Posted on 10/15/2004 9:25:37 PM PDT by datura
Washington has a shortage of political will to let American workers go get it
By the House Committee on Resources
As oil prices climb to record highs above $50 per barrel, some have asserted that we are "running out" of this resource. In truth, we are not running out of oil in America. We can safely increase domestic production by at least 17.2 million barrels per day by 2030.
"America has no shortage of oil for the foreseeable future," House Resources Committee Chairman Richard W. Pombo (R-CA) said. "Washington has a shortage of the political will required to let American workers go get it. We have not increased domestic supply in thirty years. As a result, our dependence on foreign oil has skyrocketed to the point where we are sending $200 billion dollars overseas to import this resource. At least a fraction of that sum should be spent at home, to increase supply, lower prices, and create jobs."
"Increasing conservation and the use of renewable and alternative fuels must also be part of a balanced energy plan," Pombo continued. "That is why more than one half of the domestic recommendations in the Administration's energy plan - held up in the Senate for the last four years - targeted these goals. But like it or not, the reality is that America runs on oil right now. We cannot conserve our way out of an empty tank of gas. We have to produce more at home, and there is plenty at home to produce."
By combining conservation efforts with additional domestic production, the United States can close the gap between supply and demand to become more energy efficient. With current production and proposed development in North America, the United States could increase its supply by 17.2 million barrels per day by 2030. Click here to see how.
"Contrary to the claims of special interest groups, we can produce more energy to grow our economy, and continue environmental achievements at the same time," Pombo said. "These efforts go hand in hand. They are not mutually exclusive."
"Secure and affordable energy supplies fuel our economy - they are its lifeblood. In turn, a strong economy fuels investment in the research and technology that give us the positive environmental trendlines we see today. We cannot have one, without the other."
All I remember is that in the '70s in school we were told that at then present rates there would be no oil left by the mid-90s.
D'OH!
Since the rate of consumption has actually increased sizeably, I'd say that they were way off. In fact, I read something about a year ago stating that there was no end in sight for this "unreplenishable fossil fuel."
I'm sure we'll find alternative sources of energy, but it's not the hurry that many want to make it out to be.
Alberta drilled over 2k wells last year and their production is dead flat. When a oil well starts drying up there are numerous ways to jack up production. A gas well is like a ballon....great for a while and then instant deflation....
That Saudi field, Ghawar, largest in the world, was discovered 1948. The five super giant fields were all discoved between 1940 and 1965. Ghawar is now daily injecting over a million gallons of seawater, and the pumped oil is now 30% water which drives up the cost.
Look for some real increases in price in the next few years
Prudhoe has been reinjecting gas since the beginning. They have a flare, of course, but their reserve of natural gas is hugh, maybe more Btus than the oil. Still finite, though.
bttt
We do have a shortage of refining capacity. This is where Bush has failed. We are at war. There should have been a concerted effort in building a new plants by executive order if need be. He failed to unite the country behind this idea.
Bump for later read
As a direct result of our shortsighted and foolish energy policy and lack of leadership the majors have already basically abandoned inland refining and moved offshore with their pals from the countries upon whose supplies we have foolishly chosen to depend increasingly.
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