More oil found in place Democrats don't allow drilling
Continental shelves beneath the retreating polar ice caps of the Arctic may hold almost double the amount of oil previously found in the region, scientists say.ExxonMobil is trying to develop some areas in the neighborhood, but you can bet the energy hate groups will be trying to block any production of energy. Democrats have restricted drilling many places in Alaska already to push their carbon phobia agenda. Allowing production from those places and this new area would inhibit their plan to raise the price of energy to make their favored "magic" energy more competitive. They plan to manipulate the price of energy to achieve that objective.
In new findings, the U.S. Geological Survey estimates the Arctic may be home to 30 percent of the planet's undiscovered natural gas reserves and 13 percent of its undiscovered oil.
A team of scientists at the USGS collaborated with international researchers to conduct the first-ever comprehensive assessment of undiscovered oil and gas reserves within the Arctic Circle.
"We tried to put some boundaries on the range of possibilities and resources available in the Arctic," said geologist Donald Gautier, lead author of the survey, which is published this week in the journal Science.
Using geological analysis and probability modeling, researchers mapped out sedimentary rock deposits to estimate the amount of undiscovered oil and gas beneath undersea continental shelves. This survey, the first of its kind, could help oil and gas companies locate new troves of fossil fuels.
Researchers say that deep ocean basins have relatively low petroleum potential, but the Arctic is one of the world's largest remaining areas where oil and gas are accessible. Most of the reserves are projected to be in less than 500 meters of water -- roughly a third of a mile deep.
"Based on our study, there are 40 [billion] to 160 billion barrels of oil north of the Arctic Circle," said Gautier. The USGS had previously estimated the Arctic is home to 90 billion barrels of oil.
But conservationists say more oil and gas extraction could have dire effects on the Arctic's fragile ecosystems, especially since many of the resources are controlled by countries and exempt from international environmental laws.
Drilling for oil in some areas of the Arctic could cause toxins such as arsenic, mercury and lead to be released into ocean waters, said Lisa Speer, Director of the International Oceans Program at the Natural Resources Defense Council.