offshore drilling? Options

[brooklyneast05]

offshore oil drilling is the hot topic at the moment it seems. are you in support of it or are you against it? why or why not? is offshore drilling the answer to our energy crisis?






i'm not really in favor of lifting the ban on it because i don't think it's the answer. i don't think it's going to help that much. i think we need to move away from not only foreign oil dependency, but oil dependency in general. i know a ton of people are in support of it, but i really only think they are because they somehow believe that this going to make their gas cheaper. i don't think this will significantly decrease gas prices.

[Reidar]

Considering how much the price of a barrel dropped from the mere act of signing the legislation to lift the executive (not the federal) ban, drilling and increasing the expected future supply of oil would reduce scarcity rent and cause the price to fall quite substantially. That's how bidirectional causality works. The decline in the current price would induce an immediate rise in oil consumption that would be matched by an increase in supply from OPEC producers.

As for investing money elsewhere: do both. Do everything. The essential measure to take while exploring alternative fuel sources is to maintain a stable and proficient economic situation.