SubscribeWed 18 Jun 2008
McCain and Bush are both calling for the lifting of the ban on off shore drilling. While I’m fundamentally opposed because of my green conscience, I’m also opposed because it’s a short term solution to a long term problem. Even then, it’s unclear if this short term solution will yield results quick enough to fix the immediate problem, high fuel prices over the next few months. There’s a great deal of belief that the current extreme oil prices are product of a speculative bubble. Like all bubbles, it should pop at some point,
Fundamentally, however, lifting the ban will not all of sudden make the U.S. energy independent. There are not enough reserves off the U.S. coast or in Alaska for that matter to power America. It’s oil companies that stand to benefit the most by the lifting of the ban, not U.S. consumers. The only long term solution to the looming energy crisis is conservation and finding sources of energy that are either renewable or not likely to be depleted anytime soon.
There’s no question that high fuel prices are putting a crimp in everyone’s pockets, but short term solutions like tapping into the strategic energy reserves or lifting the the offshore ban at best postpones the inevitable and at worst exacerbates the problem. If anything the current high oil price regime is driving innovation in renewable energy, and inducing conservation amongst consumers. The country is moving slowly to long term solution. In the short run that journey might be painful. If we were to return to an era of low fuel prices, we would likely be back to driving gas guzzling SUVs and at the same time shunning research and development into alternative energy sources.
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June 18th, 2008 at 6:22 pm
I hear you on that, as I am also conflicted upon hearing that news. For one I think that they’re using (as you mentioned) speculative prices to push for such an initiative - one which would take ages to pass anyway. But, on the other hand, it would take pressure off of trying to recover oil from the more volatile regions of the world when there’s plenty available nearby.
I guess no matter how you look at it, oil will always be political. Lets see how this plays out.
June 19th, 2008 at 7:01 am
I think the thing I most disliked about the idea was who I suspect will benefit most - administration cronies in the oil industry. I’m pretty sure the taxpayers won’t participate in the profits to the degree the current market might suggest.
June 19th, 2008 at 11:51 am
I’m actually currently reading a book, The Shock Doctirine given to me by a friend with a more liberal bent than I. The basic premise of the book is that conservatives uses crises to push forward self serving policy. Personally, I’m generally skeptical of conspiracy theories but lifting the offshore drilling sure sounds fishy to me. I’m willing to give McCain extra credit and assume he’s just pandering to consumers with smoke and mirrors, but I wouldn’t put it past the current administration.
June 20th, 2008 at 7:20 pm
I like to think of the oil offshore as a savings account in case something really goes bad, which goes along with your thought that drilling now would be a short term bandaid. Don’t raid the backup funds too early!