Arctic May Hold 90 Billion Barrels of Oil, U.S. Says

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Thursday, August 28, 2008 6:53:56 AM

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Arctic May Hold 90 Billion Barrels of Oil, U.S. Says Thursday, July 24, 2008
Bloomberg -- July 23 (Bloomberg) -- The Arctic may hold 90 billion barrels of oil, more than all the known reserves of Nigeria, Kazakhstan and Mexico combined, and enough to supply U.S. demand for 12 years, the U.S. Geological Survey said. One-third of the undiscovered oil is in Alaskan territory, the agency found in a study released today. By contrast, a geologic formation beneath the North Pole claimed by Russian scientists last year probably holds just 1.2 percent of the Arctic's crude, the U.S. report showed. Energy producers such as Royal Dutch Shell Plc and Chevron Corp. have accelerated exploration of the northernmost regions for untapped reserves amid record prices and receding access to deposits in more hospitable climates. Russia's move to scrap a United Nations convention and carve out an exclusive Arctic zone sparked protests from Canada, the U.S., Norway and Denmark.
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	Thursday, July 24, 2008 Bloomberg -- July 23 (Bloomberg) -- The Arctic may hold 90 billion barrels of oil, more than all the known reserves of Nigeria, Kazakhstan and Mexico combined, and enough to supply U.S. demand for 12 years, the U.S. Geological Survey said. One-third of the undiscovered oil is in Alaskan territory, the agency found in a study released today. By contrast, a geologic formation beneath the North Pole claimed by Russian scientists last year probably holds just 1.2 percent of the Arctic's crude, the U.S. report showed. Energy producers such as Royal Dutch Shell Plc and Chevron Corp. have accelerated exploration of the northernmost regions for untapped reserves amid record prices and receding access to deposits in more hospitable climates. Russia's move to scrap a United Nations convention and carve out an exclusive Arctic zone sparked protests from Canada, the U.S., Norway and Denmark. Visit Bloomberg for full article

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Razzincain Veteran Author Kansas Posts:303 Points:443,015 Joined:Aug 2005	Message Posted: 7/28/2008 8:15:31 AM	Ignore Razzincain Report Abuse
	Stop talking and go on with it
Sentraholic Champion Author Maryland Posts:1,852 Points:450,900 Joined:Nov 2006	Message Posted: 7/26/2008 5:31:21 AM	Ignore Sentraholic Report Abuse
	"pristine wilderness" Your HOUSE sits on what was once pristine wilderness. You didn't have a problem living there!
SHEP20715 All-Star Author Maryland Posts:603 Points:102,880 Joined:Nov 2007	Message Posted: 7/25/2008 11:53:48 PM	Ignore SHEP20715 Report Abuse
	to crazyQ the answer is NO. Drill and seak alternate energy.
SCGasmaster Rookie Author South Carolina Posts:79 Points:80,800 Joined:Oct 2005	Message Posted: 7/25/2008 7:27:06 PM	Ignore SCGasmaster Report Abuse
	For God's sake the back side of the moon is also a pristine wilderness and about as many people actually get to see that as ANWR. Besides the oil can be extracted without disturbing anything. I'm sick to death of the tree hugging liberal wackos that try to justify the world paying 4 times what they should for energy to heat their homes and get to work in order to allegedly protect some "pristine" corner of the globe they've never even seen or been to. We WILL start drilling now or the Democratic Party is going to be placed on the endangered species list. If only we can develop a way to burn liquified liberals as an alternative fuel.
MLB59 All-Star Author Phoenix Posts:581 Points:11,110 Joined:Jul 2008	Message Posted: 7/25/2008 3:02:09 PM	Ignore MLB59 Report Abuse
	What happens when the 12-year supply runs out - we need to continue working on alternative fuel sources.
STEVE853 All-Star Author Florida Posts:814 Points:237,570 Joined:Nov 2007	Message Posted: 7/25/2008 2:23:26 PM	Ignore STEVE853 Report Abuse
	Drill!!!!!!
