A generic greenfield offshore Alaska project begun today likely wouldn’t reach first production until sometime between 2040 and 2060, based on an assessment published by the National Petroleum Council in 2019. (1 of 5)
bloomberg.com
bloomberg.com
Western oil majors most likely to do so aren’t in a spending mood, regardless of high oil prices.
Biden’s added restrictions around Willow suggest the admin will run out the clock as much as possible when it comes to putting blocks up for bidding in the Gulf of Mexico.
Biden’s added restrictions around Willow suggest the admin will run out the clock as much as possible when it comes to putting blocks up for bidding in the Gulf of Mexico.
The surest path to achieving the energy transition he favors lies in reducing demand for fossil fuels via expansion of such technologies as electric vehicles and renewable power. The IRA’s subsidies are designed to spur that, but as with Arctic drilling, these things take time.
Even assuming mass uptake, the sheer inertia of the installed energy system means they aren’t likely to result in pronounced declines in fossil-fuel demand until well into a second Biden administration or even beyond it.
Climate politics in the US are toxic enough that trying to tread a middle path will anger purists left and right. Picture Biden walking gingerly along a cliff edge on the North Slope and that would sum up his position/end
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