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Economy
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Title: 'The days of easy oil are over' in gulf
Source: UPI
URL Source: http://www.upi.com/Top_News/US/2010 ... er-in-gulf/UPI-84351281801175/
Published: Aug 14, 2010
Author: Unattributed
Post Date: 2010-08-14 12:36:11 by Fred Mertz
Keywords: None
Views: 2257
Comments: 4

WASHINGTON, Aug. 14 (UPI) -- The gulf oil spill will do more damage to the U.S. energy industry than any incident in decades, slowing production and vastly increasing costs, experts say.

Because of the BP oil leak, the Gulf of Mexico is no longer viewed as the nation's best future source of crude oil and natural gas, the Los Angeles Times reported. The disaster will likely lead to an overhaul of government review, more rigorous testing for new projects and the need for better technology, the Times said.

"The days of easy oil are over," Michael Klare, program director at the Institute for Policy Studies in Washington, told the Times. "Only the tough crude remains, in unfriendly parts of the world or in difficult places where the technology and the regulations have not caught up. There are bound to be greater risks."

Higher costs and increased restrictions, such as a temporary moratorium on new deep-water drilling, will likely hurt the smaller oil companies and drillers most at first.

"Small oil companies and drillers will go out of business, and insurance rates for companies will skyrocket faster than healthcare costs," Phil Flynn, an analyst for PFGBest Research, told the Times.

Already, companies are pulling oil drilling rigs out of the gulf, including Houston-based Diamond Offshore Drilling Inc., which moved two deep-water rigs to other waters.

Proposed regulations being considered by Congress would increase environmental safeguards on offshore drilling, add a new tax to fund conservation programs and do away with an oil spill liability cap of $75 million.

Industry representatives argue new legislation should focus on improving safety instead of making domestic oil resources too costly or altogether unavailable.


Our masters are going to squeeze our wallets even more...

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#1. To: All (#0)

When I saw the title of this article I thought it was about the cleanup efforts in the Gulf.

It's about rising fuel prices, at least that's my take on it.

"Lets [sic] rent a room." ~ Jethro Tull to Rotara

Fred Mertz  posted on  2010-08-14   13:06:25 ET  Reply   Trace   Private Reply  


#2. To: Fred Mertz (#0)

Because of the BP oil leak, the Gulf of Mexico is no longer viewed as the nation's best future source of crude oil and natural gas, the Los Angeles Times reported.*

*As scripted/written by 0bama Administration officials.

Liberator  posted on  2010-08-14   13:14:43 ET  Reply   Trace   Private Reply  


#3. To: ALL (#0)

Already, companies are pulling oil drilling rigs out of the gulf, including Houston-based Diamond Offshore Drilling Inc., which moved two deep-water rigs to other [non-American] waters.

Nice further cratering of the US economy by 0bama and his Marxist-Elite America-haters.

Liberator  posted on  2010-08-14   13:16:35 ET  Reply   Trace   Private Reply  


#4. To: Liberator (#3)

Nice further cratering of the US economy by 0bama and his Marxist-Elite America-haters.

When life gives you lemons, make lemonade.

Buy oil stocks, preferably non-US based ones.

Being a Democratic shill means you check your humanity at the door.

Nebuchadnezzar  posted on  2010-08-14   23:30:07 ET  Reply   Trace   Private Reply  


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