CAJ note: Nightly Business Report announced tonight that oil prices surged 14% in the past week. Crude oil prices have reached a two and a half year high.
New Study Shows That Offshore Drilling Could Make Alaska the Eighth Largest Oil Producer in the World – Ahead of Libya and Nigeria
Penny Starr
CNSNews.com
2/25/2011
(CNSNews.com) – A new study says drilling on Alaska’s Outer Continental Shelf (OCS) could make Alaska the eighth largest oil resource province in the world — ahead of Nigeria, Libya, Russia and Norway.
The report — by the consulting firm Northern Economics and the University of Alaska-Anchorage’s Institute of Social and Economic Research — says that developing Alaska’s OCS could produce almost 10 billion barrels of oil and 15 trillion cubic feet of natural gas, create around 55,000 new jobs and produce $145 billion in new payroll nationally, generating a total of $193 billion in government revenue through the year 2057.
A senior policy advisor with the American Petroleum Institute, the trade group for hundreds of U.S. oil and gas producers, said in a statement about the study that offshore drilling for oil and natural gas can help with the country’s energy and economic needs.
“America will need all forms of energy to get our economy back on track, and that includes oil – we can either produce it here and create more American jobs or import it and create jobs elsewhere,” Richard Ranger said. “The administration and Congress need to adopt an ‘all of the above’ energy approach that leverages our offshore resources in Alaska to create an energy plan for America that boosts, rather than inhibits, our economy.”
The article continues at CNSNews.com
H/T Protein Wisdom where Jeff G. writes a colorful description of Interior Secretary Salazar.
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