Monday, August 09, 2010

As This Administration Continues to Ruin Our Economy The Rest of The World Drills

As Americans must contend with an administration that is patently against America's interests we can look on as other countries laugh at our stupidity as they buy the rights to use scarce, deep water drilling rigs to get more oil for their countries. Has the US become a looney bin? Or a 2010 version of Alice in Wonderland? Or an insane asylum? The Wall Street Journal explains it.

...The Obama Administration is sticking by its ruinous deepwater drilling moratorium, when it would be better to take a hint from the rest of the world's oil-producers. Their response to the Gulf disaster? Learn from it, and drill on.

Norway, run by the very model of modern environmentalists, announced a deep-water drilling halt until the spill is done. However, its ban applies only to new drilling, unlike the Obama Administration's total ban.

Norway also announced it's moving ahead with a deep water push into the Barents and Norwegian Seas, putting up 94 new blocks for drilling leases. Minister of Petroleum and Energy Terje Riis-Johansen made clear he views the stoppage as temporary.

Brazil is accelerating its drilling pace, announcing it would spend some $200 billion the next five years to tap newly discovered offshore reserves at depths to 23,000 feet. State-controlled Petrobras, the world's biggest deep water producer, recently struck oil three miles under Brazil's sea—a reserve that could yield 380 million barrels of oil and natural gas.

Australian Resources Minister Martin Ferguson has offered 31 new leases off his country's coast that allow for wells at twice the depth of the BP Macondo. As recently as 2000, Australia was self-sufficient in oil and gas but its import costs are rising. The new leases reverse that trend.

"There is no intention by the government to scale back the development of the oil and gas industry in Australia," Mr. Ferguson said. "It is important in terms of the nation's energy security, jobs and the overall economy."
READ at WSJ "The World Drills On. There's no ban in Norway, Brazil, Australia, Canada . . ."

No comments: