In another new development on the energy front, oil and natural gas production in the Gulf of America is going to be on the upswing—and one report indicates there is a lot more oil and gas there than estimated.
This from redstate.com.
This is good news for the energy sector and for those parts of the economy that are reliant on affordable, reliable energy.
And, as have so many great things, this oil and natural gas production begins with the reversal of an Obiden-era policy:
Reversing [Obiden Regime] policies that halted offshore leasing, prompting lawsuits and restricting oil and natural gas development, the Trump administration is expanding offshore capabilities.
Interior Secretary Doug Burgum directed the Bureau of Ocean Energy Management (BOEM) to hold the administration’s first offshore lease sales in the Gulf of America, with the first proposed notice of sale slated for June.
‘By continuing to expand offshore capabilities, the United States ensures affordable energy for consumers, strengthens domestic industry and reinforces its role as an energy superpower,’ the Interior Department says. ‘Opening the Outer Continental Shelf is central to this strategy as it unleashes domestic energy potential that had been blocked under the previous administration,’ and is expected to generate tens of thousands of high-paying jobs throughout the industry.
Unleashing domestic energy is not only a good thing, it is an essential thing. As anyone from California can attest, high energy costs permeate every level of an economy. Expensive energy is inflationary; as every product, every service requires energy, so that energy has to be priced into those products and services.
As for the Gulf of America, unsurprisingly, oil and gas reserves may be more ample than previously thought:
The BOEM also released a new analysis stating that a significant increase of estimated oil and natural gas reserves exists in the Gulf of America Outer Continental Shelf. BOEM’s updated assessment evaluated more than 140 oil and natural gas fields, identifying 18 new discoveries, and analyzed more than 37,000 reservoirs across 1,336 fields in the Gulf.
It says there’s an ‘additional 1.3 billion barrels of oil equivalent since 2021, bringing the total reserve estimate to 7.04 billion barrels of oil equivalent. This includes 5.77 billion barrels of oil and 7.15 trillion cubic feet of natural gas—a 22.6% increase in remaining recoverable reserves.’
‘This new data confirms what we’ve known all along—America is sitting on a treasure trove of energy, and under President Trump’s leadership, we’re unlocking it,’ Burgum said.
Oh, to Mr. Burgum and to the Interior Department on this matter: “Don’t forget about Alaska’s North Slope!”
