Obama and Off-shore drilling
sds:
Sanford C. Bernstein & Co. analyst said in a report there is a lot of offshore crude that can be produced relatively quickly. The problem: It is located off California, where politicians have built careers opposing new drilling.
“California could actually start producing new oil within a year if the moratorium were lifted” […]Meanwhile, Barack Obama’s “fast-track” plan for reducing foreign oil imports will take a minimum of 10 years and has no guarantees.
According to the Obama campaign, only plans that “would provide short-term relief at the pump or a long-term strategy for energy independence…would be worthy of our consideration.” And 10 years with no guarantees is a better plan?
As Lileks said, “We do have oil. We can get to it soon. It will make a difference.”