| That puts paid to any effort by the old oil cartel to increase oil prices. Soon the Saudis and the Mad Mullahs will have to rconsider previous grand visions of conquering the world for their version of Allah. Perhaps this could be considered a sign that he does not approve of jihad after all. |
The find has the potential to generate from $10 billion to $74.6 billion for the British economy, according to the study, including up to $26 billion in new tax revenue for the British government. The oil could also provide 27 percent of the U.K.’s daily oil demand over the life of the project, and create 5,600 steady jobs that pay a starting salary of more than $43,000 annually.
“It is therefore possible that the overall economic impact of Kimmeridge Limestone oil could be significantly higher than this initial report describes,” Stephen Sanderson, the executive chairman of U.K. Oil & Gas, said in a statement.
The find is located in the Kimmeridge Limestone, which is just south of London. An experimental test well in the area, called the Gatwick Gusher, struck more oil than it could pump last month. The single well can likely access 20 million barrels of oil.
Estimates made last year state that the reserve could store as much as 100 billion barrels of oil. According to government data, the rest of Britain only has 2.98 billion barrels of proven oil reserves. Britain’s current oil production has continued to decline, and experts estimate the country will be forced to import 50 percent of its daily oil demand by 2020.
Environmentalists, who worried the well could create an incentive for hydraulic fracturing in the U.K., began protesting against the Gatwick Gusher in February. Drilling in the area won’t require hydraulic fracturing, or fracking according to the company which operates the well, but it could help the U.K. get more oil out of the formation.
I quote one responder to the protesters; he says it far better than I can:These people are wasting many thousands of pounds of tax payers money. They haven't a clue what they are talking about. They listen to scare stories and seem to be able to absorb the utter rubbish spouted but fail to understand any science based evidence. How is it that this country is being held to ransom by a motley crew of people who are so against fossil fuels and yet no doubt arrived by car, use plastic, take medicines and live a very luxurious life because of hydrocarbons. The hypocrisy is staggering. The media pander to them and give them far more publicity than they deserve. Stop using fossil fuels first and let us see just how well you cope, then we might listen. |