People say that there is no sense drilling for oil, because the new oil won't make a difference for ten years.

How many endeavors can you think of that are worthwhile, but won't show results for ten (or more) years?People say that there is no sense drilling for oil, because the new oil won't make a difference for ten years.
How about instead of investing in more oil, we invest that money and time and effort into other energy sources to ween ourselves off of oil once and for all? Even oil man Pickens is saying that we can't drill ourselves out of this.People say that there is no sense drilling for oil, because the new oil won't make a difference for ten years.
Incorrect. They say there's no point in leasing more public land because oil companies already have 10s of millions of acres they lease that they can drill on including about 85% of the US continental shelf.





The oil industry went through a 20 year recession with oil prices stuck mostly below 30 dollars a barrel, so whole industries like those that produce drilling rigs, drilling ships, mud units, and so on collapsed and were downsized and mergered, outsourced, and sold off outright, and now it doesn't matter if oil companies want to drill more or not because with oil spiking so suddently above 100 dollars a barrel, there's a huge backlog in drilling equipment.





In short, the first bottleneck is getting ahold of drilling equipement. It takes more than 5 years to buy a new drilling ship, and it can take longer to lease one.
No, that's not the reason, bud. Right now, the oil companies lease over 97 million acres, but they only drill on 23 million acres. So, if they're not drilling on all of teh land that they have leased, how the hell will it *ever* reduce the price of gasoline? The answer is: Its all nonsense. The increase in gasoline prices is *not* (read my lips) due to increased demand. The demand increase actually slowed down due to the price increases,as is natural to happen.


It, the price increases, is due to speculation, a lot of it. All of this ';we need to drill on conservation land RIGHT NOW to get off that middle eastern oil'; is just nonsense. Ask the oil companies why they're drilling on 1/4 of the leased land they have now.
When you get big oil to spend 40 billion on a new refinery, we'll discuss more drilling. And not when the refinery is starting to be built, but when it is being inspected and is only months from going online. By then, the value of the dollar will have gone up and the whole problem will be a memory.





Chances are, Gen IV nuclear reactors will be ready to start being built to produce Hydrogen fuel by the time a new refinery which is crucial for lower fuel prices, is built.





When the federal reserve starts pushing up the interest rates more, you'll see the value of the dollar start going up, and the price of oil going down.
The United State has had a secret plan all these years to diminish the worlds oil supply and save are supply for the future. Many years past in which we were able to sustain are country with foreign oil. Are mistake now is that we can't handle it financially. So they called are bluff. We need to develop, coal,natural gas,wind power,nuclear,and any other energy source out there, more oil is not the answer, we have plenty of places to drill but it isn't helping the problem that we depend to much on oil in this country.
They said that ten years ago too, which means no matter how small the drop in prices would have been from drilling, that savings would be here now if we had been more proactive. We need to make every positive move that we can make in every way and stop repeatedly waiting till it's too late. Now is exactly when we need to act.
The liberals are lying about the time line, they don't want any drilling period. They don't want nuke power plants and they don't want wind farms in their back yards. And pretty soon the world will know liberals for what they really are. And the day will come when the word liberal will be considered a very dirty word.
Why don't you answer the question yourself. The oil industry has thousands of leases already out on federal land and for coastal drilling. They could have done it for years, why won't they use the leases they have? I'll tell you why, it's called big PROFITS that they are making now.
I ahve a really tough time beleiving thatwe wont see a difference for 10 years!


and even if it were true, why not start now so in ten years we can ease away from middle eastern dependance on oil???
Don't believe that dribble.... Here in Texas there are companies that say they can get it on line in 2 years or less