Alaskan Arctic drilling by next summer

[Stephen + 67]

The Trump administration is taking its first steps toward expanding oil and natural gas drilling in an area roughly the size of Indiana in the Alaskan Arctic. Administration rolled out a long-awaited proposal Thursday that could open up oil and gas drilling in Alaska’s Arctic as early as next summer. Interior’s announcement is the second stage in a first-of-its-kind bid to to allow fossil fuel extraction in the Arctic National Wildlife Refuge (ANWR) -- actions Congress mandated in a vote last December.

[JohnAtronis + 78]

If the process survives expected court challenges by environmental and conservation groups, as well as efforts by the incoming Democratic majority in the House of Representatives to slow it down, lease sales for rights to drill for oil and gas could be held before the end of 2019

[Meanwhile + 49]

12 minutes ago, Stephen said:

The Trump administration is taking its first steps toward expanding oil and natural gas drilling in an area roughly the size of Indiana in the Alaskan Arctic. Administration rolled out a long-awaited proposal Thursday that could open up oil and gas drilling in Alaska’s Arctic as early as next summer. Interior’s announcement is the second stage in a first-of-its-kind bid to to allow fossil fuel extraction in the Arctic National Wildlife Refuge (ANWR) -- actions Congress mandated in a vote last December.

"An energy-dominant America starts with an energy-dominant Alaska," outgoing Interior Secretary Ryan Zinke said as he is preparing to leave Big Brother house

[Ajan Bosnjacki + 27]

14 minutes ago, Stephen said:

The Trump administration is taking its first steps toward expanding oil and natural gas drilling in an area roughly the size of Indiana in the Alaskan Arctic. Administration rolled out a long-awaited proposal Thursday that could open up oil and gas drilling in Alaska’s Arctic as early as next summer. Interior’s announcement is the second stage in a first-of-its-kind bid to to allow fossil fuel extraction in the Arctic National Wildlife Refuge (ANWR) -- actions Congress mandated in a vote last December.

potential drilling could actually be a decade or more away, in my opinion

[李伟王芳 + 77]

1 minute ago, Ajan Bosnjacki said:

potential drilling could actually be a decade or more away, in my opinion

There is no reason to drill in ANWR. We're producing plenty of supply and oil is $46 / barrel

[Sefko Trafikant + 35]

If the price of oil starts to rise enough, fracking will boom again long before any work is done in the Arctic. This is all for show. Or until next elections

[Meanwhile + 49]

Just now, Sefko Trafikant said:

If the price of oil starts to rise enough, fracking will boom again long before any work is done in the Arctic. This is all for show. Or until next elections

maybe so

[Joanna + 68]

1 minute ago, Meanwhile said:

maybe so

if oil prices don't rise, they won't drill there because it's too expensive.

[Nigerian Price + 22]

Modestly higher earlier this morning maybe thanks to an OPEC pledge to prop up prices, oil has reversed, with the decline picking up steam over the past half hour. Has someone told OPEC it's no longer the world's marginal producer? WTI crude is now off 1.5% and below $45 per barrel for the fist time since the summer of 2017.

[李伟王芳 + 77]

Just now, Nigerian Price said:

Modestly higher earlier this morning maybe thanks to an OPEC pledge to prop up prices, oil has reversed, with the decline picking up steam over the past half hour. Has someone told OPEC it's no longer the world's marginal producer? WTI crude is now off 1.5% and below $45 per barrel for the fist time since the summer of 2017.

Also, I will add, patience can disguise itself as greed so don't remain complacent in your short positions. 

[ronwagn + 6,290]

12 hours ago, 李伟王芳 said:

There is no reason to drill in ANWR. We're producing plenty of supply and oil is $46 / barrel

We can undercut our competitors and weaken Russia buy being a low cost producer and exporter. This also benefits our consumers and reduces our trade deficit.  

