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
- US Military Taking No Risks by Going Green, Saving Lives and Energy
- Affordable Housing Pushes Energy Efficiency
- Controlling Air Conditioners
- ZTE, Tancent Develop Modular Data Center
- First Quarter 2016: Green Energy Growing Faster than Natural Gas
- Delmarva Power Asks for Over $80M in Electric and Gas Base Rate Hikes
- Florida Supreme Court Puts Kibosh on FPL Fracking Charge
- Restaurant Supply Company Bakes Energy Efficiency into New Facility