Impact of Arctic oil and gas on other US producing areas
Petroleum demand in the free world is expected to soar to 73 million bpd in 1980 and 115 million bpd in 1990. Production in the 1970's must increase by 34 million bpd, and by an additional 42 million bpd in the 1980's. The most the Arctic can provide in the 1970's is less than 10% of the required free world increase in this decade, and probably only about 5%. The sources of supply to meet U.S. and Canadian petroleum demand include crude oil and natural gas liquids production in the lower 48 states and in Canada, the tar sands, the Arctic regions, offshore imports of crude and products, and potentially shale oil and the conversion of coal to liquid fuel. The latter 2 are not likely to be a factor in this decade. With Arctic sources supplying 1.5 million bpd to North American markets by 1980, almost 4 million bpd will still be needed of imported crude oil from foreign sources and 5 million bpd of imported foreign products; 35% of the petroleum demand would have to meet from more or less unstable sources. There can be a huge market for Arctic crude oil in the 1980's, without impinging on any conceivable development of conventional sources in the lower 48 states or Canada.
- Research Organization:
- Louisiana Land and Explor Co
- OSTI ID:
- 5451671
- Journal Information:
- Drilling Contract.; (United States), Journal Name: Drilling Contract.; (United States) Vol. 27:6; ISSN DRCOA
- Country of Publication:
- United States
- Language:
- English
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ALASKA
ARCTIC REGIONS
BITUMINOUS MATERIALS
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ECONOMIC IMPACT
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FEDERAL REGION X
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