POLELANE Champion Author Ohio Posts:1,518 Points:154,125 Joined:Mar 2008	Message Posted: 7/25/2008 12:07:59 PM	Ignore POLELANE Report Abuse
	it would hold more than that if they just heightened the wall around it
CrazyQ Champion Author Washington Posts:11,898 Points:1,377,550 Joined:Aug 2004	Message Posted: 7/25/2008 10:52:22 AM	Ignore CrazyQ Report Abuse
	Yes, but wouldn't you rather pay $4/gal for gas than to have this pristine wilderness destroyed?
iluvChristJesus All-Star Author Phoenix Posts:804 Points:266,250 Joined:May 2007	Message Posted: 7/25/2008 9:54:34 AM	Ignore iluvChristJesus Report Abuse
	As I said yesterday, it would be nice IF we could drill in the Arctic, but congress (namely Nancy Pelosi (sp?) and Harry Reed) are blocking this. There is a do it all bill to do everything we can to produce more energy in America. Some of the items are: more wind and solar power drill in ANWR drill for offshore oil in the ocean more nuclear power cleanly convert coal to gas Encourage your congressman to allow a vote on this important energy bill.
drclark All-Star Author Tampa Posts:999 Points:136,870 Joined:Apr 2008	Message Posted: 7/25/2008 8:31:59 AM	Ignore drclark Report Abuse
	Drill
drclark All-Star Author Tampa Posts:999 Points:136,870 Joined:Apr 2008	Message Posted: 7/25/2008 8:31:51 AM	Ignore drclark Report Abuse
	Drill
drclark All-Star Author Tampa Posts:999 Points:136,870 Joined:Apr 2008	Message Posted: 7/25/2008 8:31:42 AM	Ignore drclark Report Abuse
	Drill
letmathe Champion Author Chicago Posts:6,582 Points:1,625,335 Joined:May 2001	Message Posted: 7/25/2008 8:19:25 AM	Ignore letmathe Report Abuse
	Alternative fuels are the only way out of this morass.
ss70 Champion Author Detroit Posts:2,598 Points:647,410 Joined:Sep 2005	Message Posted: 7/25/2008 7:54:16 AM	Ignore ss70 Report Abuse
	Thats not much ... so we need to keep investing in alt.fuels
Mahalo98 Rookie Author Georgia Posts:14 Points:26,390 Joined:Jun 2008	Message Posted: 7/25/2008 7:45:45 AM	Ignore Mahalo98 Report Abuse
	New CO2 Scrubber Opposed by Environmentalists (VIDEO !!!) Scientists at Columbia University are developing a carbon dioxide (CO2) scrubber device that removes one ton of CO2 from the air every day, says the Heartland Institute http://wordpress.com/tag/carbon-eater/
kevski All-Star Author Oregon Posts:886 Points:120,550 Joined:Feb 2008	Message Posted: 7/25/2008 7:43:05 AM	Ignore kevski Report Abuse
	who cares if it takes years, just get started and do something, anything
smwhite Champion Author Indiana Posts:1,233 Points:383,595 Joined:Jun 2007	Message Posted: 7/25/2008 7:41:47 AM	Ignore smwhite Report Abuse
	Sure sounds low to me! Maybe that's a ballpark estimate.
Dale Jr. Champion Author Iowa Posts:7,590 Points:1,528,625 Joined:May 2004	Message Posted: 7/25/2008 7:40:06 AM	Ignore Dale Jr. Report Abuse
	Is that all the Artic holds?
DarthDadJr Sophomore Author Virginia Posts:159 Points:31,415 Joined:Jul 2008	Message Posted: 7/25/2008 7:39:35 AM	Ignore DarthDadJr Report Abuse
	We have to everything...drill...conserve...develop alternative sources. No one solution is going to be the "silver bullet".
bauerboy Sophomore Author Seattle Posts:137 Points:286,240 Joined:Apr 2003	Message Posted: 7/25/2008 7:38:43 AM	Ignore bauerboy Report Abuse
	Why not drill up there? That's just crazy. We should pursue more green efforts but we need to use our own resources rather than be dependent on others.
jonzer Rookie Author Twin Cities Posts:31 Points:59,170 Joined:Jun 2008	Message Posted: 7/25/2008 7:37:14 AM	Ignore jonzer Report Abuse
	A report on NPR I listened to stated that getting to oil reserves like this could take billions of dollars and would take years to reproduce the amount of oil that would actually make a dent in the supply. I am not against it if it makes sense, but an alternative fuel source that is readily available seems to make more sense.
