Artic contains huge oil deposits

Bloomberg/Houston Chronicle:

The Arctic may hold 90 billion barrels of oil, more than all the known reserves of Nigeria, Kazakhstan and Mexico combined, and enough to supply U.S. demand for 12 years, the U.S. Geological Survey said.

One-third of the undiscovered oil is in Alaskan territory, the agency found in a study released today. By contrast, a geologic formation beneath the North Pole claimed by Russian scientists last year probably holds just 1.2 percent of the Arctic's crude, the U.S. report showed.

Energy producers such as Royal Dutch Shell and Chevron have accelerated exploration of the northernmost regions for untapped reserves amid record prices and receding access to deposits in more hospitable climates. Russia's move to scrap a United Nations convention and carve out an exclusive Arctic zone sparked protests from Canada, the U.S., Norway and Denmark.

"Most of the Arctic, especially offshore, is essentially unexplored with respect to petroleum," Donald Gautier, the project chief for the assessment, said in the report. "The extensive Arctic continental shelves may constitute the geographically largest unexplored prospective area for petroleum remaining on Earth."

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The region above the Arctic Circle also holds an estimated 1,669 trillion cubic feet of natural gas, equal to 27 percent of the world's known gas reserves, the study showed. Almost 40 percent of the gas reserves are in Russia's West Siberia Basin.

About 84 percent of the oil and gas reserves probably lie offshore, the report showed. The region also has an estimated 44 billion barrels of natural-gas-liquids such as propane and butane, which are used by chemical producers, oil refiners and for home heating.

The study encompassed all areas north of 66.56 degrees north latitude and only included reserves that could be tapped using existing techniques. Experimental or unconventional prospects such as oil shale, gas hydrates and coal-bed methane weren't included in the assessment, the report showed.

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Now we know some other places where Democrats will not want us to drill. We are no where near running out of oil and if we exploit all of our assets we can be self sufficient. We should also continue to develop alternative energy sources but we should not have to do it through Democrat blackmail and obstruction.