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posted by on Sunday March 12 2017, @05:02PM   Printer-friendly
from the drill-baby-drill dept.

From CNN:

The massive find of conventional oil on state land could bring relief to budget pains in Alaska brought on by slumping production in the state and the crash in oil prices.

The new discovery was made in just the past few days in Alaska's North Slope, which was previously viewed as an aging oil basin.

[...] "The interesting thing about this discovery is the North Slope was previously thought to be on its last legs. But this is a significant emerging find," Repsol spokesman Kristian Rix told CNNMoney.

Of course, this news won't ease rising concern among investors about the stubborn glut of oil in the U.S. There are increasing signs that shale oil producers are preparing to ramp up output after surviving a two-year price war with OPEC.

It's a gift from $DEITY! Who needs renewable energy when we just keep finding oil! Right?


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  • (Score: 2) by Hawkwind on Sunday March 12 2017, @11:03PM

    by Hawkwind (3531) on Sunday March 12 2017, @11:03PM (#478239)

    I like parent and grandparent. Russia is not that big of an economy, making sure the world price stays low is in our best interest. At the same time there's no reason to jack up the probabilities of hurting our environment.

    Although since the North Slope has been in play for so long I wonder from a world perspective if it isn't a decent place to pull oil from. Anyone with insight?

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