WSJ - Arctic Contains Big Supply of Oil and Natural Gas

Wed, 07/23/2008 - 3:53pm
By: Cyclist

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Submitted by jackyldo on Thu, 07/24/2008 - 6:03am.

Yes, this is a McClatchy News Service story of a U.S. Geological Survey report.

Please also note it is the ARCTIC, so John McCain does not get confused and think we found oil in his ATTIC or along the border between Iraq and Pakistan (which does not exist)

The bad news is this oil and natural gas reserve is bordered by 5 Nations Norway, Russia, Denmark(Greenland), Canada and the U.S.A (Alaska).

Of those Nations those with Nationalized oil and gas industries, they will have a say on where the oil and gas goes. For the USA, we will sell the rights to various multi-national oil companies who will pay a royalty on what they recover and then sell the product to the highest bidders (China / Japan (imports 100%).

When you hear we are drilling for OUR energy future, please note the OUR is that of Exxon, Shell, Chevron etc. Very little Alaskan oil leaving in super tankers from Valdez comes to the USA.

Estimates vary but the total amount of Dino poop in the world will run out in between 30 and 50 years, those who sit and wait to adopt alternative fuels will be seeing $200 and $300 dollar a barrel oil.

Our energy future is to start planning and investing in alternatives NOW, not letting the oil companies dictate another 20-30 years of national energy policy, as they have since 1980.

maximus's picture
Submitted by maximus on Thu, 07/24/2008 - 10:18am.

It’s a world market. If China and Japan pay $200 - $300 per bbl, so will everyone else. If we are producing another 5 million barrels a day when it hits $200 (hopefully sometime in the very distant future) that will be $1 billion a day less that we would be buying from Russia, Venezuela, Iran, etc. It doesn’t matter how much we conserve, or what alternatives we come up with, we will not stop importing oil in our lifetimes (and the world will not run out either). One of our objectives should be to produce more and sell more of what we have.

If we don’t claim some of the Arctic resources, Russia will simply take it all and sell it to us. Maybe Obama could claim it as the 58th state


Cyclist's picture
Submitted by Cyclist on Thu, 07/24/2008 - 7:13am.

Very little Alaskan oil leaving in super tankers from Valdez comes to the USA.

Can you cite your source?

According to Trans Alaska Pipeline Act (as amended) that action is prohibited without federal approval.

Here's some additional reading

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Caution - The Surgeon General has determined that constant blogging is an addiction that can cause a sedentary life style.


Submitted by jackyldo on Thu, 07/24/2008 - 2:42pm.

less than 7% is exported and that goes to Canada and Mexico.

Although the law was changed by Clinton after strenuous pushes by Cato Institute and heritage Fund in 1994 to allow exports, it has slow come back down in the years since 9/11.

JAFO 72's picture
Submitted by JAFO 72 on Thu, 07/24/2008 - 3:13pm.

There is quite a bit of Alaskan heavy crude exported to the southern hemisphere during our summer. This includes heating oils, asphalts and coke.

“Every time you vote Democrat God kills a kitten.”


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