The recent catastrophic oil spills and President Obama's decision to tap into the oil reserves still fresh on the everyone's minds, the natural gas companies are boasting about the wells they are drilling, although many experts in the field are not buying into their talk. ... Companies may even be intentionally overstating the productivity of their wells and the size of their reserves even though doing so would defy the law. ... Federal and state lawmakers are increasing subsidies for the natural gas business, but if the gas is more expensive to extract than they had planned for, l...

• Word Count: 1851
• Approx Pages: 7
• Has Bibliography
• Grade Level: Undergraduate

OPEC is said to be responsible for forty percent of the world's oil production and they hold about two-thirds of the world's oil reserves. ... Strategic Petroleum Reserve). ... Strategic Petroleum Reserve is the largest stockpile of government-owned emergency crude oil in the world. ... The Federal tax is 18.4 cents. ... Bostjancic also says "Merrill Lynch believes the higher pump prices will wipe out as much as a third to half of the economic impact of federal refunds." ...

• Word Count: 1449
• Approx Pages: 6
• Grade Level: High School

Covering over nineteen million acres in the northeast corner of Alaska, the ANWR is the largest reserve in the National Wildlife Refuge. ... The Bush Administration's interest in drilling in Alaska is primarily financial as drilling fees are collected by the federal government. ... Attempts to reduce this dependency on foreign oil imports have led to increased pressure to exploit domestic oil reserves. ...

• Word Count: 1462
• Approx Pages: 6
• Grade Level: Undergraduate

Alaskan Politicians have used every rise in oil prices since 1973 to advocate drilling beneath federal lands on the ANWR in order to gain more money for the state (Lee). ... The United States Military presence in the Middle East is in large part because of the petroleum reserve there (Lee). ... While opposing drilling in ANWR, mostly because we should not put caribou and other wildlife at risk for the sake of getting more petroleum, we are exposing humans to far greater risks because of federal policies motivated by concern over the existing oil supply. To save gasoline, the federal government...

• Word Count: 1721
• Approx Pages: 7
• Grade Level: Undergraduate

Federal revenues from lease sales would be $1.3 billion over the next 7 years, helping to trim the budget deficit. 222,000 - 732,000 jobs will be created throughout the country, with fully 98% of these jobs in the lower 48 states. ... While close to half our oil is produced domestically, the U.S. has less that 3% of the world's known oil reserves. ...

• Word Count: 1325
• Approx Pages: 5
• Has Bibliography
• Grade Level: High School

History One day in 1968 Atlantic Richfield Company and Humble Oil and Refining (now Exxon) discovered approximately 10 billion barrels of recoverable reserves buried beneath the frigid waters of Prudhoe Bay in Alaska. ... There were 515 federal permits issued and 832 state permits issued. ... In order to address their concerns the 1974 Federal Grant contains a provision requiring TAPS to enter into an agreement with the Secretary of Interior regarding the recruitment, testing, training, placement, employment, and job counseling of Alaska Natives. ...

• Word Count: 1977
• Approx Pages: 8
• Has Bibliography