America Finds Escape From Oil Dependency in North Arctic Ocean
Mass media sources report that the U.S. government plans to hold auctions for the right to develop oil and gas sectors in the Alaskan area. Experts are confident that the country's policy regarding its energy supplies will facilitate its independence from importing oil in the future, and this, in turn, will affect the entire world market.
The U.S. has initiated drilling in the North Arctic Ocean. According to the Dow Jones, the country's Interior Department will publish a new five-year plan for drilling in the next few days. The plan proposes two auctions for the right to exploit oil and gas sectors north of Alaska. In the opinion of Mikhail Krutihin, a partner at RusEnergy, the realization of these plans will allow America to become an energy independent country in the long term.
“The United States already has enough oil supplies now, albeit the oil is from the slate floor in areas that are difficult to penetrate. However, analysts expect that by 2025 to 2030, the U.S. can put an end to its dependency on imported oil and, what's more, on imported gas, thus becoming a self-sufficient government in the energy realm,” Krutihin said.
“By that time, it will have a serious impact on the oil market, since oil surpluses already aren't going to the U.S. and will affect the world market by bringing down prices,” he said.
In that case, oil development in the North Atlantic Ocean is a favorable factor not only for the U.S., but it’s a necessary step in fulfilling the development needs of the entire world economy, believes Vladimir Voloshin, the head of the Energy Policy Sector of RAS Institute of Economics.
“If you connect the production increase from this development with the dynamics of its cost, this, as a foundational factor, will facilitate lower prices in the world market and lower demand. Here, a lot will depend on China, India and other countries where oil consumption is high,” Voloshin noted.
“You could say that oil and gas will be the principal forms of fuel in the next two to three decades. Hence, it behooves us to increase oil production, of course, and we will cultivate the North Arctic Ocean, the Arctic. Western and Eastern Siberia won’t be able to meet Russia’s needs and its foreign obligations; therefore, the Arctic will be developed.”
In January, U.S. President Barack Obama opened 75 percent of the oil and gas deposits on the U.S. continental shelf for development. This removed the moratorium on oil and gas production introduced by Congress in 1981. According to various estimations, the depths of the U.S. continental shelf contain at least 18 billion barrels of oil and more than 75 trillion cubic meters of gas.
The U.S. has initiated drilling in the North Arctic Ocean. According to the Dow Jones, the country's Interior Department will publish a new five-year plan for drilling in the next few days. The plan proposes two auctions for the right to exploit oil and gas sectors north of Alaska. In the opinion of Mikhail Krutihin, a partner at RusEnergy, the realization of these plans will allow America to become an energy independent country in the long term.
“The United States already has enough oil supplies now, albeit the oil is from the slate floor in areas that are difficult to penetrate. However, analysts expect that by 2025 to 2030, the U.S. can put an end to its dependency on imported oil and, what's more, on imported gas, thus becoming a self-sufficient government in the energy realm,” Krutihin said.
“By that time, it will have a serious impact on the oil market, since oil surpluses already aren't going to the U.S. and will affect the world market by bringing down prices,” he said.
In that case, oil development in the North Atlantic Ocean is a favorable factor not only for the U.S., but it’s a necessary step in fulfilling the development needs of the entire world economy, believes Vladimir Voloshin, the head of the Energy Policy Sector of RAS Institute of Economics.
“If you connect the production increase from this development with the dynamics of its cost, this, as a foundational factor, will facilitate lower prices in the world market and lower demand. Here, a lot will depend on China, India and other countries where oil consumption is high,” Voloshin noted.
“You could say that oil and gas will be the principal forms of fuel in the next two to three decades. Hence, it behooves us to increase oil production, of course, and we will cultivate the North Arctic Ocean, the Arctic. Western and Eastern Siberia won’t be able to meet Russia’s needs and its foreign obligations; therefore, the Arctic will be developed.”
In January, U.S. President Barack Obama opened 75 percent of the oil and gas deposits on the U.S. continental shelf for development. This removed the moratorium on oil and gas production introduced by Congress in 1981. According to various estimations, the depths of the U.S. continental shelf contain at least 18 billion barrels of oil and more than 75 trillion cubic meters of gas.