Ultra Deep Sea Drilling: Oil's Next Frontier
Sunday, October 7, 2012 - 10:50
in Mathematics & Economics
There may be disparities in consumer price due to taxes and demand from Asia has caused oil prices to move steadily upward, but new technologies have allowed the industry to get creative and keep up with demand decades after it was believed Peak Oil had arrived. Oil is still out there, but it's a given that oil found today may not always be possible for extraction. In the late 1970s, American President Jimmy Carter allocated part of the Alaska National Wildlife Reserve for exploration and drilling because geologists knew there was oil there, but the technology was not yet available to find it. When the technology became sustainable, environmental advocacy blocked further work in ANWR and it remains a political football. read more