Bush Renews Calls for Offshore DrillingSee: AP "Bush Looks Offshore for remedy to high oil prices"
As America's drivers scream in economic pain due to high oil prices, our President proposes to ride to the rescue. How? By lifting the ban on drilling in US Coastal Waters.
That, says Bush, will fix everything.
According to the same AP article, Democratic Presidential candidate Barack Obama points out that even if we started drilling TOMORROW we wouldn't see the oil for another 5 years.
Meanwhile, over at the Wall Street Journal, they are not panicking, no sir, they are giving out advice: GET IN ON THE OIL BOOM WHILE YOU CAN!
It is time that Americans learn that the age of cheap oil is over. It will NEVER go back down to affordable prices unless something of epic proportions happens...
Adding a temporary increase in supply won't do it...Oil companies will simply drill more slowly and keep the price up...OPEC has done this for years already.
Place this almost non-existent drop in oil prices, that we won't see in 5 years, against what we might loose by drilling off our coasts. It's a bad deal
I'm not just talking about clean beaches for swimming, but about real money...the US offshore fishing market is in real trouble, and yet, in a world which is clamoring for FOOD as much as for oil, this is another potential gold mine for this nation- one even more important that oil (people CAN learn to drive, but they'll never figure out how to stop eating). American fisherman have been struggling on the margins, waiting for the our fish population to bounce back (read Mark Kurlansky's "COD" for a fascinating discussion of this overlooked but vital chapter in American and World History).
An invasion by Oil companies could put the final nail into that coffin. Far to high a price to pay.
Instead, let's use the next five years, not to wait for a temporary supply of cheap oil to come bubbling dangerously from the deep, but instead to break our addiction to this substance once and for all.