Originally Posted by
ImEbee
Granted I am not as learned as others about this but since oil is traded as a commodity, does it matter where the oil comes from? I guess what I'm asking is how is domestic oil any cheaper than foreign? And if it is purely increasing supply then don't ever expect prices to go down, I imagine the best we can hope for is a plateu and let inflation catch up over the years.
What does it matter where it comes from? Does it matter who builds your car? I for one would rather see the oil purchased from uncle sugar than cousin abdul. Maybe we could put the profits into a social security lock box.
But you miss the point; what would happen to the price of corn if we decreased demand by outlawing ethanol. Correct, it would drop like a rock. The same thing happens if you increase supply. You want domestic production because it will increase supply (lower prices) and americans will be the ones paid to drill it (good for the economy).
As far as the quotes of 70-100 million acres under lease not being utilized. You would have to define utilized. The dems are defining it as not producing oil. There are a lot of steps to go before you get to the oil production phase. The first step is God has to put the oil there. Can anyone give me a reason for not producing oil on your leased property if it is available in quantities that you can make a proffit on. Keep in mind if you don't use your lease it expires after 5 years and someone else can come in and take advantage of your exploration.
Drilling in ANWAR requires only 3% of the land to tap the oil.
Not one drop of production oil was spilled in the gulf of mexico during or after Hurricane Katrina.
Cuba, Vietnam, and China (all well known environmental titans) are getting ready to drill off the cost of Florida.