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May 24, 2013
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 U.S. Oil Production on the Rise Despite Gulf Drilling MoratoriumPosted on Apr 20, 2011
On the one-year anniversary of the Deepwater Horizon disaster, industry forecasters believe the U.S. is on track to increase its overall oil production this year as projects outside of the Gulf of Mexico take priority. The Obama administration imposed a moratorium on offshore drilling in the Gulf after the oil rig explosion on April 20, 2010, and the subsequent spill. Despite the fact that BP will not be able to drill in the Gulf until at least July, other projects are taking up the slack. These include the extraction of oil deposits from Bakken shale in North Dakota and Montana. With an array of questions still unanswered about the safety of drilling in the Gulf region, it’s clear that public opinion favors aggressive domestic drilling. —KDG
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By kerryrose, April 21, 2011 at 11:52 am Link to this comment
Isn’t it true that oil prices are subject to speculation just as food prices?
Isn’t it true that Wall Street financial industry speculates on oil, and it is this gambling that raises prices and not availability at all?
Isn’t this also happening with commodities and is the reason why millions are starving because they cannot afford food?
Report thisBy eugene, April 21, 2011 at 10:42 am Link to this comment
(Unregistered commenter)
MarthaA: There’s nothing wrong with the picture. While our production may rise, it’s a tiny bit in comparison with how much we consume. Oil is an international commodity and the US/US oil companies haven’t anything to say about prices. As an international commodity, all nations are competing for their share and total production is not increasing so it goes to the highest bidder. The situation is far more complex than can be stated here but if you’re really interested and willing to spend the time, start reading “The Oil Drum”. By and large, Americans believe we are the world so view things only from our narrow perspective. We have, virtually, no understanding of the world at large hence out idea that we can “control” things. Those days are gone forever. If you think $5 is high, wait a few years.
Report thisBy John P., April 21, 2011 at 3:06 am Link to this comment
(Unregistered commenter)
AT A MINIMUM
BP Company executives;
Carl-Henric Svanberg, Robert Dudley, Byron Grote, Lain Conn, Helmut Schuster,
Steve Westwell, H. Lamar McKay, Mark Bly and R. Fryar;
should all serve mandatory year long service duties, under supervision from the
animal Rehabilitation Centers in Florida and louisiana for the crimes against
nature.
But they won’t -
because the U.S. has become a plutocracy.
-
Report thisBy MarthaA, April 20, 2011 at 11:34 pm Link to this comment
If oil production is on the rise in the United States, why are gas
Report thisprices being gouged up to be $5. per gallon before the end of this
year? Something is wrong with this picture.
By TDoff, April 20, 2011 at 11:11 pm Link to this comment
Just wait until the 2012 presidential campaigns kick-off, the nation will be swamped with snake oil, and it’s salesmen/candidates.
Report this