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But Allred said 'rules of the road' were needed now so companies could plan investments. Leasing would not occur, he said, without further environmental review. Up to 800 billion barrels of oil -- enough to displace oil imports for 100 years, according to the Interior Department
-- is locked within fine-grained rock known as oil shale. The bulk of the resources are within a 16,000-square-mile area known as the Green River formation in Colorado, Utah and Wyoming. Energy companies are looking into various ways of extracting the oil economically. Unlike traditional sources of oil, oil shale is costly to produce. Energy is needed to bake the rock and pump the molten oil to the surface. Shale oil can cost about $37.75 to $65.21 a barrel to produce, compared with $19.50 per barrel for conventional crude, according to Interior Department figures. A government program to subsidize oil shale development in the 1980s was shut down when cost figures came in at several times the then-market price for oil. ___ On the Net: Bureau of Land Management:
http://www.blm.gov/
[Associated
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