Pangloss Posted July 14, 2008 Share Posted July 14, 2008 http://abcnews.go.com/Technology/wireStory?id=5369090 President Bush will lift the executive branch's ban on drilling on the outer continental shelf this afternoon. But congress has its own ban so drilling can't begin without that being lifted as well. However, given Congress' nine percent approval rating and the overwhelming popular opinion on high gas prices, it could be difficult for them to say no. Plus they can approve it while keeping ANWR secure, which gives them something to placate environmentalists. Given the apparent safety of offshore drilling, and the need for interim solutions while we adopt alternative energy sources, I think this makes sense, even if it's only a trickle and/or a long way off. One of the reasons we're at that 70% dependency mark is our refusal over the years to develop domestic sources. The time has come. Link to comment Share on other sites More sharing options...
Ophiolite Posted July 14, 2008 Share Posted July 14, 2008 You presume that there significant discoveries to be made. While there is oil there - in commercial quantities - I would be staggered if there were sufficient to seriously dent the import levels. Link to comment Share on other sites More sharing options...
bascule Posted July 14, 2008 Share Posted July 14, 2008 I, for one, am hoping for no last minute oil grab Link to comment Share on other sites More sharing options...
Phi for All Posted July 14, 2008 Share Posted July 14, 2008 I, for one, am hoping for no last minute oil grabI agree with this, but, while most Americans are probably thinking that offshore drilling will bring prices down, I'm just hoping they don't go up too much more too quickly. I want a price that makes alternatives more attractive without impacting the prices of everything else too heavily, and I want less dependence on oil from questionable sources. And I want a fireman's hat, some LEGOs and a horse; not a pony, a HORSE. Link to comment Share on other sites More sharing options...
Pangloss Posted July 14, 2008 Author Share Posted July 14, 2008 No! Link to comment Share on other sites More sharing options...
DJBruce Posted July 17, 2008 Share Posted July 17, 2008 I'm thinking that we should use this challenge to find alternatives but while we are working on those I we should drill. But I highly doubt that there will be a significant impact on the high prices. Link to comment Share on other sites More sharing options...
Aardvark Posted July 20, 2008 Share Posted July 20, 2008 I'm thinking that we should use this challenge to find alternatives but while we are working on those I we should drill. But I highly doubt that there will be a significant impact on the high prices. The day that President Bush announced the end of the Presidential ban on off shore oil drilling the price of oil dropped. The price dropped immediately he made the speech. Link to comment Share on other sites More sharing options...
Pangloss Posted July 20, 2008 Author Share Posted July 20, 2008 The day that President Bush announced the end of the Presidential ban on off shore oil drilling the price of oil dropped. The price dropped immediately he made the speech. Thus demonstrating the impact of speculation on the price of oil. Link to comment Share on other sites More sharing options...
Aardvark Posted July 20, 2008 Share Posted July 20, 2008 Thus demonstrating the impact of speculation on the price of oil. Of course. Future production is a fact that is part of the pricing of any commodity in a properly functioning market. Link to comment Share on other sites More sharing options...
iNow Posted July 20, 2008 Share Posted July 20, 2008 Let's see how long the price decline lasts. That is a fundamentally more important question to ask in this situation. Link to comment Share on other sites More sharing options...
Pangloss Posted July 20, 2008 Author Share Posted July 20, 2008 Or if it affects the price of gas at all. I read a couple of months ago that while the price of crude had risen 70% (over an amount of time I cannot recall), the price at the pump had only risen 30%, suggesting a margin. The current decline in the price of crude might therefore have no impact on the price at the pump. But I don't know how accurate any of that really is. I suspect we will see a slight fall but that it will remain in the vicinity of $4/gallon. I'm even less of a sage than I am a rocket scientist, though. Link to comment Share on other sites More sharing options...
iNow Posted July 20, 2008 Share Posted July 20, 2008 I actually agree with your conclusion though. I suppose you can call me the lemon butter for your sage. Link to comment Share on other sites More sharing options...
iNow Posted August 2, 2008 Share Posted August 2, 2008 Let's see how long the price decline lasts. That is a fundamentally more important question to ask in this situation. Or if it affects the price of gas at all. I read a couple of months ago that while the price of crude had risen 70% (over an amount of time I cannot recall), the price at the pump had only risen 30%, suggesting a margin. The current decline in the price of crude might therefore have no impact on the price at the pump. But I don't know how accurate any of that really is. I suspect we will see a slight fall but that it will remain in the vicinity of $4/gallon. I'm even less of a sage than I am a rocket scientist, though. Your prediction on this has held true thus far. I've seen no change at the pump despite the massive drop in per barrel costs these past few weeks. Why lower prices if people will pay higher ones, eh? http://www.freep.com/apps/pbcs.dll/article?AID=/20080801/BUSINESS07/808010363/1020/Business07 Link to comment Share on other sites More sharing options...
ecoli Posted August 2, 2008 Share Posted August 2, 2008 Your prediction on this has held true thus far. I've seen no change at the pump despite the massive drop in per barrel costs these past few weeks. Why lower prices if people will pay higher ones, eh? http://www.freep.com/apps/pbcs.dll/article?AID=/20080801/BUSINESS07/808010363/1020/Business07 I've seen gas prices drop from about $4.20 to $4.09 in two weeks. Link to comment Share on other sites More sharing options...
Pangloss Posted August 3, 2008 Author Share Posted August 3, 2008 The news stories I've been seeing have been talking about a 10-20 cent drop at the pump. One story (I'll have to look around for it) said that the national average is down below the $4 mark again. I'm concerned that we may drop below the critical threshold of consumer participation in the downward trend. But the auto market suggests otherwise, and I think we'll have to just wait and see. Link to comment Share on other sites More sharing options...
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