Tuesday, July 12, 2011

Drill, Drill, Drill = Jobs, Jobs, Jobs = Investment, Investment, Investment = Energy Independence

BISMARCK, ND – "According to a new study from the Western Energy Alliance, North Dakota oil production could soon outpace imports from oil-rich nations like Russia, Iraq and Kuwait.

“The Bakken formation spanning North Dakota and Montana will lead oil production in the region, with an expected 685,000 barrels of oil and condensate a day by 2020 (see chart above),” the group states in a press release referring to a study done by EIS Solutions. “Combined with other western production, North Dakota will help lead the way in generating 1.3 million barrels of domestic oil production a day by the year 2020, which is more than the current amount of oil imported from Russia, Iraq and Kuwait combined.”

The study also indicates that investment in North Dakota due to oil production could increase to $58 billion annually by 2020 creating 16,000 more jobs in the state.

“These projections of increased investment in North Dakota energy is good news for our state’s economy and for American energy security,” said Ron Ness, President of the North Dakota Petroleum Council. “North Dakota’s oil producers are already responsible for a significant percentage of our domestic energy production, and continued growth of our industry means more jobs for North Dakotans, increased revenue for local and state governments, and less reliance on foreign energy sources.”

Standing in the way of this production and growth is federal policy which they describe as “significantly undermining these projections of growth, investment and expansion" the group argues."

18 Comments:

At 7/12/2011 2:06 PM, Blogger Benjamin said...

“Combined with other western production, North Dakota will help lead the way in generating 1.3 million barrels of domestic oil production a day by the year 2020, which is more than the current amount of oil imported from Russia, Iraq and Kuwait combined.”

You mean we spent $1.5 trillion in Iraq for nothing?

 
At 7/12/2011 2:08 PM, Blogger Ourobourbon said...

So long as we account for environmental externalities BEFORE the industry becomes entrenched (see: fracking debate), sounds like a great deal to me.

 
At 7/12/2011 2:39 PM, Blogger arbitrage789 said...

Drilling in ND is fine.. but I want to open up the big kahuna - - Alaska - - for oil and nat gas drilling.

I don't care WHAT the caribou think about it.

 
At 7/12/2011 2:44 PM, Blogger Benjamin said...

Arbitrage-

While you are at it, can you convince the Bushes to relent and let us drill for oil off Florida?

Thursday, May 30, 2002

NATIONAL

Bush prevents oil, gas drilling off Florida coast
Government to buy back leasing rights

From wire reports

Associated Press
President Bush and Florida Gov. Jeb Bush meet in the Oval Office on Wednesday.

WASHINGTON -- With his brother, Gov. Jeb Bush, looking on, President Bush sealed a deal Wednesday to prevent further oil and gas drilling off the white sand beaches of the Florida Gulf Coast and in the cypress swamps near the Everglades.

 
At 7/12/2011 3:21 PM, Blogger Paul said...

Benji,


"While you are at it, can you convince the Bushes to relent and let us drill for oil off Florida?"

Way to zero in on the problem, idiot. Your link is from 2002 for chrissakes, neither Bush can do anything now to affect drilling one way or another, though President Bush did alot to expand drilling in other places besides beach tourism rich Florida. Meanwhile, your socialist boyfriend is fighting a vicious war on oil production in the US.

And you have nothing to say about it.

 
At 7/12/2011 3:36 PM, Blogger Benjamin said...

Paul-

The Bush no drilling deal is permanent, at least as near as they can make it. They bragged about it being a permanent ban.

I don't recall liberalized drilling for oil in Alaska during the Bush years. Can you cite anything?

For the record, in general I support oil and gas drilling in the USA, including fracking and in Alaska. We can frack Alaska all we want, I say, good and hard, good and hard.

I also support much heavier gasoline taxes.

 
At 7/12/2011 3:47 PM, Blogger juandos said...

"The Bush no drilling deal is permanent, at least as near as they can make it. They bragged about it being a permanent ban"...

Well its good I guess to see some consistencies in life like pseudo benny never failing to make an insanely silly comment...

Again I guess its to much to expect him to know some basics about the subject he's commenting on....

