I really don't think that more drilling such as what was proposed recently would lower prices. Everything I've read has implied that it would be AT LEAST 10 years before that oil hit the market if ever.
Plus, I'm not sure that supply and demand is quite such a simple equation when we're dealing with speculators. Honestly I think it is the idea of shortage and the idea that there are no viable alternatives in the current situation that is allowing oil companies to drive up their prices and their profits.
I'm much more of a fan of Obama's oil company profit tax than I am with more drilling. There are plenty of areas of the US that are already leased out to oil companies with oil still in the ground. I don't think giving them more land to drill is the answer - the issue is far more complicated and too far along than that.
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Date: 2008-08-04 09:03 pm (UTC)Plus, I'm not sure that supply and demand is quite such a simple equation when we're dealing with speculators. Honestly I think it is the idea of shortage and the idea that there are no viable alternatives in the current situation that is allowing oil companies to drive up their prices and their profits.
I'm much more of a fan of Obama's oil company profit tax than I am with more drilling. There are plenty of areas of the US that are already leased out to oil companies with oil still in the ground. I don't think giving them more land to drill is the answer - the issue is far more complicated and too far along than that.