The petroleum industry has now been given a green light to drill for oil in the southern Atlantic coast, the eastern gulf of Mexico, and parts of Alaska that were previously off limits. It’s estimated that between 36 billion and 41.5 billion barrels’ worth of oil can be extracted from the gulf. New proposed offshore drilling facilities are expected to yeild enough oil to meet demands for the next 15 years. 506 million dollars have been invested in drilling expeditions in the Chuckchi Sea by ConocoPhillips corporation based in Houston.
The United States, as a nation or a government, does not “give” money for offshore or other drilling. It is all from private investment. There may be government incentives, but in the Federal offshore, private companies pay huge amounts to the government (tens of millions of dollars) by bidding on lease blocks, and then IF they find oil they also pay royalties and taxes to the government.
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