 
At 7/12/2011 3:51 PM, Blogger juandos said...

RE: Western Energy Alliance link is giving me a 404 right now...

Even trying a Google link I get the samething...

 
At 7/12/2011 4:09 PM, Blogger Paul said...

Benji,

"I don't recall liberalized drilling for oil in Alaska during the Bush years. Can you cite anything?"

Ever hear of Google? Go type "Bush drilling alaska" and find a gusher of links demonstrating his efforts. But the Democrats have stymied drilling in Alaska, among other places,for decades. They successfully blocked all such attempts throughout the Bush presidency. Your hero Bill Clinton, on the other hand, vetoed an ANWR bill the GOP managed to pass in the House and Senate in 1995. We would have hundreds of thousands of extra oil rushing through the Alaskan pipeline today if ol' Slick hadn't done so.

 
At 7/12/2011 4:20 PM, Blogger George said...

"1.3 million barrels of domestic oil production a day by the year 2020"

Just think, barely 10% of current imports.

If all those drillers find another Saudi Arabia in North Dakota, that will cover less than half our oil consumption, and will fail to cover our oil imports.

 
At 7/12/2011 6:48 PM, Blogger Craig said...

The Bush no drilling deal is permanent, at least as near as they can make it.

So, you mean to tell us that the wily G.W. Bush came up with a way to prevent the current president and congress from drilling for oil? Wow, he was some Machiavellian genius wasn't he. Of course, Obama has continued his policies in Iraq and Afghanistan -- and -- he did endorse continuing the famous "Bush" tax cuts" -- and -- he hasn't, to be sure, cut back on presidential authority that was established during the Bush years, so I guess you're right.

BS. Obama could reverse the Bush oil-drilling regs in a heartbeat if he wanted to. And you know it.

 
At 7/12/2011 11:39 PM, Blogger Buddy R Pacifico said...

Another great post on North Dakota Oil. Thanks, professor for bringing greater awareness on the subject. The Obama administration needs to realize that increased oil production increases federal revenues IF explorers and producers are not penalized by increased tax burdens and strident regulators.

 
At 7/13/2011 9:45 AM, Blogger Paul said...

Craig,

"BS. Obama could reverse the Bush oil-drilling regs in a heartbeat if he wanted to. And you know it."

He did. However, this will never penetrate Benji's pea brain, he will still find a way to blame Bush and absolve his boyfriend.

 
At 7/13/2011 1:23 PM, Blogger moneybuzz said...

Mark, check out the Eagle Ford Shale in South Texas. Its been called the largest US discovery in 40 years, and its just getting started.

 
At 7/13/2011 1:32 PM, Blogger Benjamin said...

Some are predicting that development of the Eagle Ford shale will be another Spindletop for Texas.
Railroad Commissioner David Porter wrote in a recent opinion piece that development of the Eagle Ford shale "has the potential to be the single most significant economic development in our state's history."


Read more: http://www.chron.com/disp/story.mpl/business/energy/7574751.html#ixzz1S0mQgzWV

 
At 7/13/2011 6:27 PM, Blogger VangelV said...

What nonsense. The shale gas producers could not make a profit on the low hanging fruit. What makes you so sure that they can make a profit from the more difficult formations?

Get back to me when shale players can make money from production activities and stop bleeding red ink and the story may be more credible. But until the EURs get better and the depletion rates fall we are going to have to remain skeptical.

 
At 7/14/2011 6:34 PM, Blogger Michael E. Marotta said...

We were in Traverse City, Michigan, and saw this bumpersticker:

EARTH FIRST - We will drill the oil from the other planets later.

Alongside was this:

DRILL HERE. Drill Now. PAY LESS.

 
At 7/14/2011 10:16 PM, Blogger St paul guy said...

government policy “significantly undermining these projections of growth, investment and expansion" the group argues."

15 years of drilling in ND, more jobs, suppliers starting up left right and center, highest employment rate in the US housing shortages, road construction, oil, pipe lines, trucking companies, gosh, if only the government was out of the way.

Jeez guys, quit whining and get rich.

 

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