Companies Begin Quest for Oil, Gas Off Florida

newsmax.com ^ | July 5, 2008 | staff

[kellynla]

PENSACOLA, Fla. -- Oil companies once viewed drilling in the deep waters off Florida as cost prohibitive. Politicians feared even the slightest sign of support would be career suicide.

No more. Record crude oil prices are fueling support for oil and natural gas exploration off the nation's shores. In Florida, movement was underway even before President Bush called on Congress last month to lift a federal moratorium that's barred new offshore drilling since 1981.

The early activity here stems from a 2006 Congressional compromise that allows drilling on 8.3 million acres more than 125 miles off the Panhandle _ an area that had been covered by the moratorium, which was enacted out of environmental concerns. In exchange, the state got a no-drilling buffer along the rest of its beaches.

Florida may turn out to be a prelude for other coastal states. If oil or natural gas deposits are found in the newly opened region, experts say it could further the push to explore other once-protected areas everywhere. It also could be a rallying point for critics, who say the new exploration isn't a license to expand exploration.

With gas topping $4 a gallon, recent polls show Americans, Floridians included, more supportive of drilling in protected areas. Some politicians _ including Gov. Charlie Crist _ have switched sides.

"We think the public is way out ahead of the politicians on these issues. People are more open to (offshore drilling) now," said Tom Moskitis, spokesman for the American Gas Association, a trade group.

At the same time, oil companies, driven by the record energy price, are more willing to risk $100 million or more to begin exploring new regions.

[wtc911]

Yes, even from a fourth floor window.

[Ditter]

What a great trick! Never would have thought of using balloons that way. We fished for marlin, quite successfully, in the Gulf of Mexico for years. We kept our boat at a marina in Freeport Texas and it was about 100 miles to marlin water. That long trip got old but it was fun while it lasted. I have only caught one marlin myself, a 350 pounder but my husband and guest have caught quite a few. A friend hooked a 500+ pound marlin in the tail and fought him for 8 hours before boating him. My job was to keep the man cooled down with ice water and cold towels. I thought we were going to lose the fisherman.

[Ben Ficklin]

It is possible but Gulf state dems supported it because of the royalties their state receives and western democrats supported it because they thought that opening that area to drilling would decrease the need to drill on federal lands in their western state.

Plus, that last remaining area is in the central gulf, not the eastern gulf.

Plus, the moratorium in the Gulf always contained the "except Area 181" clause.

Similarly, the Alaska moratorium contains the "except Bristol Bay" clause. If you google Bristol Bay, you will see that the EIS is being drafted and DOI is accepting public comments. Bush will probably auction leases there before he leaves office. That's when the battle starts.

[Toddsterpatriot]

At 45 feet of elevation the VH is 6.7 miles.

The square root of 67.5 is 8.21.

[wtc911]

Thank you but I was using 1.5 x 30 feet.

[Toddsterpatriot]

1.5 x 30 feet is 30 feet of elevation, not 45 feet.

[Tunehead54]

We're already on board - you need the dims too!

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Drill here! Drill Now! Pay less!

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Dims only care when it comes out of THEIR pockets! ;-)

[Tunehead54]

A company can have as much as $4 billion invested and a wait of up to five years before seeing any return on the investment, Strive said.

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So if we take away all the oil company's profits they'll still want to risk these sums out of the goodness of their hearts ... right? ;-(