The Observation Deck

Ryan Costa wrote: no. The highest estimates of how much recoverable oil is there is a small fraction of our present oil use over a few years.

High potential. The high potential for significant discoveries of oil and gas in ANWR has long been recognized. Early explorers of the region at the turn of the century, found oil seeps and oil-stained sands. However, since ANWR was established in 1960, exploration in the region has been restricted to surface geological investigations, aeromagnetic surveys, and two winter seismic surveys (in 1983-84 and 1984-85). No exploratory drilling has been accomplished in the area except for one well commenced in the winter of 1984-85 on Kaktovik Inupiat Corporation and Arctic Slope Regional Corporation lands southeast of Kaktovik on the Coastal Plain.

U.S. Department of Interior - 1987. After several years of surface geological investigations, aeromagnetic surveys, and two winter seismic surveys (in 1983-84 and 1984-85), the U.S. Department of Interior (DOI), in its April, 1987 report on the oil and gas potential of the Coastal Plain, estimated that there are billions of barrels of oil to be discovered in the area. DOI estimates that "in-place resources" range from 4.8 billion to 29.4 billion barrels of oil. Recoverable oil estimates ranges from 600 million barrels at the low end to 9.2 billion barrels at the high end. They also reported identifying 26 separate oil and gas prospects in the Coastal Plain that could each contain "super giant" fields (500 million barrels or more).

U.S. Geological Survey - 1998. The most recent petroleum assessment prepared by the USGS in 1998 (OFR 98-34), increased the estimate for technically recoverable mean crude oil resources. (See Oil in the ANWR? It's Time to Find Out!)

Oil analysts and company executives said newly released test results from a well 175 miles off the coast of Louisiana indicate that the oil industry will be able to recover well more than 3 billion barrels, and perhaps as much as 15 billion barrels, of oil from a geological area known as the lower tertiary trend, making it the biggest addition to U.S. petroleum reserves in decades. The upper end of the estimate could boost U.S. reserves by 50 percent.

ryan costa wrote:great. Perhaps if they'd spent as much money explaining why we should tap these estimated reserves as they have convincing us democrats are responsible for divorce and homosexuality, saddam Hussein caused 9/11, Reaganomics will pay off the national debt and grow the economy, and so much other stuff, we'd be tapping that oil.

it could be your information is misleading.

ryan costa wrote:global consumption continues to outstrip global production. U.S.Consumption continues to grow much faster than U.S.production.

If it were profitable to obtain this hypothetical coastal oil at anything less than a serious increase in price we would be doing it by 3 years ago. It would certainly be safer.

http://www.theoildrum.com/special/mission

Major U.S. oil source is tapped
Successful test by Chevron partners in deep Gulf waters could rival Alaska in potential supply; U.S. reserves may swell 50 percent.
By Chris Isidore, CNNMoney.com senior writer
September 5 2006: 5:46 PM EDT


NEW YORK (CNNMoney.com) -- Chevron and its partners have successfully extracted oil from a test well in the deep waters of the Gulf of Mexico, an achievement that could be the biggest breakthrough in domestic oil supplies since the opening of the Alaskan pipeline.

The news sent oil prices lower, with U.S. light crude for October delivery sinking 69 cents to $68.50 on the New York Mercantile Exchange.