ABSTRACT
The exploration, development, and production of oil and gas on Georges Bank has been discussed for many years. Natural gas production in the United States has been declining since 1973 and is expected to continue to decline. The United States Geological Survey has revised its estimates of undiscovered, recoverable offshore oil and gas resources, and the latest estimates indicate a range from 12 to 38 billion barrels of oil and from 61 to 139 trillion cubic feet of natural gas as potential resources. In the Georges Bank area, these resource estimates range from 0 to 2.5 billion barrels of oil and from 0 to 13 trillion cubic feet of natural gas—substantial estimates of potential. The petroleum industry has continuously tried to identify and respond to the concerns of the various interest groups involved since 1967, when various political and environmental factors made the exploration of oil and gas resources on Georges Bank far less crucial.
