I know I'm late. My wife and I just had daughter number two, and let's just say the days are short and the nights long. Anyhow, Exxon recently announced plans to invest heavily in the US over the next five years. Mostly along the gulf coast. After the recent Trump tax reform (which I think were mostly good) I found this news oddly reassuring.
The one piece of the Trump tax deal that I was not so hot on was opening up 2,000 acres of the Arctic National Wildlife Refuge for exploration and potential drilling. I even went so far as to shoot Ted Cruz and a few other politicians a letter voicing my opposition to that specific snippet of the bill. Cruz' response was logical but probably missing the point altogether. Yes, I get it. The portion they are opening is less than one percent of the total acreage encompassed by the refuge. But that likely does not factor in sections of the ecosystem that will be fragmented by roads OR the additional acreage that will inevitably be opened up in the event that oil or natural gas is discovered. Anyhow...
My next point. Who actually wants to drill in this region? There is no infrastructure there yet, the cost to export the resource would be expensive and there is a surplus of easily attainable oil/natural gas in the lower 48. Time will flesh this out, but for the time being, it looks like Exxon Mobil has definitively demonstrated what seems obvious to me. Kudos to Exxon.
I am a passionate outdoorsman with over 25 years of hunting and fishing experience across the state of TX.