Posted by LAA on November 22, 2010 at 07:42:15 from (86.51.147.113):
In Reply to: Re: subsidies posted by davemk on November 22, 2010 at 04:01:59:
Davemk,
There several reasons why I believe the USA is capable of once again becoming energy independent. First, Oil shales in the Rocky Mountain West hold recoverable reserves that are 3-5 times larger than Saudi Arabias, these are US department of energy estimates. The technology is now at a point where this oil can be produced for around $30.00 per barrel. The federal government controls roughly 80% of the rights to this resource, some because its under federal land but the majority falls under the Pickett act. If and when serious drilling and production efforts take off in these areas then the R&D money will really start to flow and the technology will get better and the cost of production will drop further. I have been in this business all of my adult life and I have seen technological advances turn old fields around many times, onshore and offshore. Second, deep water drilling, it is safe, it is viable from $40.00 per barrel, the production facilities and infrastructure are under utilized at the present time and the total reserves are basically incalculable. Third, shale gas, the advances in drilling and producing techniques have already changed the whole natural gas business model in the USA, just 5 years ago LNG receiving stations were being built offshore Louisiana and Texas to receive supplies from West Africa and the Middle East, those terminals are now dead, not needed, and natural gas has gone down in price while production has gone up. The shale gas resource is spread all over the USA and is conservatively estimated to be a 150 year supply even if we quadruple consumption in the next 20 years. Fourth, coal, between natural gas and coal we can produce cheap electricity to power industry and homes while saving on actual crude oil consumption. There would have to be a complete turn around in national energy policy and thinking for this to take place, it may eventually happen because people are going to want to return to a stable economy at some point and that is impossible with out a stable supply of affordable energy. The current administration beleives that if the country is ever going to be able to pay off its debt then we must devalue the dollar and force inflation, when the dollar declines commodities increase in price, every time. Due to the above policies the US government has no incentive to open up drilling and adopt tax and envioronmental structures to encourage increased domestic production of oil and gas, even though the taxable revenues from the product produced, the jobs created and the trade inbalances corrected would pay off the debt much quicker. There is a bunch of information from credible sources on the internet about these recoverable shales including the DOE's own web site which has information on the Green River formation, Bakken Shale, several Colorado shales etc.
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