Monday, July 14, 2008

Bush Lifts Executive Ban on Offshore Drilling

President Bush has announces a lift on the executive ban to drill for oil offshore. He has called for congress to follow suit. In my opinion, its about time. I am all for alternative energy sources, and I believe in conserving as well. Both conserving and alternative energy sources won't solve the problem. While there may be some speculation at play, the biggest problem is a crunch in supply with souring demand. With countries like India and China in an economic boom, they are requiring more and more oil. Add to this that most oil exports emanate from the unstable Middle East, and you have a recipe for disaster.

Congress should quickly follow suit with President Bush and allow for offshore oil drilling. The increase in supply will bring the prices down, or at least help prevent them from going up. Some say that it could take between 7-10 years for any oil to be produced once the new sources are officially available. With prices where they are, others predict it is more likely that it would be between 3-5 years. Start Now!

If we had started when we were first warned nearly 40 years ago the oil would be flowing. We have been warned about the coming oil pinch for so many times it is almost sad. Should we do nothing for the next 5 year, the same people are going to be saying that drilling will not help because it would be 10 years from then that we would see and new oil.

People who think we are feeling a pinch now are going to be in for a very rude awakening in the coming years if nothing is done. That assumes a relatively stable world. Now think of what would happen if any of those unstable countries for one reason or another stop exporting oil. Worse yet, there instability spills into other countries and prevents their oil from being exported as well. This scenario is becoming increasingly more likely as Israel, the United States, and Iran are travailing full speed toward a military showdown.

We needed new oil sources 40 years ago. We need new oil sources today. We will need new oil sources for the relatively near term foreseeable future. Start drilling now and help stem the tide of what could truly be one of the worst economic disasters the world has ever seen.

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