ReverendCirca53's Blog

APRIL REPORT; U.S. Geological Survey and Minerals Management Service....Latest estimates of reserves in minimums....45 Billion Barrels of Oil Onshore....575 Trillion Cubic Feet of Natural Gas....Over 1 Billion Barrels of Oil are in Michigan, Natural Gas has not been determined, Michigan Waters Unknown....Offshore Oil Resources....Gulf of Mexico 86.3 Million Barrels....Alaska 50.1 Million Barrels....Pacific Coast 13.8 Million Barrels....Atlantic Coast 10.4 Million Barrels. Estimates are for Open Offshore Waters/........The U.S. imports 2/3's of it's oil and less then 1/6th of it's Natural Gas. Hundreds of miles of the Gulf are off limits to exploration, including most of the waters off the Florida coast, the entire East and West Coasts are off limits for new drilling.Of the more than 45.5 Million acres of Federal Land under lease, oil companys aren't producing oil or gas on 31 Million acres. Oil and Gas are not being produced because permits will not be given for drilling or for pipeline construction to transport . Estimates are that more than 90% of the reserves are closed to development. Democrat Rep. Nick Rahall and Democrat Sen. Jeff Bingaman are now trying to wrest back field leases from the oil companys that hold them.  Republican Rep. John Peterson is pushing for legislation to open new offshore areas for energy exploration. Dwindling worldwide supplys are driving the market speculators. Russian production is  slowing due to weather and available electricity. OPEC refuses to increase production.  Pres. Bush has been chided by Exxon Mobil CEO Rex Tillerson and by OPEC for asking for increased production when some of the worlds largest reserves here in the US are going untapped.........Bureau of Land Management--BLM.gov...........American Petroleum Institute--API.org.........United States Geological Service--USGS.gov.......