"This is one crisis we cant drill our way out of" T Boone Pickens

 The United States has just 3 percent of the world's oil and gas reserves, but it consumes 25 percent of the world's supply.

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 What the hell do you know about bringing in a well you dumbass goober?

 Apparently, more than you do JR.

"The president is going in the right direction here. But I would have gone even further and lifted the moratorium with a presidential order. But you also have to remember that the lag time between exploration and first production is still in the range of 8 to 10 years." David O'Reilly, the Chairman and CEO of Chevron

But wouldn't opening up additional areas off U.S. shores increase available crude supplies and, thus, help reduce or stabilize the prices Americans are paying at the pump?

 "access to the Pacific, Atlantic and eastern gulf regions would not have a significant impact on domestic crude oil and natural gas production, or prices, before 2030." U.S. Energy Information Administration

The more remote or technologically challenging plays require multi-year investments and have been subject to numerous delays and cost overruns. The cycle time from discovery to commercial production for large complex deepwater projects now averages in the area of eight years.  Moody’s Investors Service

 

 By the way...when  you quote something...you may want to read the rest of the article

full stable of 40 wells are drilled over the next three years, the field is expected to peak at up to 20,000 barrels per day in 2010, Pioneer said.

Ohhh , impressive! 20,000- barrels a day by 2010...for 40 wells....wow....thats about 4 minutes worth of daily supply for the US.

And your "royalties" and how they are going to balance the budget? , (the Republican gave big oil over 10 Billion dollars worth of deffer ed, forgotten or forgiven payments since Bush took office.)

The state also helped advance the new field by reducing the percentage share of oil it will take as a royalty.The state has made a similar concession to Eni, which has said it will develop another offshore oil field called Nikaitchuq.

Yep, even at 140 a barrel, oilmen are still looking for government handouts...

 The majors have repurchased almost $200 billion of shares since 2004, including almost $90 billion by ExxonMobil and $43 billion by BP. Large share repurchases are supportable without a negative credit impact because they can be managed flexibly and are tied to the evolving outlook for energy prices, alternative capital projects, and acquisition opportunities.

 So the majors can rebuy shares but no pay royalties or cant afford new exploration with out government help?

They built the entire Alaska Highway in months.

 Glad you finally recognize the genius of FDR. Just think, if we built the Alaskan higway in two years just think of what we could do with T Boone Picken energy proposal just for starters...

No matter:

May's total petroleum imports fell 11.7 percent from a year ago, the lowest May level since 2002.

Crude oil imports alone, at 9.5 million barrels per day, were also the lowest for May over that period, falling more than 8 percent from last May.

Gasoline imports fell nearly 25 percent from last May's all-time record.

Crude oil production in the U.S., though continuing to show year-to-year declines, jumped from April to May to a six-month high, though it lags year over year by about 1 percent.

In other words, beware of claims that America must increase domestic drilling and production in order to reduce its reliance on imported petroleum, oil and gas products.

The U.S. Energy Information Administration reports that domestic refineries are using less of their capacities.

By the way, are your the chairman of a major oil company? No

Are you a self made oil billionaire? No

 I dunno, I tend to believe the U.S. Energy Information Administration, CEO of Chevron and proven experts before I believe a JR Ewing wanna be.