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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: J_F_Shepard who wrote (325882)	12/5/2002 12:16:29 PM
From: d[-_-]b	Read Replies (1) \| Respond to of 769670

JF, re:The data is based on decades of oil production.... I repeat....domestic production peaked in 1971-72 and has been dropping since, despite new finds coming on line......assuming the finds continue at the same rate (doubtful) you can project that domestic production will end 2010-2030... New technology turns abandoned oil well into a producer. fe.doe.gov said Secretary of Energy Spencer Abraham. "The Energy Department is committed to making successes like this become more commonplace. In the last five years, the million barrels of "new" oil that has flowed from the field is more than half as much oil as the property produced in all of its first 80 years of operation. Project sponsors predict that the advanced technologies ultimately will result in more than 4 million barrels of oil being produced – all from a 40-acre property once thought to be dead from an oil producer's perspective.

To: J_F_Shepard who wrote (325882)	12/5/2002 12:38:03 PM
From: Selectric II	Read Replies (1) \| Respond to of 769670

A number of political and market factors determine domestic oil exploration and production. Exploration falls, and some producing wells are shut in when prices fall below profitable extraction. Things like OPEC price fixing -- they've got the market power to fix prices, and that's why we need to reduce it -- as well as general economic conditions and our governmental policies aimed at discouraging or preventing domestic production are some factors that affect domestic production. You should check out the American Petroleum Institute site...