Tuesday, August 09, 2005
How much new US oil? Not a lot. | csmonitor.com
The energy bill becomes law Monday, but won't spur exploration.:
By Kris Axtman | Staff writer of The Christian Science Monitor
HOUSTON – "With alternative energy sources decades from supplying US needs, motorists fretting over the cost of their next fill-up are left to wonder if America will ever wean itself from foreign oil."
"The long-awaited energy bill was supposed to do much to push up domestic oil and gas production, but as President Bush signs the legislation Monday in New Mexico, it would appear that a dramatic boost in new US fossil-fuel supplies is unlikely."
"One reason is that domestic drilling is already proceeding at a rapid clip, spurred on by a market in which oil is selling for more than $60 a barrel. Another is that much of what's known to be in the ground is running out or hard to reach. As for what's not known, the energy bill did not open up a lot of new territory to exploration. "
"Some say Congress should have done more to encourage production and cut US dependence on imported oil - now almost 60 percent of total consumption. Others say the energy legislation does that, not by opening up huge tracts for drilling onshore and offshore, but by focusing half of the bill's $11.5 billion in subsidies on renewable energy, such as wind and solar
power."
By Kris Axtman | Staff writer of The Christian Science Monitor
HOUSTON – "With alternative energy sources decades from supplying US needs, motorists fretting over the cost of their next fill-up are left to wonder if America will ever wean itself from foreign oil."
"The long-awaited energy bill was supposed to do much to push up domestic oil and gas production, but as President Bush signs the legislation Monday in New Mexico, it would appear that a dramatic boost in new US fossil-fuel supplies is unlikely."
"One reason is that domestic drilling is already proceeding at a rapid clip, spurred on by a market in which oil is selling for more than $60 a barrel. Another is that much of what's known to be in the ground is running out or hard to reach. As for what's not known, the energy bill did not open up a lot of new territory to exploration. "
"Some say Congress should have done more to encourage production and cut US dependence on imported oil - now almost 60 percent of total consumption. Others say the energy legislation does that, not by opening up huge tracts for drilling onshore and offshore, but by focusing half of the bill's $11.5 billion in subsidies on renewable energy, such as wind and solar
power."
Subscribe to Posts [Atom]