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Natural resources such as oil and gas have thin future. Nobody now needs the experts to say that the natural resources are on the verge of extinction resulting in sky-rocketing prices on oil and gas. Till an alternative to the natural resources is discovered, the leading countries of the world are now proceeding with the search of new sources of natural resources that will help lower the oil prices. Obama administration opened Arctic waters for new oil and gas development plans but kept Pacific and Atlantic coasts, the two areas that Bush administration wanted to include in the drilling areas, out of drillings. President Barack Obama canceled the plan suggested by Bush administration but later moved to drilling off the mid and southern Atlantic Coast, in the eastern gulf. The interior department's offshore leasing plan attempts to steer a middle course but also suggests three lease sales of environmentally fragile, most contested frontier of energy production. The interior department states that this five year plan will yield more than three-quarters of oil and gas resources. The interior secretary added that the development should go ahead very cautiously, safely and should be based on the best scientific grounds. According to environmental groups drilling in Arctic waters is not advisable but House Republicans do not affirm the statement. Environmentalists state that the oil spills in the remote north can not be cleared as there is no proven process to do the same. The experts also added that drilling in such remote areas is risky as the teams are not equipped to work in the typical Arctic weather conditions such as ice floes, towering waves and winter darkness. Among the leases, most are to be offered in the Gulf of Mexico, a country that supplies more than a quarter of the nation's domestic oil. The Beaufort and Chukchi seas leases off Alaska' north coast are not scheduled for several years. This will buy some time for further scientific study, the experts say. The interior department stated that the leases would be adjusted in a way to keep safe the sensitive environmental resources, areas vital to native Alaskans and the environment though drilling is not new to Arctic waters. The Chukchi Seas and Beaufort have a handful of exploratory wells. Among the companies that have the permission to explore and drill the areas of natural resources, Shell Exploration is awaiting the final permission to begin drilling on an existing lease, an ambitious project to tap reserves in the Arctic's chilly, turbulent waters. The author is an experienced writer in oil related fields, who frequently writes articles related to oil prices & indexes and crude oil including tips on investment in oil. Please visit oil.com for more details.
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