Leasing & Development
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How much oil and natural gas is left in the United States?
Answer:
The United States has enough oil and natural gas resources to power 65 million cars for 60 years and heat 60 million households for 160 years. In fact, with increased access and Keystone XL pipeline approval, 100 percent of America’s liquid fuel needs could be met by the United States and Canada. Despite misleading rhetoric, energy security is attainable.
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What’s the difference between “proven” reserves and total reserves?
Answer:
Contrary to the often repeated and vastly misleading statement that the United States holds only 2 percent of the world’s oil reserves, the United States actually has enough energy to power 65 million cars for 60 years and heat 60 million homes for 160 years.
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The federal government says U.S. domestic oil production has increased since 2007. Why do we need even more drilling?
Answer:
While it is true that domestic oil and natural gas production has increased since 2007, the U.S. Energy Information Administration (EIA) projects that the world’s demand for energy will increase by nearly 50 percent by 2035―with oil and natural gas expected to supply 52 percent of that energy.
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Shouldn’t the United States be transitioning away from oil?
Answer:
According to the U.S. Energy Information Administration (EIA), U.S. energy demand will increase by 9 percent by 2035, with more than half of the energy demand expected to be met by oil and natural gas, as is the case today.
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Why are oil companies sitting on idle leases?
Answer:
If you’ve been following the energy debate, you’ve probably heard politician cries of “Use it or Lose it.” These claims allege that the oil and natural gas industry is “sitting on” approximately 60 million acres of oil and gas leases that are going unused.
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How much do U.S. oil companies pay in royalties to government?
Answer:
Oil and natural gas production royalties on federal lands are one of the largest sources of income to the federal government, delivering $86 million in rents, royalties and bonus fees every single day.
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What has the industry done since the Deepwater Horizon accident to make offshore drilling safer?
Answer:
Following the Gulf oil spill, the industry has taken several steps to improve safety mechanisms, including joining forces to build and deploy a rapid-response containment system. This system is pre-engineered, constructed, tested and ready for rapid deployment in the deepwater Gulf of Mexico. Its primary objective is to contain spilled oil with no flow to the sea.
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How much did the 2010 Gulf deepwater drilling ban affect overall U.S. domestic production – in terms of output, jobs and economic activity?
Answer:
A 2011 Quest Offshore Resources study found that the 2010 deepwater drilling ban and subsequent permit slowdown reduced total Gulf of Mexico capital and operating expenditures by a combined $18.3 billion for 2010 and 2011, relative to pre‐moratorium plans.
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What is the federal government’s five-year offshore leasing plan and why is it important?
Answer:
America’s vast proven reserves and undiscovered offshore resources are estimated at nearly 101 billion barrels of oil and 480 trillion cubic feet of natural gas in federal areas spanning the Atlantic and Pacific Oceans as well as the Gulf of Mexico, and the Chukchi and Beaufort Seas. To put this in perspective: 101 billion barrels of oil is enough oil to power 10 million cars for 348 years; and 480 trillion cubic feet of natural gas is enough to heat 10 million homes for nearly 656 years.
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Do the majority of Americans support or oppose increased oil and natural gas development?
Answer:
By and large, Americans support increased oil and natural gas development. According to a Jan. 2012 poll by Harris Interactive, 70 percent of American voters favor increased access to U.S. oil and natural gas resources. Similar numbers also believe that more development would provide major benefits to the nation, including more U.S. jobs.
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