Offshore Oil Suffers From Obama Restrictions on New Drilling
Remember $4-5 per gallon gas last summer? Well, if you liked it then, you may be in luck, as gas prices that high will probably be returning withing a couple of months again. Heres some info from a story at Fox News:
“If we don’t increase our own oil production in the U.S., our dependence on foreign oil won’t go down,” said Marathon Oil executive Woody Pace.
The drill ship is the size of a football field. Twelve anchors the size of an average living room hold the rig in place while a synthetic-diamond cutting blade bores deep into sand and rock.
Like other oil explorers, Marathon is being forced farther and farther out into the Gulf to find oil. Deeper water means more expensive oil.
“We may spend anywhere from $100 to $200 million just to find out if we have commercial hydrocarbons,” Marathon Vice President Annell Bay told FOX News.
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