Hunting for oil beneath the ice

[AJ]

http://money.cnn.com/2008/05/01/news/companies/hunt_for_oil.fortune/index.htm?cnn=yes

Interesting read.

The combination of falling reserves and $100-plus oil is sparking a frenzy of oil and gas activity in Alaska the likes of which hasn't been seen since the state's initial oil boom more than three decades ago.

It would be nice to have a main supply be stateside again, and boost a few industries.

 

[JustROLLIN]

Yeah, but I think the crude from Alaska is nowhere near the quality of the oil from the Middle East. I am pretty sure it can be used for production in different products, but it has to be refined more and the final product is lower grade.

Also, havent we been drilling/searching for oil in Alaska for like 50 years already?