Wednesday, June 18, 2008

How much oil is offshore?

Today McCain and President Bush came out in favor of exploring for oil off the US coasts. They cited oil reserves of 10 billion barrels and up. Bringing that amount of oil onto the market would make a serious reduction in the price of gasoline.
Barack Obama opposes off shore drilling. He doesn't think there is enough oil out there to make a difference.
Barack Obama is a nice guy and all, but he isn't the right guy to ask about the size of oilfields. I want to hear what ExxonMobil, Atlantic Richfield, Gulf, BP, Chevron and the rest of them think. If the majors want to spend the humungous sums of money needed to bring in an offshore field, that means they think there is oil in it. If the majors want to drill it, they think there is oil down there. When big oil, who has been risking money on drilling for 100 years now, wants to bet on a gusher, I'll put my money down alongside of theirs. Barack Obama is just a politician, and he doesn't know oil like the real oil guys do.
I can't put alternate energy into my car or my furnace. I need the real thing.

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