Just Drill in US, Baby; We've Got 131 Billion Barrels
From today's WSJ, "Just Drill Baby," by Pete DuPont:
The government reports that U.S. crude oil production declined to 1.9 billion barrels in 2005 from 3.5 billion in 1970, and the share of our oil that is imported has increased to 60% from 27% in 1985. Washington politicians will tell you this is an "energy crisis," but America's energy challenges are far more political than substantive.
First, we are not running out of oil. In 1920 it was estimated that the world supply of oil was 60 billion barrels. By 1950 it was up to 600 billion, and by 1990 to 2 trillion. In 2000 the world supply of oil was estimated to be 3 trillion barrels.
The U.S. has substantial supplies of oil and gas that could be accessed if lawmakers would allow it, but they frequently don't. A National Petroleum Council study released last week reports that 40 billion barrels of America's "recoverable oil reserves are off limits or are subject to significant lease restrictions"--half inshore and half offshore--and similar restrictions apply to more than 250 trillion cubic feet of natural gas. (We consume about 22 trillion cubic feet a year.)
Access to the 10 billion barrels of oil in Alaska's Arctic National Wildlife Reserve has been prohibited for decades. Some 85 billion barrels of recoverable oil and 420 trillion cubic feet of natural gas exist on the Outer Continental Shelf, but a month ago the House again, as it did last year, voted down an amendment that would have allowed the expansion of coastal drilling for oil and natural gas. All of which leaves the U.S. as the only nation in the world that has forbidden access to significant sources of domestic energy supplies.
From a previous CD post:
Percentage of domestic oil resources currently off-limits in Arctic National Wildlife Refuge (ANWR) and the Outer Continental Shelf (OCS) : 78
Amount of Domestic oil currently off-limits: 131 billion barrels (that's 131,000,000,000)
Oil imported annually from the Persian Gulf: About 1 billion barrels
Oil imported annually: About 5 billion barrels
Oil consumed annually in the US: About 7 billion barrels
Oil produced annually in the US: About 2 billion barrels
Number of years that domestic oil in the OCS could substitute for Persian Gulf imports: 60
Number of years that domestic oil in ANWR could substitute for Saudi imports: 25