Offshore Drilling, What it Really Means
President Bush caused a stir when he lifted the ban on offshore oil drilling Monday, Keith Johnson of the Wall Street Journal writes.
Johnson says the announcement lends itself to two readings. On one hand the decision is meaningless until Congress reverses its own moratorium limiting offshore drilling, which has been renewed annually since 1982. And Democrats, who have control of Congress are still outraged at the idea of offshore drilling.
On the other hand, even if offshore exploration and production in the U.S. began this year, it would still take many years to come to market and represent only a small amount of global output.
The U.S. Energy Information Administration says expanded offshore drill may knock off a few cents off a gallon of gas years from now.
Johnson warns that while President Bush’s move won’t affect physical supplies of oil, it may affect the psychology of traders.
Senate Majority Leader Harry Reid, D-Nevada addressed these concerns and responded to the president’s announcement by saying that he hopes a bipartisan bill targeting oil speculators will be introduced by his congressional colleagues by Wednesday.
Energy Manager News
- Clauses to Consider in Green Leases
- Bahama Yacht Club to Generate Power from Solid Waste
- Duke Energy, USF Launch Solar Battery Research Initiative
- Energy Storage Helps Hotel Reduce Demand Charges by 10%
- EU Smart Campus Pilot Achieves 30% Energy Savings
- Uline to Operate 130 GenDrive Fuel Cell Units from Plug Power
- Los Angeles Shopping Center Installs 504 kW Solar
- SustainCo Wins $575,000 Contract for Energy Management Controls