If we drill oil offshore what will gas prices look like in 5-10 years?

I suspect they'll go from about $7/gallon down to the bargain price of say $6.80/gallon.





Whoo-hoo, better get drilling now!!!If we drill oil offshore what will gas prices look like in 5-10 years?
The price reduction, if any, is estimated at 4 - 8 cents per gallon which is, literally, a drop in the bucket.If we drill oil offshore what will gas prices look like in 5-10 years?
Drilling offshore will yield nothing for at least a decade, and even then it will be another decade before we see any gasoline from that drilling, which will be a mere drop in the bucket, at best.





Usage in the U.S. is down by 800,00 barrels from last year at this time.





The Saudies are pumping an additional 500,00 barrels a day.





Big Oil already has 68 million acres of leased land on which to drill, but choose not to.





The U.S. exports more oil than it keeps.





Supply %26amp; demand, driving up prices? I think not.
Oil prices and, in turn, gasoline prices, will be more a function of money and credit policy at the Fed than supply and demand issues.





Adding to the supply cannot hurt though. There ARE genuine supply constraints, but those issues are overshadowed by the effect of loose credit.





To the extent light sweet crude is over $85/bbl, this, my friends, is a bubble.
It depends on what else happens. It is sheer foolishness not to take advantage of our natural resources, especially since we need them. that doesn't mean we shouldn't work on alternative energy sources but any plan has to included increasing the supply of oil, at least for the time being..
Impossible to predict. However, if we do nothing to increase the supply I guarantee you that the price will be much higher than if we had.
If we drill: $2/gal.


If we DON'T drill : $1.89/gal
Gas did not go down with the Alaskan pipe line. what makes you think it will for this?
Yeah, baby! They'll look about like they do now...only higher.
10 bucks in ten years. assuming the Chinese haven't burned it all.