Do you catch yourself sometimes feeling antsy over the possibility of inadequate supplies of domestic fuel now and into the future?
Results of a recent study by the National Petroleum Council (NPC) may calm you.
According to the Institute of Energy Research’s overview of the NPC study’s findings, America could have enough oil resources to meet today’s oil demand levels for decades – without imports from certain countries who really don’t like us much, if at all.
There’s also a predicted decades-long supply of “homemade” natural gas, mainly from factoring in the vast shale gas resource.
Just as with shale gas, the study notes that hydraulic fracturing will open up huge shale oil resources for development as well – an occurrence we’re already seeing.
But before you relax and toss your Valium supply, keep in mind that the jury is still out over the continuing implementation of hydraulic fracturing in a number of key areas.
Among other issues, hard core opponents appear to be convinced that many people, particularly in the vicinity of disposal wells receiving fracturing wastewater, will soon reach their demise from fresh water supplies supposedly contaminated by this common, decades-long oilfield practice.
Then there are those pesky little earthquakes that are becoming relatively commonplace, principally in the vicinity of hydraulic fracturing/disposal operations.
But that’s a whole other story for another day.
A few of the highlights presented in the oil segment of the NPC study are:
Developing these resources will necessitate assistance from the federal government through their inclusion in the 2012-17 leasing program.
Regarding the natural gas scene, the NPC study results noted:
The classification of natural gas as a clean fuel for purposes of clean energy standards is included among the NPC’s list of recommendations.
One recommendation stands out in particular: Allow longer lease times for frontier areas, such as ultra-deep water and the Arctic, which are especially challenging both in the planning stage and the actual operations.
Additionally, the NPC advocated:
Editor’s note: The NPC is an advisory group comprised of industry, academic, government and other officials who provide advice on oil and natural gas issues as requested by the DOE Secretary of Energy. Secretary Steven Chu in 2009 tasked the group with evaluating oil and natural gas resources based on the four concepts of economic prosperity, environmental sustainability, energy security and prudent development, with the final report outlining the results.