Major financial institutions, including Goldman Sachs and major U.S. banks, have pledged to restrict or cease funding for Arctic oil exploration due to environmental concerns.
long-disputed $8 billion Willow project in Alaska, much to the consternation and chagrin of environmentalists. ConocoPhillips remains the largest producer in Alaska, with extensive holdings in the National Petroleum Reserve-Alaska and Prudhoe.
Although Biden blocked other oil drilling in Alaska, it’s not inconceivable that he might give in again if, for instance, oil supplies fell sharply thus triggering skyrocketing fuel prices. After all, Biden has been pleading with American producers and even OPEC to ramp-up production in a bid to keep oil prices low. The U.S. Geological Survey estimates that ANWR, the crown jewel of American wilderness in the northeast corner of Alaska, holds a staggering 12 billion barrels of oil, or 27% of U.S.
But first things first, why so much oil in the world’s biggest deserts and so little or none elsewhere?Plate tectonics is the best key we have to understanding why deserts and arctic areas hold some of the largest hydrocarbon reserves on earth. Plate tectonics also create the"pressure cooker" that slowly matures the organics into oil and gas. However, other important locations of large reserves include river deltas and continental margins offshore.
The same plate tectonics that provides ideal locations and conditions for anoxic burial are also responsible for processes such as continental drift, subduction and collision with other continents that determine the geological paths that sedimentary basins usually take--currently to the poles and deserts.
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