Found on Cup of Joe Powell:
"The immediate, direct impact would, of course, be zero, since it takes years to bring new oil sources online. But what about the indirect impact that new drilling permits might have on perceptions of future supply? Might that help lower oil prices in the near term?
Maybe, but it's unlikely. Take ANWR first. A recent EIA study took a look at the impact that drilling in ANWR would have, and they concluded that it would probably reduce oil prices by 75 cents a barrel in 2025. A change that small two decades in the future almost certainly wouldn't have any effect on commodity traders today.
Huffington Post:
There are two prohibitions on offshore drilling, one imposed by Congress and another by executive order signed by Bush's father in 1990. Bush's brother, Jeb, fiercely opposed offshore drilling when he was governor of Florida. What the president now proposes would rescind his father's decision _ but the president took the position that Congress had to act first and then he would follow behind.
McClatchy:
An estimated 3 million gallons of oil have spilled from oil and gas operations in 73 incidents between 1980 and 1999, according to Oynes' agency. Environmental groups say the spills illustrate the ecological dangers of offshore drilling, but Oynes said the last significant spill was the 1969 blowout.
Patterson says his office records about 500 minor spills a year in Texas from vessels or off-loading incidents but said he does not remember a spill related to offshore drilling.
IHT interviews Chevron CEO:
Oil prices have jumped from around $25 in 2002 to about $140 a barrel recently. Are we in a bubble?
I am a believer that most of this is related to fundamentals. Those are concerns about supplies. Last year, oil supplies did not grow in total. What the market is looking for is more visibility in future oil supplies. That is one of the main drivers for the difference of between the prices five years ago and the prices we're seeing now.
NY Times:
Gov. Arnold Schwarzenegger of California and some other Republicans opposed to drilling have also held their ground. Ray Sansom, who is in line to become speaker of the Florida House, representing the coastal town of Destin, said Wednesday that he still opposes drilling. And former Gov. Jeb Bush, in an e-mail message, said that while he supported Mr. Bush’s efforts to develop domestic energy sources, “this does not diminish the long-term need to conserve and develop alternative sources of energy.”
LA Times Editorial:
Californians have been leery of coastal drilling since a devastating spill from an oil platform off Santa Barbara in 1969. Drilling proponents counter that new technology has greatly decreased the risk of spills, but they nonetheless still happen. And there's more to worry about than spills. Texas is not known for its beaches, which attract the detritus -- such as tar balls and empty oil drums -- from thousands of oil platforms in the Gulf of Mexico. Drilling releases a host of toxic chemicals, creating such problems as dangerously high mercury levels in fish.
CNN quoting Obama:
"When I hear McCain say that he is now in favor of the same oil drilling off the coast that he was opposed to just a week ago, what he doesn't tell you is that George Bush's own energy department has said that this would have no impact on consumers until 2030," he said, "no appreciable impact for the next 22 years. Something they're not telling consumers."
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