The sight of the gallows focuses the mind.
Now that oil is close to $140 a barrel, a number of potential solutions for the crisis that were not options a year ago, have suddenly become attractive.
The first source of new crude is oil shale. The US has a trillion tons of the stuff and companies like Chevron (CVX) haves started the process of producing it. In 2005, according to The NY Post, the US Department of energy said that 10 million barrels a day in a little over a decade.
The second source which is readily available is oil under protected lands. The Department of the Interior estimates that these resources total 31 billion barrels of oil according to The Heritage Foundation. The reserves offshore are closer to 86 billion barrels.
Finally, oil deposits in Montana could bring in 3.65 billion barrels of oil because new of new drilling technology.
The oil is there.It is a question of deciding to put in the effort, and change some government regulations.
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
