In the aftermath of the disaster in the Gulf, America's Crude Reality will explore the search for safe drilling options & new innovations for crude exploration.
CNBC's Melissa Francis hosts this one hour program which will include a frank conversation with an all star panel of experts including Ian MacDonald, professor of Biological Oceanography at Florida State University; Tom Petrie, Bank of America Merrill Lynch Vice Chairman of its Investment Bank; C.J. Warner, Sapphire Energy President and John Hofmeister, Former President & CEO of U.S. Operations for Shell Oil. Melissa will also speak with BP Capital CEO and founder of Citizens for Affordable Energy T. Boone Pickens.
In the push to drill, drill, drill did the oil industry, government and the public delude themselves into believing that deepwater drilling is safer than it truly is? That's they question CNBC's Senior Correspondent Scott Cohn asks as he explores how we got into this position in the first place. Scott will also explore if there is too much risk built into the industry system and take a deep look into the response plans and if even now do they still fall short?
CNBC Power Lunch co-anchor Michelle Caruso-Cabrera will bring viewers a television exclusive as she travels to the tundra of Alberta Canada to visit Devon Energy's oil sands project. It is there Devon is producing 35 thousand barrels of oil per day out of the ground and hopes to be producing an additional 35 thousand barrels by next year. Michelle will explore the question, "Are oil sands a viable alternative to offshore drilling."
The federal government spends an estimated $5 billion a year in clean energy research, development and deployment. Thanks to the recent creation of the Advanced Research Projects Agency-Energy (ARPA-E), a research arm of the US Department of Energy, funding for energy innovation is getting a boost. Senior Energy Correspondent Sharon Epperson reports on this government research program and how it could soon be fueling America's energy needs