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.
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!!!
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 ....
"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.
The price of oil plummets?
Oh, hardly unclear: the next thing is that the oil companies would show up at Congress hat-in-hand and lobby for a drilling subsidy.
“If Congress Lifts the Offshore Oil Drilling Moratorium, What Happens Next?”
10,000 lawsuits by Environazis. Liberal judges overule the people. Democracy? We don’t need no stinkin’ democracy. We’re liberals.
Uhhh...try Billions upon billions of dollars are routed from offshore accounts that are quite possibly supporting terrorist activities to onshore accounts that support creating jobs. For every land based oil well, imagine about 40-60 supporting jobs associated to planning, construction and continued maintenance. For every offshore oil well, imagine about 300 new jobs. For every nuclear power plant there's 1,000. Suddenly there's a boom in the number of middle-class income Americans. Billions of Petro-dollars reverse course and flow into our nation, into our infrastructure and economy. Investors make loads of ROI, and roll that into continued future speculation/projects. A new American renaissance begins based on fuel production.
Nah...this scenario wouldn't lead to our destruction and the creation of a socialist state. Democrats won't let it happen...