Friday, February 18, 2011

Oil Drilling News


Hastings Urges Restarting Oil Drilling in Gulf to Stem Rising Fuel Prices

Reality: The U.S. Energy Information Administration (part of the Department of Energy) has stated: "…[drilling in] the Pacific, Atlantic, and eastern Gulf regions would not have a significant impact on oil prices before 2030". The report continues to say: "Because oil prices are determined on the international market … any impact on average wellhead prices is expected to be insignificant." The estimated maximum reduction in gas prices from increased offshore drilling is three to four cents a gallon. 
"Drilling in the deep waters of the Gulf of Mexico, stalled after BP Plc's April spill, should resume without waiting for regulators to approve oil and gas company containment systems to respond to a similar disaster in the future, Hastings said."
Yeah, let's not worry about another spill.  That couldn't happen again, could it?

Court Orders U.S. to Decide on Drilling
"Thursday's developments illustrate the clashing demands being made on the administration in the aftermath of the spill. As gasoline prices have risen, oil industry executives and their allies in Congress have called for speedier consideration of new offshore drilling. Environmentalists and their Capitol Hill allies say the spill commission's findings show the need to move cautiously until the industry and federal regulators demonstrate they have addressed the root causes of the BP disaster."


California Can Become Leading 'Patriot' State by Kicking Oil Addiction, Report Shows (EDF)