Can someone please explain to me exactly how drilling in the Gulf of Mexico as well as other off-shore places

Question

is actually going to have any effect on our present high oil and gas prices since it will take approximately 10 - 12 years for any oil to be produced and then it will only reduce our gas prices about four cents a gallon?

I think that Bush is selling the American Public another Edsel like he did with the Iraq war!

Answer 1

You have to start, before you can finish.

This was once a nation of do'ers.

Now, it is a nation of professional arguers.

Answer 2

Strangely, "Most oil leases on public lands go unused".  Somehow that information never made it into the President's announcements.  Here's another little known fact:  the USA is the third largest producer of oil.  Only Russia and Saudi Arabia produce more.  You might know that the USA is the largest importer of oil.

I know of no "silver bullet" to end high gasoline prices.  However, we could  end tariffs for ethanol?  We could call it "free trade"?  It is true that the USA charges $ 0.54/gallon for imported ethanol from Brazil.  High energy prices may not be fixed with election-year political speeches but the USA can do much better in this area with a long-term energy policy.  My favorite energy expert is Amory Lovings.

Answer 3

I am not exactly sure that it will take ten years to get oil out of any new off shore drilling. I've heard that often, but never seen any credible reference to explain the delay. Having said that, it seems that just the talk of potentially opening up new reserves has had a lowering effect on short term prices. Compare the price of oil today to that of a few days before President Bush removed the Presidential ban on drilling. While the price of a barrel of crude is not back under $100.00, it has fallen in that time period

Answer 4

you are truly misinformed. first of all, it will take from 2-5 years for any new wells to produce, not 10-12, second, it was bill clinton and all

the democrates in congress who wouldn't allow drilling off shore. had they allowed drilling 10 years ago we wouldn't be in this situation today. bush has abolutely nothing to do with this current crisis. sorry you can't blame bush for this one. nothing we can do now will effect gas prices today, something should have been done years before bush.

Answer 5

Good thing Bill Clinton said that same thing 10 years ago, right. What we do with all that oil now? It will take me 10 years to save for a house. Therefore why bother. Great logic

Answer 6

and most of it will be sold to the chinese, but it makes us feel good anyway.