Oil Plunge (copy)

History has taught the United States that when we export oil and natural gas, this country is stronger and the world is safer. World War II and the Berlin Airlift both were powered by petroleum energy.

But we as a nation slowed our production and cut it in the early 1970s — a decade noted for stagflation, rising poverty and crime. Today our gas and oil production is at all-time levels, and our enemies are reeling.

As someone who has worked in the oil and gas industry, I have been exposed to the fact that to bring down the costs of offshore exploration to profitable levels 20 wells must be drilled back to back, each well costing $20 million.

That means that for offshore exploration and production to be profitable $400 million must be invested before one drop of oil is sold. This does not take into account the tens of millions of dollars in infrastructure needed to get it to market, infrastructure that North Carolina does not possess.

Despite the fear mongers, there is no looming environmental disaster. Our government should not put into place restrictions or bans that will hobble the U.S. when quick reaction is needed.

Mark Cares

Bear Creek

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