I'd like to see the EIA estimate, especially considering what just talking about drilling offshore has done to oil futures prices.scorcho said:1. the EIA has estimated it will only negatively impact the cost of oil by tenths of a cent, which will be grossly mitigated by the rise in consumption/demand from both China and India.
2. that we're in a global market and don't have enough recoverable oil along our coasts really makes your argument stupid. in the abstract it all sounds nice but it doesn't and won't play out in the real world like the fantasy you're stating.
Chinese and Indian demand is going to increase regardless of whether domestic drilling is increased.
No one, myself included, thinks domestic drilling is going to get rid of the need for imported oil. The idea is that it will increase domestic production, help the economy, help prepare the US for emergency situations, and make us less dependent on totalitarian regimes like Saudi Arabia for our energy needs, while not getting in the way of R&D for more fuel efficient technology and alternate sources of energy. Its a win-win situation and the only reason not to do it that makes any kind of sense is because of environmental concerns.