Reality Check On Offshore Drilling

(CBS)  With gasoline hovering around $4.00 a gallon, a new poll shows two out of three Americans now agree with President Bush - that Congress should permit drilling on the outer continental shelf, CBS News correspondent Bill Whitaker reports.

"Experts believe that currently restricted areas … could eventually produce up to 18 billion barrels of oil," Mr. Bush said in a recent speech.

Even in Santa Barbara, Calif., where a huge oil spill from an ocean rig blowout in 1969 turned most Californians against offshore drilling, some people are having second thoughts.

"Well, if it doesn't hurt the environment too bad and it lowers gas prices, I'm all for it," said driver Sean Scott.

According to the federal government's own Department of Energy, drilling off America's coasts would not have a significant impact on domestic oil production or prices before 2030. And off-shore leasing wouldn't even begin before 2012.

Why? Because the leasing process is cumbersome. And currently, there aren't enough rigs or workers or refineries to handle more oil.

Then there's this. Most of the U.S. offshore oil, almost 10 billion barrels, lie off the coast of California. But at the current rate of U.S. consumption - about 20.7 million barrels a day - that would be burned up in 16 months.

"It would have a pretty modest effect even when it did start flowing," said U.C. Berkeley energy researcher Severin Borenstein.

Borenstein says it might drop pump prices as much as 25 cents a gallon in 10 years or more, but: "I think it is very unlikely that we will ever see oil prices that get us back to $2 a gallon or even $3 a gallon."

Opponents of the drilling say what's off our shores is a drop in the bucket.

Supporters say when the bucket is running dry, any little bit helps.

[geneonlbk]

Why can''t the Bush people show some sort of concern for our environment? The more oil we burn the faster we destroy our fragile planet. Bush should be creating national alternative energy policies and creating a national Marshal plan to get us off expensive foreign oil in tfive years. The technology already exists to generate solar and wind power and power our cars with on-board hydrogen generators.

[shameonbush]

CBS ends their story about off shore drilling by stating," Supporters say when the bucket is running dry, any little bit helps."
I don''t believe there is a shortage, we haven''t dipped into our reserves so where is this urgency coming from? We should NOT allow off shore drilling, it''s unnecesary at this time and we need our oxygen resource far more than our oil resource. We cannot live without oxygen. Most of the oxygen on our earth is produced by algae in the ocean. If we unleash the oil companies on our oceans, we are risking the future of our children. We simply cannot allow this.

[nordeck52]

Borenstein says it might drop pump prices as much as 25 cents a gallon in 10 years or more, but: "I think it is very unlikely that we will ever see oil prices that get us back to $2 a gallon or even $3 a gallon."


That''s because this guy''s in California. Prices there are higher than the rest of the country. On the other hand, here in Virginia we have prices as low as $3.59 and counting! Over in California, the prices may not hit $3 a gallon again, but in the rest of the country they just might!

[smurfcrusher]

I''m not impressed with T-Bone Pickens.

He supported the "Swift Boat Veterans for Truth" to the tune of $1Million who wrongly impugned then presidential candidate John Kerry''s military service.

I would cheerfully support other people''s alternative energy suggestions - but it needs to be someone with integrity and good judgment.

Payback is a b i t c h.

I think the last thing we need is to put our energy future in the hands of some egotistical Texan. I think we learned that''s not a wise decision.

"Reality Check On Offshore Drilling
Most Americans Support Lifting The Ban, But Experts Say Gas Prices Wouldn''t Change "

...Irrelevant. The Grand Oil Party (GOP) needs to pay their friends in the oil industry back, right? A $10B tax cut wasn''t enough for them... Neither is Exxon-Mobil''s record-breaking $11.6 BILLION dollar profit, while the rest of us struggle with $4 per gallon gasoline.

Come November, I think change will be GOOD!

[plainjean]

90% of this offshore oil will be sold in all likelihood to Red China to quench that country''s insatiable thirst for gasoline. Once again, the commercial being played by T. Boone Pickens is right on the money. Nice interview of Pickens by Katie Couric.

[plainjean]

T. Boone Pickens has it right. We cannot drill our way out of this crises. What America is experiencing now is the "calm before the storm." Just wait until Red China completes its interstate transportation system adding 400 million Chinese motorists who are not currently behind the wheel. And to think there are those who want to trash the last remaining unspoiled wilderness and beaches in North America for a fix to their addiction to OIL and their "need for speed." CONSERVE!!!! A ten percent reduction in usage translates to a similar reduction in the price-at-the-pump! When are the American people going to pull their heads out of their A$$e$ and realize drilling for more oil is NOT the solution!!!!

[the53rdcalypso]

Offshore drilling really is a cure all. Poverty, depression, impotency, you name it, the Republicans will solve it with this one: http://www.236.com/news/2008/07/30/poor_depressed_impotent_offsho_8035.php

[promaclaura]

I want to do everything, people in Florida are now willing to drill offshore, people living next to Anwar want to start drilling. The only ones that don''t are trying to make it a democrat/republican issue and they just happen to be in the minority with Barack. If Barack had supported this they would be all in support of it. So far the naysayers come across as "Bush and oil-men are trying to get us". Stop being so paranoid and join the majority who don''t feel threatened by a man who is leaving office. Also, pretty soon it will only be the locals enjoying the coast''s. It takes cars and planes to get to these locations and since it takes hours to recharge an electric car, it would take forever to get there. I live in Michigan and believe me it is hurting our Great Lakes Industry, nobody pulling their RV''s up here. Can RV''s be pulled by an electric car?

[amazedd]

And yet, said tourists cant''t wait to fly Emirates and live in some oil rich country.
Curiouser and curiouser!

[amazedd]

What, do you think that in ten years time there''ll be no need for oil?
Maybe what worries some is ''the greatest transfer of wealth in human history'', from the pockets of the consumer to the coffers of the sheiks. In ten years time, or whenever, all the money will not be going to the usual suspects at Opec, it will be staying in the local economy; providing jobs and profit for all those involved.
However, the sheiks, and their paid acolytes amongst us, obviously do not want this to happen. Not now, not in ten years, not ever.
But, what happens if the Gulf gets shut down because of something Iran does, what then? Putting all your eggs in one basket is silly enough, putting them in the hands of basket case sheiks is sheer folly!