drilling in the gulf

. . . For a time after the BP spill, the drilling moratorium ordered by the Obama administration caused a decline in gulf production, but a reversal has occurred. Forty rigs are drilling in the gulf today compared with 25 a year ago . . .

. . . Last December, the Obama administration held its first offshore auction since the BP spill, granting leases for more than 20 million acres of federal waters — bigger than West Virginia. The leases are worth $330 million to the federal government and have the potential to produce 400 million barrels of oil . . .

“. . . The Republicans and the oil industry are maintaining the speed-over-safety mentality that led to the BP disaster in the first place,” said Mr. Markey, who has been critical of the Obama administration’s response to the spill and to what he called a dangerous overuse of chemical dispersants in the gulf. “We now understand the lessons, but Republicans have blocked all new safety laws,” he said. “Not one has been put on the books . . .”

. . . Mr. Romney, who said last week that he had named a billionaire oil industry executive, Harold Hamm of Continental Resources, to lead his team of energy advisers, has said he would relax regulations and speed the permitting process . . .

“The leases are worth $330 million to the federal government and have the potential to produce 400 million barrels of oil.” How would that factor out in a national version of Alaska’s Permanent Fund?

Read Full Article here

Related links:

Tracking the Oil Spill in the Gulf http://www.nytimes.com/interactive/2010/05/01/us/20100501-oil-spill-tracker.html

About the Alaska Permanent Fund Corporation (APFC) http://www.apfc.org/home/Content/aboutAPFC/aboutAPFC.cfm

Democracy, Earth Rights, and the Next Economy http://neweconomicsinstitute.org/publications/lectures/hartzok/alanna/Democracy-Earth-Rights-and-the-Next-Economy

Citizen Dividends and Oil Resource Rents http://www.wealthandwant.com/docs/Hartzok_citdivs_oil.html 

Alaska and the Alaska Permanent Fund http://www.wealthandwant.com/themes/Alaska.html

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