Why does that have to be from openning more areas to oil exploration? It could be from policies that encourage more plug-in electric, high efficiency vehicles, run partly from renewable sources (maybe that would have a bigger impact on prices now?).
We’re going to have to reduce our use of fossil fuels in general eventually; companies should be aware of that when they decide to pay the up front costs of exploration and … etc. If costs of any environmental damage are to be imposed on them, I wonder how plans might change.
Hydrogen may be fine for energy storage and transport but it has to be made from other energy.
We could also increase our food supply by eating less meat, especially beef. Corn as a fuel source should only be a transitional option.
Anyway, I think what we’re paying for oil is actually greater than what we would be paying to run our vehicles (and much else) off solar electricity. Of course, it will take time to get solar technology manufacturing capacity big enough, but we should definitely consider that option.

Posted by: Patrick 027 | June 27, 2008, 12:22 am 12:22 am

Oil now ~ $140/barrel
U.S. consumes between 7 and 8 billion barrels per year.
Cost (not even counting refining, etc.)
At $140/barrel: ~ $ 1 Trillion per year
At $100/barrel: ~ $ 0.7 to $ 0.8 Trillion per year
Cost of solar cells, under average 200 W/m2 insolation (near typical, full sun is about 5 times that), if they need replacing every 20 years (it may be longer) ~ $0.4 Trillion per year, to supply ~ 30 % U.S. energy in electricity equivalent (I think that’s about the same or a bit more than our transportation energy use if all vehicles were electric; and I think about 3/4 of our electricity use as it is, assume fuel to electricity conversion of 40%, which may be somewhat better than typical for power plants and even more so than actual efficiency of internal combustion engines (to mechanical energy), although the efficiency of electric motors (to mechanical energy) will not be 100% so…)
So most of our electricity usage now plus most of our transportation energy, if for plug-in electric vehicles, could be supplied by solar cells for roughly the same price we now pay just for transportation. Even if oil fell back to ~ $50 to $60 / barrel, solar electricity would be better on the bottom line.
But this doesn’t factor in:
refinery costs (+),
mass market advantage and increased manufacturing experience effects on solar prices (+),
effect of increasing demand for solar technology related resources (-),
cost increase in changing vehicle technology (-),
potential cost decrease in vehicle maintenance (+),
time taken to drastically increase solar manufacturing capacity (-),
cost of retooling auto manufacturing (but that will have to be done eventually anyway) (-),
(+) means favorable to replacing oil with solar, (-) means the opposite
The need to store solar energy (and wind, etc.) shouldn’t become a big issue until solar power reaches such a large proportion of energy supply that the mismatch to demand can’t be easily made up by adjusting other power supplies (geothermal, biofuels, hydroelectric, fossil fuel, nuclear)
But switching to solar and plug-in electric or plug-in electric hybrids (where fuel would only be used for the longer trips) would:
help cut our emissions,
give U.S. greater political clout in the world via the emissions cut,
create U.S. jobs,
lower the price of oil or slow price rises,
be better for national security in part from the above and also because of greater energy independence,
set the stage for exporting solar cells to China, India, Africa, and … Saudi Arabia, etc.,
and from some of the above, making international climate agreements more palatable to ourselves and others.

Posted by: Patrick 027 | July 2, 2008, 7:59 pm 7:59 pm

Given that, it might be throwing good money after bad for the oil companies to explore for more oil. Perhaps, for short term benifit, it would be better to just increase pumping capacity from known oil reservoirs (although I know pumping too quickly can reduce the total recoverable oil, but I presume that has to do with the way it flows through the porous rocks; putting more extraction sites in some distributed fashion should get around that. Also, try pumping CO2 into the reservoirs (this is already done in at least one place).

Posted by: Patrick 027 | July 2, 2008, 8:05 pm 8:05 pm

If congress doesn’t ack soon to allow drilling under our own feet our country will become third world status. We need to find other sources of energy but to wait as our Economy crashes and burns is just plain blind stupidity. Drill now and at the same time find other sources of energy. We have over 700 billion dollars a year going out for fuel and very little returning, our dollar is falling and our Congress has gone insane.

Posted by: Don | July 17, 2008, 4:56 pm 4:56 pm

Why not just fix this problem in 6 years by removing all the stupid dem’s & rep. that caused all the problems we have. Elect a gov. who represents the people instead of lobyist’s.

Posted by: danny | July 20, 2008, 12:51 pm 12:51 pm

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