The oil will not go to us anyway.
Exxon isn't in business to see that Americans get cheaper oil.
We are already sending trillions to Iraq and not getting oil from them.
Part of our problem is that the dollar is weak, and so everything imported costs us more.
We can 't make Exxon drill oil even if we give them the rights tomorrow. They can hold the lease and not drill just to drive prices up even further.
If this is a bubble, and it may be with our wobbly dollar looking less attractive to overseas investment than oil, it will eventually fall.
Oil is up 98% over last year at this time, the demand is nowhere near that high, and in fact, has been minimally decreasing. China just stopped subsidizing and they will slow too.
Then lets see what happens, how much of this is real, and how much is wishful thinking on the part of would-be billionaires.
I found this to be interesting reading, you will be hard put to find a purely American company.Say by some freak chance the congress lets American companies drill offshore for oil and gas?
I see lots of blame on the democrats, for a policy started by two arch conservatives. In 81, the GOP lead congress, at the request of Reagan, passed the first oil drilling ban in protected areas. Then, Bush Sr, it the request of Jeb, and his GOP friends in Florida, passed an executive order prohibiting off shore drilling in the coastal waters. Add to that our refineries are running at 100% capacity, and that it will take a decade to actually get the new oil into the system, why does the GOP think it will help to drill now? Don;t they know its embarrassing that they refuse to realize the truth, and that CUTTING OIL USE is the ONLY way to lower prices?
American oil companies are sitting on some large reserves that they could be drilling and pumping from as I type this. Problem is they are greedy and want it all. They are in cahoots with certain politicians and global interests to drive up the price to a point where we have no choice. They are literally holding the American consumer over the barrel.
I'm sorry to read so many ridiculous answers here, but Chevron posted the biggest find last year in deep water drilling then in the HISTORY of offshore drilling. I would rather see a business do well, and be truly guided by the principles of capitalism, than pull out of the US alltogether because our Govt makes it impossible to do business here. Now I have to laugh really hard at the above mentioned ';2.5 years worth'; answer above, completely false and ridiculous.
For instance :http://www.chevron.com/investors/eventspresentations/deepwatergulfofmexico/
The Interior Department estimates that in ALL of the off-shore acreage which is currently off limits to drilling, the oil there is about 2.5 years' supply.
2.5 years. That's it.
That helps us, how?
More jobs for Americans, More money pumped into our economy, less speculation and more domestic supply, the answer is pretty simple to me, START DRILLING!!!
Actually it will go to China and oil will wash up on the shore daily.
I Would just be happy More American Jobs would be created between the rigs and the refineries.
I'd rather keep the profits here, where they belong.
There is no Oil in american offshore.
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