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We cannot drill our way out of this oil crisis. Since 2000, oil companies working in the U.S. have doubled the number of wells drilled per year.

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China shuts mines, oil wells and plans after quake
Production; Extraction; ExplorationGuest writes:

China ordered coal mines, chemical plants and oil and gas wells to halt production to avoid further casualties after the country's strongest earthquake in 58 years killed almost 10,000 people.

Companies in affected areas must evacuate workers and can't resume output until conditions allow for safe operations, the Beijing-based State Administration of Work Safety said on its Web site Tuesday. Sichuan province, where Monday's 7.9 magnitude temblor struck, holds about 40% of China's natural gas reserves and accounted for 22% of its output in 2006.


The earthquake damaged power plants and transmission lines and may cut the nation's energy demand. The State Electricity Regulatory Commission, China's power industry regulator, Tuesday ordered "24-hour" monitoring at generation and distribution networks and asked utilities to report accidents immediately.

"This earthquake in China may impact demand from power plants being down," Phil Flynn, a senior trader at Alaron Trading Corp. in Chicago, said in a telephone interview. "Demand for oil was already down in April."

Financial Post

Posted on Tuesday, May 13 @ 14:30:52 PDT by Leanan
 
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Re: China shuts mines, oil wells and plans after quake (Score: 1)
by Nano on Tuesday, May 13 @ 18:50:45 PDT
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Smart move. This has the same effect as filling their SPR. And right when the US has stopped filling theirs!



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