T&T: Cheaper offshore oil

[LRZeitlin at aol.com]

Don't hold your breath waiting for cheap oil from offshore drilling. The US 
Energy Department's Energy Information Administration, in its Annual Energy 
Outlook Report considered the likely effects of allowing the existing 
congressional and executive moratoriums on certain offshore drilling to expire in 2012. 
It stated that the projections for drilling in the Pacific, Atlantic, and 
eastern Gulf Outer Continental Shelf would not have a significant impact on 
domestic crude oil and natural gas production or prices before 2030. Leasing would 
begin no sooner than 2012, and production would not be expected to start before 
2017.

I'm not making this stuff up. It is in the official report. Even if drilling 
began tomorrow, the first barrel of oil wouldn't arrive until 2012 or 2013. 
Just in time for the next presidential election. 

Diesel is now about $5.50 a gallon at some Hudson River marinas. Thank God my 
Willard has sails. It has mediocre sailing ability but still can move through 
the water (slowly) without fuel.

Larry Z


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