A Quote by Jim Costa
We have for too long put vast oil and natural gas reserves off limits to exploration and production, as The Washington Post editorial stated this week.
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As much as with increased exploration new gas reserves can be found, what must be obvious to all is that our oil and gas reserves are not renewable and they are diminishing, and to protect the generations to come, we must engage in nothing short of a radical shift in the diversification of the economy.
Regardless of how you feel about peak oil or global warming, the increased use of natural gas is a positive thing because it is being found at a rate that is faster than that of new oil reserves, it is relatively abundant, and our reserves are longer lived than our oil reserves... It does not get the kind of attention it deserves.
...the era of cheap oil and natural gas is coming to a crashing end, with global oil production projected to peak in 2010 and North American natural gas extraction rates already in decline. These events will have enormous implications for America's petroleum-dependent food system
Venezuela has the biggest oil reserves in the world. And the biggest gas reserves in this hemisphere, the eighth in the world. Venezuela was a U.S. oil colony. All of our oil was going up to the north, and the gas was being used by the U.S. and not by us. Now we are diversifying. Our oil is helping the poor.
Because America is the Saudi Arabia of natural gas. We have the world's largest reserves of natural gas, and the world's most sophisticated production and storage facilities, by a wide margin.
The momentum of Asia's economic development is already generating massive pressures for the exploration and exploitation of new sources of energy and the Central Asian region and the Caspian Sea basin are known to contain reserves of natural gas and oil that dwarf those of Kuwait, the Gulf of Mexico, or the North Sea.
Americans once believed that their prosperity and way of life depended on having assured access to Persian Gulf oil. Today, that is no longer the case. The United States is once more an oil exporter. Available and accessible reserves of oil and natural gas in North America are far greater than was once believed. Yet the assumption that the Persian Gulf still qualifies as crucial to American national security persists in Washington. Why?
States with tremendous oil and natural gas reserves have the most to gain economically from proper regulation.
At 1970 rates of production, Canada's reserves represent 923 years supply for oil and 392 years for gas
In 1979 I teamed up with my friend and business partner, Bill DeWitt, and together we formed an oil and gas company that invested through limited partnerships in oil and gas exploration.
My grandfather was a very successful businessman. He started off as an engineer, but moved to sales to management to executive over a long career. For a while, before I was born, he was the CEO of an oil and gas exploration company.
Gas prices in many parts of the country are nearing $4 a gallon; it could get even worse as unrest spreads throughout the oil-exporting Middle East. Yet the Obama administration once again seems to see no crisis. It has curtailed new leases for offshore oil exploration for seven years and exempted thousands of acres in the West from new drilling. It will not reconsider opening up small areas of Alaska with known large oil reserves.
Relative to oil, however, natural gas is very cheap and very attractive. And I think that natural gas in emerging markets is very attractive. There is very little natural gas infrastructure in places such as China, where there is tremendous demand for natural gas.
Russia has the largest reserves of natural resources, including iron and natural gas. The market will develop in the long term, and the VW Group will benefit from it.
The exploration for oil and gas off our shores can play a role in making energy more affordable and accessible... However, effective safety measures must be in place, and exploration must be done in an environmentally sensitive manner that in no way interferes with our military.
You can't invest in natural gas on a daily basis. It's too volatile. But if you think of natural gas as a long-term holding, then you push your profit horizon out. A long-term time horizon would be at least two years.
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