Black Gold: Untapped oil in America
2008-06-24 17:03:47 (GMT) (Caymanmama.com - Business News)Dallas, Texas (CaymanMama.com) — In the US, lawmakers and numerous oil companies are asking for more drilling areas as only a fraction of the US is used presently. According to sources from the oil industry and Democrats, 90 million acres of offshore areas have been leased to Gulf of Mexico, and it is believed that 70 million acres are producing nothing. However, according to a Democrat staffer, if the US would use its existing areas for drilling purposes, there could be an unprecedented boost in oil production that could touch the mark of five million barrels on daily basis.
However, the oil industry says that such an estimate is too high and for the government, it is unrealistic as it is near impossible to ascertain oil production. There have been proposals to open up coastal areas in California and Florida as a part of offshore drilling along with Arctic national Wildlife Refuge of Alaska that may lead to the production of 2 million barrels.
For the US government, this is just a plain forecast. Presently, the oil production in the USA is 8 million oil barrels along with other petroleum based products with a consumption of 21 million. According to Fadel Gheit, an analyst at Oppenheimer while talking about oil companies, “they should finish what’s on their plate before they go back in line.”
Many Democrats hold an opinion that oil companies are not drilling the land purposefully so as to hike the price of fuel in the country. Rep. Edward Markey who co-sponsored a bill against for all those oil companies that hold land and do not produce oil said, “Big Oil is more interested in pumping up prices and pumping up their own profits rather than pumping more oil.” He continued, “We should not even begin discussing handing over more public land to the oil companies until they first use (the land) they already hold.”
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