What’s in New Offshore Drilling? About 1 Percent of Demand
As the scramble continues to plug the oil gusher a mile deep in the Gulf of Mexico -- and as Senate Democrats promote their long-awaited proposal designed to
Jul 31, 2020226.8K Shares6.3M Views
As the scramble continuesto plug the oil gusher a mile deep in the Gulf of Mexico — and as Senate Democrats promotetheir long-awaited proposal designed to tackle climate change — Al Gore offers a cogent reminder that the oil derived by expanding offshore drilling would be a drop in the bucket relative to America’s demand for the stuff.
Writingin The New Republic, the former vice president blasts the idea that offshore drilling would lead the country to energy independence, calling that notion an “illusion.”
“The addition to oil company profits may be significant, but the benefits to our national security are trivial,” he wrote. The image he included — based on Energy Department data — tells the tale more convincingly:
Translation: By 2030, the country will be slurping up 16.6 million barrels of oil per day, and only 200,000 (or 1.2 percent) will come from expanded offshore drilling.
If that’s not convincing enough, the Bush administration’s Energy Information Administration has reportedthat expanding offshore drilling “would not have a significant impact on domestic crude oil and natural gas production or prices before 2030.”
This is what the fight is about?
Dexter Cooke
Reviewer
Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
Latest Articles
Popular Articles