Economic Potential of Offshore Oil and Gas Exploration in United States Portion of Lake Erie

Abstract: The writers have investigated the volumes of crude oil and natural gas reserves which are economically recoverable from the areas underlying the United States portion of Lake Erie—not only those reserves which are economically significant at present market prices, but also those which will become profitable as the price paid for both crude oil and natural gas in the eastern United States moves upward to levels comparable to those for supplies available from alternative sources. The availability of present and future markets for oil and gas produced locally, the history of exploration, development, and production in the Lake Erie area, and costs and problems related to offshore operations and production in Lake Erie have been examined. The reserves of crude oil and natural gas recoverable from each potentially productive formation were estimated and allocated by formation to the offshore area occupied by each state which owns mineral rights underlying Lake Erie. From this study recommendations can be made relevant to the present and/or future need to develop the anticipated offshore oil and gas reserves which underlie Lake Erie and relevant to the need to reevaluate the status of offshore drilling and exploration in the United States portion of the Great Lakes.