Oil: To drill or not to drill

[Viking12]

An interesting article posted over at the Bulletin of Atomic Scientists. I don't agree agree with the author's "drill here, drill now" conclusions. However, it's the first reasonable argument I've heard in favor of the mindless chant.

I must be clear that I do believe that the United States should expand domestic oil and gas exploration and extraction. Since we're paying more than $100 per barrel, the additional 1 million barrels extracted domestically per day would save us some $37 billion per year--or about 5 percent. A 5-percent reduction in the trade deficit shouldn't be easily dismissed. At that same time, it's ridiculous to believe that such a modest perturbation to the nearly $3.5-trillion global oil and gas market would have any meaningful impact on U.S. gas prices or bring any political pressure to bear on the major oil-producing nations.

-snip-

What we're watching is the thread of a decent argument--that when oil prices are very high, the United States should expand oil exploration and extraction--get hijacked and oversold by liars and fools who cannot perform basic arithmetic. Indeed, it appears that expanding domestic oil and gas exploration may become the signature issue of the 2008 presidential campaign. Voters are so obsessed with high gasoline prices--and apparently so mathematically challenged--that the slogan, "Drill here, drill now," has come to both symbolize presumptive Republican presidential nominee John McCain's campaign and to concisely sum up the absurd belief that if we only did so, the United States would be back on track. Indeed, McCain himself--a man for whom I have a great respect--appears to be playing the role of the newest apostle of the domestic drilling cult; and it's cliché that no one preaches as feverishly as the recently converted.

-snip-
So what should we do? I think that we should "Drill here, drill now." But not because doing so will lower gasoline prices or have a meaningful effect on geopolitics. These arguments are so absurd that they deserve the moniker, "Faith-Based Energy Policy."

Rather, I think we should expand domestic oil exploration and extraction for two reasons: First, some good will come from modestly decreasing our oil-import tab; second, it will conclusively demonstrate that the claims made by drilling acolytes are profoundly oversold.

http://www.thebulletin.org/web-edition/columnists/kurt-zenz-house/oil-to-drill-or-not-to-drill

[texastoast]

1. It truly is absurd

To think we can drill our way out of it. Why can't Americans see that. So deep. De Nile.

[Howzit]

2. It seems Democrats are leaning toward drilling to appeal to voters

Or do they really think it is a good idea?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=115x171044