TrixieMugsy Champion Author Colorado Springs Posts:4,988 Points:950,685 Joined:Aug 2005	Message Posted: 7/25/2008 7:37:11 AM	Ignore TrixieMugsy Report Abuse
	It is amazing the general public wants to drill but the Democratic Congress wants to keep waiting. gaswatcherCA said Dum-ocrats will keep voting no until they are voted out of office - if only that were true.
bow22ler Champion Author Houston Posts:1,283 Points:455,440 Joined:Jan 2007	Message Posted: 7/25/2008 7:34:59 AM	Ignore bow22ler Report Abuse
	drill
knuckels08 Rookie Author Kentucky Posts:79 Points:15,505 Joined:Jun 2008	Message Posted: 7/25/2008 7:34:39 AM	Ignore knuckels08 Report Abuse
	drill
FawltyPawl Sophomore Author North Carolina Posts:206 Points:32,450 Joined:Jul 2008	Message Posted: 7/25/2008 7:33:05 AM	Ignore FawltyPawl Report Abuse
	We are too wimpy to just go get it. And forget getting congress making any decisions that would actually benefit the majority of their own constituents.
dls_txxs_grl All-Star Author Dallas Posts:801 Points:48,000 Joined:May 2008	Message Posted: 7/25/2008 7:32:25 AM	Ignore dls_txxs_grl Report Abuse
	I do not want to drill up there.!!!!
armstrmb Champion Author Houston Posts:1,728 Points:399,660 Joined:Jun 2007	Message Posted: 7/25/2008 7:30:42 AM	Ignore armstrmb Report Abuse
	From Obama's recent speaches, Europe can do no wrong and certainly Europe includes Russia. If we must follow Germany's example of setting up wind-powered generators, maybe we should follow Russia's lead and start drilling in the artic. Pelosi, Reid: Obama has spoken. All Dems must follow.
SCGasmaster Rookie Author South Carolina Posts:79 Points:80,800 Joined:Oct 2005	Message Posted: 7/25/2008 7:30:03 AM	Ignore SCGasmaster Report Abuse
	As long as there is oil there's no need for an alternative and somebody is going to use it. I vote for ME. DRILL!
foofoofalee Rookie Author Scranton Posts:12 Points:33,640 Joined:Apr 2005	Message Posted: 7/25/2008 7:28:33 AM	Ignore foofoofalee Report Abuse
	I really don't understand why they won't drill. We desperately need the oil!
moonrocks Veteran Author San Diego Posts:472 Points:93,540 Joined:May 2008	Message Posted: 7/25/2008 7:28:06 AM	Ignore moonrocks Report Abuse
	Wait no longer, get on up there and drill. Sorry to screw up your gravy train Al Gore. NOT.
Bannack Veteran Author Florida Posts:425 Points:84,570 Joined:May 2008	Message Posted: 7/25/2008 7:28:04 AM	Ignore Bannack Report Abuse
	Just drill.... and no reason it cannot be done responsibly either.
MINERMANIAC Rookie Author Houston Posts:40 Points:15,740 Joined:Jun 2008	Message Posted: 7/25/2008 7:25:32 AM	Ignore MINERMANIAC Report Abuse
	Come on Nancy Pelosi and Harry Reid get the democrats behind drilling here and NOW!!! And leave our strategic oil reserves alone, that's why they are called "strategic." If OPEC cuts us off, we need it to be there! Hey! Another reason to drill now!!!!!!!!!!!!!!!
Sabredude Sophomore Author New York Posts:130 Points:185,850 Joined:Dec 2007	Message Posted: 7/25/2008 7:23:17 AM	Ignore Sabredude Report Abuse
	just drill!!
rivasj19 Rookie Author San Diego Posts:46 Points:13,605 Joined:Jul 2008	Message Posted: 7/25/2008 7:19:13 AM	Ignore rivasj19 Report Abuse
	what is teh hold up on it.
rbdesigns Veteran Author Modesto Posts:333 Points:92,405 Joined:May 2008	Message Posted: 7/25/2008 7:15:58 AM	Ignore rbdesigns Report Abuse
	We should drill, just be extra carefull handling it up there.
girow Rookie Author Austin Posts:1 Points:6,670 Joined:Apr 2008	Message Posted: 7/25/2008 7:14:24 AM	Ignore girow Report Abuse
	And the naysayers are saying that it wouldn't have lasted us a year.
dreamweaver7050 Veteran Author Louisiana Posts:264 Points:399,515 Joined:Sep 2006	Message Posted: 7/25/2008 7:13:44 AM	Ignore dreamweaver7050 Report Abuse
	so what they waiting for go get it
Somis1 Champion Author Ventura Posts:4,439 Points:986,115 Joined:Jul 2005	Message Posted: 7/25/2008 7:12:42 AM	Ignore Somis1 Report Abuse
	Does all this Arctic oil mean those areas used to be tropical? I wonder what Al Gore thinks about that?
