In July, CNN repeatedly reported that offshore drilling would take "seven to 10 years" to get into production. Yet Brazil's Petrobras expects its new finds in extraordinarily deep waters to already be producing 100,000 barrels per day in just two years. What is wrong with American oil companies that they would take so long?
In fact, the world oil shortage is political, not geological. In the U.S., the government prohibits drilling offshore. In Nigeria, civil strife has shut down major production. In Libya and Iran, Washington effectively blockaded and isolated the nations for years to inhibit new production. In Iraq, of course, the U.S. destroyed much of the infrastructure since the first Gulf war in 1991 and then blockaded reconstruction. In nations such as Russia and Mexico nationalism and corruption curtail increased production.
We will need oil and natural gas for the foreseeable future - until wind, solar and nuclear become viable alternatives. ANWR offers an alternative to foreign oil and natural gas but the greenies have the clout, so far, to block the extraction of our own resources.
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