Offshore drilling: a good idea?


#1

What are people’s opinions on offshore drilling to reduce the price of gas? Is this better than developing alternate energy sources and technology for personal transportation?


#2

I think your question is over-simplified. Additional domestic oil production may eventually reduce the rate of increase of oil prices, but neither additional exploration or alternate energy sources are going to affect prices at the pump in the near term. The current fuel prices are a result of reduced production, a very weak dollar, and commodities speculation (the relative effect of each is the subject of much debate at the moment).

In any event, the goal should not be to reduce gasoline prices, the goal should be to reduce energy imports (which will probably require more significant price increases).


#3

But the price at the pumps ultimately determines consumer behavior. Which brings up the question: did un-naturally low gas prices fuel the desire for the hummer market…

Not sure if the average American actively wants to reduce energy imports.


#4

I’m in favor of both. Drill in the ocean waters and ANWAR along with continued development of alternate energy sources.

Living here in oil country I don’t see an environmental problem with drilling. It’s actually a pretty clean operation and in no way is it like those old movies where oil is gushing hundreds of feet into the air and soaking everything for blocks around.
Even oil field salt water disposal sites have screens to keep out the ducks and geese.


#5

Progress will come making advances on all fronts: Conservation, Improved Efficiencies, New oil/gas supplies world wide, New/Increasing alternative energies, Productive expansion of existing energy supplies (Coal, Nuclear, etc.), Lifestyle changes, etc.

For the U.S., we should focus on reducing energy imports while increasing supply.

I’m for full steam ahead on all fronts!!


#6

Collectively wishes for changes, but individually stays the course… We can’t be spanked as a group, but, you’re right, Craig58, if enough individuals feel penalized (pay the increasing price), we will demand a change.


#7

More drilling will reduce prices, but maybe a lot less than people think. After all no matter who does the drilling the oil will go to the highest bidder and the highest bidder may not be in the US, or whatever country you are in. No oil company is going to sell to other than the highest bidder.

That said, I am not upset with high oil prices. High oil prices encourage research and conservation. I consider both very important.


#8

The short term is to drill.

But in the long term we have to develop alternate energy sources. This is going to take DECADES before we can get off of oil.


#9

The oil companies have little financial incentive to start expensive new drilling. Their goal is to make money, not conduct foreign policy on behalf of the government.


#10

Worldwide most of the remaining untapped reserves are OFFSHORE! A total of 5/7 of the earth is covered with water, so that makes sense. Russia has still great reserves to be developed in the Arctic Ocean, as has canada and the US. Brazil has just idenetiied large and very deep reserves off the Atalntic Coast. Most African reserves are offshore.

So the question is not “should we?”, we must! But as Craig points out, it will not result in reduced gas prices. The spare production capacity worldwide is so slim, and the US dollar so weak that we are not in any bargaining position. Besides, it normally takes 6-8 years to bring these reserves on line.

As pointed out before, the US may be the largest consumer of coffee, but it cannot contol the price of that commodity either.


#11

I am in favor of drilling off shore, but I also know that even if we do find a good alternative, the price of the latter will be high anyway.

Sugar cane is a better alternative than corn. It is cheaper to process and yields a lot more.


#12

Today, there are 1941 drilling rigs in operation in the United States. Every rig able to turn a drill-bit is in operation. Trying to find MORE OIL is not the answer. Using LESS OIL is the answer…

Any oil found and extracted from deepwater, offshore locations will be $150/barrel oil.

Try this on. Any motor vehicle that gets 50 mpg or better is exempt from Federal safety and emissions regulations. Lets see what a free marketplace can produce if turned loose. We can clean it up later if need be…


#13

Buy someone else’s oil until we really cant afford it anymore.Keep the domestic supply in reserve,something like saving for a rainy day. I say dont panic that rainy day is not here…yet.


#14

Our grandchildren might like having a little oil left in this country…


#15

We need additional resources, including off-shore drilling and mining of oil shale and tar sands. The latter two are economically feasible at over $100 per barrel of oil, as are deep ocean wells. The folks who do that are on the case, but it takes a while to re-open the mines and ramp up (and build new) extraction facilities. Alternate energy sources are a great idea, too. I suspect that plug-in hybrids from GM and Toyota might be here before the oil shale/tar sands projects have a meaningful impact.

If you want to have an immediate impact car pool, take public transportation, and slow down. If everyone who goes 75 slowed to 65, they would save 10% to 20% in fuel use. Fat chance of that happening, but it just goes to show you that many people would rather pay more at the pump than slow down and pay less even at over $4/gal.


#16

I agree that we nee dto open up offshore drilling as well as ANWR. Our government is doing us no favors by limiting access to significant known reserves, allowing the middle east to plunder our wealth. We’re also allowing the middle eastern countries to move in to dominate other expanding world markets such as China while we sit idly by.


#17

The oil companies hold drilling leases on 64 million acres of federal land. They should drill there first. It is like my parents always said, “Clean your plate first, then you can have seconds.”


#18

There has been legislation proposed to this effect, however the reality is that this land is leased to protect reserves that are already being tapped. One are of drilling can be pulling from a reserve of enormous acreage.

Requiring drilling of already leased land will not increase supply. Only drilling in untapped reserves will do that.


#19

If all these areas were being drilled, U.S. oil production could be boosted by nearly 5 million barrels a day, up from about 8 million barrels a day currently.

That compares to an increase of maybe 2 million barrels a day experts say opening up other coastal areas and the Alaska’s Arctic National Wildlife Refuge might yield…

…But fearing oil prices will eventually fall, the industry is leery about making too many investments in the fields it has - many of which are in deepwater areas that can be pricey to develop.

Instead, they’re holding out, hoping the government will open areas closer to shore that would be cheaper to work on.*

*http://money.cnn.com/2008/06/23/news/economy/oil_drilling/index.htm?cnn=yes


#20

Glad somebody brought it up. Its about time we start doing some long range planning. We would have been there if Clinton hadn’t scrubbed the plan 12 years ago.

  1. Yes, drill off shore and ANWAR. That’s what it was set aside for in the first place.
  2. Yes, change the leasing agrreements to force development of land already leased for production.
  3. Yes, prohibit oil produced in the US to be exported, period. Not to China.
  4. Yes, an agressive approach to alternative such as eth from grass not necessarily corn, like Brazil has done for heavens sake.
  5. Yes, an aggressive approach to hybrids.
  6. Yes, an aggressive approach to nuclear plants and improving the grid.
  7. Yes, an aggressive approach to restricting investment bankers and pension fund managers from using a resource necessary for national security as a way to make millions.

Yes it will take years but we need to quit thinking that conservation in a growing economy will do the trick and get on with the project. Need a little leadership folks and less politics. We evidently have more oil in the US than the Mid East so lets start using what we have. Affordable energy is an absolute essential to a growing economy and the good of the average American. Let’s quit arguing and get on with it.