Re: "I have a solution, drill in the Gulf and Alaska."
I'm sure that every drop of oil that's commercially recoverable, where ever it may lie, will *eventually* be assessed, as soon as the price is sufficiently high....
(Also, over the next 50 years or so, as ice cover over the Arctic Ocean vanishes, the world will particularly see much new hydrocarbon production from the Russian Arctic... but DEMAND will likely also increase - and to a larger extent.)
Meanwhile, any hydrocarbons located under American PUBLIC LANDS (i.e., owned by the American public) are nestled under American soil, where it has been geologically sited for millions of years, "safe like in the bank". Awaiting only the time to come when Americans decide the 'price is right' to pull it out....
(However, the world is probably at or fairly near Hulbert's Peak... with annual global demand rising at a faster rate then new production is brought online, and production from some of the world's largest fields beginning to decline seriously --- Mexico's Canterall, Saudi Ghwar, etc., so I seriously doubt that ANY amount of 'drilling alone' will change that particular calculus in any material way.)
As the saying goes: "The solution to low supply is high prices."
Count on that. And, NO AMOUNT of new 'drilling in Alaska or the Gulf' will change the supply/demand facts all that much... that's just small change. |
