Unless you’ve been living under a rock you know that the debate over offshore drilling has intensified over the past few months. That got me asking the question: where exactly are the resources? How much of it is in moratorium areas as opposed to areas where drilling is currently allowed?
Here’s what I found:
– There’s an estimated 86 Billion Barrels of Oil (BBO) that has yet to be discovered offshore.
– Of that, 18 BB0 are in the Congressional Moratorium Areas (21%)
– 68 BBO are in planning areas where it’s already ok to drill (79%)
We Americans consume 20.7 Million Barrels of Oil each and every day.
Therefore, the total offshore supply equates to 11.4 years worth of oil at current rates of consumption. The supply in the moratorium areas equals 2.4 years.
Most of the oil exists in the Gulf of Mexico, and offshore in Alaska.
Given these facts and the map, what is your take on the current political fight?