Badger Blog Alliance

Sic Semper Tyrannis

Thursday, July 24, 2008

Go get it!

Vast oil, natural gas reserves estimated in Arctic

WASHINGTON - Some 90 billion barrels of oil and a third of the world's undiscovered natural gas lie beneath an area north of the Arctic Circle, government scientists estimate in the largest-ever survey of the energy resources there.

The U.S. Geological Survey, which announced the findings Wednesday, called the region, which includes parts of the United States, Russia and Canada, "the largest unexplored prospective area for petroleum remaining on Earth."

All told, the area accounts for about a fifth of the world's recoverable oil and natural gas reserves, the USGS says: 13 percent of the oil, 30 percent of natural gas and 20 percent of natural gas liquids.
Go get it!!!

At today's current consumption rate of 86 million barrels a day, the yet-to-be-tapped oil in the Arctic would supply global demand for three years.
Well that’s kinda disappointing, although we can hope the estimates were low.

Pursuing it is sure to be controversial with environmental groups that want to protect the pristine wilderness and the area's endangered species.
Sky’s blue. Water’s wet. Environmental groups are up in arms.

Here’s the best part:

The oil is considered "technically recoverable" using existing technology, but the survey did not consider the cost of overcoming obstacles to drilling, such as permanent sea ice or deep ocean waters. Melting caused by global warming has opened up some areas that were previously considered too difficult to reach.
Let’s hear it for global warming! Then we use that oil to power our cars, thus causing more greenhouse gases and thus more global warming, which then opens even more areas up to exploration!

See? It’s not so bad.