logo

Offshore Drilling Inanity
By: Jason Kelly   Tuesday, August 05, 2008 10:34 AM

Vote for next session
The next market session will close:

Brianna writes:
I enjoy your wry looks at politics. What's the nuttiest thing you've heard in the presidential campaign so far?
That the solution to high oil prices is offshore drilling.

This is inane in several ways:
  • The reason we're damaged by high oil prices is that we're dependent on oil. We need to get rid of that dependence, not find a way to extend it.

  • As if you needed it, the ability of this solution to find any support among citizens provides more evidence that the preponderance of people are idiots. Offshore drilling will have no measurable impact on gasoline prices for at least 10 years. Even then, the amount of oil added to the nation's intake would be so small that the price per gallon would drop somewhere on the order of 5 cents.

  • For such a small -- come on, meaningless -- benefit, we're going to further damage the already reeling environment?

  • The only lesson anybody should take from high oil prices is that it's high time we move beyond the carbon age. I've written to subscribers extensively on this issue, and how we've had the ability to drive nothing but all electric vehicles (not halfway hybrids) for the past fifty years. What do you think all vehicles inside warehouses run on? The only reason you're pumping expensive, dirty, terrorist-funding gasoline into your car is that oil companies want you to do so and have paid all the right people to be sure that you must. Understand that. Exxon Mobil earned $11.7 billion in profits last quarter alone, a 14% increase and the largest single quarter profit in U.S. history.
I never overtly endorse Democrats or Republicans on this site. Whenever I report facts, however, I'm usually accused of being a Democrat because the facts tend to make their positions look most sensible. That's for the past eight years at least. Back in the 1980s, the opposite was true.

With that caveat duly noted, let's look at what each of our current presidential candidates says about our energy situation.

Here's John McCain:
We need to off-shore drill for oil and natural gas, and anybody who says we can achieve energy independence without using and increasing these existing energy resources either doesn't have the experience to understand the challenge we face or isn't giving the American people some straight talk. -- ABC News

The current federal moratorium on drilling in the Outer Continental Shelf stands in the way of energy exploration and production. John McCain believes it is time for the federal government to lift these restrictions and to put our own reserves to use.

Next Page >>12

(0)
No Comments
Post Comment
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
   
 
 
 
 
   
 

The above story is the opinion of the author only and it does not reflect iStockAnalyst opinion. Further, the author is not personally advising you regarding the suitability of the story for your investment needs. In no event iStockAnalyst will be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from or arising out of, or in connection with the use of this information. Please consult your investment advisor before making any investment decision.
  
Advertisement
Special Offers
Partner Center
Recent Articles by Jason Kelly



Subscribe to Email Alerts rss feed or RSS feeds rss feed for articles from more than 500 contributors, press releases, SEC filings and full text news from more than four thousand sources.
Fundamental data is provided by Zacks Investment Research, market data is provided by AlphaTrade. , and Commentary and Press Releases provided by Quotemedia