Posted on 08/16/2008 10:52:36 AM PDT by kellynla
If Congress bows to pressure from Republicans and decides to lift its restrictions on offshore oil drilling, it is unclear exactly what would happen next. Such a move would take the country into uncharted waters, and there is no guarantee that a substantial amount of new drilling would take place at all.
The frequent "drill here, drill now" refrain of Sen. John McCain and his fellow proponents of offshore drilling that has become part of this year's presidential debate suggests that removing the congressional moratorium would throw open the nation's waters to a spree of new drilling—and, eventually, new oil.
But there are major obstacles that are rarely addressed. New drilling, if it does happen, won't take place willy-nilly. The most likely scenario, if Congress were to relax restrictions on drilling in federal waters, is that individual states would get the authority to approve or reject new drilling.
Yet even that issue is, technically, undecided. "There's no historical precedent here for this sort of action," says Eileen Angelico of the Minerals Management Service, the Interior Department office that handles offshore drilling in federal waters. "It all depends on what Congress decides to do."
One hint may come from a recent proposal by the so-called "Gang of 10," a bipartisan group of senators led by Democrat Kent Conrad of North Dakota and Republican Saxby Chambliss of Georgia. Earlier this month, just before Congress took its August recess, the group announced a compromise energy plan to open up the eastern Gulf of Mexico and give four states—Virginia, North Carolina, South Carolina, and Georgia—the right to "opt in" to new leasing. Chambliss said that it would be up to the state legislatures to approve new drilling under the proposal.
(Excerpt) Read more at usnews.com ...
We also need to accelerate the process for granting leases and drilling permits.
First of all...screw the “gang of ten”.
Now that I’ve gotten that off my chest I will answer the question posed in the headline: The price of oil will fall immediately.
Then they really need to open up ANWR.
The oil companies will take care of the rest.
Nothing would happen, at least in deep water, for years. A friend of my dad’s was saying a couple of weeks ago that there are no rigs available and the shipyards that can build more are booked. Thing would change but it would take time.
We need a vote
Nazi Pelosi AmericanVoices@mail.house.gov
202-425-4965
We need emergency session
President Bush comments@whitehouse.gov
202-456-1111
John Boehner invited McCain to join them
McCain needs to get his a$$ to Washington where he belongs
It will bring the much needed media attention
http://www.johnmccain.com/Contact/
I thought restrictions will end on September 30th unless the Dems vote new restrictions. This article makes it sound like nothing happens on September 30th, but that Congress may modify things a bit. Which is it?
What happens next? The bottom drops out of the price of oil. It will go as low as need be to make it unprofitable to drill here.
The next step for this congress is to begin putting as many obstacles as possible in the way of actually drilling and producing petroleum. New oil from the areas that they blocked would be more embarrassment than they could stand.
“If Congress bows to pressure from Republicans and decides to lift its restrictions on offshore oil drilling, it is unclear exactly what would happen next”
One step at a time.
Step one is to let the ban die a natural death. That means: let it expire, and DO NOT try to “fix things” by “amending” the ban. This is as much of a trick by democrats to put obstacles in place of what drilling there will eventually be, as was “comprehensive immigration reform” an attempt to sneak in full amnesty through the fine print. A Trojan Horse.
No. LET THE BAN EXPIRE.
That’s the first step.
Once it’s gone, hopefully we’ll start sorting out what to do next, i.e., lease arrangements, tax abatements, etc.
But we’ve got to take that single step first.
- John
Okay, so.......JFK was able to get men on the moon in “a blink of the eye”, but we can’t get our oil from the ground just as quickly? Bull!
The industry has come a long way from the “yesteryears” of oil drilling.
DRILL HERE DRILL NOW!!!
I think you are correct. If the price goes to low.... no drilling.
I would love to see congress choose one of the 2 options:
1. Cheap Fuel
2. Independence from foreign oil sources.
Without an objective there can be no solution. If we chase both, we will likely get neither.
Personally I would choose complete oil independence. Once we get production up to the proper levels, the prices will drop. We will also untie our self from price fluctuations due to tin horn dictators big mouths.
Bet they restrict them to over fifty miles out .... where there is no oil rather than closer in - say ten miles. This way the Demo-idiots can say they approved drilling - not their fault the oil companies couldn’t find any ....
Why didn't the article's author ask those who would actually do the drilling? And your Dad's friend says the places that build the oil rigs are booked? What "shipyards"? Booked doing what?
"If Congress Lifts the Offshore Oil Drilling Moratorium, What Happens Next?"
Oil prices will come down somewhat. But I'm more afraid of what will happen if the dem commies in Washington don't let us drill for our own oil.
Our national security is at risk! We can't keep relying on countries who hate us to supply us with oil. We have to supply ourselves or be at their mercy. They can stop this country any time they want.
Just my thoughts on the subject.
They are booked building deepwater rigs, for drilling overseas.
How? Nationalize the oil industry? Correct me if I am wrong, but if we do in fact permit more domestic oil exploration/recovery, that oil will be the property of the private oil companies, not the gubmint, right?
And what will happen to that oil? It won't be set aside as "American only" oil, selling at a different price than the world market, will it? It's my impression that new oil would be thrown in with the rest of the world market. This would likely result in lower prices, which is good.
But how does that lead to oil independence? My impression is that no such thing is possible. So please explain to me how "oil independence" is supposed to work. I'd truly love to know.
That is correct, the drilling ban is renewed each year, which means it was renewed by republican congresses throughout their tenure in the majority, and signed by Bush as well as by Clinton before him.
The 'rats will attach it as a rider to some critical appropriations bill in September and Bush will accept it just as he has the seven previous years. Only difference is that this year it may make a difference politically
The price of oil plummets?
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