Idled oil rigs off the California coast could be back up and running soon if the federal government has its way. The Trump administration recently proposed a plan to open up the entire coast to new offshore drilling. While that plan is still in draft form, the administration is now involved in a push to restart three existing oil rigs near Santa Barbara.
Hydrocarbons are set to meet about three-quarters of the expected 500% surge in power demand from data centers, as the AI boom and global economic growth push energy demand “accelerating across every dimension,” Sultan Al Jaber, ADNOC chief executive, said on Tuesday.
Curious Minds Corner
How deep can oil and gas reservoirs be?
Some reservoirs are found more than 30,000 feet (9,000 meters) below the Earth’s surface, especially in ultra-deep offshore fields.