Bob Barnett, retired petroleum engineer, written testimony submitted to the senate committee on appropriations subcommittee on energy and water development, April 26, 2005:
Quote:
The greatest potential for improving our energy plight lies in increasing the productivity of the mature oil fields within our borders. Of all the oil that has even been discovered in the US, about two-thirds of it remains in the ground. This amounts to more than 400 billion barrels!! Are we to write off this resource simply because the major oil companies are no longer interested? More production of this oil only awaits the application of new technology and improved techniques.
In addition to the obvious security and trade balance benefits, a concerted effort to produce the known energy resources within our own country would create an unprecedented economic impact. It would create many thousands of jobs and require billions in services, supplies, materials of all kinds, equipment, pipe, chemicals, etc.
|