Not sure when we would see that oil, but definitely price would go down for a while.If usa,were to start drill for today?would that new oil help us now or with one year? and keep the price down?
I agree with Fox and Filthy. The giant price spike was not caused by a supply problem. Extra supply does lower the price a bit... maybe enough to buy an extra candy bar at the station. It is inconceivable to me that futures traders are going to make significant lasting changes in the price of oil based on the fact that we *might* drill and *might* have extra supply in a decade. This is ridiculous, considering that these guys find an excuse to raise the price every time the slightest little thing happens to scare them. And as Fox said, even if we have greater supply due to domestic drilling, they will easily find another reason to keep the price up. I have no idea why people are so excited about domestic drilling. Especially since we should be focused on all owning a volt in 10 years anyways. Hopefully by then I won't care very much about the price of oil. Domestic drilling gets people excited for two reasons- it makes some rich people another chunk of cheap change. And it gives republicans a way to blame democrats.
Add- the price always goes down at the end of summer. but limbaugh and his clones try their best to give credit to the republicans.
it will help NOW!
Oil is being traded on the futures market, which goes up in estimation of how much oil will be available in the future. hence why when a scare of a pipe closing in the ME happens it immidately jumps up.
If you drill here and now, your showing the rest of the world, there will be a WHOLE lot more oil comming onto the market in the future, and thus the price of oil will have no choice but to drop.
Simple supply and demand. economics 101
Why cant washington seem to get that?
If you listen to some of these obot genisuses that know nothing, there afraid thinking it wont even be available for 10 years, when in the meantime, obamas plan does NOTHING but MIGHT be available in 10 years, no guarentee. but hey! keep inflating your tires!
10 years ago Clinton Vetoed drilling ANWR. Now wher eare we? 70% dependant on foreign oil.
The gas prices are up because speculators are speculating more of a need for oil. So, when they do that, this raises gas prices. If we start drilling today, the speculators shouldn't put the price as high, and this should lower our prices.
Another thing I saw that is haing prices up, other countries in the world are driving more, so they have a demand for more oil, so this is causing the prices to go up too.
Will we get back to lower than $3 a gallon, sure, we could even get down to $2.50 a gallon, but the speculators need to quit guessing, and go with what is fact, not what they think its going to be.
There are currently tens of thousands of acres of oil fields in the US that are leased to oil companies where they are not currently drilling.
Allowing offshore drilling to start today would take at least 10 years for any gasoline produced therefrom to reach the consumer, and, at best, could lower gasoline prices by 5垄 per gallon. In about 2018.
No - the republicans are just using it as their present Big Whine!
It will be 2030 before any oil drilled right now will reach the market. FOX ';News'; lied that down to a few months at one point. But 2030 is even the White House figures on when that new oil would reach the market.
So - no - dilling won't keep the price down - but it will increase the profits of Big Oil real good - and that's why the republicans are pushing it. They are the handmaidens of Big Oil - each and every day - with every lie they tell.
I've heard estimates from both sides and people who seem to be neutral on the issue, and the consensus seems to be that it will NOT help now. How long it will take to see that oil if we started drilling tomorrow seems to be up for debate, but I haven't heard anyone say anything under 10 years, but mostly I've heard 20 years. Then it's a matter of how much we keep versus sell in the international market.
People who are for drilling and against or resistant to alternatives say that alternatives will take years as well. They are right, but since people have been asking for alternatives since the '70s, and I've heard mostly that alternatives will take 20 - 30 years, I have to think that if they'd started seriously looking for alternatives 30 years ago, we wouldn't be in quite the mess we are now. I mean, let's say it takes 20 years for the oil (a finite and polluting resource), and it takes 20 years for a resource that is infinite and pollutes less, isn't it logical to opt for the alternative? Neither solves the NOW problem, but if we can solve the future problem, why not get to work on that while figuring out the ';now'; problem so we don't have another ';now'; problem in another 30 years?
Americans have driven over 12 billion miles LESS this past year alone compared to our average every year. If we're driving that much less, doesn't that show you that the amount of oil they have and the amount we use are unrelated when it comes to pricing. The more oil they have to sell, the more of it they will sell at $4 and up per gallon. It doesn't matter where they drill, how much they drill, or what they find; You and I are going to pay dearly for it.
If Congress got of it's collective butt and removed restrictions on drilling *AND* production, the world price per barrel (and domestic price per gal) would most likely drop relatively quickly even though actual production would be a couple of years away... because of the perceived future increase in world wide supplies of oil
But even *IF* the price of a gal of gas didn't drop very much the US would be *MUCH* better off because we wouldn't be sending hundreds of billions of dollars to foreign countries (many of whom hate our guts) thus reducing our balance of trade defect and possibly even moving it to a positive. The biggest benefit is that we wouldn't have to modify our foreign policy to please rogue states just because we need the oil.
If the US were to start drilling offshore for oil, we may see relief in approximately 30 years. Nationally, gas prices would be affected by only a few cents per gallon, assuming success in the targeted locations. This oil would then be sold on the open market, so the U.S. advantage would ultimately be nil.
Hell, if you listen to some of the economic geniuses on YA, the reason the price of oil is going down now is because McCain and Bush WANT to open up offshore drilling, instead of reduced demand.
Bush and McCain are so all-powerful that simply their wishes affect the economy.
Supply and demand would basically say any more supply would lower price. With people buying and selling futures on the price in 15 months or 3. These futures also influence price. With less futures traders buying, because there will be more supply. The price will go down too.
The simple threat of drilling has already caused the price to come down, and yes I think supply would be increased in a year. Notice what has happened to oil prices since Bush called for more drilling.
http://www.ibdeditorials.com/IBDArticles鈥?/a>
Oil companies will always find excuses to increase prices. Why? Because oil WILL run out no matter where you drill.
You're right. Hey, since I won't get paid for at least three weeks I wont bother getting a job.
Does it really matter? Democrats said ten years ago that we wouldn't see any benefits for ten years. Look where that got us.
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