Rocking Oil Prices….
As the price of petroleum goes up minute-by-minute, we’re hearing more and more cries from folks to the government asking it to “do something.”
As we discussed in a previous post a few weeks back, we’ve blown over 30 years of trying to get energy independent since the first warning shots were fired across our bows in the form of the oil embargoes and shortages of the 70’s..
Among the suggestions these days to get us more oil— drilling in the Arctic National Wildlife Refuge (known by the acronym ANWR)
After oil was discovered on the North Slope in 1968— there have been calls to drill in ANWR— but because it is federally protected land, it wasn’t going to happen..
Now, one of the long time opponents to drilling there has changed his mind..
Maryland Congressman Roscoe Bartlett says high oil prices have convinced him it’s time to drill in ANWR—and as you can read here—he’s introduced a bill to allow that to happen.
But ANWR isn’t the short term answer. Not only will it take a decade to begin seeing any oil from there IF WE START NOW—but, as this story indicates—an energy department study indicates ANWR production would only reduce the price of oil by 75 cents a barrel—and THAT won’t happen till 2025 !
There is however, a faster way to get more oil to our energy starved country—and that is by extracting it from rocks.
It’s called Oil Shale.
The U-S Department of Energy estimates at 2-Trillion barrels—the United States has enough of this oil bearing rock to supply this country for up to 300 years.
And the technology exists right now to extract that oil.
The problem was—the cost of that extraction couldn’t compete with the price of oil on the open market as you can see in this D.O.E. report..
But, now that light, sweet crude prices are reaching unheard of heights—Oil Shale suddenly becomes economically competitive.
Once we start extracting the stuff—let me make one more suggestion.
Although we have a global economy—lets NOT export the stuff we squeeze from the shale.
Let’s keep it ourselves—and use it to drive DOWN the cost of petroleum in this country.
It can do nothing but help the economy.
—Steve
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