What would IMMEDIATELY happen to oil prices IF Nancy Pelosi, Harry Reid, & Obama flipped on offshore drilling?

...If they allowed a vote and made sure it passed by quelling the environmental extremism stopping it?





Which had more impact on the price of oil: Bush's exec order on offshore OR Obama's request to inflate tires?What would IMMEDIATELY happen to oil prices IF Nancy Pelosi, Harry Reid, %26amp; Obama flipped on offshore drilling?
Prices would immediately drop,





BUT,They aren't going to vote again for awhile.





please see my question at





http://answers.yahoo.com/question/index;…What would IMMEDIATELY happen to oil prices IF Nancy Pelosi, Harry Reid, %26amp; Obama flipped on offshore drilling?
Nothing would happen, the prices for oil today are based on delivery three months from now.


The promise of more oil in the pipeline even three years from now isn't what they are speculating on.


I'm also not so sure its environmental extremists. You don't have to be extreme to not want crude on your beaches if you have a tourist industry. You don't have to be an extremist to wonder why they can't improve their spill response and their clean up abilities.


Didn't they just have to close the Mississippi to traffic for over a week due to an oil spill? How would you feel if it were your business depending on that waterway for delivery? Even if you didn't give a hoot about pollution.


Neither Bush's lifting the moratorium on offshore drilling nor Obamas call to inflate tire so as to improve mileage will have any lasting or even temporary effect on prices.


Perhaps lowering the profit margins on Big Oil might help.


The weekend the windfall profits tax was talked about oil fell six dollars. But I honestly think they are just pushing to see how high they can get it without causing a significant recession before they stabilize themselves at around one hundred a barrel. And, like idiots we will be grateful.
Oil futures would plummet and alot of speculators would be P.O.ed.





It would take several weeks for the futures price to translate into the delivered price, though, and a lot could happen between 'now' and then.





IMO the Exec order had everything to do with the current price drop, while Obama's suggestion had nothing to do with it.





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Here’s a rosy picture for you, Concerned - where I live the unleaded reg. has come down from 3.99 to 3.60 since President Bush lifted the Executive order on the ban (oil prices have been on the decline) and now that Congress has gone off on their month long vacation and there is not a chance of ANYTHING even being discussed it has risen the last 2 days back up to 3.69. Speculators will have it on the rise again.


I just don’t get what some of you people don’t understand about supply %26amp; demand. If prices are high because there is not enough oil on the market then putting more on the market will lower prices. FOLLOW THE LOGIC FOR CRYING OUT LOUD!


I already keep my tires inflated properly and have regular tune-ups so I guess Barry’s “revelation” won’t help me any.


BO STINKS!


McCain ’08
Nothing.





[edit]


Wow, some of the answerers below are woefully uninformed. Bush himself publicly admitted that it would have no effect at all in the short term other than the psychological effect of feeling like something is being done. It cracks me up how his supporters put words in his mouth to paint a rosier picture than he paints. Turn off Rush Limbaugh and try reading some actual news.
Prices would drop. Futures contracts have been bought with the expectation of higher prices and that wouldn't be the case anymore.





Vince, we have as much proven oil reserves as Saudi Arabia.
Like when President Bush lifted the ban of off-shore drilling, the price of oil would drop immediately. And would someone explain to me how inflating ones' tires will lower the price of gas? I am still laughing and just shaking my head at that ridiculous remark by Obama.
It would drop a few dollars for a few days, then go back up.


It's the same thing that happened when Bush announced that he lifted the executive ban. It went down for a few days, then went right back up again.


And in the meantime, we got relief at the pumps of a whole penny or two!


YAY! I saved 20 cents the last time I filled up my tank. Thanks Bush! That makes it all worth while.
Well when Bush signed off on it the barrel price fell, I suspect we would se an even faster reduction if they believed our country is unified in this choice.


btw- from what I've seen most of the country is unified on this, so why the resistance, I thought pandering at this stage was acceptable.


Things that make ya go humm....
Nothing...it won't have an affect on the economy or the price of oil/gas. Demand still grows...and we would get a fraction of the worlds oil supply. Price would go down probably about 5 cents...for a month, then resume it's normal activity.
I hope they continue on their well-beaten path. Once again, they're guaranteeing a Republican victory.





Bush had more impact, of course.
They are upset because they were unable to use it as their winning issue.





So, they block and play as political issue regardless of people's wants and pains.
The immediate effect would be we would start drilling, and 10 years later we will get one extra drop for every gallon of oil we poured.
Nothing in the short run. In the long run it would cost the taxpayers less to fly them all over kingdom come on private jets.
It would TANK in minutes.





The speculation bubble would POP.
It would go down.





And if Clinton hadn't vetoed ANWAR drilling we wouldn't be in this situation.





Cars don't run on pixie dust.
Nothing....just like Bushes' announcement to repeal the ban had nothing to do with the prices going down......
It would help for a millisecond then it would be back to the current prices! THINK!
Try taking an economics class...then ask questions like this.