Dig a well

Haydesigner in San Diego's picture
Submitted by Haydesigner in ... on Thu, 06/26/2008 - 3:15am. ::

I no understand. What is this 'no effect' of which you speak?

Allowing oil drilling in U.S. offshore waters that are now closed to energy exploration would do little to lower gasoline prices paid by consumers, the government's top energy forecaster said on Wednesday.

I don't get why this whole off-shore/Anwar drilling debate is even happening like it is some viable (even partially) solution.

It is like there is a 5-alarm fire raging in your house, and you desperately need to call more fire trucks. Instead, these asshats are saying "Wait, let us dig you a well. That way you can pull out your own water, a bucket at a time, to fight the fire!"

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Hear this
Reggie's picture
Submitted by Reggie on Thu, 06/26/2008 - 11:28am.

Unlike the pointless & politically charged hearing conducted by the Senate Judiciary Committee (where hours were wasted speaking with big oil execs), I watched the House Committee on Energy & Commerce hold a shockingly useful review on regulation. Gotta love C-SPAN... and being self- employed...

Buried in this pretty crappy 2nd- hand, 3rd- rate news article, is the important point that simply raising margins on crude oil futures (both margins on capital investment & physical crude delivery), could drive- out much speculative riff- raff. One of the gentlemen in the hearing made a fantastic point, a point completely missed by this shoddy article-- I'll paraphrase: "The reason we could get to $70/barrel in 30 days is because professional investors make rational decisions about money. Once the regs are changed, and the futures begin to fall, it's in everyone's interest to sell & exit ASAP- just as a plummeting stock yields more profit to early jumpers".

Such swift regulations, imposed quickly by congress, would have tremendous economic, psychological & political effects. Just imagine, however unlikely, McCain somehow getting credit for rapidly & substantially lowering gas prices...

So far, both camps asleep at the wheel. Is it me, or does all useful contemporary debate occur OUTSIDE the walls of the U.S. Senate?


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