Whenever Democrats speak out against drilling they point to two equally fallacious arguments. First, drilling won't produce any oil for ten years and thus it won't do anything to bring down gas prices. Second, we should drill in the leased areas first and see what is there.
Let's take each of them one at a time. First, some of that oil can be reached in as little a year. Second, the price of oil, the central ingredient in gas, is determined by a trading market. Much of the price of oil has nothing to do with supply and demand and rather psychology. If the market thinks that the U.S. drilling all over the place is bad for the price of oil, then the price will go down. If the market reads that the U.S. is now serious about producing its own domestic oil then that will contribute to the perception that it is the end of the line for speculators.
Now, first of all I am for drilling everywhere in the U.S. Second, I thought these were leased to the oil companies. According to Conservative blogger, here are the five best places to drill. I frankly don't care where we drill as long as we know there is plenty there. These five have plenty of oil. Frankly, I say that we drill in all the areas the Democrats are talking about as well as everywhere we went. Drilling sends a message to the rest of the world that we are serious about producing domestic energy. The bigger a show of force the better. That said, drilling in the Democrat's areas should in no way preclude is from drilling in ANWR and beyond.
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Tuesday, June 24, 2008
Answering the Democrats Drilling Canard
Posted by mike volpe at 6:45 PM
Labels: big oil, blogosphere, domestic policy, energy
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