New Study Shows That Offshore Drilling Could Make Alaska the Eighth Largest Oil Producer in...

CNSNews ^ | February 25, 2011 | Penny Starr

[jazusamo]

Complete title: New Study Shows That Offshore Drilling Could Make Alaska the Eighth Largest Oil Producer in the World – Ahead of Libya and Nigeria

(CNSNews.com) – A new study says drilling on Alaska’s Outer Continental Shelf (OCS) could make Alaska the eighth largest oil resource province in the world -- ahead of Nigeria, Libya, Russia and Norway.

The report -- by the consulting firm Northern Economics and the University of Alaska-Anchorage’s Institute of Social and Economic Research -- says that developing Alaska’s OCS could produce almost 10 billion barrels of oil and 15 trillion cubic feet of natural gas, create around 55,000 new jobs and produce $145 billion in new payroll nationally, generating a total of $193 billion in government revenue through the year 2057.

A senior policy advisor with the American Petroleum Institute, the trade group for hundreds of U.S. oil and gas producers, said in a statement about the study that offshore drilling for oil and natural gas can help with the country’s energy and economic needs.

“America will need all forms of energy to get our economy back on track, and that includes oil – we can either produce it here and create more American jobs or import it and create jobs elsewhere,” Richard Ranger said. “The administration and Congress need to adopt an ‘all of the above’ energy approach that leverages our offshore resources in Alaska to create an energy plan for America that boosts, rather than inhibits, our economy.”

About 77 percent of world oil reserves are owned or controlled by national governments and the U.S. currently imports over 60 percent of its crude oil, according to API. The Northern Economics-University of Alaska study estimates that Arctic offshore development could cut U.S. imports by about 9 percent over 35 years.

Crude oil prices in New York broke through the $100-a-barrel threshold on Thursday, with rising prices linked to the unrest in the Middle East, including Libya and its vast oil reserves.

The Washington Post reported on Thursday that U.S. pump prices for regular gasoline jumped 4 cents a gallon overnight to $3.23, an 8-cent-per-gallon increase in the past week and 55 cents more than a year ago.

“Given the current political turmoil in the Middle East and increased demand from a slowly growing economy, it is more essential now than ever before that we develop Alaska’s OCS to increase domestic production,” Ranger said. “Increased OCS production in Alaska would also extend the operating life of the 800-mile Trans-Alaska Pipeline System (TAPS), a critical lifeline of domestic energy for America.”

[Siena Dreaming]

So does that mean that also drilling ANWR would make Alaska move up even from #8 on the list of world suppliers?

If the Federal waters are drilled, that will open the door to ANWR.

[American in Israel]

Alaska could be the worlds producer of oil with onshore drilling, it does not even need to drill offshore. But... There is NO WAY the Progressives will allow any drilling for oil in America, because that would spoil their wonderful spread the money around scheme played with enviromental sock puppets.

The Feds have blocked our energy expansion to inrich the poor nations for generations, why stop now when they have just about killed the evil beast. A free and productive non socialist America.

They tie our hands behind out backs with no energy, and then spend the dollar away as a two pronged attack on freedom.

Traitors all...

[Art in Idaho]

Then it’s time to start drilling without permits.

Can the State of Alaska pass a bill nullifying all the EPA and other environmental drilling rules/regulations and 'Drill Here, Drill Now'? On the heals of the Obamacare states ruling, Walker in Wisconsin, Brewer in Arizona - can the legislature in Alaska look into this? Thoughts?

[21twelve]

I wrote the following on another thread regarding the impact of the civil war in Libya on the price of oil (and our gas):

A quick search found that Libya produces almost 2% of the world’s supply of oil, with production of about 1.6 million barrels a day.

The U.S. produces something like 5.5 million barrels a day, with the North Slope alone at 1.5 million a day. The small area to drill at ANWR (now off-limits) is estimated to peak at production of almost 0.9 million barrels a day.

[Siena Dreaming]

Thanks for the info.

[rlmorel]

LOL...one is full of gas, and the other one...

[thackney]

with the North Slope alone at 1.5 million a day

That is an old number.

[21twelve]

Thank you for the updated chart. Geez. If only we had opened things up back in the 90’s like they had wanted to. Well, I guess it’s too late now to start anything. /s

[crusty old prospector]

ANWR is closed because liberals need an issue to demagogue to their environmental wacko constituents. No one in their right mind would ban any drilling there as the footprint would be minuscule. As far as the OCS, it is a very difficult and expensive drilling environment because of the ice. In the past, it has been done from manmade islands at a huge cost.

[flat]

What we need is gravitas

..........ALASKAN GRAVITAS

[epithermal]

The Arctic Ocean Basin is probably the most prolific oil basin in the world. But, we need to promote global warming more to rid it of the pack ice. Then we can begin to get offshore and exploit the reserves there.

[USSR Didnt Fall]

AMEN!!!!!!!!!!!!!

[EdReform]

Can the State of Alaska pass a bill nullifying all the EPA and other environmental drilling rules/regulations and 'Drill Here, Drill Now'?

That is precisely what needs to happen. In the meantime, the Governor should just guarantee (and protect) the companies the right to drill.

[EdReform]

Yes, it is the ALASKA Outer Continental Shelf. The Fed can go pound sand (or water).

[Species8472]

The russians are already drilling like crazy off the north shore of Siberia.