Hey guys, remember when we used to talk about oil and gas prices all the time?!
Those were the good old days back before we got all hot and bothered about the world’s financial solvency being in dire jeopardy.
Seems like this latest graph based on information from the US Energy Information Administration spells it out pretty clearly. That’s not a lot of yellow.
Architecture 2030, a non-profit, non-partisan climate change awareness group explains the info:
“Oil production from drilling offshore in the outer continental shelf wouldn’t begin until around the year 2017. Once begun, it wouldn’t reach peak production until about 2030 when it would produce only 200,000 barrels of oil per day (in yellow above). This would supply a meager 1.2% of total US annual oil consumption (just 0.6% of total US energy consumption). And, the offshore oil would be sold back to the US at the international rate, which today is $106 a barrel. So, the oil produced by offshore drilling would not only be a “drop in the bucket”, it would be expensive, which translates to “no relief at the pump”.“
Let us know what you think in the comments section.
Architecture 2030: Drill Here, Drill Now: A Pipe Dream