Since George Bush rescinded the federal moratorium on off-shore drilling and since demand for higher domestic production has increased in the face of $5 per gallon gasoline, the price of crude has dropped over $20 a barrel in less than two weeks. The stock market has improved and the dollar has strengthened at the same time…
No matter what energy source man uses, risks accompany it. We should work to minimize those risks, but we shouldn’t allow ourselves to get paralyzed by the necessity of doing so. As the data Jazz references demonstrates, the risks of OCS drilling have been tremendously reduced over the last several decades, and the technology for extracting the oil has improved at the same time. We can get more, and get it cleaner, than ever before.
Balance that with the risks of transferring vast sums of wealth to nations like Saudi Arabia, Iran, and Venezuela by having de facto price supports with our refusal to add supply to the market. The risks to our national security and our economy far outweigh the risks of unleashing our domestic production. Undercutting oil prices should be our national policy, if only to keep cash out of the hands of dangerous despots with ties to terrorists such as Hezbollah, Hamas, and FARC.
Everyone would love to see a new, clean energy source replace oil — but it has to be reliable and mass-produceable. We can work in parallel to find and develop that source, but until then, we need to start acting like responsible adults and take charge of our own energy needs with our own vast resources.
Bravo, Captain Ed! Standing Ovation!