We won't see 90 percent of production hitting market for another three months or maybe year's end.
The idea of leasing federal waters off the coast of Virginia comes in response to discussion in the state's legislature about the potential of energy development off its coast. However, no offshore development will occur off Virginia unless the state's congressional delegation works to lift the moratorium.
The price of natural gas is through the roof.
With sharply higher energy prices buffeting both families and businesses, we want to be sure that we fully consider the environmentally sensitive development of the vast domestic oil and gas resources off our coasts.
Information from industry indicates that large accumulations of hydrocarbons may exist al ultra deep levels below the ocean surface.
The oil from the platforms might be at 95 percent of pre- storm levels within 30 days or so. That doesn't mean it's going to go anywhere. There are terminals they cannot get to. There are refineries that are not ready to take the product.
Conservation is the best short-term measure we can take.
Of all the platforms that were destroyed, not all of them will be rebuilt, which means we will lose permanently a certain percentage ... we estimate maybe 4 or 5% ... of oil and gas that will not be produced.
We have audited 71 percent of the property on public lands. We look at the value of that production at the lease.
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