How will voting for drilling help gas prices immediately?

Question

How does that work since it will be a long time to actually bring the offshore (or onshore) to the pump?

Answer 1

Because the price of oil is not just a function of supply and demand. There is also a speculation factor, that is based on risk and perceptions. Think about it: it is impossible that supply and demand alone have changed so much in the past year that prices have gone from $75 a barrel to more than $140, and then started back down again. The difference is in the speculative aspects of the oil trading markets.

So, if more off-shore drilling is approved, speculators could drive down the price of oil even in the short run.

Answer 2

There is hope to bring down the prices although time will still be quite a long time.

Answer 3

There is no instantaneous solution.  Offshore drilling will increase the supply of oil and gas, and the sooner we drill the better.  However we need to be working on other solutions such as non hydrocarbon forms of energy.

I know that a lot of gas is produced offshore and if gas could be substituted for oil, it would be cleaner and there is a lot more gas available domestically than oil.

An offshore platform is a lot like a ship except it doesn't move.  The workers stay on the platform day and night but there are two crews which alternate so the other crew can go back on shore and visit their family.  You go to and from the platform by helicopter.  I spent a day on one of the  offshore Louisiana platforms.  The best part of the trip was the food they served us.  The cook really took pride in his work.

Answer 4

Just having Bush lift part of the ban caused prices to drop. If we can get the obstructionist Democrats to hold a vote on drilling will cause prices to drop again and actually lifting the ban will lower the prices even more.

The some of the offshore oil can be brought to the pumps in 2 months with full production in 6 to 12 months. Oil from Anwar would take about 12 to 16 months to reach the pump. These time lines are directly from the experts.

Answer 5

Other oil rich countries will step up production to lower prices immediately so that it won't be cost effective for american companies to drill in the states. They will try to keep us buying their oil by keeping the price down.

Answer 6

It'll make Bush's friends rich and they'll reward him when he leaves office.

What's good for Bush is....good for Bush.

Answer 7

It won't.

Off shore drilling will do nothing for years because the 500 million dollar oil platforms take 3 years to build and they are all booked up for years to come.

Answer 8

Thats the thing...it wont help immediately...it's a temporary long term solution.

Drilling for oil shouldn't be our focus. Investment on new energy resources is what drives gas prices down. If we started implementing and finding new energy resources, the people who make money off of oil will drive its price down to create a higher demand for oil, thus making alternative energy seem less attractive.

Answer 9

Because speculators will stop driving the price up.