Posted on 01/20/2011 7:39:16 AM PST by Libloather
U.S. Oil Output Down to a Trickle?
With permits to drill slowed down or in limbo, the Gulf's contribution is dwindling.
By Jim Patterson, Associate Editor, The Kiplinger Letter
January 12, 2011
Domestic oil production faces a long-term decline in the wake of curtailed offshore drilling in the Gulf of Mexico, stemming from the BP oil spill last year. In four to five years, a loss of several hundred thousand barrels a day from the Gulf is likely, enough to significantly boost U.S. reliance on imported oil.
It's no surprise, really. New deepwater drilling has largely come to a standstill in the Gulf of Mexico. Despite the October end of the White House moratorium on deepwater drilling, not a single new permit has been issued for drilling in waters more than 500 feet deep. And even permits for shallow-water drilling are currently taking twice as long to complete -- roughly 60 days -- as before. The Bureau of Ocean Energy Management, Regulation and Enforcement -- the federal agency responsible for approving new drilling permits -- notes that, in the aftermath of the BP spill, new applications require increased scrutiny from regulators and can’t be rushed.
"Permits and reviews will be approved only when we are satisfied that all applicable regulatory requirements are met," says Nicholas Pardi, an agency spokesman. "Our priority remains, as it must, to ensure that oil and gas drilling is done in a safe and environmentally responsible manner."
(Excerpt) Read more at kiplinger.com ...
More terrible news
Can anyone doubt this administration is trying to destroy our country?
I suspect the rookie Hussein is waiting so that any permits granted will influence gas prices by November 2012. My guess.
I think rather he is a true-believer in the idea that $7/gal gas is a good thing and will take his party down in flames clinging to that belief.
Hello, FAN,.......Meet Monkey wrench! And the MSM is silent.
The effort by Obama and the environmental left to strangle the US is proceeding according to plan. The BP blowout was an extra gift, but the strategy had already been to cripple the US through energy restrictions and resulting dependency on foreign sources.
http://www.eia.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/pdf/table1.pdf
But will convince the masses that this was ever so necessary to same the Earth and the Peeples!
If that is the case, to what should we attribute the almost tripling of gas prices since the $1.09 gallon price you cite?
“Obama Says- Americans Want Higher Gas Prices”
In 2008 interview: He doesn’t mind higher prices but prefered slower price rise.
You Tube Interview here:
http://www.youtube.com/watch?v=jbblqyDNSlM&NR=1
Zippo’s plan was to destroy the economy.
bookmark
That is the simple answer, but I guarantee none of it is going to happen. We have become a nation of sheeple and will follow these utopia promisers right off the cliff.
Too pessimistic? Not in my opinion.
It is also directly related to the fact that Oil prices are at $92. Most domestic producers take advantage of this trend because the extra revenues they earn, allows them to reinvest in the very expensive cost of exploration.
The reason Domestic supplies are up is because there is a very low demand in this country. The surpluses are being sold to other markets and countries. Especially the lower grade crudes that cannot meet the Government’s standards for Sulfur content.(These are sold to foreign markets.)
Be careful what you advocate. If we eliminate the Foreign Markets and convert over to noting but Domestic oil, the price would at least double. A complete opposite of what you think you know about the industry.
The Saudi’s bought the white hut in 2008 with $700 million to buy up all the campaign media for 6 months.
These stupid “rookies” comments are idiotic. He knows exactly what he is doing. People post he is stupid, incompetent and moron. No he is doing a good job at destroying and consolidating power while all his shills in TV fawn all over him including Beck and O’Reilly.
I yanked the plug on TV over a year ago because it ALL supports him.
He has all TV behind him including Prince Al Waleed’s Fox.
Let’s not forget that they’re also starting to move against domestic coal mining.
Also, that there are long delays involved with building in mines, wells, refineries, and power plants.
He is also continuing to work against any prospect for future nuclear power. It looks like GE has decided to become a Chinese company, and will move all its research as well as industrial capacity over there. We’ll help China build more nuclear power, but we’ll block it here.
And if and when Obama is removed and we change course, it will take 5, 10, 15 years to undo the damage.
“does not stand up to even minor seach engine and government reports.”
Yep... google and the government both are completely trustworthy. Bwahahahahahahahahaha!
LLS
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