Archive for the ‘Oil Drilling’ tag
February 16, 2010
WASHINGTON (Reuters) – The U.S. economy will lose $2.4 trillion over the next two decades if the federal government does not allow oil and natural gas drilling in restricted onshore lands and in offshore areas previously closed to energy companies, according to a new study released on Monday.
The report, prepared for the National Association of Regulatory Utility Commissioners, also said U.S. imports of crude oil, petroleum products and natural gas would increase by $1.6 trillion over the period without access to the energy resources.
The study also raised the estimated U.S. oil and gas resources that are available in all areas based on advance drilling technology and easier development of energy supplies trapped in shale rock.
As a result, U.S. resources of crude oil were increased by 43 billion barrels to 229 billion and natural gas was raised by 286 trillion cubic feet to 2,034 trillion cubic feet.
Read the entire article here.