Bolling: How to Solve the Oil Crisis
It would take anywhere from one to six years to produce a barrel from the Outer Continental Shelf. That's right, we could realize oil in as little as a year and as far into the future as six years for those really remote reservoirs. These are barrels we need now and will certainly need in the future. These are barrels that currently rest under a drilling moratorium. These are barrels that the next president should release as soon as possible. These are the barrels that will win the election for him.
Deepwater rigs can produce oil in a much shorter time frame than you might be led to believe. And the oil can be much cheaper to produce than the oil trapped in the tar sands of Canada or the shale of our own Western states, and even the Arctic National Wildlife Refuge.
Therefore, cheaper all the way down the pipeline, culminating in the gas tank of your nearest SUV. I truly hope we all start to drive vehicles with better fuel economy. I am turning in my Range Rover for a higher mpg vehicle next month.
We can "drill" shale in several protected land-bound areas of Montana, Colorado, and Louisiana. There may be as many as several hundred billion barrels of oil trapped in those areas. Although tougher to refine into usable oil than into gasoline, they are available to us nonetheless.There is no doubt that we should begin aggressive means to address the demand side of the equation as well. We absolutely must change our habits. Americans are smart. Our driving habits are changing as we speak. I told you of the busy car dealership I saw in Los Angeles last weekend. The Smart Car is a joint venture between the people at the French watchmaker Swatch and Mercedes-Benz. This car gets from 35 to 45 mpg depending on the way you drive it. And they are just months away from a hybrid version -- all for about $11,000.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV