Why will it take 10 years for offshore drilling to bring down oil price

That’s what Mr Obama is saying. Personally, I don’t understand why it will take that long. If you do, please explain in defense of Mr Obama.

I think, we should pursue BOTH offshore drilling and alternative energy. Both will take time to take effect. Alternative energy requires change in our societal and economic infrastructure. That means vast change over long period of time. Personally, I think offshore drilling will be faster in bringing down gas price)

15 Responses to “Why will it take 10 years for offshore drilling to bring down oil price”

  1. Joseph K Says:

    If the rising price of oil is due in part to speculators, then the price could go down much quicker, especially if it appears that we will have a greater supply of oil in the future.

    Speculation is all based on where they think the price of oil will be in the future.

  2. AxisOfIntolerance Says:

    how long do you think it takes to erect an oil rig, all the planning, infrastructure to support the new oil?

  3. celticskye289 Says:

    It wont. There are already oil rigs in the Gulf of Mexico that are completely operational. They just need to be able to start drilling again.

    IMO if we open up the federal reserve and start using that immediatly and replace what we use as we drill. THEN we can spend the billions of dollars we will be saving on research and development on alternative energy sources and the debt our country is in.

  4. suthrngal Says:

    It doesn’t. The Dems are all smoke and mirrors and just like the economy, everything is just horrid.

    Read the link provided:

  5. T D Says:

    Obama says a lot of things you can’t believe. Around 5 years is more realistic, and what he avoids mentioning is that alternative technologies will take much longer.

  6. Obama Pride Day Says:

    Because in 10 years we will have another Energy Source up and running.

    You don’t hear anyone squalking about the price of Hay do you. Or oats for horses. That was the transportation fuel of the 19th century.

  7. phil Says:

    it doesn’t,they say that to make it a non issue but if incentive is there anything is possible.look at the number of ships and planes that were built during WWII let army corp of engineers drill and process the oil,it will get done faster and help to pay down national debt

  8. eelfins Says:

    It took only a few days for Bush to lower prices by opening up offshore drilling. The market forces don’t strictly depend on supply, seemingly. Just think what actual offshore drilling would do.

  9. NOTOBAMA Says:

    Because it will take 8 years for Democrats to vote.
    It is not that easy to fit the vote between vacations.

    Very smart move. Pelosi and the Dems in Congress want a 5 week vacation when the average Joe can’t afford one because of the high gas prices Congress won’t do anything about.ll

  10. Intangent Says:

    I agree. I think we should drill, as soon as we drill, the prices will go down once people realize that supply will soon increase.

  11. Carol A Says:

    According to geologists and experts in oil and gas, drilling offshore will take at least ten years to reach the open market. In fact, the oil companies with their current record-breaking profits, are not terribly interested in exploring, drilling, and refining more oil, because the process is extremely expensive and would erode their massive revenues. In addition, the U.S. would not be the only future beneficiary from any oil that is refined, since this fuel would be on the global market. The U.S. is addicted to oil, which in some cases ends up in the accounts of terrorist states. If our government would step up and raise CAFE standards, enact laws that would provide tax incentives for buying hybrid autos, and urge conservation, along with thwarting the oil and gas lobbyists by properly funding research for alternative fuel sources, we would be on our way to solving our vital national security and economic problems.

  12. consrgreat Says:

    It wonrt take 10 years…Obama was lying…gee what a suprise……..watch him ya can tell when he lies….HIS LIPS MOVE

  13. Bob H Says:

    It’s paying Peter to pay Paul. The oil companies get tax $s to explore, drill and sell to the highest bidder. The USA is not in the equasion except to pay taxes to gov to oil to market.

  14. x x Says:

    Speculation is the problem. Bush just removed the Presidential ban on offshore drilling and the price went down. NOTHING HAPPENED he just said it and the speculator ran. If the congress follows suit the price will plummet. Then we need to stop speculation in the energy markets.
    It will take a lot less then 10 years that is just Bull from the left. And if it did take ten years SO what it is a start.
    All this needs to be followed up with nuclear and an overall energy plan.

  15. scottdman2003 Says:

    It wouldn’t.
    I find it really difficult to believe that a country like ours, the same one that in 4 years were the major players in bringing Nazi Germany and Imperial Japan to their knees when we were no where near war ready, can’t start producing from new sites in a few years.

    Even if it did take ten years so what? It’ll take longer than that to get all the alternative stuff going.
    If we had started 10 years ago when it was put up to a vote and Clinton and Gore shot it down, we’d be benefiting from it today.