Nothing tilts public opinion more than high gasoline prices, or worse yet shortages! Hence the 1975 legislation establishing the SPR, the massive SPR drawdown in 2022, and this year’s withdrawals.
Looking back to the halcyon days of the US offshore program, it was the gas lines in the 1970s that drove the remarkable and rather unlikely growth in the program during the Carter Administration (1977-1981). A few highlights from those four years:
- 15 lease sales including 3 offshore Alaska, 3 in the Atlantic, and 1 offshore California
- Drilling activity in all 4 regions: GoM, Pacific, Alaska, and Atlantic
- Natural gas discovery in the Mid Atlantic (Hudson Canyon Unit)
- North, Mid, and South Atlantic District offices for permitting and inspections
- 5300 well starts including 97 in water depths > 1000′
- 314 new platforms including Cognac, the world’s first platform in > 1000′ of water
Perhaps unthinkable today, the Governor of Massachusetts from 1979-1983, Ed King, was a strong supporter of offshore drilling. Absent that support, the exploratory drilling on Georges Bank would probably have never occurred. /s/ Nostalgic Old Man 😉
Bud's Offshore Energy (BOE) 