Global Warming Produces New Oil Boon
An unintended yet very welcome circumstance has presented itself!
Well, Well, Well Hollywood couldn’t have written a more ironic twist to the potential outcome of global warming. While Man-made global warming alarmists are cowering in retreat from the recent rash of scientists and data(pdf) disputing and disproving their positions (like the fact that sea levels have been declining, not rising, for the last two years), an unintended yet very welcome circumstance has presented itself.
For many years Oil companies, geologists and surveyors have speculated that the Arctic contained vast amounts of energy resources… Now, thanks to natural cyclical warming and melting in the arctic it’s not only possible to begin exploring The United States Geological Survey said Wednesday that The Arctic may contain as much as a fifth of the world’s yet to-be-discovered oil and natural gas reserves. For a podcast interview about the USGS Circum-Arctic Resource Appraisal Click Here
The area north of the Arctic Circle has an estimated 90 billion barrels of undiscovered, technically recoverable oil, 1,670 trillion cubic feet of technically recoverable natural gas, and 44 billion barrels of technically recoverable natural gas liquids in 25 geologically defined areas thought to have potential for petroleum.
The U.S. Geological Survey assessment released today is the first publicly available petroleum resource estimate of the entire area north of the Arctic Circle.
These resources account for about 22 percent of the undiscovered, technically recoverable resources in the world. The Arctic accounts for about 13 percent of the undiscovered oil, 30 percent of the undiscovered natural gas, and 20 percent of the undiscovered natural gas liquids in the world. About 84 percent of the estimated resources are expected to occur offshore.
“Before we can make decisions about our future use of oil and gas and related decisions about protecting endangered species, native communities and the health of our planet, we need to know what’s out there,” said USGS Director Mark Myers. “With this assessment, we’re providing the same information to everyone in the world so that the global community can make those difficult decisions.”
Of the estimated totals, more than half of the undiscovered oil resources are estimated to occur in just three geologic provinces – Arctic Alaska, the Amerasia Basin, and the East Greenland Rift Basins. On an oil-equivalency basis, undiscovered natural gas is estimated to be three times more abundant than oil in the Arctic. More than 70 percent of the undiscovered natural gas is estimated to occur in three provinces – the West Siberian Basin, the East Barents Basins, and Arctic Alaska.
So once again these alarmists are proven wrong and to boot, it turns out that the natural, cyclical, Arctic melting has resulted in more oil and natural gas. That sure didn’t turn out the way AlGore expected it to, now did it?
Let me be perfectly clear – I’m all for conservation and preserving our planet as long as we’re not making ridiculous laws and taxes out of unproven theories backed by unmeasurable science. Self responsibility and green awareness should continue to be taught and encouraged. Also the U.S. needs to move from a petroleum based economy to a cleaner one, preferably a hydrogen based economy, but the process has to happen naturally… we should not, and will not, be scared or bullied into adopting technologies and polices that are underdeveloped and economically unfeasible!