Bush Lifts Ban on Offshore Drilling

[MintJulep]

Breaking.....

Woo Hoo

WASHINGTON — President Bush will lift an executive ban on offshore oil drilling, although new oil exploration on the Outer Continental Shelf will remain off limits until Congress also takes action.

The president will make a Rose Garden statement on Monday, where he is expected to announce his lifting of the ban.
Watch President Bush speak Live at 1:30 p.m. ET on FOX News Channel.
White House press secretary Dana Perino says Bush is acting now in hopes of spurring Congress to act. So far, lawmakers have shown no interest in doing so.

Bush and a growing number of lawmakers have been calling for broader options in dealing with rising energy costs, including $4 per gallon gasoline.

The Outer Continental Shelf has been a particularly hot debate, with the Bush administration saying new drilling technology would make U.S. shores safe from environmental disaster while helping to drive down prices with greater supplies.
Democrats say energy companies already have plenty of space to look for oil and have stalled on investing in more oil production while reaping record profits.

[TrueBlueAmerican]

57% of Americanns support the move. American shortsightedness. Still strong like the ox.

[MintJulep]

Of course they do. No one likes paying almost $5/gallon of gas.

[Titanium Cat]

Of course they do. No one likes paying almost $5/gallon of gas.

It takes about 10 years before you actually see any of that oil. By then you'll be glad to be paying $5 for a gallon of gas.

[MintJulep]

It takes about 10 years before you actually see any of that oil. By then you'll be glad to be paying $5 for a gallon of gas.

No, the price will drop soon as the investors will be placated by this.

[Titanium Cat]

No, the price will drop soon as the investors will be placated by this.

Who are these investors?

[MintJulep]

Those who do the oil bidding.

[Titanium Cat]

Those who do the oil bidding.

You mean like the Chinese? The price of oil is not dependent on American oil speculators.

[MintJulep]

No kidding. I'm talking about globally. When they realize we mean business about drilling here, the price will go down.

[Titanium Cat]

No kidding. I'm talking about globally. When they realize we mean business about drilling here, the price will go down.

Just keep on believing that they really care about a few billion barrels of oil as if that's going to significantly change the supply and demand equation 10 years from now. The Saudis and the other big exporters would love nothing more than for the US to make yet another bandaid solution that does nothing to reduce demand and will keep the country dependent on foreign oil for decades longer.