Why Offshore Drilling Is Not The Answer....

Written by: Drew P on Aug 2, 2008 2:54 AM EDT

The Republican Party strategy is to say we need more off-shore drilling. It seems simplistic enough. If we drill more then gasoline prices will come down, right?

WRONG....Here is why....

The crude oil market is globally determined. Oil companies do not sell just in the United States of America. Crude oil and gasoline is a product shipped globally. Therefore, the price of crude barrel oil is established by global supply and demand. Lets say, 3 million additional barrels a day could be extruded from lands and seabeds of the United States. Compare that to the 90 million barrels now produced around the world. So thats what 6% of the total? In the best of circumstances, thats no difference to the American consumer. 

Second, Crude Barrel Oil isn’t just waiting there to be pumped out of the earth. Exploration takes time. Erecting drilling equipment takes time. Getting the oil out takes time. Turning crude into various oil products takes time. There'd be no significant impact on domestic crude and natural gas production until 2030. Thats well after the administration and possibly life expectancy of John McCain, Dick Cheney, George W. Bush, but not myself or my nieces and nephews and your children and grandchildren and yourself.

Finally, the big oil companies already hold a significant number of leases on Federal Lands and offshore seabeds where they are now allowed to drill, and which they have not yet fully explored. Why then would they seek more drilling rights? Because they want more leases now, when Bush & Cheney are still in office.

Ownership of these parcels would serve to to pump up their balance sheets even if no oil is pumped.

So don't buy this strategy. Like WMD's....this is just another scheme by the administration and party that brought you the Iraqi War. Theres no exit strategy for this either!

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Location: Little Rock, AR 72204