[Karl V + 33]

Subsidary reasons : High regional unemployment measures could lead to companies drilling for oil , even at losses , because of subsidaries . And combined with a collaboration with a technical university to test new technologies , especially when trying to drill and pump more environment friendly . 

[ronwagn + 6,290]

12 hours ago, Karl V said:

Subsidary reasons : High regional unemployment measures could lead to companies drilling for oil , even at losses , because of subsidaries . And combined with a collaboration with a technical university to test new technologies , especially when trying to drill and pump more environment friendly . 

Mechanization is another technology that is reducing cost. Maybe Jan or someone else can fill us in on that. My understanding is that employees can be reduced for initial drilling and setup. Other technology is always improving. Mechanization may be especially useful in the Arctic and Russia is our competitor there. They are also far ahead with icebreakers. 

[Brent Hamrick + 31]

On 12/24/2018 at 5:38 AM, JohnAtronis said:

If the process survives expected court challenges by environmental and conservation groups, as well as efforts by the incoming Democratic majority in the House of Representatives to slow it down, lease sales for rights to drill for oil and gas could be held before the end of 2019

This won't happen. www.BLM.gov reduced the protest time from a 30 day window for the challenges to a window of 10 day window and will also have to physically hand into the BLM the protests. I've been stating that this is the plan. Just watch by mid 2019 or before then the contracts for all lease rights to produce will be finalized. Oil will flow into the newly built pipeline.  http://www.keystone-xl.com/kxl-101/maps/    

[Bill Simpson + 7]

Good news,because a fall in global oil production would begin a cascade of collapse. 

Oil moves nearly everything at some time between production and final consumption. If there is less oil available, less stuff will get moved. That is physics nobody can change. Less stuff getting moved means the global economy will be forced to contract. That is called a recession. 
The trouble is that once oil production begins to decline due to it being in finite supply, it will never be possible to increase the supply for long no matter how much the price increases. And even if a huge oil price increase could reverse the decline for a few years, such an increase would wreck the global economy because few countries could afford very expensive oil for long. 

A recession caused by constantly falling oil production will be impossible to escape, because there will be no way to recover from it. Nothing like it has ever happened before because there was always more oil available to be produced during all past recessions. Past recessions weren't caused by a transportation capacity shortage. They were caused be man made actions, like raising interest rates too fast, or bursting debt bubbles. That can be fixed. Physics can't be changed. We need energy to accomplish work. No other form of transportation energy is as cheap, abundant, and efficient as liquid fuels made from oil. Batteries can never be produced as fast as oil will decline, once the shortage finally begins. By the time people realize the problem it will be too late to do anything about it. It is probably too late already since trying to go with a crash program of battery production would be too costly, creating too much debt to service in the next normal recession. 

A couple of years after 'peak oil', a period I like to call, 'past peak oil', the global economy will begin to forever shrink. That will burst the debt bubble of hundreds of trillions of dollars, and bring down the global banking system. Millions of debts which default can do that. It very nearly happened in 2008. If you don't believe that, I urge you to watch some of the 2008-9 Financial Crisis documentaries on YouTube to see how close we already came to total meltdown. That banking collapse will begin the worst crisis in human history because nothing works without functioning banks. What will happen after the banking collapse, I have no idea. Nor do I have any idea when the global oil production will begin to decline. But I doubt it will be more than another 15 years from today. Of course, the over leveraged financial system could collapse before past peak oil begins. But the governments of the world can probably prevent that because it will be human caused, not a result of physics.  

[Illurion + 894]

On 12/24/2018 at 8:57 AM, Joanna said:

if oil prices don't rise, they won't drill there because it's too expensive.

Could not this change that has finally LEGALLY opened up ANWR be used at the very least to setup a basic infrastructure where there wasn't one before ?   

I am not familiar with what is already in place there.   

I just think this is an opportunity that should not be missed,  even if the price is low at this time.

Build what you can,  while you can.