This post is by Gernot Wagner, an economist in the Climate & Air program at Environmental Defense Fund.
A picture is worth a thousand words:
Source: Architecture2030, based on data from the U.S. Energy Information Administration (EIA).
According to the US Energy Information Administration, 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”.
Gernot Wagner is an economist in the Climate and Air program at Environmental Defense Fund.
The U.S.A., its oil based lifestyle, McMansions, crooked business deals, “Fiat” money and all, are about to fail! Obama did Not get the loans he needed from China, Timmy Geithner did not heed the advice given by millions of teenage American girls,in teen magazines and web sites across this fine nation, and cover his teeth with his lips if he expected to get anything in Beijing, and Beijing laughed his Yiddish-American dissertation on world economics out of the stadium! must of been the New Jersey accent that ticked them off! As the oil runs out, belt tightening and pariah like feeding, one on another will start in America all the way to the bottom! Obama, one defenseless,debt ridden little “Popular with the People” fella has no idea the mess the country is in! The Uber-Rich, long sold out of the dollar and safely invested in the “Yuan” now promote ideas of government spending, and laugh as GM(America) a white elephant of 1950’s technologies struggles and dies with government assistance doing the footing the remedials bills, while GM(China) the new Uber-Rich pet, turns a 30 % profit and using “borrowed U.S. patents and technologies has lined up the “Cherri” and Shanghai Buicks ready for export to the world, and the U.S.A.! Goddamn! some smart moves by the Uber-Rich! They even screwed the U.S. government! Nice Show! Merger maddness is about to strike, and the fallout will be unemployable executive s galore! Factory Farm revenues will fall, the vulture capitalists will close them and move capital to Asian markets for a better ROI and the food system in the U.S.will collapse! Then, the price of diesel will artificially forced upwards to compensate for losses in revenues by Exxon share holders and the like, and trucking will collapse for lack of profit too! The little guy, the trucker will take it in the nuts, and the banks will whine but get bail-outs none the less! The last man standing in the ruins will commit suicide, realizing he has it all, and it is not worth a damn! And China will come in, clean up the land and start all over again with a five year plan that works, but Americans have had their last chance, and they ate it too!