Initially when President Obama proposed the idea of lifting the moratorium on oil exploration along the East Coast of the United States, the eastern Gulf of Mexico and the northern coast of Alaska; I wasn’t fond of the idea as I felt the President was only trying to win Republican support for his Climate Bill. I then listened to the President’s March 31st speech explaining why he lifted the moratorium; he stated that in order for the United States to prepare for oil independence from foreign oil we had to increase domestic production. This increase in domestic production will lower oil prices as well buy us time as we move in the direction of complete oil independence (electric cars). I have to admit it sounded like a great idea, that was until the BP Oil Rig accident.
It’s not necessarily the accident that changed my mind; in saying that I’m not trying to minimize the terrible environmental impact from the oil spill. What I am saying is that when looking at the track record for Oil Rigs in the U.S. I would say that the likelihood of a major accident did not seem very (I realize that recent information released showed issues with protective measures that did not work. None of those points were mentioned when the President mentioned his plan). My change of heart is more based on the idea that increasing domestic oil production would lower the cost of oil. This is a false assumption that many experts have discussed; this is just not true. The amount of oil that we would be able to produce domestically will not have a significant effect on pricing globally.
The U.S. Energy Information Administration did a study back in 2007; if drilling exploration started by 2012 along the East Coast and eastern Gulf of Mexico it “would not have a significant impact on domestic crude oil and natural gas production or prices before 2030”.
There is also the misconception that oil drilled and produced domestically would belong to the United States for our use; this is simply untrue. That oil would be sold on the global market, we would basically produce the oil and then bid on that oil just like anyone else in the world.
With all that said, Pres Obama will have to remind me again WHY lift the moratorium on domestic offshore drilling? By lifting the moratorium Pres Obama gained the grand total of 1 Republican vote for his gesture. The Climate Bill is necessary, but Democrats (along with Obama) can’t be consumed with the notion of gaining Republican support. This is an issue that majority of the public supports; so treat just like Wall Street Reform. If Republicans don’t want to support the Climate Bill, so be it! It will be another chip for Democrats to use against them in the November Elections.
I will give the President credit for slowing down the process of offshore drilling since the BP Oil Rig accident. They will not move forward with the President’s plan until it is determined what happened in the BP accident. They will also look at the so-called safety measures that failed in preventing this catastrophe.
With all that said, as the oil continues to gush from that open valve; Pres Obama may have to scrap his plan all together. The lasting effects of this accident will be felt for a long time!!!
By the way where are all the “Drill Baby, Drill….” folks at now? Palin, Steele, Rush; where are you guys??? Well Rush Limbaugh weighed in on what he felt REALLY happened in this “accident”!
I think Rush is on that Oxycontin again!!!!
If there is something to be said, “Its On Broadway” to step up and say it!!!