Drill Usa

Drill Usa

 

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Will the USA Drill for Oil ?

Will we Drill for Oil in the USA More than ever before?
If we drill for oil will it help us to get out of the bail out
maybe

First, I work for a major oil company. I can tell you that we are drilling in the US and have been for a long time. All this "drill, baby, drill" talk of late is not about whether the US should drill at all, but whether the US should drill in certain sensitive areas, such as offshore and in the Alaska National Wildlife Refuge (ANWR). Even if all of these restricted areas were opened up to drilling, it would be years before any oil could be produced from them. Even then there is not enough oil in those areas to make much of a difference when compared with total world production, which is the basis upon which oil is valued. In other words, drilling in the restricted areas will make no difference in the short term and little difference, if any, in the long term. It will certainly have no effect on the bail-outs. That is a totally unrelated matter. It also won't make the US independent of foreign oil. There simply isn't enough commercially produceable oil in the US to do that.

Before anybody comes on here and tells me about the two or three trillion barrels of oil under the Rocky Mountains, I am aware of that. But I am also aware that this "oil" is in the form of oil shale, which is rock. This oil cannot be drilled and pumped, it must be mined. Then you extract from the rock a substance called kerogen, which is than converted in to a synthetic oil. As you may have guessed, this is all very expensive to do. In fact, oil shale extraction and refining is the most expensive way of getting oil. I spoke above of "commercially produceable" oil, i.e., oil that someone can extract and refine and still make money. Even when oil was at $140 a barrel, oil shales were not commercially produceable; they certainly are not with oil at $50 or $60 a barrel.

Make no mistake about it, if US oil companies were allowed to drill in the restricted areas they could make money, lots of it. I am planning to retire in a few years, so the better my company's stock is doing the better for me. But unless you own oil company stock drilling in those areas isn't going to make any difference to you, certainly not in how much you pay for a gallon of gas.

 

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