Skip to comments.U.S. to Auction Almost 1 Million Acres Off Alaskan Coast for Oil Drilling
Posted on 11/29/2022 9:20:40 AM PST by rktman
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The United States will auction nearly one million acres off the Alaskan coast for new oil and gas drilling in December, mandated in the so-called “Inflation” Reduction Act (IRA).
The United States Bureau of Ocean Energy Management (BOEM), inside the Department of Interior, will put hundreds of thousands of acres off Alaska’s southcentral coast up for auction on December 30 for new oil and gas drilling projects. The lease sale has to be completed by the end of the year to comply with the IRA, which was added to the piece of legislation to win support from West Virginia Democrat Sen. Joe Manchin.
The auction sale will be of approximately 958,202 acres in Alaska’s Cook Inlet. Bloomberg reported the department estimated that over the lifetime of the lease sales, the area could produce nearly 200 million barrels of crude oil and 300 billion cubic feet of natural gas. However, the estimate would only be accurate if any drilling actually occurs.
(Excerpt) Read more at breitbart.com ...
The problem is that the USA raised its cut on the drilling...doubled or tripled their take. Why drill??
Are Americans allowed to bid on it, or is it only open to enemies of the US?
If pursued with all possible speed, this could lead to production of oil in about 3-4 years. But govt permitting doesn’t work with all possible speed, it works with all possible delay. This meaningless provision bought a few Republican votes from suckers.
In today’s climate, I think it would be foolish for anyone to waste their money on useless leases because they will NEVER be allowed to drill there. They will be shut down by uncle sugar and the watermelon crowd
Kind of like student loan forgiveness, knowing all along it's not legally doable.
And what about that RAIL STRIKE Bai Din "successfully negotiated" before the election, ROFL!
200 million barrels is around 15 days of US consumption.
Them branDUHn can blame ‘BIG OIL’ for not taking advantage of the leases that were offered up. We know the game.
Permitting should be made part of the leases. Or at least lay out the conditions where a permit will be approved and/or will be denied. So that denials may be challenged.
Drilling also depends on infrastructure being in place.
Dependency on infrastructure and performance of that infrastructure should be built into the lease.
Imagine if Trump promoted this.
the auction will be in Chinese-
“the auction will be in Chinese-”
You win first prize.
Woohoo- my first first prize this month! :)
They know that. So does the industry. It is a show meaning nothing.
Delays can be tantamount to flat out rejection. And if the lease is approved that is only the beginning.
Even so, 200MMBO over 9000 leases is non commercial. This is the equal of selling ice to the Eskimo.
I don’t believe a word of this.....why not finish the pipe lines and then open up Alaska.
Sierra club will be all over this and keep it in court forever.
You made a very good comment. I can see the Chinese drilling there when our oil companies are denied the opportunity.
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