Monday, June 23, 2008

Bolling: Emerging Solutions for the Oil Crisis - TheStreet.com

Bolling: Emerging Solutions for the Oil Crisis - TheStreet.com: "A Congressman followed my segment and suggested that drilling wouldn't help for 10 years or more. I know this is absolutely untrue, so I called Transocean (RIG - Cramer's Take - Stockpickr), the biggest driller in the world. An officer of the company told me that depending on the location of the drilling, oil could be realized in as little as a year.

Ultra-deepwater fields might produce in 3-5 years. For the most remote locations, without any prior infrastructure support, that barrel may require a 4-6 year window. I suggested 8 years and he said that he could not envision a situation where it would require more than 6 years to bring a barrel out of the ocean floor."