johnnymk

http://www.nytimes.com/2008/07/24/bu...th&oref=slogin

The Arctic may contain as much as a fifth of the world’s yet to-be-discovered oil and natural gas reserves, the United States Geological Survey said Wednesday as it unveiled the largest-ever survey of petroleum resources north of the Arctic Circle.

Oil companies have long suspected that the Arctic contained substantial energy resources, and have been spending billions recently to get their hands on tracts for exploration. As melting ice caps have opened up prospects that were once considered too harsh to explore, a race has begun among Arctic nations, including the United States, Russia, and Canada, for control of these resources.

The geological agency’s survey largely vindicates the rising interest. It suggests that most of the yet-to-be found resources are not under the North Pole but much closer to shore, in regions that are not subject to territorial dispute.

“For a variety of reasons, the possibility of oil and gas exploration in the Arctic has become much less hypothetical than it once was,” Donald L. Gautier, the chief geologist for the survey, said during a news conference Wednesday. “Most of the resources are on the continental shelf in areas already under territorial claims.”

The assessment, which took four years, found that the Arctic may hold as much as 90 billion barrels of undiscovered oil reserves, and 1,670 trillion cubic feet of natural gas. This would amount to 13 percent of the world’s total undiscovered oil and about 30 percent of the undiscovered natural gas.

At today’s consumption rate of 86 million barrels a day, the potential oil in the Arctic could meet global demand for almost three years. The Arctic’s potential natural gas resources are three times bigger. That equals Russia’s proven gas reserves, which is the world’s largest.

The agency called the Arctic region “the largest unexplored prospective area for petroleum remaining on earth.”

The world currently holds 1.24 trillion barrels of proven oil reserves and 6,263 trillion cubic feet of proven natural gas reserves.

The survey looked at “undiscovered technically recoverable resources,” defined as resources that can be produced using current technology.

While the findings contain some uncertainty, they confirm a widely held industry belief that the Arctic may be the next frontier for global oil exploration.

Two regions stand out. A third of the yet-to-be discovered oil, or about 30 billion barrels, is off the coast of Alaska. The findings also confirmed the pivotal role of Russia. Nearly two-thirds of the yet-to-be found natural gas resources are in two Russian provinces, the West Siberian Basin and the East Barents Basin, which straddles the territorial waters of Russia and Norway.

Speaking of Alaska, Mr. Gautier said: “It is the most obvious place to look for oil in the North Arctic right now. It is virtually certain that petroleum will be found there.”

Unlike much of the continental shelf off the lower 48 states, the Alaskan coast is generally open to oil exploration. This year, oil companies spent $2.6 billion to acquire leases on government-controlled offshore tracts.

Even as production declines on Alaska’s North Slope, many people believe Alaska could see a revival as oil companies move offshore. Native and environmental groups are fighting some offshore drilling, however.

The geological survey compiled estimates from a variety of sources, including government and privately held data, from Denmark, Greenland, Norway, Russia, the United States and Canada.

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zippyjuan

"yet to be discovered" means that they still do not know. It is just theory at this point. It would be impossible to estimate how much you have not yet found since obviously you haven't found it. Even the "three year's worth" is not really that much. That assumes that demand does not change in the meantime. It will take years to explore, find, develop and put into production the oil fields and extraction rates will probably not effect global oil prices or production as other areas face falling production. I am not saying we should not go after it- only that it will not have a big impact and certainly will not change the prices we presently pay.

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uncledaddy

I say "DRILL!"

My SUV needs it.

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Airencracken

People like you are the problem.

Instead of continuing an unsustainable way of life, why not make a few changes and ditch oil forever.

I hope the price of oil stays high, its the only way people will wake up.

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renovation

even if found there another problem there are not enough plants to refine the oil. building and putting refinery's on line in a safe and controlled manner has always been a larger problem then the drilling for the oil and natural gas.

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lindysd

I agree! drill.... at least until an affordable, well planned method for getting away from our need for the stuff is found!

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Daedalus

Developing alternatives to oil almost requires high oil prices. Consider the pace of R&D today vs. that of just 5 years ago. Competing against $130/barrel oil offers a nice payoff for successful ventures that isn't there with $30/barrel oil. No doubt it is very painful for everyone, either directly or indirectly. I often wonder about the scavengers who come through my neighborhood on trash day to pick out cans and bottles for the 5 cent CRV...what % of the money is spent just on gas for their old V8 clunkers? They probably need 100 cans just for the round trip. After that they can start putting food on the table. I leave my scrap metal on top of the bin for them. I once dug out a copper pipe from my yard that was worth about $18 recycled. I even cut it up into short pieces.

IIRC the Middle East is getting around $700B/year income just from the US. They know they have a limited window for securing their future before the oil runs out, because they have no other natural resources, kind of like Japan. They can't even grow enough food to feed themselves. John Mauldin once joked the US and other nations should start OGEC--Organization of Grain Exporting Countries--to control supplies and restore some geo-political balance.

InfiniteNothing

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uncledaddy

And how do you propose I carry my babies around. Maybe people without families don't understand the necessity of such a large vehicle.

Look up my other posts about fuel price, do you actually believe I like paying the high price of fuel. No. But for every hug-a-tree, free to be you and me activist, out there that touts "no more fossil fuel", not one has come up with a single alternative that doesn't cost more than most can handle, (that I've heard of. And E84 ethanol isn't it.)

And for the record, I don't think that we are causing the unfounded, phantom "Global Warming".

I use those stupid overly large curly Q fluorescent bulbs, (I forget the proper name), because I hate high electric bills. I recycle everything recyclable, because I'm charged at the store, I believe in reusing resources, and I hate throwing money down he drain. And I buy those stupid reusable grocery bags, because I think this dumb liberal state that I'm in is going to do away with plastic bags.

See, now you got me rambling irrelevant crap. But I still love ya man.

Also, for the record, I'm with you on the price of oil....then I'll be able to get an Escalade, Denali XL, or even a Hummer H1 or H2.

InfiniteNothing

To be fair, AC didn't make you have so many kids that you now need an SUV.

Is a minivan an option? Usually they get more MPG.

Daedalus

Duh.

brainsmile

I'm one that is opposed to postponing a better solution by accessing more oil. I'd like to see society think long term for a change.

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uncledaddy

Cute.

gear02

Totally - plus I would love to see it in my lifetime a world where we don't need oil from the middle east. And then those countries like Saudi Arabia who have no other resource but oil will just drown in their misery when they realize they have no other income.

Pipe dream, but something I'm hoping for.

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uncledaddy

Fair enough, but it's only a teenage girl and her two baby sisters. And I'm Uncle, (no actual kids of my own). I, along with their other uncle, take care of them as well as our mother, who is 65 and does not drive anymore. That is the family that I speak of.

A minivan is not an option as I am not a soccer mom, (no offense to anyone who is), and they don't have the power necessary for my towing needs.

I do my part, I schedule appointments together in order to carpool, I run errands on same days, etc. Don't get me wrong, I'm not against alternatives. I think that is a misconception that most have of conservatives. Like lindysd, I think that supplies of oil should be increased to aid in the reduction of fuel costs, and I feel that we should allow drilling in U.S. owned lands to reduce dependence on foreign oils. All until an affordable alternative is developed.

Seriously, all those against fossil fuels don't have a single idea as to what they would do or use to replace it, that could still satisfy our energy needs. Why? And I'm not a brain so I personally haven't the slightest idea except nuclear. But one accident, and OMG!


Sorry guys, not trying to turn this into a political topic.

LPMiller

there is nothing evil about owning an SUV if you in fact have a large family or something big to tow. SUV's were only a problem when they were status symbols for single marketing guys or whatever.

SUV's aren't the problem, it was always the cheap gas. Picking on people for the car they drive seems silly.

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renovation

kind of off topic -but i have to GM credit .they did try and keep us americans happy .
GM did try to save the gas guzzler by released e-85 automobiles - now you not only see worst mpg using this fuel. you are also seeing the worlds food supply being hurt . as farmers are seeing it's better to plant soy and feed/fuel corn. then to plant table foods per acre of land.
you also got to give it to GM they were the ones who thought of a great way to keep the American people happy by turning there large cars into Diesel power v-8 . you increase mpg and save money .except they didn't count on the price of diesel going up above the cost of Gasoline. and part of this due to the use of refinerys have to use space to make and store E-85 fuel .

johnnymk

They believe in magic...or silly things like solar, wind and ethanol.

cruelpupet

I dont buy the large family SUV argument.

Im not against SUV's, and as a matter of fact I found it hysterical when a friend was chastised on the street for his. Friends response, was to point out they were retarded and not all NY license plates mean NYC. That some people have mile long driveways to plow and live in the mountains.

Anyway back on topic, an average SUV doesnt hold more people then a large sedan. We have had 6 people fairly comfortably in mom's camry, and Ive never had a problem holding 5 in my passat (mid sized sedan). How many SUV's hold more then 6 people?

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renovation

this is very true. the big difference i see the ground hight and a little more storage/haul.
i wanted to buy the wife a 2008 Chevy Impala.it had more space inside for people and not much less rear storage space .then the2008 saturn vue we bought.also was 3 grand less and got better MPG. but wife wanted that higher ground feeling she gets off the ground .and easier to get into after a long 12 hour shift. also have to say it been a little soft ride to. we don't haul anything with the car /suv so i can't make a judgment call there. and both would of been front wheel drive. i dont see a reason to buy a 4 wheel drive .never been stuck in snow and if you hit ice your sliding all the same 2 or 4 wheel drive . maybe worst in a 4x4 due to being over confident.

VTGreg

Unless you own a crossover SUV, which actually gets decent gas mileage, most hold at least 7 people these days. I don't think the large family argument is just about fitting 5 or 6 people in a vehicle. It's also about piling 5 or 6 people and luggage and being able to tow something with the vehicle.

I own an SUV that gets decent gas mileage and it is just me and my wife. We don't drive it all that much but the ability to carry 5 or 6 people comfortably and cram all the tailgating gear in there was important and something that a Minivan isn't going to handle.

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mojo

now if we could all just click our heels together and wish ourselves into a less oil reliant vehicle...

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