Define Our Oil Reserves
The U.S. Department of Interior is quoted in the Bangor Daily News as saying that we could have 18 billion barrels of oil and 77 trillion cubic feet of natural gas under the 574 million acres of federal coastal waters that are now off limits. Let’s get some facts.
Oil and gas reserves are either proven, probable or prospective. Much of our reserves are prospective. Russia and OPEC – oil producing and exporting countries – know that and we, too, know that.
Until we move our reserves up from prospective to probable, or better yet to proven status, we will still be depending on Saudi Arabia, Nigeria and Venezuela.
Solution: Drill only enough “wildcat” exploratory wells to get the facts. Then, and only then, can we deal from a position of strength. Meanwhile, our government should support and encourage the development of alternative energies.
Frank L. LeRoy
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