More fuel for thought - Americas energy need
While the Obama administration continues to delay a decision on TransCanada's proposed Keystone XL pipeline, more evidence has surfaced that points to this country's path to energy independence.
If only the powers that be would act -- and stop throwing taxpayers' money away on alternative-energy projects that at best would only address our needs on the margins.
According to Reuters and several other news outlets, an already proven oil-rich region of the north-central United States holds more than twice the previous recoverable crude-supply estimates.
A U.S. Geological Survey has determined that the Bakken Formation and Three Forks Formation, which spans parts of Montana, North Dakota and South Dakota, together hold an estimated 7.4 billion barrels of undiscovered, technically recoverable oil.
And while that's more than double the 2008 estimate, energy experts believe it probably understates the potential untapped reserves.
This study also found reserves of natural gas and natural gas liquids to be more than three times the previous estimate.
It will take considerable time and money to exploit these new resources, but several international oil companies are already dedicating considerable money to do just that.
But a more immediate remedy to our energy needs only awaits the president's approval.
The Keystone pipeline would transport up to 830,000 barrels per day of crude from the oil sands of Alberta, Canada, through
Nebraska and Oklahoma, where it would hook up with an existing pipeline that runs to refineries along the Gulf Coast.
The project would also spawn thousands of construction jobs.
However, the longer the president puts off a decision, the costlier this project -- already projected at $5.3 billion -- becomes. At some point, it just might become too expensive to pursue. Maybe that's what Obama and the environmental lobby have in mind.
But it's difficult to fathom why any president would stand in the way of cutting dependence on foreign sources of oil while at the same time boosting our own economy.
Even more puzzling why this administration has thrown so many millions at alternative-energy startups. A Heritage Foundation policy blog lists 34 companies that have received government subsidies that are either bankrupted or in trouble.
The most notorious failure, Solyndra, received more than $500 million, while closer to home, failed Evergreen Solar, housed at Devens, got $25 million.
Read more: http://www.lowellsun.com/opinion/ci_23154509/more-fuel-thought#ixzz2SB7FsfzB
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