• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 46 mins *Happy Dance* ... U.S. Shale Oil Slowdown
  • 8 hours Socialists want to exorcise the O&G demon by 2030
  • 5 hours Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 6 hours UK, Stay in EU, Says Tusk
  • 1 day Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 2 days Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It Exists
  • 2 days Conspiracy - Theory versus Reality
  • 7 hours How Is Greenland Dealing With Climate Change?
  • 2 days Chevron to Boost Spend on Quick-Return Projects
  • 1 day Maritime Act of 2020 and pending carbon tax effects
  • 2 days U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 2 days Regular Gas dropped to $2.21 per gallon today
Alt Text

How Supermajors Are Transforming The Permian

The Permian Basin once played…

Alt Text

Are Conventional Producers Really Losing Influence?

While it’s shale that catches…

Darrell Delamaide

Darrell Delamaide

Darrell Delamaide is a writer, editor and journalist with more than 30 years' experience. He is the author of three books and has written for…

More Info

Trending Discussions

U.S. Decision on Offshore Drilling Holds Promise of Future Oil, Brings Immediate Debate

President Barack Obama’s move to lift a moratorium on new offshore drilling leases and to designate further areas for exploration won’t produce much oil in the near future, but is already generating a good deal of hot air in Washington.

Republicans said the measure – which opens up offshore tracts along the Atlantic and Gulf Coasts as well as off the North Slope of Alaska – does not go far enough to realize the full potential for domestic oil production. Environmentalists excoriated the president for compromising efforts to limit carbon emissions.

No one seemed sure that the concession to the oil industry and the Republicans would win any new votes for a comprehensive climate bill, which the administration hopes to pass this year.

The first tract that might become available is offshore Virginia, already designated for a lease sale in 2011 before the Obama administration stopped it last year. Other blocks would be available only in 2012 at the earliest, pending government studies. Actual exploration and drilling may be years away.

The president excluded the Atlantic Coast north of Delaware, much of offshore Florida, and the entire U.S. Pacific Coast. He also excluded Bristol Bay in Alaska, while opening two sectors north of Alaska that are thought to have large untapped reserves.

Sectors in the eastern Gulf of Mexico tract are believed to be the richest of the offshore fields included in the decision. The area may contain 3.5 billion barrels of oil and 17 trillion cubic feet of natural gas, according to some estimates. The western sector of the Gulf has already been developed with hundreds of offshore drilling platforms.

Offshore drilling was a big issue in the 2008 presidential campaign, with Republican candidates chanting “Drill, baby, drill” at campaign rallies. As a candidate, Obama urged caution, but did not rule out expansion of offshore drilling.

Obama tried to stave off criticism in making the announcement by putting the decision in the context of his overall energy strategy.

“There will be those who strongly disagree with this decision, including those who say we should not open any new areas to drilling,” he said in front of an audience at Andrews Air Force Base. “But what I want to emphasize is that this announcement is part of a broader strategy that will move us from an economy that runs on fossil fuels and foreign oil to one that relies more on homegrown fuels and clean energy.”

By. Darrell Delamaide




Back to homepage

Trending Discussions


Leave a comment
  • Anonymous on April 07 2010 said:
    obama has not the sence of a billygoat theres more fossil fuel in the dakotas and colorado tha all of the other countries combined so now off shore drilling that wont amout to a tea kettle half full to what can be acomplished by drilling here in the u s of a . the enviromentast are kissing his ass all the way to distruction of our great country

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News