CTTeacher All-Star Author Waterbury Posts:777 Points:635,065 Joined:Mar 2006	Message Posted: 7/25/2008 7:12:36 AM	Ignore CTTeacher Report Abuse
	go get it.....
Dennis783 Champion Author Wisconsin Posts:5,183 Points:1,039,845 Joined:Sep 2005	Message Posted: 7/25/2008 7:10:33 AM	Ignore Dennis783 Report Abuse
	Lets get it then (but don't stop developing alternatives)
coolpado Veteran Author Virginia Posts:451 Points:95,445 Joined:May 2008	Message Posted: 7/25/2008 7:08:35 AM	Ignore coolpado Report Abuse
	Good news
fedupintx Veteran Author Dallas Posts:268 Points:41,020 Joined:Jun 2008	Message Posted: 7/25/2008 7:07:48 AM	Ignore fedupintx Report Abuse
	WELL WHAT ARE WE WAITING FAR DRILL ALREADY
rbdesigns Veteran Author Modesto Posts:333 Points:92,405 Joined:May 2008	Message Posted: 7/25/2008 7:07:27 AM	Ignore rbdesigns Report Abuse
	Again, speculation. The thing everyone has been complaining about. They need to find out for sure.
JB1881 Champion Author New Mexico Posts:1,224 Points:319,485 Joined:Aug 2007	Message Posted: 7/25/2008 7:06:59 AM	Ignore JB1881 Report Abuse
	It's the Envioro-Commies that won't like this.
WillyG Champion Author Cincinnati Posts:1,178 Points:430,075 Joined:Aug 2005	Message Posted: 7/25/2008 7:05:58 AM	Ignore WillyG Report Abuse
	I hope we'll get to get that oil in my lifetime.
amacquarrie Rookie Author Nevada Posts:86 Points:25,825 Joined:Jun 2008	Message Posted: 7/25/2008 7:05:00 AM	Ignore amacquarrie Report Abuse
	let's sit on our hands until someone else claims it.
s6sputnik Champion Author Austin Posts:1,802 Points:362,175 Joined:Jun 2007	Message Posted: 7/25/2008 7:04:33 AM	Ignore s6sputnik Report Abuse
	It should all be mine! not the ruskies!
kdhloretto Sophomore Author Twin Cities Posts:181 Points:211,260 Joined:Apr 2006	Message Posted: 7/25/2008 7:04:22 AM	Ignore kdhloretto Report Abuse
	Yes, we do need to develop alternative energy sources. Of course conservation is critical, and of course we must preserve the environment for our grandchildren, but like it or not, our economy is driven by oil right now. I don't see that changing for a long time. (Probably 10 - 20 years or more) You can't just shut off the tap, and tell the world to get used to it. Well at least not without send it into total turmoil and chaos. I don't want my grandchildren raised in that kind of environment. Economics 101 says that price is driven by supply and demand. Increase supply, and the price will go down. Yes, there are corrupt people in politics, corporations, etc... There always has been, and there always will be, but they can't control the whole world economy. Here in America, we have a poor system of government, but it happens to be better than all the others. The free market capitalist system (with all it's flaws) has been proven to out-perform all others in history. Open ANWR, the outer continental shelf, and anywhere else that has oil.
RickPenn Rookie Author Fort Worth Posts:19 Points:48,935 Joined:Jun 2008	Message Posted: 7/25/2008 7:03:51 AM	Ignore RickPenn Report Abuse
	How can you estimate something that is undiscovered? If you know it is there then it IS discovered. Otherwise, just speculation (hot air).
Wolfwings All-Star Author Delaware Posts:574 Points:203,115 Joined:May 2004	Message Posted: 7/25/2008 7:02:38 AM	Ignore Wolfwings Report Abuse
	Let's build a refinery right there in ANWR, and just pipe the finished product. According to google maps, there is plenty of space up there.