Joint Letter in Support of OCS Bill | CEI
According to the U.S. Department of Interior’s Minerals Management Service, the offshore areas currently banned from development likely contain a mean estimate of 18.92 billion barrels of oil and 85.79 trillion cubic feet of natural gas that are “technically recoverable.”
Yet the United States is the only developed country in the world that bans development of most of its offshore gas resources.
This self-imposed ban has put our nation at a competitive disadvantage with Cuba and China. Cuba recently announced that it has negotiated lease agreements with China to explore oil and gas production just 50 miles off the coast of Key West, Florida. The United States can’t develop resources in the Florida Straits, yet Cuba and China can.
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