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Access and Energy Security
Millions of barrels of untapped crude oil sit beneath America’s shores and federal lands. In fact, the United States and its offshore regions hold the 12th largest oil deposits in the world, with approximately 29 billion barrels - opens in new window.
At this time, approximately five million barrels - opens in new window of American oil are being produced on a daily basis. Current government policies place 85% of the Outer Continental Shelf off limits to production.
The United States purchases twice as much oil - opens in new window from other countries as it produces on a daily basis to make up the shortfall between domestic demand and supply. It has been estimated the resources offshore - opens in new window hold enough oil to power 60 million American cars and heat more than 3 million American homes for the next six decades. Congress is expected to consider reinstating drilling and production bans when the new Congress convenes in January 2009.
Offshore supply graphic from API
Proponents of offshore drilling also note that expanding access to crude oil sources would not only increase domestic oil supply, but would also create more American jobs. Resource exploration would put hundreds of millions of new dollars into federal and state budgets.
Not all available acreage would be drilled. Advances in technology - opens in new window allow energy companies to pinpoint areas of greatest potential for oil production and focus their resources in those small spaces, such as one to five acres out of a 100-acre lease.
