Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (37093)	7/31/2008 8:15:41 AM
From: puborectalis	Read Replies (1) \| Respond to of 224750

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."