
This topic has been all over the news this summer, and I’m sick of it.
Here’s the gist of it:
Gas prices are up roughly $3 since Bush entered office in 2000.
People want lower prices. What else is new. (Though Americans forget that Europeans and others have been paying prices this high for a while)
Republicans offer more offshore drilling as a solution to high prices — supply & demand, yada yada yada.
Some democrats point to lands already owned by oil companies that aren’t being drilled. “Why not?” they ask. Oil companies probably aren’t stupid (profit driven and careless, but not stupid), they drill where prospects are good — so maybe already owned land is just not as productive as offshore, or just not worth the start up costs. Who knows.
My conclustion: More drilling offshore will NOT lower prices in the immediate future — it’s a global market. Our oil is just a drop in the global bucket.
Republicans want to “give people credit” (that’s their way of pandering to public outcry) and say most Americans understand the issues — they don’t, sadly.
Let me repeat that part above for emphasis–More drilling offshore will not lower prices in the immediate future — it’s a global market.
