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Enough Oil Found In Arctic To Supply U.S. For 12 Years

Posted on July 24, 2008 by Riley

Stop your yapping in Congress and the regulatory agencies and start letting companies explore and drill for this…

The Arctic may hold 90 billion barrels of oil, more than all the known reserves of Nigeria, Kazakhstan and Mexico combined, and enough to supply U.S. demand for 12 years, the U.S. Geological Survey said.

. . .

The U.S. report didn’t include an estimate for how long it will take to bring the reserves to markets. Offshore fields in the Gulf of Mexico and West Africa can take a decade or longer to begin pumping oil.

Sure, some of that time is on account of exploration, but much of that is taken up with lengthy regulatory reviews that can and should be streamlined.

I don’t know of anyone who opposes finding cheaper, cleaner sources of energy that are renewable or abundant, but until those technologies come on line, we still need oil

Filed under: Energy

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2 Responses

  1. mosippan, on July 24th, 2008 at 5:01 pm Said:

    Enough for 12 years! You think that’s great?

  2. Riley, on July 24th, 2008 at 8:32 pm Said:

    I know your reading comprehension skills aren’t the best, Mo, so let me put this in simple terms.

    If the U.S. ONLY pumped oil from this location in the Arctic and did not extract or import a single other drop of oil, this would supply the entire U.S. demand for 12 years. Yes, I DO think that is great. Factor in other U.S. production, plus oil from two of our main trading partners (Canada and Mexico), and this supply can last much, much longer.

    In the meantime, let’s go ahead and find new sources of energy. But we do need something to bridge the gap between our current status and when such fuels become the norm.

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