The USA has a way to get out of debt drill for our own oil and natural gas.

Some quotes from T-Boon Pickens and other supporting facts that if we developed our own oil/gas resources we (the USA )would reeemploy our own people and get this country not just out of debt but very much in the black as they say in accounting.

Pickens said Tuesday that if the United States takes advantage of the so-called "wind corridor," stretching from the Canadian border to West Texas, energy from wind turbines built there could supply 20 percent or more of the nation's power. He suggested the project could be funded by private investors.

Power from thousands of wind turbines that would line the corridor could be distributed throughout the country via electric power transmission lines and could fuel power plants in large population hubs, the oil baron said.

Fueling these plants with wind power would then free up the natural gas historically used to power them, and would mean that natural gas could replace foreign oil as fuel for motor vehicles, he said.

Using natural gas for transportation needs could replace one-third of the United States' imported oil and would save more than $230 billion a year, Pickens said.

“Our dependence on foreign oil remains at a critical stage” said Mr. Pickens. “Last month alone we imported nearly 380 million barrels of oil at a cost of nearly $20 billion. It is outrageous that we are sending billions of dollars-- $432,000 per minute-- overseas to foreign countries while domestic programs at home remain severely underfunded. This transfer of wealth is among the greatest in human history and is streaming revenue away from investment in our own communities into other countries, many of which are not our allies. These countries are taking our dollars and building beautiful state of the art schools, airports, roads, government buildings while our roads and bridges are full of holes, our schools remain in poor condition, and our infrastructure is in dire need of an upgrade. There are better choices for where we spend our money, and I’d say it should be right here in the United States.

"We are going to have to do something different in America," Pickens told CNN. "You can't keep paying out $600 billion a year for oil."

Pickens, appearing at a press conference alongside activist Robert F. Kennedy Jr., drew attention to December's figures, in which the U.S. imported 379.6 million barrels of oil, which added up to $19.3 billion dollars. This amount, Pickens contends, could fun D.C.'s schools for nearly four hundred years.

By Editorial page staff, The Times-Picayune The Times-Picayune

Exxon Mobil Corp.'s announcement that it has made the biggest oil find in the Gulf of Mexico in more than a decade is a momentous discovery for our region and the rest of the nation, and it underscores the importance of bringing Gulf drilling back up to speed.


Photo courtesy ExxonExxon Mobil Corp. announced on Wednesday that it had found the biggest oil discovery in the Gulf of Mexico in more than a decade, the equivalent of more than 700 million barrels of oil. Shown is the rig, Maersk Developer, in the Gulf of Mexico, 250 miles off the coast of Louisiana, in about 7,000 feet of water.
The company on Wednesday said it's found the equivalent of 700 million barrels of oil at the Hadrian prospect, located 250 miles off Louisiana's coast and in 7,000 feet of water. That's a major find to help advance our nation's energy independence and security, and it shows why the Obama administration needs to ramp up the approval of safe drilling permits.

Exxon had finished two wells at the site and was prepared to drill a third one when the administration last year imposed its blanket moratorium on drilling following the BP spill. That halted Exxon's progress in exploring this prospect. It wasn't until March that federal regulators finally signed off on the company's revised plans for the third well, which helped achieve the new discovery.

Exxon officials said more than 85 percent of the resource found at their Hadrian prospect site is oil, which makes most of it recoverable under current technologies.

BP has reopened the debate on when the "peak oil" supply will be reached by announcing a big new discovery in the Gulf of Mexico which some believe could be as large as the Forties, the biggest field ever found in the North Sea.

The strike comes days after Iran unveiled an even larger find of 8.8bn barrels of crude oil, and the moves have encouraged sceptics of theories which say that peak production has been reached, or soon will be, to hail a new golden age of exploration and supply.

BP itself believes that Tiber is bigger than the prospect on the nearby Kaskida field found in 2006, which has around 3bn barrels of oil reserves in place, while industry experts said Tiber might be as large as Forties, which has 4bn barrels.

