Does It Have To Take A Decade To Bring New Crude To Market?

Investor's Business Daily: Does It Have To Take A Decade To Bring New Crude To Market?

But he's been opposed by Congress, which argues it will simply take too long — as much as 10 years or more — for the new oil to come to market to do any good.

That doesn't appear to be true.

To begin with, industry analysts note, much of the drilling delay is self-inflicted — a result of excessively stringent environmental and land-use regulations.

Scrap those, or modify them, and new oil can be produced in far less than 10 years.
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In areas where the bureaucratic hurdles are over and lawsuits are absent, oil has been drilled and brought to the market in as little as one or two years. Louisiana's offshore areas are an example.

California's 10 billion barrels in offshore oil could be brought to market in as little as a year "if the moratorium were lifted," according to a recent Sanford C. Bernstein report said, citing that the oil is under shallow water and drilling platforms already exist.