Will more drilling for oil solve the energy problem or lower gasprices ?

[Rik Meleet]

What do you think ?

Is drilling for more oil the best way to solve the long term energy problem ?
Will drilling for more oil structurally make fuelprices lower ?
Or both ?
Or neither ?

 

[Fugitive Sisyphus]

Drilling for oil is like properly inflating tires. Neither will solve the energy problem but both are common sense ways to alleviate it.

 

[GinandTonic]

A necessary but not a suficient condition for either.

Where is the radioactive monkey option? Now they could solve both.

 

[Shadylookin]

I don't really think it will accomplish either. I don't think we have enough to bother with. Also keep in mind that even if the oil comes from America it will still get put on the world market so any benefit will be diluted. Even ANWR which everyone gets a boner just thinking about drilling into only has 6 months worth of oil(assuming none of it goes to east asia)

 

[Cutlass]

Drilling for more will have a trivial and easily offset effect on prices and will not help in the long run to solve our energy problems.

 

[GoodSarmatian]

It might help to postpone the crisis, but it doesn't solve anything.

 

[Leonel]

It'll postpone it yeah but even if there was some magical process that oil is refreshed under the ground, we won't have enough.

 

[Labtec600]

It would help...not solve. Not to mention something that will bring billions of dollars into the economy.

 

[Perfection]

Which energy problem?

 

[JollyRoger]

Who knows? The oil companies aren't even drilling the leases that they have.

 

[Mehmed100]

It won't change a thing.

 

[GoodGame]

It will accomplish neither in the long run, but as with a free rebate or coupon, you'd be stupid not to take them up on the offer.

 

[potatokiosk]

I think more drilling for oil could make the problem worse. More drilling could cause less people to be concerned about how fuel efficient their next car will be because they'll think the problem is being dealt with, and as a result their next purchase might be a gas guzzler.

 

[MobBoss]

Rule of supply and demand. If supply increases in excess of demand, prices will fall.

 

[JollyRoger]

Rule of supply and demand. If supply increases in excess of demand, prices will fall.

That's why the oil companies aren't drilling all the leases they currently have.

 

[Moss]

It won't solve the energy problem, and while it will be a factor in gas prices, it won't be the only factor so I don't think anyone can say with certainty that prices will fall.

I do think that eventually we will need that oil, so I don't consider it a bad idea to drill for all the oil we can, but unless new, alternative energy sources are found and put into use, no matter what happens, the oil will be gone some day.

 

[sonorakitch]

That's why the oil companies aren't drilling all the leases they currently have.

Existing leases don't indicate oil supplies. And acres don't equal barrels.

~Chris

 

[JollyRoger]

Existing leases don't indicate oil supplies. And acres don't equal barrels.

~Chris

Most especially true when there's no drilling on them. If there's no oil there, the leases can be surrendered.