Offshore drilling has become a central issue in the campaign, despite the fact that it’s pretty assured that ripping up the Outer Continental Shelf won’t do jack to reduce oil prices, or decrease our dependence on foreign oil. Still, GOP members of the House of Representatives are clinging like static to the issue, to the point where they’ll forgo a perfectly good August vacation to stay in D.C. and recruit tourists to their cause. According to the Christian Science Monitor:
Nearly 90 GOP lawmakers, about 40 percent of the Republican caucus, have come back to Washington since the House voted to adjourn on Aug. 1 to protest Speaker Nancy Pelosi’s refusal to allow a vote to lift a moratorium on offshore drilling.
“The American people deserve more access to American oil, and Congress should be in session until we vote,” said Rep. Mike Pence (R) of Indiana, speaking to a chamber half-filled with tourists, escorted by GOP lawmakers to break off their tours of the Capitol and take a seat on the floor. He urged the tourists, many of whom seemed astonished to find themselves on the floor of the US House of Representatives, to “call to a Democratic member of Congress from your state” to demand a vote.
Funny how Pence neglected to mention that, even if a vote happens tomorrow and the moratorium is overturned, it would likely be 2013 at the earliest before our oil supply saw any increase. So you may as well enjoy that August holiday, ladies and gentlemen.
Image: iStockPhoto
August 12th, 2008 at 9:24 pm
“Ripping up”? No, not really, drilling a hole is not “ripping up.” And yes, it will reduce oil prices, maybe not tomorrow, but in the long run it will. 5 years from now wouldn’t you rather be paying $8 /gal rather than say $12? Gotta plan ahead. More sources of oil allow for a longer and smoother transition to alternative energy. Besides, with the economy not doing so great drilling for oil will open up new jobs.
August 13th, 2008 at 9:43 am
hmm… Pete, not sure I agree with you that a “longer and smoother transition to alt energy” is a good way to go. How about let’s do it as fast as we can??? How about let’s let some of the alt energy plans come to fruition, rather than allow the large oil companies to lobby against them in the congress???
August 13th, 2008 at 10:52 am
How do we know that the alt energy plans will be as efficient and successful as we hope? Just because it will not affect us now, does not mean that it will be beneficial in the long run. Even if we find a good alternative, the transition will take a while regardless. Replacing existing systems and technology will neither be cheap or quick, and having our own oil supplies, rather then relying on foriegn oil would free up more money for that transition. Also, had we started drilling years ago, we wouldn’t be in the mess we’re in now in the first place.
August 13th, 2008 at 12:03 pm
200,000 barrels/day is the estimate for OCS. A similar number could be pulled from ANWR. That would represent about a half-percent increase in world oil supply. Anyone who thinks a half-percent increase in suplly wouldn’t affect prices by at least a few percent needs to take some economics lessons…oil demand is inelastic and therefore small changes in supply or demand result in large changes in price. This should be obvious to anyone who watches the news.
Not only will it affect prices, but we are literally talking about TRILLIONS of dollars of oil. As long as we are not idiots and sell the leasing rights for a song (as we have done in the past), this huge windfall can fund transition to the renewable systems that we need.
And I agree with Pete: “Ripping up” is a gross, baseless exaggeration.
August 13th, 2008 at 2:28 pm
So every year, some Very Smart People ask “Why gear up to drill here, you rubes, if the payoff is X years out?” Too bad nobody silenced this past decade’s Very Smart People.
August 14th, 2008 at 3:46 am
I am continually amazed at the shortsighted approach humans take in dealing with problems. We didn’t do anything of consequence back in the ’70s, and while off shore drilling may have some impact in the future, I still think it’s the wrong way to go as a solution. The capital expenditures to spin up this drilling will be stupendous, yet no one seems to mention that.
Also, why not drill in the millions of acres the oil companies already have in their grip?
For being such supposedly smart apes, we sure act dumb.