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Originally Posted by Mattyk72
Point for debate here:
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"Bottom line, you can not drill yourself to lower gas prices," he noted. "The amount of lands that are open, the amount of permits that have been issued have all increased over recent years yet so has the price of gas. There is no correlation between opening up more pristine areas and lowering the price of gas - no correlation whatsoever."
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link: VOA News - Bush Calls for End to Ban on Offshore Oil Drilling |
In the short-term, that doesn't sound right to me, unless the long-term outlook overwhelms the short-term economics.
I found this quote interesting:
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House Democratic Caucus Chairman Rahm Emmanuel says oil companies already hold leases to 68 million acres of federal land that they are not exploring.
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Sounds like the oil companies want to pass the buck onto the American people so that they don't have to do expensive testing to find more oil. I have little sympathy that they have to pump some of their record profits back into their business to find new oil.