Posted on 07/08/2010 7:29:35 AM PDT by TigerLikesRooster
Govt: Obama Drilling Ban to Cut Supply Sharply
Thursday, 08 Jul 2010 09:42 AM
The Obama administration's contested moratorium on deepwater drilling will take a larger portion out of U.S. oil production next year than previously thought, the government's energy forecasting agency said on Wednesday.
Oil production next year is expected to be cut by 82,000 barrels per day, or almost 30 million barrels total, due to delayed or canceled drilling caused by the moratorium, the Energy Information Administration said. That is 17 percent more from the 70,000 bpd in lost output the agency predicted just last month.
Monthly production losses could reach nearly 100,000 bpd by December 2011, the EIA said.
In response to the BP oil spill, the administration imposed a six-month moratorium on exploratory and development drilling in waters more than 500 feet deep. A federal judge lifted the ban last month, but administration lawyers will go to an appeals court on Thursday to argue it be reinstated.
The administration is also working on a new moratorium that could allow drilling in certain subsea fields. But it is uncertain when this will be announced.
(Excerpt) Read more at moneynews.com ...
P!
BS, how many wells out in the gulf are not working at the moment. And they say BP was going to shut down this well also. Seems to me the government need to bring an anti trust suite against all of the major oil companies they are trying to control supply and keep prices up, no different than the middle east.
Republicans take control of Congress, and gas goes to $8/gallon.
Guess what happens next?
Good, cut production. Raise prices to 6$ per gallon. That should all but assure that these bas*ards will be voted out of office on a rail in 2012, including those naive, do nothing imbecile republicans also.
Second: Oil is fungible. A decrease here in US production, if not equaled by an increase in production elsewhere, will result in higher prices worldwide. Oh wait that's what he wants.
Does nobody remember when, during the election and gas prices were in the $4 range, candidate Obama thought gas should actually be even more expensive?
Is anything really surprising anyone here? I mean, this isn’t DU. We have actual rational people here, right?
Well, if the GOP had any brains (which, trust me, it hasn't) it would position the blame on The Failed Obama Administration © and Palin or whomever would go on the attack. What will happen, however, is that the GOP will control Congress, assume all of the blame and endorse Obama for a second term... Been there. Done that... p*ssed off beyond comprehension...
Basically, “I’m not upset at $4 gasoline, just that it went there too quickly”.
BS, how many wells out in the gulf are not working at the moment. And they say BP was going to shut down this well also.
Good question and somewhere there should be a list of shut in or non producing wells but I don’t know where to find it. However it does take time to bring these new wells into production. The Tiber find last year by BP may not come online for several years and I suspect the Macondo find will follow the same route.
Here’s an article from the Houston Chronicle back in Sept. 09 talking about some of the finds and potential time lines for production.
http://www.chron.com/disp/story.mpl/business/energy/6598536.html
snip.........
But experts said it could be a decade or more before BP begins pumping oil from the field, given the technical hurdles and huge costs involved with operating in the harsh environment.
“I would say 2020 would be a good target,” said Matt Pickard, analyst with Quest Offshore Resources, a Sugar Land company that studies deep-water oil discoveries.
The same may be true for other high-profile Lower Tertiary discoveries in recent years, including Chevron Corp.’s Jack field. Three years ago at Jack, an industry-first well test confirmed that the trend contains a vast quantity of oil and that it can be brought to the surface.
Last month, San Ramon, Calif.-based Chevron began a contract to use a new high-tech drilling vessel owned by Switzerland-based Transocean for additional exploration in Jack and other fields.
BP will need to drill additional wells to determine the size of Tiber and how to develop it, company officials said.
end snip.......
Sometimes it's hard to tell.
He hates America and this is the best way to destroy it.
Pray for America
The numbers have me confused. How can production cutback be no more than how much one single well is leaking?
Some; by no means all.
>>Basically, “I’m not upset at $4 gasoline, just that it went there too quickly”.<<
Yep. If that is not a direct quote, it very accurately captures the spirit of what he said.
Must be a law some where that says you can lock up idiots (oboma tribe)?.
Sadly, I couldn't agree with you more.
This entire oil crisis and gulf disaster should right now be hanging around Obama's neck - where it should be - and the GOP raising righteous holy hell all over the land. There should be torchlight and necktie parties on every street corner in America instead of weekly wagyu and rock star parties in the White Hut.
Instead, the hapless GOP is too stupid, incompetent, or lazy (take your pick, one, two, or all three) to avoid the obvious trap it is walking into. Forget about leadership or even arousing themselves from their chronic stupor. I suppose they don't want to be thought of as "divisive" or something. Well, the Dims are going to pin this entire catastrophe on them and laugh all the way back into office.
If you believe government regulation isn’t the biggest reason for the high price of oil, you have sh** for brains, and it shows.
This simply means the price of gasoline will go up thus hurting America and we’ll have to buy more oil from his muslim brothers. All part of the plan.
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