Seven to ten years waiting for tangible product seems reasonable given the lead times needed for R&D and acquiring equipment.
The troubling question that has been posed to me by co-workers is that even if all obstacles to drilling and refining would disappear overnight, would the oil companies invest in American production if they could get a better return at less cost elsewhere? Oil companies are multi-national corporations with allegience only to their balance sheets, not any one particular nation. I fear what the answer might be.
If the cost of oil can be brought down to it’s “justifiable” cost in the range of $20/40 bbl — I frankly don’t care where it comes from.....
I would like to think that our history of having developed oil fields and equipment “nationalized” by foreign thugs - has taught us a lesson to apply OUR TECHNOLOGY to OUR resources....
With no end in sight to the level of blackmail that OPEC can ask — it’s insane to not pursue all national resources of oil/coal until the “greenies” can come up with their alternative source in about 20 years.
The Communist “Greenies” in the U.S. and the DNC are partners in forcing this artificial shortage and price climb — to SERVE THEIR OWN POLITICAL POWER goal..
NOTHING the nation needs to address this problem will be approved by a Democrat controlled congress while a Republican President is in the White House.