[curiosity]

Oil prices are so low now, that it doesn't matter. Even if we auctioned off the leases to drill in these places today, no oil company would start drilling for a long time. And we probably wouldn't get much money for the leases, either.

In this case, Obama is probably right. We're better off waiting a few years.

[hoosierham]

Every mine,factory or well takes time to build,develop and become productive.

The longer we wait,the further into the future the productive date!

based on the evidence so far,if Obama speaks,he's probably wrong.

[ncalburt]

are you this clueless or a lefty ?
the reason WHY oil prices dropped under Bush over the summer was the fact Pres Bush made these leases available for exploration !!!

[goodnesswins]

NAH...with UhBama gas prices will rise...fast..IMHO

[okie01]

In this case, Obama is probably right. We're better off waiting a few years.

Waiting a few years? Until gas is back up to $4.00 gallon...and we're still ten years away from pumping a barrel?

There's no econmic reason for not continuing with the plan -- bidding the leases and allowing the lengthy exploration phase to begin. Then, when we need it, we'll be that much closer to production.

The only reasons against it are political.

Moreover, shutting down the operation favors only two groupx -- OPEC and the oil speculators.

Remember how the price started cranking up after the Democrats took over Congress in 2006 -- signaling for all the world to see that they would attempt to block additional domestic energy production?

Remember how the price started coming down only after the GOP House held their "sit-in", spotlighting the stupidity of the Democrat policy, resulting in a lifting of the ban on offshore drilling (and serious consideration of ANWR)?

Continuing the policy would serve to a.) keep oil prices low and b.) set the stage for development of the reserves once they are needed.

[4woodenboats]

You're an economist at UW, commenting on oil drilling with riveting statements like even if, probably wouldn't, no oil company would... and don't know that Chevron just found 300 ft deep of oil in the Gulf of Mexico, and other companies are in the middle of building pipelines for oil and natural gas.

The oil companies have enough common sense to not wait until they are bone dry before they spend billions on exploration, and the last president we had, that happened to have earned a Masters in Business Administration at a time when diplomas meant more than agreeing with some tenured hippie, agreed in this basic concept.

Obama/Pelosi's plan is to drain the strategic reserve, then ride bikes.

Look to the experts in the field who bet their vast experience and own money on being right, and take whatever that political science experiment of a university teaches you as idle chatter.