Originally posted by: Queasy
Originally posted by: Vic
More election year pandering over an issue that will NOT be decided by the next President.
I'm luke-warm on this myself. It made sense to hoard our own reserves and buy foreign oil while oil was cheap. Now that it is no longer cheap, we should start developing more of our own sources. However, no amount of known reserves is going to get us off dependence on foreign oil. We will never be an oil producing nation, and always a oil consuming nation. So this would be a very short-term fix, at best, and would have little to no effect on global oil prices in and of itself.
I partially disagree with the last bit. I think a major increase in the production of oil from the United States would be a big shock to the system. Especially to the oil speculators who are betting on prices going higher and higher. ANWR would be an extra million+ barrels of oil a day. Off-shore oil fields could be more than that. It would also help strengthen the dollar as the oil money and jobs would be coming here instead of going overseas.
No, we will likely never be able to completely provide all of our oil needs but there is no reason for us to continue to move toward being 100% dependent on foreign oil either. We are producing less oil now than we were 30 years ago.
We still need to work on higher mpgs and other dependable sources of energy but there is no reason why we can't chew gum and walk at the same time.