[6ppc]

can I buy that new Hummer yet?

That might reduce oil prices a bit, but we need actual supply coming online. I would expect supply to start rising over the next couple of years, but every oil rig and drilling ship in existance is already booked for the next few years, so don't expect prices to drop to below $100/bbl for several years if ever.

[SoConPubbie]

I would expect supply to start rising over the next couple of years, but every oil rig and drilling ship in existance is already booked for the next few years, so don't expect prices to drop to below $100/bbl for several years if ever.

So?

Build more!

There is no problem unsolvable on this issue.

We simply need leadership!

[altura]

Thanks for confirming my new tag line.

[Michael.SF.]

but every oil rig and drilling ship in existance is already booked for the next few years

Long Beach, Ca. Oil Island (note shoreline at bottom of picture and breakwater barely visible at far right)

There are many oil rigs existing off shore in Huntington Beach, Santa Barbara and Long Beach (as shown above), these rigs are existing production platforms with drilling capabilities. If the ban were lifted they could be in a position immediately to start drilling new wells, depending on many variables.