Big Oil Ought To Rethink the Cost of Off-Shore Drilling

Online, May 28, 2010 (Newswire.com) - It was recently announced that BP has already spent $750 million since the Deepwater Horizon exploded and sank beginning on April 20, and the leak has yet to be contained. Add that to the $350 million to build the rig - that's easily a cool billion.

The early estimates were that 5,000 barrels (210,000 gallons) a day were leaking; we can all agree that the estimate was woefully low.

Over $700 billion dollars goes out of the US every year for Middle East oil. A $750 million investment in algae production would result in approximately 700 acres of algae biocrude oil production farms and employing approximately 1.5 people per acre right here in the USA.

Many other countries have invested in commercial-scale algae oil and biomass production while the US is busy investing in algae research. Other countries want to become self-sustainable and create new jobs. Third world countries will soon become oil exporters to help feed themselves. The patents that are being created in the US will have little to no value if we trade Middle East oil with that produced in China.