Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: Kenneth E. Phillipps who wrote (37093)	7/31/2008 8:15:41 AM
From: puborectalis	Read Replies (1) of 224749

According to the federal government's own Department of Energy, drilling off America's coasts would not have a significant impact on domestic oil production or prices before 2030. And off-shore leasing wouldn't even begin before 2012. Why? Because the leasing process is cumbersome. And currently, there aren't enough rigs or workers or refineries to handle more oil. Then there's this. Most of the U.S. offshore oil, almost 10 billion barrels, lie off the coast of California. But at the current rate of U.S. consumption - about 20.7 million barrels a day - that would be burned up in 16 months. "It would have a pretty modest effect even when it did start flowing," said U.C. Berkeley energy researcher Severin Borenstein. Borenstein says it might drop pump prices as much as 25 cents a gallon in 10 years or more, but: "I think it is very unlikely that we will ever see oil prices that get us back to $2 a gallon or even $3 a gallon."

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