Excitement around Tiber comes amid a welter of new finds both in established oil producing areas such as Iran and in new areas such as Uganda and western Greenland. There has recently been an oil rush in the deep waters off Brazil and talk of large onshore volumes of new gas in Holland, although the UK's North Sea fields have seen a slump in drilling levels.

"Its an amazing turnaround from the gloom of the last 10 years. All these finds will take a long time to bring on stream, but it shows the industry is capable of finding more oil than it uses and shows we have not come to any peak," said Peter Odell, professor emeritus of international energy studies at Erasmus University in Rotterdam.

HOUSTON — Exxon Mobil Corp has made two big new oil discoveries and a natural gas find in the Gulf of Mexico, news that underscores the importance of the prolific basin to U.S. crude output.

Oil and gas exploration in the Gulf was halted by the U.S. government last year after the blowout at BP Plc's Macondo well, and activity in the Gulf remains at levels far below those seen before the oil spill.

Exxon estimated the new deepwater wells could produce about 700 million barrels of oil equivalent.

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"Seven hundred million barrels doesn't happen very often," John White, an analyst at Houston-based Triple Double Advisors in Houston, said. "That's a lot of oil."

The lower tertiary geological formation which stretches across the deepwater Gulf, is thought to hold as much 15 billion barrels of oil. Recent large discoveries there include BP Plc's Kaskida, estimated to hold 3 billion barrels of oil.

Irving, Texas-based Exxon had reserves of 24.8 billion barrels oil equivalent at the end of last year.

The discoveries are the company's first in the Gulf since the government moratorium was lifted. The Irving, Texas, company was on the verge of drilling its Hadrian prospect when the government suspended deepwater activity.

Advertise | AdChoicesAdvertise | AdChoicesAdvertise | AdChoices"(The discovery) speaks to the fact there are resources in the Gulf and if we have a tax and regulatory environment that will encourage us to find and produce our own domestic oil the industry will respond,"

Gulf of Mexico saturated with oil?
Another find preceded this week's major discovery

World Net Daily | September 8 2006

Chevron's announcement this week that the Jack Field located in the Gulf of Mexico 270 miles southwest of New Orleans may have as much as 15 billion barrels of oil was not the only recent find of oil in the Gulf.

In March, Mexico announced the discovery of a new huge oil find, the Noxal Field some 60 miles from the port of Coatzacoalcos on the coast of Veracruz state. Estimated to contain as much as 10 billion barrels of oil, the find could well be larger than Cantarell, Mexico's biggest oil field, near Yucatan.

Like the Jack Field discovery, the Noxal Field is a deep-water find, relying on new drilling technology. Chevron is drilling the Jack Field under some 7,000 feet of water in a 28,175-foot well, in total nearly seven miles under the surface of the Gulf.

The Noxal find was deep-water, though somewhat less so that the Jack field, at under a little more than half a mile of water and a further two and a half miles underground.

"The new deep-water finds in the Gulf of Mexico are more validation for what we wrote in "Black Gold Stranglehold: The Myth of Scarcity and the Politics of Oil," co-author Jerome R. Corsi explained to WND. "The deep-earth, abiotic theory – that the origin of oil has nothing to do with biological material – argues that oil is abundant at levels deep within the earth."

Co-author Craig R. Smith pointed out "all of these Gulf of Mexico oil finds are at deeper levels than traditional-thinking 'fossil fuel' geologists typically looked."

"Moreover, these finds call into question the 'peak oil' theories that we are running out of oil," he said. "When huge new finds are being made in the Gulf, why does President Bush continues to believe we must prepare for a world running out of oil?"

Even before the new Mexican discovery, the Energy Information Agency's own figures estimate proven world oil reserves at 1.28 trillion barrels, more than ever in human history, despite world consumption nearly doubling since the 1970s. Currently, oil is plentiful on world markets and the price has fallen under $70, despite the continuing uncertainty with resolving Iran's enrichment of uranium in defiance of the U.N. Security Council.