According to this article from the EIA, any significant amount of crude oil wouldn’t be produced until 2017, and it would take until 2030 until any noticable price reduction took place.
Thats 20 years we would have to wait, and they don’t even think it would affect gas prices!!
Also, how exactly does 20+ years of increased oil production cure our addiction to it??
http://www.eia.doe.gov/oiaf/aeo/otheranalysis/ongr.html
No, it’s not really a longterm answer to our energy problem. In my opinion, this is being presented to voters as a stop gap measure to drop gas prices. But it’s really a way to boost oil and natural gas company revenue. As you stated, you don’t just stick a drill in the ocean floor and BAM oil! Prices drop and everyone is happy. It takes time, and money to search for oil – even if we think we know where it is.
Anyone who understands the global nature of our economy would realize that drilling for oil off the coast of Alaska or Florida benefits neither of those states gas prices directly. Unfortunately for us, the people making the decisions have vested interests in making these bad decisions and selling us on it w/ a savings promise that will never materialize.
February 23rd, 2010 at 11:08 am
No, it’s not really a longterm answer to our energy problem. In my opinion, this is being presented to voters as a stop gap measure to drop gas prices. But it’s really a way to boost oil and natural gas company revenue. As you stated, you don’t just stick a drill in the ocean floor and BAM oil! Prices drop and everyone is happy. It takes time, and money to search for oil – even if we think we know where it is.
Anyone who understands the global nature of our economy would realize that drilling for oil off the coast of Alaska or Florida benefits neither of those states gas prices directly. Unfortunately for us, the people making the decisions have vested interests in making these bad decisions and selling us on it w/ a savings promise that will never materialize.
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February 23rd, 2010 at 11:50 am
If the price of gas is around 4.00 a gallon now what do you think the price will be in 2017 if we dont increase our domestic supply?
Either we increase or learn to live like the amish or let opec (who has us by the short and curlies) squeeze us even harder.
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February 23rd, 2010 at 12:17 pm
You’re forgetting the futures market. If we could get the government to seriously announce that the offshore oil fields were open for drilling now, I guarantee that you would see oil drop five to ten dollars per barrel almost instantly as the futures would start bidding down to allow for when that oil does hit the market.
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February 23rd, 2010 at 12:29 pm
Not really…it would help us in the future but then again, lawmakers say that we need to drill Alaska NOW! The same point that you made is that if we were to begin drilling now, we wouldn’t see any real effects until another 7-10 years and US consumers want change NOW!
Instead, our government needs to make a comprehensive policy towards renewable energy. We have the ability to produce enough electricity through solar, wind, geothermal, biomass, biodiesel, etc. to makea significant change on our energy needs and the prices for oil. With less consumption of foreign oil, that brings more jobs and money to our country. Save some cash and keep it here at home. Besides, our industries have enough business going abroad, we might as well find a way to bring jobs and keep them here.
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February 23rd, 2010 at 1:08 pm
Let Mc Cain go with nuclear plant…
Before the first concrete will be cast for a reactor, solar power will be so cheap that the "commissioning will be decommissioned"
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Baccheus: I would give you 10 thumbs up for this one !!!!
SO common that people think about US not being part of international markets.
February 23rd, 2010 at 1:47 pm
It is a temporary solution. The permanent solutions, like more ethanol or whatever, will ALSO take 20+ years to make an impact. We have no choice but to do every fix of every kind. More drilling. More coal to gas projects. More alternative fuel. More nuclear power. More efficiency and conservation. More wind. More solar. More EVERYTHING. And even that may not be enough in the short run. The world demand for energy is astronomical. It is a bigger problem than 99% of the poeple are willing to admit.
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February 23rd, 2010 at 2:08 pm
AND keep in mind that most of the oil would go to other countries where oil companies can get a better price. The amount of oil that America could ever produce would be too small a portion of the world’s production to bring down worldwide prices. There is a common and mistaken belief that oil produced in America would only be available here.
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February 23rd, 2010 at 2:53 pm
for now it might not be THE answer but its our best chance. Right now supply and demand is driving our prices. If we could stop our dependence on foreign oil and drill more here in the US. we could lower prices drastically because right now we have to compete against other countries who are becoming more and more industrialized. In time we could develop more environment friendly cars. Just look at European countries who produce a relatively low amount of their own oil. The price for a gallon of gas is above 11 dollars.
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February 23rd, 2010 at 3:00 pm
Ok U can chose to try to get something done or be like the LEFT and we cant do anything. With there attitude why even try.Fossil fuel is recycled by the plants just like our CO2 . The way the LEFT is forcing the no drill policy will hurt many and especially the poor.
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