Dems: we object to off-shore drilling, even if gas is $10/gallon

More or less offshore drilling mandated in the near future will have no effect on gasoline prices in this decade. The infrastructure of giant deep water rigs, hubs and pipelines requires enormous investment and a long time to just physically build. That being said, the world's oil supply is always tenuous and the more domestic supply we can secure the better off we and our children will be.

You know you can't just go out and drill in any lease block and find oil. You have to lease them and do the seismic studies to see if there are any promising geologic structures at all and then make the value judgment about whether the possible rewards justify the risk.

I don't really understand why all federal offshore jurisdiction isn't open to exploratory leasing.

And as much as I want government to be wrested from the corptocracy and returned to the greater good, Nancy Pelosi has got some goofy ideas.
The strategic nation reserve might come in real handy if Israel and Iran start popping off ordinance instead of words. It could have a use more important than dropping the cost to fill up Momma's SUV by a dollar.

 

Correct me if I'm wrong, but aren't the oil companies sitting on tons of reserves that they aren't drilling? And aren't they doing it to lean on Congress to allow offshore drilling? So why don't we allow it? If it is what they've been waiting on to drill the other reserves than just let them do it. The results of offshore drilling might not make too much of a dent in prices but the overall supply would be increased. Where's the old fashioned deal. We let you have offshore, but you have to start drilling on your other reserves?

Dumb that the Democrats wouldn't even bring the issue up for vote.

 

I fished near 5 rigs that were in drydock a couple of weeks ago. After asking around, I found out that they were taken from dried up leases, brought in and repaired, and now have no place to go. These were shallow-water rigs, and wouldn't be used in the 100+ mile leases that get the most traction when Congress talks about this, but there are ways to get new oil flowing really soon, if we want.

 

Let's see,...most Americans want off shore drilling...The Democrats and Pelosi is turning their backs on the majority of Americans demand for relief...The market would factor in the prospect of additional oil supplies later on, so prices will go down in the short- term, and within 10 years,...relief however small will arrive due to increased supply...Will the supply be significant? No...but for millions of Americans seeing their price of gasoline go down even 7 to 10 cents a gallon is a big deal...Especially for the lower income households, the Democrats seem to champion...sigh...In 10 years, we should be in better shape for refining alternative energy choices...

This is not only a political trap, but a responsibility trap as well for...Way to go modern democrats...!

 

I read a report that says 80% of Chevron's leases are actively worked. Does that mean successful oil production, exploration, setup, what? There is still 20% not being used. I'll go ahead and let the other 5 major oil companies get off and say they are using at least 80% of their leases as well. I've heard estimates that the oil companies have leases from 40 million acres to upward of 70 million.

So, if all the major oil companies only "work" 80% of their current leases then that leaves 8 million acres, using the 40 million acre estimate, that is not being worked. About half the size of ANWR, another major potential exploration and production site. If you use a larger estimate, say 60 million acres, then that leaves 12 million acres to be "worked" by the companies. That's more than 60% of the ANWR's total size.

 

It's crazy,...almost as if unneeded hardship towards the constituency is a goal from the Democratic leadership...

 

i'm rooting for the price of gas to spike

 

While you are at it,...laugh in the face of the single mom deciding to either drive to work or buy medicine for her sick child...

 

Long term solution? Does not compute for democrats. No wonder they don't understand

 

With speculators as a suposed current reason why prices are as high as they are, don't you think if it was announced today that more offshore drilling would be allowed, that prices would go down as just speculation of more supply and lower prices. Ottoman's article really didn't say anything that wasn't common sense. We all know that it would take about 5 years to get production from a new well, and that doesn't mean much today. But with the demand for oil every increasing world wide, dont' you think it would be wise to have more supply 5 years from now if we could. More drilling is going to happen, its just a matter of time. There is no way the dems are going to be able to hold this issue down forever.

As far as the dem's cutting out today. Pelosi is horrified for this to come to a vote. She knows there is strong public outcry to drill more, and she knows that there are more than a few dem reps that would vote for more drilling.

 

necessity is the mom of invention...

 

It's not a long-term solution either.

 

...also the market...

 

let's invent it!...We are not there, and until we are...Let's do the right thing...

 

Increasing supply is a long-term solution, friend.

but thanks for your reply.

 

time to tighten our belts folks

 

Except your looking more at like 20-25 years:

[rquoter]

An analysis performed by the Energy Information Administration (EIA), the independent statistical and analytical agency within the U.S. Department of Energy, found in a report published in 2007 that opening up the outer continental shelf in the Pacific, Atlantic and eastern Gulf regions would result in production no sooner than 2017, and would not have a significant impact on domestic crude oil production before 2030.

[/rquoter]

And we are still talking about 1-2% bump in global supply. You can get more than that from negotiating with OPEC to increase production.

You can make the energy independence argument if you want. And that's fine if that is your plan. Just don't sell it as some magic bullet to lower gas prices. And don't claim that the oil companies don't benefit more than anybody else from opening offshore drilling. It isn't some altruistic endeavor.

 

Yes it is...Is it the eventual solution? No...oil extraction should not or isn't where the future is,...but the market will factor in the prospect of additional oil supplies for the short term...There will be additional supplies in the next 10 years...Enough to be significant...No. Enough to make a differance?...Yes!

 

And how big of a difference are you talking about? We want to make this great effort for drilling so prices can go down a few pennies maybe?

Besides that, do we even have enough domestic oil to wean ourselves off of foreign oil? I think I read somewhere that we have maybe 2% of the world's petroleum while we consume almost 25%?

 

If your goal is a 2 to 3 week bump of $5-$10 in the per barrel price of oil, then I guess you are right. Personally, I think there are better and more effective ways to make that same nominal, inconsequential bump happen.