The Homa Files

Excerpted highlights from IBD, “Don’t Ask, Don’t Drill”, Aug. 11, 2008

In 1970, a mere 17% of offshore wells struck oil. By 1997 that figure was up to 48%.In October 1999, the Department of Energy reported that with 3-D seismic technology overall impacts of exploration and production are reduced because fewer wells are required to develop the same amount of reserves.With even newer 4-D surveying techniques using satellites, about 70% of 4-D wells find oil. These new techniques allow us to find more oil more quickly with minimal environmental impact.

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According to a poll released July 30 by Public Policy Institute of California, 51% of Californians are now in favor of new offshore drilling off their coast for the first time in nearly three decades.

The Minerals Management Service estimates there are 10 billion barrels waiting off the California coast.”California could actually start producing new oil within a year,” the Bernstein report said, because the oil is in shallow water, and drilling platforms have been there since before the moratoria.

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Estimates of what lay beneath the 1.76 billion-acre continental shelf:

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Full article:
http://www.ibdeditorials.com/IBDArticles.aspx?id=303344360938478

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