Can someone tell me who benefits from offshore drilling besides the oil companies?

I may not be an economics expert but I don’t think offshore drilling in the U.S. will help gas prices all that much. It will take ten years to see anything and with the growing use of cars in China and India I think the world demand for oil will only increase. Let’s face it the oil drilled and extracted will go to the highest bidder and that necessarily won’t be the U.S. Can someone convince me otherwise?
turtlesoup for BARR ’08! and SIDNEYGOOD. – Very constructive! (sarcasm)

Mbush40. Short term is good. Long term don’t see it sticking.

Patrick. Compelling Argument.

Everyone. I still think that the growth in use of privatized vehicles and the industrial growth in China and India will outpace any pumping we can do offshore here thus raising oil prices overall. Does anyone really believe that U.S. oil companies will sell that oil only to the U.S. If so I think you underestimate the greed of these companies.

13 Responses to “Can someone tell me who benefits from offshore drilling besides the oil companies?”

  1. caldude1010101 Says:

    The oil companies, Bush, and the Republicans in Congress showed their hands the other day, when Democrats said that any new domestic oil could only be sold in the US, and Bush and the Congressional Republicans, denounced that idea, stating that they wanted the ability to sell the oil overseas.

    This isn’t about lowering prices in the US, as much as making more money for the oil companies.

    That much is obvious now.

  2. Bill H Says:

    It will take ten years to see anything = WRONG

    There are idle oil wells off of California that could produce in 7-12 months.

    ANWR could produce in 3-5 yrs (we know where the oil is there)

  3. JonChicago Says:

    Some individuals put money first; others put American security ahead of economics. Those that hold American loyalty first will benefit; I guess so will those that don’t.

  4. suthrngal Says:

    Isn’t energy independence a concern? If we can supply our own resources, we are no longer depending on other countries to supply them for us.

  5. Believe in Possibilities Says:

    The politicians that help them block alternative energy sources and help push through more drilling for oil will benefit as well.

  6. Sassy One Says:

    It’s not going to help gas prices, especially since most of our refineries have shut down. Most of the reason gas prices went up, was to give Bush an excuse to off drill. His cronies should be quite happy now.
    Even the oil producing countries can’t understand why our gas prices are so high.

  7. Tychicus Says:

    The more oil there is in the world market, the cheaper it will be here as well as other places. Market forces, supply and demand, common sense, whatever you want to call it. Having more oil to sell will make the prices go down.

  8. SIDNEYGOOD Says:

    Just to humor your ignorance your argument is "moot" we have to do everything we can and use every type of energy available and it all is going to take years that is why most people blame liberals and the democrats because for the last 20 years they have been using your argument.

  9. turtlesoup for BARR '08! Says:

    Your ridiculous argument is why we’re in this mess. 6 years ago congress said no to drilling…just imagine how smug we’d all be if they hadn’t acted like a bunch of uppity jerks, and actually put the people and country’s future first. We need to start drilling ASAP! Even if we do find an alternative to our gas-guzzlers, we’ll need oil even more than we do now in a few years down the road.

  10. Puller58 Says:

    We just need to drill and find out. If it doesn’t, oops, my bad.

  11. mbush40 Says:

    Th mear mention of it dropped the price by $18 dollars last week. That’s proof right there.

  12. Patrick Says:

    People have been saying this since the 1970s. Quess what that’s over 10 years ago and the oil would be up and operating for a long time already. We have not built a new refinery since the 1970s. Imagine if you had to use a computer that was built in the 1970s! The Democrat Party has purposely done a lot of things that hurt the US economy. Democrat Bill Clinton making one of two of the cleanest coal reserves in the world off limits is one example. The 2 locations for the highest grade coal are the US which Clinton made off limits and Indonesia which is a location owned by the Ryadi family that gave vast amounts of illegal contributions to Clinton, Gore and the Democrat Party. Gee I wonder why he helped them out to the detriment of the America People? You don’t need to be an economics expert just understand supply and demand. If there is a greater supply then prices go down. In the gulf of Mexico the Democrats won’t let American companies drill there though Mexican, Cuban and Chinese companies are drilling in the same oil fields we would drill in so the oil is coming out of the ground and being used the only difference is that the profits from this go to Mexico, Cuba and China instead of the US. Maybe the US doesn’t start making money off of drilling in these locations as well as some that are only in US areas though how would you like to know if you do some additional work you’ll start receiving a lot of money starting in probably 5 years from now though we can stay w/ the estimate of 10 you have been using. Also when countries with currently accessable oil realize new oil will be coming on the market they will lower their price to discourage this exploration so our prices will drop immediately.

  13. abpositive1 Says:

    First, offshore drilling could produce in as little as a year.

    Second, Producing our own oil reduces our dependency on foreign oil.

    Third, when we reduce our dependence on foreign oil, we automatically reduce the cost of foreign oil to all (supply and demand)

    Fourth, American oil companies pay our government BILLIONS of dollars in taxes. This would increase.
    Yes, it’s true that we give them tax breaks. HOWEVER, they still pay BILLIONS.

    Fifth, Domestic oil production would provide stable jobs and a more stable economy for the states involved.

    Sixth,
    Selling our excess oil to other countries will bring in needed money.

    Seventh, Even if our oil companies make EVEN MORE MONEY, they will be spending more and hiring more—and all that money benefits US!!!

    I actually have more points, but I need to bo back to work.
    :)