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Willie Sutton robbed banks because that’s where the money is. And oil companies venture into deep waters for exploration because that’s where the oil is.
That’s why — even though President Obama has imposed a six-month moratorium on deep-water exploration drilling in the Gulf of Mexico — the oil and gas industry is going to be back. And it’s why in other countries, the deep-water search hasn’t stopped.
Within five years, global deep-water production is expected to rise by two-thirds, to 10 million barrels a day, according to Cambridge Energy Research Associates. That’s equivalent to the amount of crude oil that the world’s largest exporter, Saudi Arabia, produces. And in the United States, improved technology for extracting oil from deep water accounted for about 70 percent of the increase in the U.S. Geological Survey’s estimates of recoverable U.S. oil reserves in recent years.
[Note from the publisher: As of today, the Washington Post has changed its name to The Mufson Report, in recognition of the fact that reporter Steve Mufson writes virtually all of the contents.]
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Amount that President Obama has added to America’s “brand value” according to the Nation Brands Index:
A study suggested that the health effects of exposure to nuclear radiation at Chernobyl were no worse than ill health resulting from smoking and normal urban air pollution.
A former New York City police officer who had been arrested in 2012 for exchanging online messages about cooking women alive and eating them, and for illegally accessing data about potential victims in law-enforcement databases, was sentenced to time served.
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“I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.”