An inconvenient truth about untapped oil reserves in the U.S.
The Arctic could hold 90 billion barrels of oil and enough to supply U.S. demand for 12 years, the U.S. Geological Survey reported today.
One-third of the undiscovered oil is in Alaskan territory, the agency found in a study released on July 24, 2998. 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 Shell and Chevron have increased exploration of the region for untapped reserves amid record prices and receding access to deposits in more hospitable climates. Russia’s move last year to scrap a United Nations convention and carve out an exclusive Arctic zone sparked protests from Canada, the U.S., Norway and Denmark.
“Most of the Arctic, especially offshore, is essentially unexplored with respect to petroleum,” Donald Gautier, the project chief for the assessment, said in the report. “The extensive Arctic continental shelves may constitute the geographically largest unexplored prospective area for petroleum remaining on Earth.”
(Except for the thousands of miles of continental shelf of the U.S. that has been virtually shut off by the Democrat party since the time of Jimmy Carter).
Imagine the wealth that is being wasted. It’s enough to wipe out the national debt and build a new Dubai. It’s time to vote out every Democrat and any Republican who will not drill here and drill now.